Earlier this year, Tron Founder and CEO made good on plans to purchase file-sharing service BitTorrent – and today the acquisition has officially been confirmed in a move that will see both companies merge their operations.
Founded 2001, BitTorrent functions as a peer-to-peer file transfer protocol for sharing data over the internet, in which each part of a file downloaded by a user is transferred to other users.
Sun has previously heralded BitTorrent as the “genesis of the decentralization movement,” and publicly regards the platform as the “first decentralized Internet protocol with large-scale global application, [which] retains its status as the world’s largest decentralized protocol, once transmitting 40% of daily Internet traffic.”
News of the potential acquisition first spread in May this year, where it was revealed that Sun had sued BitTorrent Inc for apparently violating a “no shop” clause after he had signed a letter of intent to acquire the platform earlier in January.
Sun has confirmed that BitTorrent and Tron will merge into one company. It remains unclear as to whether the eventual conglomerate of both firms will elect to proceed with a mutual roadmap, or how each platform will continue to develop.
In a medium post, the project Founder elaborated that “I am proud to officially announce that TRON has successfully acquired BitTorrent and all BitTorrent products. From this day on, BitTorrent, whose software has been installed on billions of user devices, will become part of the TRON ecosystem, making TRON the largest decentralized Internet ecosystem in the world.”
Sun went on to elaborate that “with the integration of BitTorrent, TRON aims to liberate the Internet from the stranglehold of large corporations, give data rights back to the individual, and reignite the early 21st century vision of a free, transparent, decentralized network to connect the world, because the internet belongs to the people.”
Tron is presently up by 7.74%, and trades at $0.037514 USD.