What is BitTorrent (BTT)?
BitTorrent was initially a popular peer-to-peer (P2P) file-sharing protocol that allows users to share large files effectively. Instead of downloading from a central server, each participant in the network contributes to the download for others, creating a vast sharing network.
BTT (BitTorrent Token) is a cryptocurrency built on the Tron blockchain platform. The BTT token was created with the goal of providing a new economic incentive layer for the BitTorrent ecosystem, encouraging users to participate in sharing and creating a more vibrant file-sharing community.
Development History of BitTorrent
Early Stage: The Birth and Explosion
2001: BitTorrent was first announced. This protocol quickly gained attention and was widely adopted, especially in the Linux user community for sharing distributions.
2004: BitTorrent accounted for about 35% of total global Internet traffic, demonstrating its appeal and influence.
Development and Diversification Stage
2005: BitTorrent released a new beta version, allowing faster torrent file downloads without needing a centralized server.
Maturity and Expansion Stage
2018: The Tron Foundation acquired BitTorrent, marking an important turning point in the development history of this protocol.
2019: Launch of the BitTorrent (BTT) token, aimed at encouraging users to participate in the network and expand the scale of BitTorrent.
Tokenomics
Basic information about BitTorrent:
Name: BitTorrent
Trading Name: BTT
Platform: TRON Blockchain
Contract: TAFjULxiVgT4qWk6UZwjqwZXTSaGaqnVp4
Type: Utility Token
Total Supply: 990,000,000,000,000 BTT
Currently circulating: 968,246,428,571,000 BTT
Launched: Year 2019
BTT Token Allocation:
Token Sale: 17%
Airdrop: 20.1%
Team: 19%
Tron Foundation: 20%
Ecosystem: 19.9%
Partners: 4%
Use cases for BTT Token:
Transaction fees when downloading data on the platform.
Gifting to livestream videos that you want to support.
Transaction fees when buying and selling BTT tokens with each other.
Airdrop rewards for Holders.
Governance, voting, and decision-making.
How does BitTorrent work?
The operation mechanism of BitTorrent is divided into 4 steps as follows:
Creating a torrent file: When someone wants to share a file, they will create a torrent file. This file contains information about the original file, such as size, name, and how to split the file.
Distributing the torrent file: The torrent file is shared with those who want to download that file. They will use a BitTorrent client software (like uTorrent, BitComet) to connect to the network.
Searching for seeders: When a client connects to the network, it will search for other computers that own a part or the whole file (called seeders).
Downloading and sharing: The client will download small parts of the file from various seeders. At the same time, during the download process, the client will also share the parts it has downloaded with other clients, becoming a new seeder.
Who created BitTorrent (BTT)?
BitTorrent was created by Bram Cohen, a visionary technology mogul. Bram wanted to create a new way for people to share data with each other, rather than relying on large companies and paying high fees. This idea helped BitTorrent become a global phenomenon, allowing users to easily share movies, music, and many other types of files.
However, the success of BitTorrent has also brought about legal troubles. Many believe that using BitTorrent to share copyrighted works violates the law. Nevertheless, Bram Cohen has always insisted that BitTorrent is just a tool, and how it is used depends on the user.
In 2018, BitTorrent was acquired by another company named TRON, owned by Justin Sun. Justin Sun is a well-known figure in the cryptocurrency space. After acquiring BitTorrent, TRON decided to integrate BitTorrent with its blockchain technology, creating a completely new, transparent, and safer file-sharing platform.
Where to buy and sell BitTorrent (BTT)?
Currently, Binance.com is the best platform for buying and selling BTT in the world, with a 24-hour trading volume accounting for over 40% of the total trading volume across all exchanges. Anyone who intends to buy this token should go to Binance for trading.
If you do not have an account on this exchange, you should register for an account immediately to start trading.
Link to register on Binance exchange with a 20% trading fee discount: https://accounts.binance.com/register?
Current exchange rate of BTT Token
BitTorrent Products
Here are some key products that BTT is supporting:
BitTorrent Products
Here are some key products that BTT is supporting:
1. BitTorrent Speed:
This is a service that allows users to accelerate download speeds by using BTT tokens to pay others who are sharing files. When you use BitTorrent Speed, you will pay a small fee in BTT to receive priority in downloading parts of the file from others. At the same time, those sharing the file will receive BTT as a reward.
2. BitTorrent File System (BTFS):
BTFS is a decentralized file storage system built on the IPFS (InterPlanetary File System) platform. It allows users to store and share files securely and efficiently. Data is distributed across multiple computers, enhancing security and minimizing the risk of data loss.
3. BitTorrent Live:
This is a decentralized video streaming platform. It allows content creators to livestream their videos to viewers without going through intermediary platforms like YouTube. Content creators can create and livestream their videos without fear of censorship or removal. Viewers can reward content creators with BTT tokens, allowing them to earn income from their content.
Conclusion
BitTorrent (BTT) has been revolutionizing how we share files. With advanced blockchain technology and a vibrant user community, BTT has become one of the most popular file-sharing platforms in the world. However, to achieve the goal of becoming a complete decentralized ecosystem, BTT still has much work to do. With community support, Huongdandaotienao believes that BTT will continue to grow and provide even greater value to users worldwide.