New information has recently surfaced from Variety, indicating that the two companies have already started the legal proceedings for a corporate merger, however both parties still refuse to comment on this matter.
“Rainberry Acquisition filed a change of status with the California Secretary of State due to a merger. Rainberry Inc., the company that owns BitTorrent, also filed for a merger on the very same day”
This closure would mark the end of a nearly year-long hot pursuit starting back in September 2017, that Cryptovest has been covering closely. Since that time there have been reports of a lawsuit regarding a violated Letter of Intent, the renaming of BitTorrent to Rainberry Inc and Sun’s subsequent creation of the new Rainberry Acquisition holding company.
What Does Tron Want With BitTorrent?
The BitTorrent company was set up in 2004 by Bram Cohen, as the first client for the P2P file sharing BitTorrent protocol, which worked by breaking large files into small pieces, distributing those over a peer network and reassembling them at the end.
During the height of the protocol’s activity, it was receiving 170 million users every month including big companies who used the protocol to disperse a wide range of information.
According to Wired
“The [BitTorrent Company] site boasts that the protocol moves as much as 40 percent of the world’s Internet traffic each day… But transforming this technology into any kind of business has proved elusive.”
This is where Justin Sun’s entrepreneurial talent comes into it. It’s possible that this merger is part of a bigger plan to use the newly launched Tron Mainnet to facilitate P2P transactions, possibly using TRX, for sharing media and information on an already widely adopted, well-tested platform. Taking the BitTorrent vision and making it possible.
This article appeared first on Cryptovest
