BitTorrent Officially Confirms its Acquisition by TRON

Avi Rosten

Peer-to-peer pioneer BitTorrent Inc – the company behind the enormously popular µTorrent file-sharing client – has officially announced that it has been acquired by TRON.

In a post on their blog, BitTorrent confirmed the acquisition (reportedly worth $140million) that has been in the news for some weeks – but until yesterday was unconfirmed by the company itself – commenting:

We are excited to announce that TRON has officially closed its acquisition of BitTorrent… BitTorrent will continue operating from TRON’s new San Francisco location, which is now the center of operations for the company’s global market expansion. The division will provide robust support for TRON’s global business development and partnerships, while pursuing its vision for the world’s largest decentralized ecosystem.

Adding that the company will “continue to provide high quality services," the company explained on Twitter that as a pioneer of decentralisation, they are looking forward to building the “decentralized internet:"

 

 

With over 100 million active users of µTorrent, the BitTorrent Play app and other desktop clients, the acquisition for TRON is a significant milestone for the company – following the launch of its mainnet on May 31st.

The price of Tron’s TRX token, however, seems to have dropped substantially since the announcement of the BitTorrent acquisition – which saw the token surge over 18%:

trx six months.jpgSource: CryptoCompare

With founder and CEO Justin Sun last month mentioning a “secret project” to be announced at the end of July, TRX investors will be playing close attention to whether the news will push the price out of its downward trend.

Token Listing Guidelines for Binance DEX

On Thursday (April 25), Binance unveiled guidelines for listing tokens on Binance DEX, its new decentralized exchange, and said that these guidelines would enable Binance DEX "to facilitate a larger number of crowd-vetted projects, hopefully listing 10x more tokens than currently listed on Binance.com."

Despite what some people think, issuing a token on Binance Chain does not mean that the new token will automatically get listed on Binance DEX. Binance, which has been criticized like most other centralized exchanges for having an opaque listing process, is hoping that the new "transparent and community-driven" listing process for Binance DEX will finally satisfy most if not all of its detractors.

The Binance DEX listing process consists of the following steps:

  • 1. Proposal
    • "It is recommended that Token Issuers first create a thread under the “Token Issuance & Listings” category in the Binance Chain Community Forum."
    • "It is recommended that this public thread contain full answers to the Binance DEX Token Listing Submission Criteria..."
    • "Token Issuers must initiate an on-chain Proposal Request (fee of 10 BNB) to list a trading pair for a token."
    • "Token Issuers must request BNB as the quote asset for their first trading pair. For example, ABC/BNB."
    • "Once the proposal request is submitted, Token Issuers must post the Proposal ID to their proposal thread in the forum as a ‘reply’."
  • 2. Deposit
    • "Once the proposal request is sent, Token Issuers will need to deposit at least 1,000 BNB within 2 days."
    • "Proposals that do not receive sufficient deposits within this timeframe will not be able to move on to the voting stage and their deposit will not be refunded."
    • "If the Vote passes in Step 3 (majority 'Yes'), the 1,000 BNB deposit will be refunded."
  • 3. Vote
    • "At least half of the voting power is required to vote 'Yes' for the proposal to be accepted."
    • "Binance Chain Validators can vote for either 'Yes', 'No', 'NoWithVeto', or 'Abstain' within the time period specified in the proposal request."
    • "The 1,000 BNB deposit will be refunded if the majority of Validators vote for 'Abstain'."
    • "Proposals are denied if one third of the Validators vote 'NoWithVeto' or if half of the Validators vote 'No'."
    • "Denied proposals will lose all the funds deposited, however this result will only occur in rare circumstances when there is relatively clear fraud, scam or spam."
  • 4. List
    • "If the vote is passed, the Token Issuer will need to initiate a 'List' transaction on-chain (2,000 BNB fee) within the timeframe specified in the proposal, while the previous 1,000 BNB deposit will be refunded back to the proposing user."
    • "The trading pairs will be live immediately after this request is completed."

Binance DEX Listing Process Workflow Screenshot.png

Binance says that the "listing application, project information, vote results and all community interaction will be public on the Binance Chain Community Forum," that the decisions of the Binance Chain Validators (who are the only ones with the power to vote) are "purely based on public information in the forum," and that there is no other way "for projects to contact Binance Chain Validators."

One interesting thing to point out is that although the Binance DEX listing fee has been set to 2,000 BNB (currently, according to CryptoCompare, worth around $45,580), originally Binance CEO Changpeng Zhao (aka "CZ") was thinking of making the listing fee on Binance DEX be around $100,000, as he mentioned in his first Ask Me Anything (AMA) session on February 7:

"There will be a listing fee on the DEX. I actually deliberately want to set that a little bit high, just so we reduce the number of spam or scam projects. And there’s also a voting process by the validators to be listed on the DEX. So there’s a fee, I think the fee will be probably close to $100K US, so we’ll see. But the fee is adjustable over time, it’s quite easy to change."

Earlier today, Mithril, the first crypto project to migrate its token (MITH) to Binance Chain, got listed on Binance DEX:

 

All Images Courtesy of Binance