BitTorrent captured the hearts of many music and movie enthusiasts in the early 2000s when it launched software that facilitated file sharing over a peer-to-peer network.
Rather than downloading or uploading files to a single server, users joined a network of computers running a software enabling them to exchange files and data with each other.
But in the years since, BitTorrent struggled to monetize its massively popular service. To that end, BitTorrent was acquired by the Tron Foundation, creators of the Tron blockchain in 2019. The new ownership then introduced a BitTorrent token cryptocurrency, BTT, to help expand its protocol and incentivize the network’s participants.
With BTT token, the BitTorrent team hopes to add incentives to torrenting and solve issues such as slow download speed and the diminishing availability of files over time.
As such, BTT coin is bought and spent by those who request files or wish to increase their download speed, while providers have to receive and sell BTT in order to be compensated for sharing the files on their systems.
For more regular updates from the BitTorrent team, you can check out the BitTorrent blog, which includes new features and milestones related to the network and its applications.
Table of Contents
BitTorrent Project Team
The original BitTorrent is the brainchild of Bram Cohen, a developer and entrepreneur who himself has since become well known in the cryptocurrency arena.
In 2018, TRON completed its acquisition of BitTorrent, bringing it under the control of Justin Sun, Founder and CEO of TRON, 2015 “Forbes” China 30 under 30 entrepreneurs, 2017 “Forbes” Asia 30 under 30 entrepreneurs．
TRON is also behind the addition of cryptocurrency to BitTorrent, as the BTT token was released on TRON’s blockchain. The move formed part of TRON’s efforts to add further decentralized features to the platform.
With the continuous development of TRON, the team has also been continuously improved, gathering many global talents, including Technical Director of its Public Chain Marcus Zhao, Team Lead – API and Dev Tools Francesco Sullof, Head of Developer Community Division Cong Li and more.
How does BitTorrent Token work?
At its core, BitTorrent is a software that connects parties accessing its network to compute file sharing requests. Transactions begin when a user asks for files from the providers who host the files on their computer.
Providers who host a file split them into several pieces. If requesters wish to download said file, they receive pieces of the same file from multiple providers.
The expansion of BitTorrent with BTT was intended to make it a more distributed network, compensating providers while increasing the efficiency of sharing large files to reduce server and network impact.
A requester can also offer BTT tokens to a provider in exchange for local resources, such as bandwidth to receive content or storage for remote backup.
Architecture
While BitTorrent’s file transactions are facilitated by its software, the network relies on the Tron blockchain to maintain a record of all BTT transactions.
Once a bid is matched between a requester and service providers, a payment channel is created on Tron to facilitate the micropayments needed per provider, based on the piece of the file they have shared.
After the service is finalized, these micropayments are subsequently bundled up, settled and logged on the Tron blockchain.
Decentralized Applications
The network also leverages Tron’s suite of smart contracts to create a variety of decentralized applications (dapps) meant to enhance its services.
Chief among them is BitTorrent Speed, a dapp that offers requesters the ability for requesters to purchase provider bandwidth using BTT in order to increase download speed.
Another popular dapp is the BitTorrent File System (BTFS), a file storage protocol meant to address issues of cost and trust inherent in centralized storage systems. BTFS works similarly to other decentralized cloud storage platforms like Filecoin, Siacoin and Storj, each of which has varying technical capabilities.
What is the BitTorrent Chain (BTTC)?
Chain, commonly referred to as “BTTC,” was launched in December 2021. It is a blockchain scaling solution and a heterogeneous cross-chain interoperability protocol on Tron. It supports the cross-transfer of assets from Ethereum Virtual Machine blockchains, such as BNB Smart Chain and the Ethereum blockchain, via the BTCC Bridge. BTTC Bridge supports more than 100 widely used tokens thanks to its token mapping mechanism. The method used to distinguish and classify digital assets is called token mapping.
Additionally, the network is secured by independent validators using the proof-of-stake (PoS) consensus method, and average gas fees are less than $0.01, which significantly lowers transaction costs. Validators stake BTT to create blocks, validate transactions, take part in PoS consensus, and submit checkpoints.
In cross-chain communication, the validators regularly pack and transfer the BTTC blocks to the BNB Smart Chain, Ethereum and Tron networks. This regularly submitted content is called checkpoints. For doing so, validators earn checkpoint rewards in addition to the transaction fees. In addition, BTTC participants can vote and receive BTT tokens as voting rewards.
Furthermore, the BTTC facilitates smart contract extension through sidechains, making it possible for developers to migrate easily to and create decentralized applications (DApps) on the chain.
Key features of the BitTorrent token (BTT)
Users find enticing for its efficient and cost-free file sharing. Moreover, there are three versions of torrent downloaders: BitTorrent Web for Windows and Mac users, Classic for Windows users, and Android and Remote for Android users.
