Everyone here must be familiar with the name BitTorrent as a tool for downloading and streaming movies. However, Justin Sun (The founder of Tron Network) recently acquired BitTorrent for $140 million USD.
So what is BitTorrent and how does it work in the blockchain world, we will find out in this article.
What is BitTorrent?
BitTorrent is a software that connects parties accessing its network to compute file sharing requests. It is a communication protocol for peer-to-peer file sharing (P2P), which enables users to distribute data and electronic files over the Internet in a decentralized manner.
It was acquired by the Tron Foundation, creators of the Tron blockchain, in 2019. The new ownership then introduced a BitTorrent token cryptocurrency, BTT, to help expand its protocol and incentivize the network’s participants.
How does BitTorrent work?
To send or receive files, a person uses a BitTorrent client on their Internet-connected computer. A BitTorrent client is a computer program that implements the BitTorrent protocol. BitTorrent clients are available for a variety of computing platforms and operating systems, including an official client released by BitTorrent, Inc.
Popular clients include μTorrent, Xunlei Thunder, provide a list of files available for transfer and allow the client to find peer users, known as “seeds”, who may transfer the files.
While BitTorrent’s file transactions are facilitated by its software, the network relies on the Tron blockchain to maintain a record of all BTT transactions.
Once a bid is matched between a requester and service providers, a payment channel is created on Tron to facilitate the micropayments needed per provider, based on the piece of the file they have shared.
After the service is finalized, these micropayments are subsequently bundled up, settled and logged on the Tron blockchain.
The BitTorrent network also leverages Tron’s suite of smart contracts to create a variety of decentralized applications (or dapps) meant to enhance its services.
Chief among them is BitTorrent Speed, a dapps that offers requesters the ability for requesters to purchase provider bandwidth using BTT in order to increase download speed.
Another popular dapp is the BitTorrent File System (BTFS), a file storage protocol meant to address issues of cost and trust inherent in centralized storage systems. BTFS works similarly to other decentralized cloud storage platforms like Filecoin, Siacoin and Storj, each of which has varying technical capabilities.
What is BTT token?
BTT is a TRC-10 token built on the Tron network. BTT serves as a utility token within the BitTorrent ecosystem.
The token is acting as a utility token in the BitTorrent ecosystem, BTT has the following uses :
- Developers use BTT to release their apps and services in the BitTorrent ecosystem.
- Users use BTT tokens to buy or download digital content or digital assets.
- Users use BTT tokens as payment when they want to download files at a higher speed.
- Users use BTT tokens to tip for live stream videos of the people they support.
- BTT can be used to raise funds for content creators.
- Seeders can receive BTT tokens as rewards when they contribute to the system by seeding or sharing bandwidth with the community.
- BTT token can be used to pay monthly Airdrop for its holders.
Detailed information about BTT Token
BTT Token Metrics
- Token Name: BitTorrent
- Ticker: BTT
- Blockchain: Tron
- Contract: 0x8595f9da7b868b1822194faed312235e43007b49
- Precision: 6
- Token Standard: TRC-10
- Token type: Utility Token
- Total Supply: 990,000,000,000 BTT
- Circulating Supply: 932,000,000,000 BTT
BTT Token Allocation
BTT Token Sale
- BTT Private Sale Allocation was at $0.000177 per token and raised a total of $19.3 million USD during the private sale.
- BTT was offered to public sale allocation at $0.00012 USD per token and raised a total of $7.2 million USD.
BTT Token Release Schedule
The BTT token release timeline is scheduled as follows:
How to buy BTT Token
You can buy BTT on these listed exchanges:
- DEX: Pancakeswap.
- CEX: Binance, Huobi, TokoCrypto,…
Alternatively, you can use Coin98 Exchange to swap other tokens for BTT at the end of this article.
Learn more: How to use Coin98 Exchange
How to get BTT Token
BitTorrent uses PoS (Proof-of-Stake) mechanism, users can stake BTT tokens with rewards up to 6% on Tron network.
How to store BTT Token
You can store BTT token on Coin98 Wallet with these steps:
Step 1: Open Coin98 Wallet & click Receive on the home screen.
Step 2: Search BTT Token.
Step 3: Click on the correct result, copy the wallet address and send BTT to this address.
Roadmaps and Updates
In 2022, the project will launch a new website of BTFS2.0 alongside other important updates such as the Decentralized Governance Feature.
Team, Investors, and Partners
The company was founded in 2001 by Bram Cohen and Ashwin Navin.
In 2018, the project was bought by Justin Sun (Tron – Founder) for $140 million. He will be the CEO of BitTorrent since June 2018.
Investors & Partners
BitTorrent is supported by many partners including Binance, OKEx, Huobi…
Is BTT a good investment?
This article has provided some of the main ideas related to the BTT token and its implications. Still, it is important to note that there are a few key points that investors should take into account before making any investment decisions:
Bittorent is a popular platform to us. It has a number of users up to 2 billion at the moment and the popularity of BitTorrent is undisputed. The project is also backed by Justin Sun who is one of the leaders in the Crypto market. However, does the project really need the token?
The answer is unsure for now, however, with crypto moving towards mass adoption as it is today, a project with a clear use case plus being backed by a figure like Justin Sun can still turn a lot of people off. More peace of mind when investing in BitTorrent.
Filecoin: Filecoin is an open-source, public cryptocurrency and digital payment system intended to be a blockchain-based cooperative digital storage and data retrieval method.
I hope you have gained all of the important information about BTT including its features and highlights throughout this topic.
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