Updated: Dec 20, 2019
BitTorrent cryptocurrency is a TRC-10 cryptographic token, which was issued in 2019 by the US-based BitTorrent Inc. and Singapore based TRON Foundation. TRON is a platform that provides the foundation for decentralized applications. BTT token gained popularity for its almost instantaneous crowdsale on Binance DEX. The entire BitTorrent currency was sold within 7 minutes, during the IEO for USD 7 billion.
This guide will talk about the purpose behind BitTorrent token, its creators, the way it works, and various uses and applications.
What Is BitTorrent Designed For?
The creators of BTT realized that the primary problem in the crypto market was the lack of economic incentives for participants and users. There was no motivation in the crypto space for a long time after the launch of all major crypto tokens.
The team created BTT as a solution to the problem by incentivizing BitTorrent users. BTT was built by introducing the TRON blockchain into BitTorrent protocol. This way, BitTorrent users get rewarded each time they distribute files or provide resources.
The coin was designed as a way for allowing content creators to connect with their audience, earn and spend digital currency, without having to share their wealth with a middleman.
Who Is the Team Behind BitTorrent?
BitTorrent protocol is one of the most extensive decentralized protocols in the world, which allows peer-to-peer distribution of large files among multiple clients. It was created by Bram Cohen in 2001.
The TRON Foundation, in 2018, entered a strategic partnership with BitTorrent to develop the BitTorrent token, which was later purchased by the foundation.
Justin Sun, the founder of TRON is the current CEO of BitTorrent. Sun is also the former chief representative of the Greater China area of Ripple and the founder and CEO of mobile social App Peiwo.
How Does BitTorrent Work?
BitTorrent token works to combine the two main strengths found at its core – the BT (BitTorrent protocol) and TRON. The BT protocol in this communication network brings together multiple online services providers, including Torrent sites, trackers, and seeders or peers. The team has successfully applied the expertise of the long-existing infrastructure, towards its token-based system.
BTT essentially acts as a bridge to make transactions easier on the platform, by involving available computing resources between service providers, requesters, and users of the BitTorrent protocol. The tokens are based on the principle of accommodating everyone by being broadly divisible.
BTT is intended to denominate all transactions involving service provision within the future ecosystem. The tokens are going to be delivered as part of monthly airdrops since February 2019, organized by the TRON team. The airdrops shall continue until February 2025, with the volume increasing with each passing year as a reward for TRON’s investors.
What are Current and Future Applications of BitTorrent?
BTT has partnered with some notable exchanges and wallets to gain support for the tokens, including BitFinex, KuCoin, Trust Wallet, Changelly, Bitpie, Bibox, and CoinEx among others.
BitTorrent tokens are expected to play an integral part in the world of torrent technology, where seeding or making a file available to others, is the foremost consideration in maintaining the entire ecosystem’s health.
BTT tokens represent an attempt at improving the existing BitTorrent model, with crypto coins as a provider of economic incentives for torrent seeders and users to download fairly, upload unconditionally and seed completely.
BitTorrent has multiple structural shortcomings that are expected to be taken care of by BTT. For instance, the tokens can be used as incentives to continue seeding files, even after a few downloads have been completed.
BTT tokens are also expected to help with the inherent development of TRON’s ecosystem, as all transactions go through its blockchain network.
One of the most important features of the cryptocurrency - BitTorrent Speed is all set to be introduced. The feature is designed to utilize financial incentives on the BitTorrent networks, allowing peers to make their payments using the BTT. The addition is expected to increase the speed of the download, and improve positions in the download queue.
While there is no set roadmap for the coin, the team is planning to launch a wallet user interface for stable client operation, encourage users to accept BTT, and begin experimental integration of Dapps. This is expected to make BTT tokens as popular as the BitTorrent client.
However, the community is not sure whether the TRON blockchain is enough to support the large volume of BitTorrent data and users. BTT is a relatively new crypto coin and only time will tell if the project is successful or not.