Tron [TRX], the ninth biggest cryptocurrency by market cap, managed to grasp the attention of the entire cryptocurrency space as the Former Chief Strategy Officer, Simon Morris remarked that Tron’s network does not have the capacity to process the transactions taking place on BitTorrent, in an interview with Breaker Magazine. He also remarked that Justin Sun, the CEO and Founder of Tron Foundation, does not have a single tech bone in his body and that he would not technically understand anything.
This news led to the majority members in the community questioning Tron’s move on tokenizing BitTorrent and whether Tron is indeed the right platform for the token. This news also had an adverse effect on Tron’s price, a major blow for the cryptocurrency as it was pictured with a surge of over 50% prior to the fall.
Nonetheless, Justin Sun has debunked the statements made by the former CSO, on his official Reddit page. In the post, Sun has stated that out of all remarks, only one stands true, “Automated auctions to prioritize download queues could make the entire BitTorrent network as much as 40 percent faster.” The CEO stated that this was the reason the Foundation “embarked on such an ambitious project” to expand BitTorrent’s current 100 million monthly users.
Justin Sun’s reply on Simon Morris statements | Source: Reddit
This was followed by Sun speaking about BitTorrent token’s transactions, stating that the token whitepaper mentioned that the platform will have an on-chain/off-chain exchange, which would facilitate the transfer of tokens between a high-performance private ledger and the public Tron blockchain. He added that “an on-chain/off-chain exchange” translates to a hybrid approach taken by the team.
“Why? Transferring files using the BitTorrent protocol involves splitting them into tiny pieces for exchange with many peers. Each exchange requires a micropayment, which is made off-chain. When the exchange is complete, these payments can then be anchored by on-chain consensus — a common approach on many blockchains today.”
BitTorrent’s on-chain/off-chain exchange | Source: BitTorrent whitepaper
Sun further stated that the team is “excited” about BitTorrent [BTT]’s potential and the opportunities it would present to creators looking for more control over the files they share with others. “We’ve known all along that actions and execution are what will count for our community, and we remain committed to them,” Sun added.
TronSpark, a digital online content platform said:
“Tron kills the FUD created by someone who doesn’t pay attention to details. Thank you
@BitTorrent for pointing out his lack of due diligence.”
PAAlmasi, a Redditor said:
“Single project tribalism aside, any progress within the crypto space is a win for everybody. The space is still incredibly young, which let’s numerous projects to coexist and still thrive. I think this acquisition was clever and could be a great way to move the project forward. I think this makes a lot of sense.”
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