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Justin Sun’s BitTorrent to Acquire Esports Platform for New Streaming Ecosystem

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BitTorrent is going through another transformation.

Announced Thursday, the peer-to-peer platform plans to acquire blockchain-based esports streaming service DLive.tv, which will be migrated – along with existing BitTorrent services – into a newly formed entity, BitTorrent X.

DLive was selected as part of BitTorrents’ attempt to pivot its core business model into one that offers decentralized storage, data protocols and content distribution, according to a press announcement. 

The esports streaming service boasts around 7 million active users and over 200,000 active content creators.

BitTorrent X’s services will be powered by the platform’s native BTT token, which was created shortly after the platform was acquired by Tron founder Justin Sun in 2019.

“BitTorrent X is the next step in establishing a truly decentralized internet,” Sun, also BitTorrent’s CEO, said in a statement. “In one big step, the BitTorrent X ecosystem may drive blockchain-related tools to billions of devices.”

BitTorrent was established in 2001 as a data-transfer protocol and quickly caught the attention of more than 2 billion users globally, as well as pricking the ears of big-tech names such as Twitter, Blizzard and Facebook.

Sun said he wants to leverage the platform’s brand awareness to position the platform as an ecosystem that “may drive blockchain-related tools to billions of devices.”

However, the acquisition by Tron of BitTorrent has not been without its controversies.

Back in August 2018, at least five senior employees of BitTorrent, including its general manager and head of marketing, left the company over concerns relating to the acquisition and the company’s direction.

The departures also related to issues of company culture and came but two months after the $120 million cash acquisition by a company registered solely to Sun known as Rainberry Acquisition, Inc.

Sun and BitTorrent said they would unveil more about the new platform during a live event slated for November.



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Yearn Merges With Cover, DeFi Protocol’s 4th Deal in a Week

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Yearn is “joining forces” with market coverage provider Cover, capping a busy week for the decentralized finance (DeFi) protocol.,



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What Janet Yellen Means for Bitcoin and Markets

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NLW looks at price action in crypto, the ETH 2.0 Beacon chain launching Dec 1, the Dow at 30,000 and Janet Yellen’s nomination as Treasury secretary.

On this edition of The Breakdown weekly recap, NLW looks at what was an absolutely action-packed holiday week, discussing:



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2020 Black Friday Online Shopping to Hit Record Sales as Shoppers Skip Stores

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The stricter social distancing norms and COVID-19 restrictions have pushed shoppers to turn online this holiday season. Adobe is expecting the biggest single-day sales ever in history during Cyber Monday.

The coronavirus pandemic has changed consumer behavior and online retailers have benefitted the most from it. The latest data from Adobe Analytics shows that the 2020 Black Friday online sales will hit record highs this year. Shoppers have been avoiding store visits amid the rising COVID-19 cases.

The Adobe data shows that online sales can see a jump anywhere between 20-29% compared to the previous year. The total amount clocked by online purchases on Black Friday 2020 could be anywhere between $8.9 billion to $9.6 billion. Nearly, 42% of the total online sales by 4 PM on Friday came through smartphones. As per Adobe, US consumers spent around $6.2 million per minute during the 2020 holiday sales.

Adobe data shows that online sales also hit a record high a day before the 2020 Thanksgiving on Thursday, November 26. The sales jumped nearly 21.5% hitting a record high of $5.1 billion. Adobe gathered this data by tracking website transactions from 80 of the top 100 US online retailers. The analytics firm also noted that companies who offered faster delivery alternatives had 31% higher chances of traffic conversion on the website.

Interestingly, Adobe also anticipates that Cyber Monday shall be the largest online sales day in history. The company estimates online sales to touch anywhere between $11.2 billion and $13 billion, a whopping 19-38% jump year-over-year. Taylor Schreiner, director of Adobe Digital Insights said:

“While yesterday was a record-breaking Thanksgiving Day with over $5 billion spent online, it didn’t come with the kind of aggressive growth rate we’ve seen with the start of the pandemic. Heavy discounts and aggressive promotions starting in early November succeeded in getting consumers to open their wallets earlier. While COVID-19, the elections and uncertainty around stimulus packages and made this an unprecedented year in e-commerce”.

Black Friday 2020: Brick and Mortar Stores Turn Online

The physical brick-and-mortar stores have faced the massive heat of the COVID-19 pandemic and the government lockdowns. The store footfalls and business have hit a multi-year low. Adobe notes that 9% of all sales generated this week are though “net new customers as traditional brick-and-mortar shoppers turn online to complete transactions in light of shop closures and efforts to avoid virus transmission through in-person contact.”

Canadian e-commerce giant Shopify which tracks activity across one million merchants shared interesting statistics. It noted that the global average cart price was $86.80, and it reached $90.40 in the US specifically.

The surge in the COVID-19 cases with the second wave hitting has pushed Americans to stay indoors. There are even more restrictions concerning social distancing as people prefer to stay at home. Schreiner said:

“Families have many traditions during the holidays. Travel restrictions, stay-at-home orders and fear of spreading the virus are, however, preventing Americans from enjoying so many of them. Shopping online is one festive habit that can be maintained online and sales figures are showcasing that gifting remains a much beloved tradition this year.”

Adobe noted that toys and personal care products remained the top shopping category during the holiday season. The toys category recorded a 294% surge in online shopping while the personal care products registered 278%.

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Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.



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