Yet, they have not revealed what intellectual property has been transferred.
Chia Network, a startup by BitTorrent’s founder Bram Cohen, is a project that uses proofs of space and time to make blockchain and cryptocurrency mining environment friendly. It has recently been revealed that Justin Sun of Tron has bought a small stake in this startup, as Coindesk reports.
The documents accessed by the news site shows the winning bid was submitted by Sun on February, 14. Then on the consecutive day, BitTorrent agreed to release some of its intellectual property (IP) in exchange for a $50,000 investment. The exchange of the IP and Sun’s right to invest is under Simple Agreement for Future Equity (SAFE).
In June, BitTorrent has been reportedly sold to Justin Sun for $140 million.