Tron's (TRX) Network is Not Suitable for Launching BitTorrent's New Token, Former Employee Claims

  • Former chief strategy officer (CSO) at BitTorrent says Tron network cannot handle launching new BitTorrent token (BTT).
  • Tron's founder Justin Sun and his developers are only skilled at marketing, not technical aspects of project development, former BitTorrent CSO claims.

Simon Morris, the former chief strategy officer (CSO) at BitTorrent, Inc, recently revealed that he doesn’t think the Tron (TRX) network will be able to handle BitTorrent’s high rate of transactions.

BitTorrent's Token Will Likely Not Be Launched On Tron's Platform

Notably, Morris’ comments have come less than two weeks after the Tron Foundation announced it would be launching the BitTorrent Token (BTT) on Binance Launchpad, the official token launch platform developed by Malta-based digital asset exchange, Binance. In an interview with BreakerMag (on January 11), Morris stated that the BitTorrent network would likely use a different platform to issue its new tokens.

Commenting on how he believes BitTorrent will introduce its native crypto tokens, Morris remarked: 

I suspect that what they’re really going to do is they’ll do it on some central server, they’ll wave their hands and say, ‘Oh, it’s a Lightning Network for TRON,’ or something, and pretend it’s TRON-based, but it’s not really TRON-based.

Launching BitTorrent Token On Tron Will "Literally Destroy" TRX Network

Morris, an early-stage project advisor for various companies working on decentralized technology, said that BitTorrent’s new tokens would have to be launched on a platform that can process hundreds of transactions per second (TPS). According to Morris, Tron’s founder Justin Sun and Tron’s development team have lied about the controversial cryptocurrency network’s ability to process transactions quickly. Morris believes that if BitTorrent actually used the Tron blockchain, the peer-to-peer (P2P) file sharing network would “literally destroy it.”

In January 2018, Tron’s developers had been accused of publishing a plagiarized whitepaper (archived here) as several people had noticed that many sections of the technical paper looked identical to Filecoin’s and IFPS’ (InterPlanetary File System) documentation.

On January 7th, 2018, Juan Benet, the CEO and founder at Protocol Labs, a US-based organization focused on the development of IFPS and Filecoin, noted (via Twitter):

Wow! Absurd! TRON's "paper" is mostly copied from other projects, or is super basic p2p passed off as original. Zero references.

Tokenizing BitTorrent Will Improve Efficiency

Morris claims he had asked Tron’s founder Justin Sun to address the accusations (about plagiarism) by publicly acknowledging what had happened while also promising that Tron’s developers would focus on “sincerely building things.” However, Sun reportedly chose to ignore the situation by stating: “We have come to consensus that this did not happen. And we have moved on.”

Morris further noted that tokenizing BitTorrent would help improve the overall efficiency of the P2P file sharing platform, however Tron’s network might not be suitable for launching the BitTorrent token. Morris, who left BitTorrent in July 2018, also mentioned that Sun and his company’s employees were quite skilled at sales and marketing. But Tron’s team, including Sun, was not aware of the technical requirements for developing and issuing BitTorrent’s own cryptocurrency on the Tron platform. Morris remarked:

[Tron is] basically a marketing machine layered on a very thin veneer of technology.

Travala’s Token AVA Jumps Following Announcement of Partnership with Expedia

Michael LaVere
  • Binance-backed cryptocurrency travel booking platform Travala has announced a partnership with Expedia Group.
  • Travala's native token AVA appreciated more than 20 percent following the announcement.

The Binance-backed travel booking website Travala has announced a new partnership with the online travel agency Expedia Group. 

According to a press release published July 6, Travala and Expedia have joined forces to offer consumers a frictionless cryptocurrency travel-booking experience. The release claims more than 700,000 Expedia Group hotels and accommodations have been made available via Travala.com, in addition to the platform’s existing 2 million hotels across 230 countries. 

Juan Otero, CEO and co-founder of Travala, said the new partnership reflected the rise in popularity for cryptocurrency. He also explained that consumer travel was on the rise following months of COVID-19 imposed shutdown. 

He said:

Our latest month-on-month data shows consumer confidence and the desire for travel is returning, with an 81% increase in room nights booked and website traffic up 50% week-on-week.

Binance CEO Changpeng Zhao said Travala had proven its ability “to build a world-class travel booking platform” and was excited by the partnership with Expedia. 

AVA, the native token for Travala, underwent a subsequent price increase following the announcement. As of writing, the coin has appreciated more than 20%. 

Altcoins Move up as Bitcoin Stalls

The AVA token is not the only in the cryptocurrency space growing exponentially so far this year. While the price of bitcoin has been range-bound moving between $9,000 and $10,000 since the beginning of May, various altcoins have been moving up.

Over the last 6 months, the price of BTC is up little over 13% according to CryptoCompare data, while other altcoins have been moving up. Most of these are related to the decentralized finance space, or to blockchains launching new products or announcing specific partnerships.

VeChan's VET, for example, surged after it was announced VeChain was attending the World Artificial Intelligence Conference 2020, hosted by the Shanghai Municipal People's Government. The conference will also be attended by Microsoft, Alibaba, Tencent, Huawei, and Amazon. One VET is changing hands for $0.0148, up from $0.,0055 in January.

As CryptoGlobe reported, Kyber Network's KNC tokens have risen over 650% year-to-date thanks to the upcoming Katalyst update, which will allow token holders to earn ETH rewards while participating in governance by staking their tokens. 

Another altcoin that moved up significantly is OKEx's OKB cryptocurrency. The token, which gives various advantages to the bitcoin exchange's users, is up 74% over the last six months, going from $2.78 to $5 at press time.

day_CryptoCompare_Index_OKB_USDT_231_11594045158429.pngSource: CryptoCompare

OKEx's OKB isn't tied to decentralized finance protocols, which Waves CEO Sasha Ivanov warned could be turning into the  next ICO bubble, but is instead tied to one of the leading crypto exchanges in the world. 

Decentralized finance protocol Aave has also seen the price of its LEND token surge so far this year. While in January the tokens were trading at $0.017, they are now $0.175 -- a 750% increase.

Featured Image Credit: Photo via Pixabay.com