Unknown to many, the desire to acquire BitTorrent was not only nurtured by Tron (TRX). Several other cryptocurrencies such as EOS, FileCoin, and NEO also expressed their interest in buying the entertainment industry platform.
BitTorrent is a renowned platform for the entertainment industry. Its system of sharing files is peer-to-peer and that is how it serves its teeming users.
The fact the Tron Foundation was able to acquire it is regarded as a major feat by it. But before Tron bought BitTorrent, many other cryptocurrencies also indicated interest in acquiring the platform. In fact, many of them showed interest before Justin Sun who is the CEO of Tron indicated his foundation’s interest.
Reports have it that FileCoin creators and NEO also canvassed seriously to get the P2P platform. And although these two were the most prominent contenders with Tron, reports say several other cryptos also opted to buy it.
In its official statement after it was bought, BitTorrent says six companies in all came forward to acquire it. And among these, BitTorrent identified NEO as the major contender. As the bidding process went on, three companies threw in the towel while three remained. And expected, all those who showed interest in BitTorrent were crypto-fascinated.
Tron Eventually Acquired BitTorrent
Rumors started emanating that Tron has acquired BitTorrent early last year. The race to buying the P2P platform was so competitive that the CEO of Tron had to get a restraining order about the platform. The order was to ensure that another buyer outside Tron did not acquire it. Eventually, Sun’s Tron Foundation got the platform.
Prior to now, BitTorrent has been having several challenges. Granted, it recorded a couple of successes and made several million but it failed in meeting its statutory goal. This goal was to ensure that cryptocurrencies have a secure mining system. This failure made BitTorrent disengage a lot of its workers.
The creator of BitTorrent equally lost his job as soon as the platform was sold. Notwithstanding the drastic changes that have befallen it recently, the platform continues to record huge successes.
While talks were still on about the sale of BitTorrent, there were reports alleging that Sun of Tron had meetings with David Chao who was a board member of BitTorrent. The essence of that meeting as reports have it is to persuade Sun to also buy BitTorrent’s stocks too. The argument is that doing so would ensure other stockholders have something. Definitely, with recent happenings, it is sure Mr. Sun is far from being interested in that.
On of EOS’s arm, block.one made some $4 billion in its Initial Coin Offering (ICO) business. As such, BitTorrent equally approached it to see if it could buy BitTorrent. Unfortunately too, the CEO turned down the offer.
Why Many Cryptos Seemed Interested In BitTorrent
Several reasons have been cited for why numerous crypto creators wished to buy BitTorrent. For instance, Coindesk quoted NEO as saying it joined the race to buy BitTorrent because of a certain hope. This hope was that BitTorrent was probably going to develop a protocol that would assist in decentralizing Dapps.
Not too long, everyone could see that out of the other cryptocurrencies, only Tron and NEO had serious interest in BitTorrent. And when the buyer eventually emerged, Tron’s CEO did not mince words on why it acquired BitTorrent. His letter for the reason contains these words:
Contrary to speculations, the main reason for the acquisition isn’t BitTorrent’s more than 100 million users, and it isn’t for an amazing commercial opportunity… The internet was decentralized when it was first created. Since web 1.0 in the 80s, we believed that internet services should be built upon an open protocol shared by the web community. Since then, we’ve created an open protocol standard like TCP/IP and HTTP.