Founder of TRON Cryptocurrency Quietly Acquires BitTorrent

Justin Sun, the developer of the TRON Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term platform, has reportedly acquired software company BitTorrent Inc., developers and maintainers of peer-to-peer file transfer protocol BitTorrent.

Variety reported on June 11 that the deal is thought to have been quietly closed last week, announced unceremoniously with an email from BitTorrent’s management to staff confirming that the acquisition was complete; certain company stakeholders were also made aware of the switch by the transfer agent who finalized the deal. BitTorrent employees were advised not to publicly release any information.

Talks Began in September

News that TRON was interested in acquiring BitTorrent first emerged in May of this year when TorrentFreak reported that Sun was pursuing the purchase. Talks between Sun and BitTorrent allegedly began in September 2017; Sun is said to have signed a ‘letter of intent to acquire’ in January 2018.

The proceedings of the deal hit a rough patch between then and now when Sun filed a temporary restraining order against BitTorrent for shopping around to other bidders. Sun argued that BitTorrent had agreed not to pursue other offers.

TRON Mainnet Mainnet A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full c A mainnnet is a term to describe the primary blockchain network that a cryptocurrency project will operate. The mainnet reflects the final product or stage of a cryptocurrency project that can be accessed and used by the general public. This means that cryptocurrency transactions are being broadcasted, verified, and recorded on blockchain.In contrast to mainnet networks exists testnets, which describe the state during which a blockchain protocol or network is not yet up and running on its full c Read this Term IS ALIVE! https://t.co/sPWPznBV8Q

— Tron Foundation (@Tronfoundation) May 31, 2018

Eventually, the restraining order was lifted, and Sun formed a legal entity called ‘Rainberry Acquisition LLC.’ Why Rainberry? BitTorrent had changed the name of its operating legal entity to ‘Rainberry Inc.’ in early 2017.

Then, last week, both BitTorrent’s Rainberry Inc. and Sun’s Rainberry Acquisition Inc. filed merging documents with the California Secretary of State on the same day. Variety officially reported the acquisition after they learned that staff had been informed of the change.

While the financial details of the deal are not publicly known, the TRON Foundation currently has quite a chunk of change at its disposal. At press time, TRON’s cryptocurrency (TRX) had a market cap of roughly $3.13 billion; the TRON Foundation itself is known to control $1.65 billion’s worth of those funds; it's likely that Sun has cleaned up pretty well himself.