What is BitTorrent (BTT)?
BitTorrent is a peer-to-peer network for file and data sharing where users can also buy and sell bandwidth in exchange for the BitTorrent Token (BTT). The platform was not originally based on blockchain technology, but TRON Foundation extended the protocol and its operational model by developing the BTT token. BTT is a TRC-10 token, which is a standard for tokens created on the TRON network.
BitTorrent Token is the centerpiece of the improved business model that is supported by an incentivization system in which users who share their data, files, and bandwidth are rewarded with BTT, i.e. they can receive payments in the form of the BTTtoken. BitTorrent creates a solid ecosystem for file sharing where users can pay to increase their download speed, while the entire market is based on the P2P model. Users who have excess bandwidth can sell it to other users to earn passive income.
As the network has become more decentralized since the acquisition and the addition of BTT to the business model of BitTorrent, the network is said to be the largest decentralized peer-to-peer communications protocol.
How Does BitTorrent Work?
BitTorrent is essentially a software that connects users from around the globe into a single system for sharing files, data, and bandwidth. The software is run by two classes of participants: seeders and peers. Seeders are participants who have already downloaded the file and can now share it with other network participants known as peers. Peers download files from more than one Seeder as the file is being downloaded in partitions from multiple Seeders. This peer-to-peer system makes the download time faster.
Network users can also pay for bandwidth and faster download speeds with BTT tokens, which are paid to other peers in the network that offer their excess bandwidth. Requesters are the network participants who buy more bandwidth and providers share their bandwidth in return for BTT. This is how users can acquire greater download speeds and enjoy downloading and sharing files without congestion.
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Requesters can also request extra storage for data and files, while the network ensures that large data is shared efficiently in partitions from multiple providers. The project is decentralized in nature, although the system is not based on blockchain.
Who Are the Founders of BitTorrent? (History of BitTorrent)
BitTorrent was originally launched and developed in 2001 by Bram Cohen and David Harrison to create the largest peer-to-peer platform for sharing data and files. The developer duo ran the network for nearly two decades before Justin Sun decided to acquire BitTorrent through TRON Foundation.
BitTorrent was acquired by TRON Foundation in 2018, the same foundation that created the TRON network and TRX cryptocurrency. TRON Foundation kept BitTorrent’s original team and business model while adding the BTT token as the main payment method. In 2019, TRON Foundation organized an initial coin offering in which 6% of the total supply was issued and sold for over $7 million.
What Makes BitTorrent Unique?
BitTorrent is a unique project in the market of cryptocurrencies, mostly because the P2P file-sharing platform launched almost a decade before the inception of Bitcoin. BitTorrent aims to revolutionize the way people download and obtain entertainment media and other large files and data.
The system is completely decentralized thanks to the peer-to-peer network consisting of users’ computers, out of which some computers act as seeders and some as peers. Since the acquisition by TRON Foundation, the dev team has added new features to the BitTorrent system like BTT and BitTorrent Speed. BitTorrent also offers other services within the premium account, such as VPN and browsing without advertisements.
What Gives BitTorrent Value?
BitTorrent derives its value from its technology, technical capacity, and utility. The intrinsic value of BitTorrent is defined by these elements, while the market value often doesn’t coincide with the intrinsic value of projects such as BitTorrent. The price of BTT is affected and determined by a multitude of factors, which includes volatility.
The volatile market of cryptocurrencies can promptly spike or dip following sharp trend reversals and unexpected changes. BTT is the centerpiece of the BitTorrent P2P ecosystem, which is also how its intrinsic value is defined.
How Many BitTorrent (BTT) Coins Are There in Circulation?
There are currently BTT in circulation. BitTorrent has a limited supply, much like other cryptocurrencies that employ finite supplies as an anti-inflation mechanism. The limited total supply prevents devaluation of BTT tokens through inflation, meaning they could represent a good long-term store of value.
Part of the total supply is allocated to the Binance ecosystem, BitTorrent partners, and TRON Foundation. The number of BTT coins in circulation multiplied by the current price of BitTorrent in the market is equal to the market cap of BTT. The market cap defines the rank of BTT and determines its market share and dominance.
Other Technical Data
All file sharing and downloading is performed directly through the BitTorrent software as before the acquisition. However, all operations are recorded on the TRON blockchain, which includes permanently recorded transactions. The TRON network is an integral part of the new BTT system as it creates a payment channel whenever a requester is matched with a provider. TRON then settles and logs transactions after the payments are bundled and finalized in batches.
BitTorrent uses smart contracts to develop decentralized applications and facilitate services such as BitTorrent Speed. This service enables users to request greater download speeds and bandwidth which they can buy with BTT from providers. The BitTorrent network hosts another dApp, known as the BitTorrent File System. BTFS provides file storage with decentralized infrastructure where users can keep their data securely.
How is the BitTorrent Network Secured?
The BitTorrent network is secured with encryption, which includes securing all parts of the system with message stream encryption, protocol encryption, and protocol header encryption. By encrypting the software, the system ensures that users have privacy and confidentiality.