Other unique features of BitTorrent include the following:
BitTorrent Speed
Previously, a torrent downloader was not rewarded for seeding content for more downloaders after a download was finished. BitTorrent launched BitTorrent Speed to incentivize seeders with BTT tokens for seeding torrents.
Additionally, users of BitTorrent Speed can pay BTT to accelerate their download speed. Moreover, users can create a BitTorrent Speed Wallet to store BTT and other cryptocurrencies. BitTorrent Speed also enables torrent clients such as BitTorrent Web, Torrent Classic (a desktop client) and Torrent Web.
DLive Protocol
DLive Protocol is a decentralized live-streaming platform that connects content producers with their audiences. Along with the low-cost streaming, users can earn BTT tokens by watching the streams, which can then be staked to earn more tokens. During the livestream, streamers can also earn tips from their viewers.
Users do not need passwords or accounts to start streaming — they just need to set up their client. Even data warehouses or servers are not required to connect to the network.
BitTorrent File System (BTFS)
BTFS is a decentralized file storage system where hosts offer storage to earn BTT rewards, and renters consume that storage by paying BTT. Additionally, using the BTFS Gateway, anyone can access stored files on the BTFS network.
BitTorrent File System (BTFS) is the company’s innovative file sharing and storage system. Through decentralization, BTFS seeks to address the challenges faced by centralized traditional file storage systems, such as censorship, blown-up maintenance costs and vendor lock-in effect.
Driven by smart contracts, BTFS has a complex interplay of vault, staking, price, proof of storage and airdrop contracts. Its advanced web3 architecture is composed of nodes that have renters and hosts. The nodes aren’t mutually exclusive; a node can be both a renter and a host. BTFS is powered by two tokens: BTT and Wrapped BitTorrent Token (WBTT), which are equal and interchangeable.
Hosts receive BTT airdrops every seven days for providing file storage services, while renters pay to upload files into the system. As an advanced file storage system, BTFS features user-friendly operations such as file removal, encryption/decryption of files, and multiple file pinning.
BTFS is part of the BitTorrent Chain (BTTC). A combination of BTFS, BitTorrent and BTTC will enhance the development of decentralized applications (DApps), which in turn will ensure scalability and growth.
BitTorrent Speed and Benefits
One of the standout features of the BitTorrent Token (BTT) is BitTorrent Speed. This feature lets users exchange BTT tokens for faster download speeds. It’s a system that rewards users who provide tokens to uploaders, encouraging longer seeding and increased bandwidth and storage dedication to the network.
By enabling BitTorrent Speed, downloaders can automatically bid BTT to other users for faster speeds. Moreover, upon completion of a download, users can earn BTT by seeding files, effectively creating an incentivized token economy within the network. This application represents one of the major bittorrent use cases and showcases the potential for a decentralized sharing economy.
BitTorrent File System (BTFS) Implementation
In addition to BitTorrent Speed, BitTorrent has implemented BTFS, a decentralized file storage system. BTFS is supported by millions of BitTorrent user nodes and aims to address issues of centralization, censorship, costs, and fault tolerance associated with traditional file storage systems.
BTFS utilizes a Delegated Proof of Stake method on the blockchain, marking it as the first decentralized storage system for decentralized application developers. In the future, BTT will be introduced into the BTFS ecosystem to incentivize a fair and abundant file system.
The introduction of BTT into the BTFS system will allow users to earn tokens by sharing their storage space, further incentivizing participation in the network. This represents a significant step towards truly decentralized and distributed storage solutions.
In summary, the BitTorrent platform, through the implementation of BitTorrent Speed and the BTT File System, offers a unique and innovative approach to decentralized file sharing and storage. By incentivizing user participation through the use of BTT, BitTorrent is pushing the boundaries of what is possible in the realm of decentralized technologies.
Redenomination of BTT
The BTT has recently undergone a process known as redenomination. This procedure changes the face value of a token while maintaining the overall market capitalization. The purpose of this section is to provide a clear understanding of the reasons behind the redenomination, the process undertaken, and the impact it has had on the BTT ecosystem.
Reasons for Redenomination
The decision to redenominate BTT was made by the BTT project itself, not Bitpanda, due to external factors and project specifications. The primary motive behind the redenomination was to boost the total supply of BTT and diversify the BTT ecosystem. This transition also upgraded BTT from TRC10 to TRC20, offering enhanced functionalities and compatibility with more platforms.
This move was an attempt to improve the token’s market liquidity, facilitate price stability and further the adoption of BTT in the cryptocurrency market. Redenomination is a strategy often undertaken in the financial world, from stocks to cryptocurrencies, to achieve such goals.
Process and Impact on BTT Ecosystem
The old BitTorrent Tokens (BTTOLD) were redenominated and exchanged with the new BTT Tokens at a ratio of 1:1000. This means for every 1 BTTOLD, holders received 1000 new BTT.
