What is BitTorrent [New]
What is BitTorrent [New]
History
BitTorrent [New] (BTT) is the native cryptocurrency of the BitTorrent platform, which is a popular peer-to-peer (P2P) file-sharing protocol created in 2001 by Bram Cohen. The cryptocurrency BTT was introduced later, in January 2019, following the acquisition of BitTorrent by TRON Foundation in July 2018. The primary purpose of BTT was to incentivize file sharing and improve the efficiency of the BitTorrent protocol, enabling faster download speeds and better resource allocation through a tokenized economy.
The launch of BTT was marked by an Initial Coin Offering (ICO) on the Binance Launchpad, which saw all tokens sold out within minutes, raising $7.2 million. This highlighted the significant interest in integrating blockchain technology with the existing BitTorrent ecosystem.
Creators and Developers
BitTorrent was originally created by Bram Cohen, a developer and entrepreneur well-known for his work in the field of P2P networks. However, the cryptocurrency BTT and its integration into the BitTorrent ecosystem were developed by the TRON Foundation under the leadership of Justin Sun. Sun, a prominent figure in the blockchain space, envisioned merging TRON’s blockchain technology with BitTorrent’s existing user base to create a decentralized content distribution platform.
Technology
BitTorrent [New] operates on the TRON blockchain, utilizing TRON's TRC-10 token standard. The technology behind BTT is designed to incentivize users to share files and bandwidth through a tokenized economy. Users can earn BTT tokens by offering their bandwidth and storage for file sharing, and in turn, use these tokens to speed up their downloads or purchase other services within the BitTorrent ecosystem.
BTT integrates a feature known as BitTorrent Speed, which allows users to bid BTT tokens to improve their download speeds. The underlying technology aims to enhance the efficiency of the traditional BitTorrent protocol by using blockchain to introduce economic incentives for both seeders and downloaders.
Mining and Distribution
Unlike traditional cryptocurrencies that rely on mining, BitTorrent [New] tokens were pre-mined during the launch and distributed through an ICO and various airdrops. The total supply of BTT is capped at 990 billion tokens. Users earn BTT by participating in the BitTorrent ecosystem, particularly by enabling BitTorrent Speed, where they can receive tokens for sharing their bandwidth and keeping files available for others.
The distribution model also includes regular airdrops to TRON holders, providing a steady distribution of BTT to the community and increasing the token’s circulation over time.
Networks and Support
BitTorrent [New] is primarily supported on the TRON blockchain, but it is also available on several other platforms due to cross-chain integrations. This allows BTT to be used in various decentralized applications (dApps) and platforms outside of the TRON ecosystem. BitTorrent has also launched its own decentralized file storage system, which further expands the use cases for BTT tokens.
BTT is widely supported across various cryptocurrency exchanges, making it accessible for trading and transfer between users. It also benefits from TRON’s extensive network, including compatibility with wallets that support TRC-10 tokens.
Applications and Use Cases
The primary use case of BitTorrent [New] is within the BitTorrent ecosystem, particularly in enhancing the efficiency of file-sharing processes. By incentivizing users with BTT tokens, the platform ensures that more resources are available for sharing, thus improving download speeds and overall network performance.
Beyond file sharing, BTT can be used within various dApps and platforms built on TRON, adding to its versatility. There are also ongoing developments in integrating BTT into other content distribution networks and decentralized storage solutions, which could broaden its applications in the future.
Popularity and Market Capitalization
Since its launch, BTT has gained considerable popularity, particularly among users of the BitTorrent protocol and TRON enthusiasts. Its market capitalization has fluctuated over time, influenced by broader market trends and developments within the BitTorrent ecosystem. Despite these fluctuations, BTT remains a significant player in the crypto market, especially within the niche of decentralized content distribution.
Community and Media
The BitTorrent community is active, with a strong presence on social media platforms such as Twitter, Reddit, and Telegram. The integration of BTT into BitTorrent's existing large user base has created a unique intersection between traditional file-sharing communities and blockchain enthusiasts. Additionally, BTT and its developments are frequently covered in cryptocurrency media, often highlighting its role in pioneering decentralized file sharing.
Supported Networks
Tangem Wallet supports BitTorrent [New] on these networks
- Ethereum
- BNB Smart Chain
- Tron
BitTorrent [New] official links
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BitTorrent [New] FAQ
- Owning cryptocurrency can be important for several reasons: it provides a decentralized way to store and transfer value, offers potential for investment growth, enables participation in emerging financial technologies, and can be used for secure and private transactions.
- A cryptocurrency wallet is a tool or device that allows you to store, manage, and use your cryptocurrency. It keeps your private keys secure and enables you to interact with various blockchain networks, including Bitcoin and Ethereum.
- When choosing a cryptocurrency wallet, consider factors such as security, ease of use, and cryptocurrencies supported. Also determine whether you prefer a hardware or software wallets. Research reviews and compare features to find the best option for your needs.
- BitTorrent uses blockchain technology to incentivize file sharing with BTT tokens. This encourages more users to share their bandwidth and storage, leading to faster downloads and a more decentralized network compared to traditional centralized file-sharing services.
- The TRON blockchain underpins BitTorrent, providing the infrastructure for BTT token transactions and smart contracts. This integration ensures transparency, security, and scalability for the BitTorrent network, making file sharing more efficient and reliable.
- Yes, BTT tokens can increase the protocol's popularity by offering financial incentives for users to participate actively. This creates a self-sustaining ecosystem where more users contribute resources, improving the overall network performance and user experience.
- Potential risks include network congestion if too many users flood the system, and volatility in BTT token value, which could affect user participation. Additionally, legal issues surrounding file sharing might impact the adoption of the protocol in certain regions.
Why choose BitTorrent [New] wallet with Tangem.
Private. No registration and KYC required to use the app. We don't track your data.
Secure. Your private keys are encrypted and never leave your device. Only you have control over your funds.
Innovative Design Options. Choose from a variety of elegant designs, including unique co-branded editions and our innovative ring-form factor wallet, ensuring both style and functionality.
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Other crypto assets supported in Tangem Wallet.
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