The TRON network is secured via the Delegated Proof of Stake protocol, which is a variation of the traditional PoS consensus mechanism. The mechanism was developed to ensure that there are no rollbacks in the system when it comes to staking TRX to secure the network. Only a part of operations on BitTorrent are secured through the TRON network, specifically transactions.
How to Use BitTorrent
BitTorrent is used for storing large files and also for sharing data and files within a P2P model of operation in which the entire network depends on network participants: peers, seeders, providers, and requesters. You can use BTT to buy more bandwidth and acquire faster downloads. The network is also used for downloading large media files like movies, TV series, and other multimedia content.
The BTT token is used as the main payment method on the network, but can also be bought and sold in the market of cryptocurrencies to make a profit based on trading BTT. Network participants such as providers can earn BTT by sharing and selling excess bandwidth to requesters through the BitTorrent Speed app.
How to Choose a BitTorrent Wallet?
As a TRC-10 token, BTT can be stored in any of the official TRON wallets such as TRON Web extension, TRON Android Wallet, or TRON iOS Wallet. It can also be stored in plenty of other wallets that support the TRON network and the type you choose will likely depend on how much BTT you have to store and what you intend to do with it.
Hardware wallets or cold wallets like Ledger or Trezor provide the most secure option for storing cryptocurrencies with offline storage and backup. However, they can require more technical knowledge and are a more expensive option. As such, they may be better suited to storing larger amounts of BTT for more experienced users.
Software wallets provide another option and are free and easy to use. They are available to download as smartphone or desktop apps and can be custodial or non-custodial. With custodial wallets, the private keys are managed and backed up on your behalf by the service provider. Non-custodial wallets make use of secure elements on your device to store the private keys. While convenient, they are seen as less secure than hardware wallets and may be better suited to smaller amounts of BTT or more novice users.
Online wallets or web wallets are also free and easy to use, and accessible from multiple devices using a web browser. They are, however, considered hot wallets and can be less secure than hardware or software alternatives. As you are likely trusting the platform to manage your BTT, you should select a reputable service with a track record in security and custody. As such, they are most suited for holding smaller amounts of cryptocurrencies or for those making more frequent trades.
Kriptomat offers a secure storage solution, allowing you to both store and trade your BitTorrent tokens without hassle. Storing your BTT with Kriptomat provides you with enterprise-grade security and user-friendly functionality.
Buying and selling BTT, or trading it for any other cryptocurrency, is done in mere moments when you choose our secure platform as your storage solution.
BitTorrent Proof of Stake
BitTorrent is not mineable as the BTT token is supported by the TRON network, which relies on the Delegated Proof of Stake consensus mechanism. This involves TRX holders staking their tokens in return for Tron Power, i.e. voting rights. Block producers who are voted in by TRX holders verify transactions in return for TRX rewards, which are distributed to those who voted for them. This system enables the blockchain to achieve higher throughput.
BitTorrent has been around for two decades now and is still said to be the biggest P2P decentralized communications platform for sharing and storing files. The file-sharing software continues to develop, and with the acquisition by TRON Foundation, more functionalities are being added.
BitTorrent is set to develop further from this point with more dApps like BitTorrent Speed being added to the software in the future. As the number of use cases increases, BitTorrent may become an even more popular P2P platform for storing, managing, sharing, and downloading data and files.
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What’s the difference between BitTorrent and µTorrent?
BitTorrent and µTorrent are both clients owned by BitTorrent, Inc. Although they have very similar functions and user interfaces, µTorrent is smaller – 1 MB compared with nearly 3 MB for BitTorrent. Also, µTorrent is updated more often, with alpha and beta versions being released frequently, whereas BitTorrent only releases stable versions.
What future use cases are there for BTT?
BTT can be integrated with services within the BitTorrent ecosystem, such as the BitTorrent File System. BTFS will introduce BTT in the near future to incentivize a fair and abundant file system. BTT will also become a part of the blockchain-based live streaming community known as DLive, where it will power virtual gifting, subscriptions, and viewer rewards.
How to buy BitTorrent?
Buying BTT is as easy as visiting Kriptomat’s how to buy BitTorrent page and choosing your preferred method of payment.
How to sell BitTorrent?
If you already own BTT and hold it in a Kriptomat exchange wallet, you can easily sell it by navigating the interface and choosing your desired payment option.
BitTorrent price is subject to frequent changes due to the volatility in the cryptocurrency market and a great number of factors that may cause the price of BTT to change dramatically. You can keep up with live BitTorrent prices on Kriptomat.
As well as traditional factors such as market sentiment, the flow of assets on exchanges, and the economy in general, the price of BTT is also influenced by demand created by the BitTorrent Speed feature and the future introduction of BTT to more services.
The current BitTorrent price is EUR.
The 24-hour trading volume of BTT is EUR. BTT is currently ranked of all cryptocurrencies by total market capitalization, with a market cap of EUR. It has a circulating supply of BTT.
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