TRON (TRX) cryptocurrency angling to acquire BitTorrent
Torrenting is very appropriately part of TRON's future strategy.
TRON has a reputation in some corners for being long on the big promises, such as the promise to create a new Internet 4.0 content machine that cuts out middlemen and advertisers, but short on the fine details of how exactly it's going to work.
Now, a newly emerged paper trail has shed a bit more light on what it might have in the works.
It takes the form of legal action against BitTorrent (recently renamed as Rainberry), reports TorrentFreak. The legal action stems from alleged violation of a "no shop" clause in an acquisition letter of intent between TRON and Rainberry.
The paperwork shows that TRON founder Justin Sun was looking at acquiring BitTorrent, but the relationship may have soured somewhat. Essentially, it details that Sun was looking at picking up Rainberry, but Rainberry said it found better offers. Sun took legal action, but it was very swiftly dismissed.
A similar case has been brought against Binance, alleging that the founder illegally spoke to other parties while in discussions with one fund.
Not called off
Despite the frictions between TRON and Rainberry, there are some hints that the deal will still go ahead.
At the end of February, right when the exclusivity period set in the letter of intent ended, Sun registered a holding company called Rainberry Acquisition in California.
This company is registered to none other than TRON founder Justin Sun, who completed the statement of information last month. And the name clearly suggests that the acquisition is still on the table. TorrentFreak reached out to BitTorrent for comment, and it reportedly confirmed that Sun was interested in acquiring the company but also emphasised that it wasn't a done deal yet.
The issue might be complicated slightly by BitTorrent founder Bram Cohen's plans to create his own cryptocurrency, Chia, and his history of complaining about BitTorrent being acquired by glitzy all-style-no-substance management.
Torrenting and BitTorrent in particular are prominently mentioned in the TRON white paper, so an acquisition might have been part of the plan all along.
Appropriately, torrenting is best known as a convenient way of downloading stolen content, and TRON has been widely accused of wholesale plagiarism its white paper. TRON and BitTorrent might be a perfect combination.
Disclosure: At the time of writing, the author holds ETH, IOTA, ICX, VEN, XLM, BTC and NANO.
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