TRX Price Extends Slide as Tron Launches Project Atlas for BitTorrent Users
TRX’s price traded lower on Wednesday, as markets discounted the official launch of Project Atlas, an ambitious effort designed to bring blockchain technology to BitTorrent’s vast peer-to-peer network.
The value of TRX reached a session low of $0.0212, according to CoinMarketCap, a new five-day low. Prices have since recovered at $0.0216 but were still trading at a loss of 1.8% on the day. TRX trade volumes have held relatively steady over the past week; on Wednesday, daily turnover was $115 million on global exchanges. Binance, Huobi and OKEx were the largest exchange markets in TRX with trades against USDT accounting for the largest share of the market.
In terms of market capitalization, TRX is valued at $1.4 billion, which puts it in 13th spot among active blockchains. The cryptocurrency broke into the top-ten in January, eventually reaching the ninth speed on the back of triple-digit growth.
At the height of the crypto craze, TRX traded north of $0.20. Prices have fallen a staggering 90% from peak levels.
Tron Launches Project Atlas
Tron’s effort to merge blockchain technology with peer-to-peer networks took a major step forward with the official launch of Project Atlas, a platform that promises new incentives for content creators. Available to BitTorrent users, Project Atlas seeks to eliminate the middleman creating a common interface for content creators and consumers. This means content creators will be able to distribute their material directly to their audience without expensive intermediaries like Amazon.
The rollout was made possible by Tron’s high-profile acquisition of BitTorrent earlier this year. The purchase gives Tron access to more than 100 million users in 138 countries. According to the official website, Project Atlas is promising faster downloads, more seeds and backwards compatibility. Users who participate in the network will exchange TRX tokens without the need for mining.
Currently, BitTorrent employs a reward mechanism that encourages members to share files; Tron hopes to take this to the next level with its TRX token. This means rewarding users who seed files for longer periods and use faster nodes. TRX will also be used to incentivize the sharing of bandwidth and storage space, thereby creating a faster network.
Tron’s acquisition of BitTorrent was a murky affair that involved broken agreements, lawsuits and an eventual Letter of Intent from Tron founder Justin Sun. This letter, which formalized Tron’s intent to purchase BitTorrent, included “no shop” clause that forbade the company from negotiating with any other suitors.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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