When BitTorrent sold themselves to the founder Tron, it is safe to say that this wasn’t one of the most prestigious start-ups to change hands. it turns out that the network sharing company is now owned by Justin Sun and they also have a very small stake in the Chia Network. This is a cryptocurrency protocol that is actually helmed by BitTorrent’s own co-founder. He is known as being Bram Cohen and this has not been disclosed by any firm at all. According to some of the documents that have been obtained by CoinDesk, Sun has actually won the offer on the board and the very next day it was approved in an agreement that they were going to have a full release of some of their intellectual property. They are going to do this in exchange for the right to make a substantial investment in the company but this has to be under the SAFE act. When you look at what IP may have happened to change hands, and how this could possibly help the Chia network it is safe to say that both companies have now stayed completely silent on the matter.
There has been absolutely no license or even an assignment of rights form Bram to BitTorrent or even Chia as well. They have related intellectual property rights and they have also been used internally and even distributed by Chia as well. This has been done by Chia employees and even contractors as well. They are licensed third parties and they have even said that two companies have entered in an agreement. They have stated that this is a mutual release and that this is non-disparagement as well. This ultimately means that neither party would bring suit against another due to events that actually took place way before the investment. Of course, when you look at Sun’s acquisition of BitTorrent you will see that this has been reported and it has also brought around a lot of confusion and even dialogue as well. Cohen remained on the board for BitTorrent and he left to start Chia in the year 2017. When you look at the merger documents you will see that Cohen has owned over 31% of the BitTorrent common stock and that this was at the time of acquisition. Common stock holders are able to receive a couple of million out of the $119 million sale. Every single share of the common stock was really worth a base price share and there are various conditions as well. When you look at the time of the sale you will see that Cohen’s attention really was primarily directed at the brand new venture. Chia has reported that this is going to be a way more economically friendly way to secure a public blockchain. CoinDesk have reported this in September and miners on the network have been able to prove time and time again that a certain amount of disk space is certainly available on the network. Validators who are on the network usually turn over any unused disk space that they have and they give Chia the chance to use it. In March they also came to announce that a $3.395 million funding has been lead by Naval Ravikant and this included the business partner who is known as Adreessen Horowitz. At the time they have said that they would do what is called a Mini IPO. Of course, this is going to be done under the security and even the exchange commission act. This round was in fact promised in the second quarter but it has not been publicly announced yet. A lot of the patentable inventions happen to list Cohen as being the inventor. So when you look at the six patents that do come with Cohen as the inventor you will soon see that the oldest is being an end system dynamic rate and that they also have limited background traffic as well. All of the patents that he was able to create still show up and they are in fact assigned to BitTorrent. Of course, when you look at the internal BitTorrent documents you will find that they all reveal that Sun wanted Cohen and other staff to return but they also removed the requirement that this would end up being a stipulation of the deal. BitTorrent have yet to make their reply so there is no telling where things are going to go from here but it is certainly interesting to see how things are going to unfold.