BitTorrent (BTT) should become a bridge between content creators and their audience
BitTorrent (BTT) is a token launched in early 2019 on the Tron blockchain by the BitTorrent Foundation, which was founded following the acquisition of BitTorrent, Inc. by Tron founder Justin Sun. BitTorrent was originally developed as the popular peer-to-peer file sharing software of the same name. The foundation announced that BTT would run on the TRON protocol after Sun acquired the company in 2018.
By 2019, BitTorrent had more than 100 million users in 138 countries, making it the world’s leading torrenting service at the time. After the acquisition, the Tron Foundation unveiled Project Atlas, a new iteration of BitTorrent file sharing software aimed at integrating the BitTorrent token (BTT). Sun acquired Singapore-based BitTorrent for $120 million in 2018, and the company began work on a token that would integrate into the BitTorrents ecosystem, which includes BitTorrent and the Windows-based sharing software UTorrent. In July 2019, the company introduced BitTorrent Speed, which offers users incentives to provide their files with a BTT seeding bandwidth that enables download speeds. Individuals can choose whether they want to sow, process and share their files with strangers or whether they want to be rewarded with a BTT torrent with their bandwidth resources.
The process is called BitTorrent Speed to help with download speed and motivate users to keep their files on torrent software, which in turn gives them the ability to download files whenever they want. If you’ve been paying attention to the cryptoworld lately, the token’s value has skyrocketed. The BitTorrent token network (BTT) has soared by more than 200 percent.
“The platform was eventually bought by blockchain platform Tron in July 2018. Tron tried to decentralize the distribution of content and bypass platforms such as YouTube, so it made sense to include a torrenting platform in his area.”
Before it was associated with cryptocurrency projects, BitTorrent began as a way to share files with other people. Torrenting is a way for people to upload and transfer files in a peer-to-peer manner without needing a middleman like a torrent platform. BitTorrent is one of many such platforms that have emerged in the last two decades.
The platform was eventually bought by blockchain platform Tron in July 2018. Tron tried to decentralize the distribution of content and bypass platforms such as YouTube, so it made sense to include a torrenting platform in his area. In many ways, BitTorrent and BTT embody a similar vision that early blockchain enthusiasts had for crypto: decentralization of control of large, centralized institutions.
BitTorrent is the largest P2P exchange platform in the world. Since then, BitTorrent has added a number of new tools to the platform. This included issuing a cryptocurrency token, BTT, in February 2019. Instead of using a mainstream blockchain like Ethereum, the BTT token was introduced on BitTorrent’s native blockchain.
In the BitTorrent ecosystem, individuals act in two ways: as a service requester or as a service provider. The requester provides a BTT provider in exchange for local resources such as received bandwidth, content storage, remote backup and decentralized proxy services. Users are encouraged to download seed files from the BTT, but it is important to note that they do not need to interact with the service to be part of the ecosystem.
According to the White Paper, blockchain will play a key role in the settlement of BTT transactions. Unlike BitTorrent, which uses on- and off-chain procedures to process transactions, tokens are transferred via a private register on the blockchain. The payment channels are opened in the register and processed and recorded in the network. In addition, BTT will integrate an incentive system into the BitTorrent ethos. The purpose of the incentive scheme is to promote the BTT project to current and future participants, enable governance on the platform and facilitate future discussions on protocol updates and extensions.
BitTorrents “official Twitter account recently announced a number of upgrades to the platform, including a decentralized network, increased security and other notable changes.
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