What is BitTorrent (BTT)?
Bittorrent was initially launched September 22, 2004, and was later acquired by Justin Sun, founder of Tron. Bittorrent was then transferred to the BitTorrent Foundation that is headquartered in Singapore.
The BitTorrent token is a TRC-10 token and was launched on Binance Launchpad under the ticker symbol BTT.
BitTorrent is a P2P file-sharing network. The BTT token became a part of the BitTorrent network only after the acquisition of BitTorrent Foundation by Tron Foundation. The project that led to the introduction of BTT tokens in the BitTorrent network was known as Project Atlas.
So how successful is the BitTorrent network? In its white paper, BitTorrent Foundation announced having 100 million active users. It also claimed to be the largest decentralized protocol in the world, surpassing Bitcoin.
What Problem Does BitTorrent (BTT) Solve?
The internet is built on a decentralized architecture without any central authority overseeing it. Instead, parallel systems are working in tandem with each other. . In December 1995, the number of internet users stood at 16 million. Growing over 20X, the number of internet users increased to 360 million in 2020. As of now, there are over 4.7 billion users worldwide. Since last year, every day, a total of 900,000 new users are beginning to use the internet daily.
Such a drastic increase in the number of users can lead to a situation known as internet gridlock, this can in theory cause billions of dollars in global lost revenue.
BitTorrent provides an efficient way of sharing files by leveraging the decentralized architecture of the internet. It is one of the most cost-effective options for publishers who want to share large files. The community also stands to benefit from the BitTorrent network as content publishers can upload large files at a fraction of the cost. As uploading and sharing content becomes cheaper, it leads to a reduction of prices for the content. Hence, the community has to pay less for the content.
How BitTorrent (BTT) Works?
Before discussing how BitTorrent works, let us understand some of the technical terms and the processes involved in the BitTorrent system. In BitTorrent Network, sharing files with strangers is known as seeding, whereas the file that a user shares is known as Torrent.
All the computers that host the parts of a particular file are combinedly known as the swarm. Anyone who leaves the system after downloading without participating in the seeding process becomes a part of an activity known as leeching, considered a selfish activity on the BitTorrent network.
Rewarding users for seeding began in 2019 with the announcement of BitTorrent Speed. The users participating in seeding are compensated with BTT tokens..
As users receive rewards for seeding and storing their files on the BitTorrent network, this created a network effect with additional users seeding and storing files on the BitTorrent network. Thus, the BitTorrent community is able to download large files quickly. The BTT token that users receive from BitTorrent has a market value, and any user that wants to receive fiat currency for seeding can exchange BTT tokens on a crypto exchange like Binance.
For example, if a creative agency producing video content wants to use BitTorrent to distribute videos, they will upload their video file on their computer as a torrent. As the file is initially stored on the computer of the creative agency, the computer along with the undivided file will be known as the seed.
Now, the distribution of the file will happen in small parts or pieces. Whoever wishes to download the file can do it through the BitTorrent client. To download the file, users requestseeding through the BitTorrent client. After requesting the file, users receive the files in parts, starting with the first piece of the video file. Over a specific period, users will receive the remaining files stored in other computers. Depending on the popularity of the file, downloading can be successfully completed in minutes or hours.
BitTorrent (BTT) Tokenomics
BitTorrent token has a total supply of 990 billion. At the time of writing, the circulating supply of BTT tokens is 659,952,625,000.
20% of BTT’s supply is for TRON Foundation, with 19% set aside for the BitTorrent Foundation and its team. 19.9% of the BTT supply has gone to the BitTorrent ecosystem.
10.1% of BitTorrent tokens were distributed through the airdrop program run by Tron, and 10% through the BitTorrent airdrop program. The public sale accounts for a 17% share, and 4% of the BitTorrent tokens continued to be a partnership token.
How to Buy BitTorrent (BTT)
Bittorrent (BTT) is available on the following exchanges:
Binance – Use Discount Code: EE59L0QP for 10% cashback off all trading fees. Best for Australia, Canada, Singapore, and most of the world. USA residents cannot purchase BTT here.
BitPanda is the best option for residents of Europe, they do not accept clients from outside of this jurisdiction.
Gate.io was established in 2013, and is one of the more reputable exchanges to buy BTT. Best for USA residents.
How to Store BitTorrent (BTT)
If you seek to make a major investment in BitTorrent (BTT) or if you are planning on HODLing this crypto for long periods of time, a hardware wallet is the best option. Hardware wallets keep your crypto stored offline in “cold storage.” This strategy makes it impossible for online threats to access your holdings. The Ledger Nano S or the more advanced Ledger Nano X both support BitTorrent (BTT).
BitTorrent – The Go-To Protocol for Sharing Files
Adding the BTT network was a strategic decision that played out well for the BitTorrent network. It led to more users joining the BitTorrent network and participating in the seeding process. A large user base and the low cost of sharing large files will attract leading content creators sooner or later. Once large content creators start joining the BitTorrent network in droves, the network will grow even stronger. It will become the go-to option for sharing large files with content consumers.