Bitpanda, one of the platforms trading BTT, conducted the BTT redenomination automatically for users, completing the BTT migration process with trading re-enabled. All positions were adjusted and updated accordingly. This ensured a seamless transition for users, requiring minimal or no action on their part.
The impact of this redenomination on the BTT ecosystem has been substantial. The increase in supply and the transition from TRC10 to TRC20 has opened up new possibilities for BTT in terms of usage and implementation. For instance, the upgrade to TRC20 allows BTT to be used more widely in decentralized finance (DeFi) applications, paving the way for new BitTorrent use cases.
Moreover, the increased supply of tokens has made BTT more accessible to a broader range of investors and has the potential to enhance liquidity in the market. This makes BTT a more attractive option for users interested in decentralized storage solutions, a key feature of the BTT ecosystem, further explained in our article on distributed storage solutions explained.
In summary, the redenomination of BTT represents a significant milestone in the BitTorrent project’s evolution. It not only enhances the functionality of the token but also expands its potential use cases, fostering a more diversified and vibrant ecosystem. It’s an exciting development for those invested in BTT or considering it as part of their cryptocurrency portfolio.
How to earn a BitTorrent token
Users can earn BTT tokens in many ways, including torrenting and streaming content and staking their tokens. For instance, the BitTorrent client can automatically earn BTT through seeding when a torrent file finishes downloading. Similarly, hosts in the BitTorrent File System may earn BTT rewards by offering storage to renters.
Moreover, DLive Protocol’s streamers can earn BTT tokens by watching the streams. In addition, users can stake BTT with validators to earn passive income. Platforms like Binance offer BTT staking services.
Is BitTorrent a good coin to invest in?
Since its conception, BitTorrent has established itself as the widely used method for distributing huge files via a peer-to-peer network. Also, it implemented unique strategies like tit-for-tat to facilitate effective file distribution among the participating peers.
However, the decision to invest in any coin depends upon one’s financial objectives and risk-return profile. Moreover, given the volatility of the cryptocurrency market, if one really understands the project and has faith in its future performance, they may consider including its native token in their investment portfolio.
Moreover, cryptocurrencies are only as safe as the wallet that keeps them. As a result, after purchasing BTT tokens, securing one’s cryptocurrency must be their top priority, just like with any other investment.
BitTorrent Price Prediction
After its acquisition by Tron, the BTT network has introduced a lot of new value to torrenting. Rainberry Inc. (its new name) has released incredible and innovative products, such as BitTorrent Speed, BTFS and Dlive Protocol which are set to decentralize the entertainment industry.
With an ever-increasing market cap across various cryptocurrency exchanges, BTT cryptocurrency seems to be gaining momentum in the crypto space. However, similar to any other crypto investment, time is a key determinant to the expected ROI on your BTT assets. There’s also the impact of bullish and bearish market cycles on BTT’s price for long-term investors. The crypto crash in the first half of 2022, for instance, has caused a major price drop in BTT’s price, from its ATH of $0.000003035 on January 18, 2022 to $0.0000007118 on June 19, 2022.
BTT is currently priced at $0.0000009268 as of the time of writing. Despite the current crypto winter, BTT’s innovation has led various experts to take a bullish outlook on its value. Price Prediction forecasts that BitTorrent’s price will reach an average of $0.00000327 by 2023 and eventually hit $0.00004376 by 2030. However, CryptoNewsZ’s technical analysis is a little less bullish on BTT, with a price prediction of $0.00000180 by the end of 2023, rising to an average of 0.00000495 by 2030.
Remember, this is not financial advice. It’s always wise to do your own research before investing in any token.
How to buy BTT coins
BTT coins can be bought on centralized exchanges, such as Binance and Kraken, and DEXs, such as PancakeSwap and Uniswap. In general, the steps are quite similar, including the requirement to find a wallet of your choice to store BTT tokens and a suitable exchange to buy BitTorrent cryptocurrency. Then, after funding the account via options offered by your chosen exchange, a trade can be executed.
The basic steps to buy BTT tokens on Binance include the following:
- Register for a Binance account if you don’t already have one, or log in to your Binance account.
- Choose how you want to buy BTT tokens — i.e., via credit or debit card, bank deposit, third-party payment or peer-to-peer trading.
- Choose from the available trading pairs by typing “BTT” in the search bar.
- Enter the amount of BTT to buy and click “Buy BTT” to confirm the transaction.
- Your BTT balance will be credited to your account nearly immediately once your order is processed.
Once you’ve purchased your crypt
The Future of BitTorrent
As internet speeds continue to increase, role in efficient file distribution might diminish. However, its potential for innovation in content distribution and its core principles of decentralization ensure its continued relevance in the digital landscape.
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