With the market crash at the start of the year and the slow painful bleed that followed it, the outlook seems grim for many projects in the crypto space.
Bullish News Fails to Move Price
Good news does not seem to move price, and the majority of altcoins moves up and down in synch with each other, mostly down. But in the bleak and bloody aftermath of the 2017 bull run, some projects are working quietly to secure their seat at the table when the market turns once more.
The extraordinary volatility of the crypto market is of course rooted in difficulty in determining the value of a project. And so it has been for Tron. One of the biggest winners of 2017, the Tronix token has fallen hard along with every other altcoin this year. Justin Sun, founder, and CEO of Tron is not worried about short-term price swings or the state of the market, however. With a $70 million war chest raised during their ICO last year, Tron is set to weather the storm, and to continue to expand and build upon with their work.
Tron made a big splash this summer when they announced the purchase of BitTorrent for 140 million US dollars, with plans to integrate the torrenting platform into their ecosystem and use token rewards to incentivize seeders not to abandon uploads.
The BitTorrent and Tron Saga
Although BitTorrent rose to fame for its usefulness in facilitating online piracy, the technology is also used for legal distribution of many products, and it is here Tron hopes to expand their presence and make it possible for content producers to make money both by charging for content and services, and passively by producing favorite content that gets shared across the platform.
Most recently Tron entered into a partnership with the chat app LINE and the Bitbox exchange, massively increasing their exposure to newcomers and outsiders to crypto in Asia. To celebrate the collaboration (and draw new users), Tron and Bitbox are running several promotions on the Bitbot exchange until August 22nd, including TRX token rewards for new sign-ups and for depositing and trading the token.
Setting aside the exchange, however, this is still big news for Tron, with LINE boasting over 217 million monthly users of their chat app, and a total of 560 million accounts that will be exposed to the partnership and potential future integration of the platforms.