What is BitTorrent (BTT)?

What is BitTorrent (BTT)?

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BitTorrent gained the respect of many music and film lovers in the early 2000s when it released software that enabled peer-to-peer file sharing.

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Instead of users choosing to download or upload files to a central server, users instead joined a computer system that shared files and data through software.

However, BitTorrent has failed to monetize its hugely popular service in the years afterward. To that goal, the Tron Foundation, the inventors of the Tron blockchain, bought BitTorrent in 2019.

The new ownership then launched the BitTorrent token cryptocurrency, BTT, to aid in the protocol's expansion and to encourage network users.

The BitTorrent team wants to use the BTT currency to incentivize torrenting and address concerns such as sluggish download speeds and file availability declining over time.

As such, users seeking files or wishing to boost their download speed purchase and spend BTT, while providers must receive and sell BTT to be reimbursed for sharing files on their networks.

For further frequent updates from the BitTorrent team, see the BitTorrent blog, which provides information about new features and milestones for the network and its applications.

 

Component BitTorrent (BTT)
Technologies BitTorrent Speed, RSS Feeds, Throttling and encryption, Multitrackers, Peer Selection, Web Seeding, Distributed Trackers
Market Capitalization $2.7 Billion+
Open-Source Yes
Smart Contracts Yes
Founders/Authors Bram Cohen
Launch Date 2019
Circulating Supply of Coins 990,000,000,000 BTT
Maximum Coin Supply None
Mining-based Coin? No
Is BitTorrent a Stablecoin? No
Does BitTorrent have a burn rate? No
Does BitTorrent have a Whitepaper? Yes, the white paper can be viewed here

 

Evolution and Development of BitTorrent

BitTorrent was founded in 2001 by Brad Cohen and David Harrison. In 2018, Justin Sun's Tron Foundation bought the BitTorrent Foundation.

Following the purchase, the BitTorrent team launched the BTT token publically in 2019 using an Initial Coin Offering (ICO). The sale resulted in the distribution of around 6% of the total BTT supply for the equivalent of approximately $7.2 million.

Apart from the token sale, BitTorrent has distributed tokens to the TRON Foundation, the BitTorrent Foundation, airdrops, and collaborations, as well as to the BitTorrent ecosystem.

 

What makes BitTorrent unique?

BitTorrent's initial objective was to upend the established entertainment business and the way customers can access different electronic materials.

The primary objective was inefficient and expensive distribution networks, with initial creator Bram Cohen seeing advantages in enabling internet users to share information directly with one another.

In the early 2000s, BitTorrent established itself as the de facto P2P file-sharing protocol until TRON entered the fray in 2018.

BitTorrent's user base has grown to include individuals interested in decentralized solutions and cryptocurrencies, as well as its own users. Among the new features is BitTorrent Speed, which operates via the BTT token.

Additionally, BitTorrent has expanded into commercial services, providing numerous “premium” versions of its platform that feature VPN capabilities and ad-free surfing.

 

What are the main uses for BitTorrent?

In terms of technology, the BTT token tries to combine the capabilities of two primary solutions:

  • The TRC-10 coin is based on the BitTorrent (BT) protocol.
  • Their concentration on peer-to-peer technology binds these two technologies (P2P).

For starters, BitTorrent is a file-sharing technology that leverages peer-to-peer (P2P) communication, and as a result, it is the most widely used online data and file sharing platform.

P2P networks are claimed to account for 43% to 70% of all Internet traffic, depending on geography. The BitTorrent protocol is already widely used for distributing huge items like video clips, TV episodes, movies, audio files, games, etc. BitTorrent (BTT) should connect content authors and their audiences. 

In the future, cryptocurrencies may enable producers and consumers to obtain and spend funds without any intermediaries. Thus, users may utilize BTT tokens to add value to their supplied computer power without using fiat money.

Torrent users, who have always promoted sharing and collaboration while defying censorship, should be acquainted with cryptocurrency technology. With the BitTorrent currency, a future decentralized site may “promote openness, avoid censorship, and reward its participants.”

Recognizing that torrent users are familiar with these ideas, TRON steps in to build a technical infrastructure that should link them all globally, and the BTT token is meant to help mainstream blockchain.

Making the TRON blockchain and BitTorrent P2P network operate together could assist mainstream adoption by expanding the blockchain's reach to millions of additional users.

The BTT token concept should help eliminate the protocol's structural flaws. The BTT project's first goal is to encourage user participation by providing market-driven incentives. The purpose is to optimize and extend the lifetime of BitTorrent swarms.

With the introduction of its NFT Hub, BitTorrent has joined the realm of non-fungible tokens (NFTs). The NFT Hub is a dedicated storage solution for NFT data that was created on the TRON blockchain.

Developers may safeguard the information associated with NFTs, ensuring that all NFTs adhere to established practices and remain available in the long term.

 

What is the future potential for BitTorrent?

The BTT token team pledges to use its current infrastructure skills to operate its token-based system. BTT is intended to facilitate resource transfers between BitTorrent users, service providers, and requesters.

All future transactions involving the supply of services will be denominated in BTT tokens. The idea is to make the tokens as widely divisible as possible to allow a wide variety of service prices.

Tokens will be transferred through an on-chain/off-chain exchange that includes both the private and public TRON blockchains.

While the question of token acceptance among torrent users is still hypothetical, the BTT team is confident in the magnitude of the BitTorrent network, which now numbers over 1 billion devices.

Only roughly 990 BTT per device (in principle) out of the projected quantity of 990 billion tokens ensures a future price rise for the BTT token.

 

Price analysis on BitTorrent

BitTorrent was initially launched in 2019, and its price analysis over the past five months are as follows:

 

  2019 2020 2021 to date
BTT Price High $0.0017 $0.00057 $0.0106
BTT Price Low $0.00027 $0.00018 $0.00029
Market Cap $344.8M $524.8M $1.74B

 

Price prediction on BitTorrent

According to crypto specialists, accumulating long-term wealth via crypto assets requires patience. Experts see BTT as a long-term investment, particularly given its potential to reach $1 by 2025.

Despite recent market turbulence, BTT's price is still holding up nicely. BitTorrent has over 100 million monthly users and will continue to increase.

This predicted user growth should increase demand for the BTT token. To conduct all microtransactions on the TRON blockchain, a sidechain for BTT payments is being developed.

This means that the payment network could use the BTT token to encourage file sharing and to pay for faster downloads.

 

Which wallets are the best option for storing BitTorrent?

The best BTT wallets on the market now are as follows for sending, storing, and receiving digital funds:

  1. Trezor
  2. Atomic Wallet
  3. TRON Web Wallet
  4. Math Wallet
  5. Sato Wallet

 

1. Trezor: Trezor is the first hardware wallet that guarantees that your funds are kept in the highest security. The UI is simple to use, and if someone loses their wallet, they can restore access to the assets through their offline backup.

 

2. Atomic Wallet: Atomic Wallet is an excellent alternative for novices since it is completely free and safely keeps digital assets. Atomic Swap lets anyone instantly trade any currency or token right from their wallet.

 

3. TRON Web Wallet: TronScan (TRON web wallet) is an online wallet that enables fast and simple access to all BTT funds. It has an intuitive sign-up procedure and instantly keeps a copy of the private key. While the user interface is not very pleasing to the eye, it is simple to browse and utilize.

 

4. Math Wallet: Metashares owns the Math Wallet digital wallet. Math wallet effectively facilitates token transfers using the sender's or receiver's contact information. With a single click, users may establish wallets, transmit and receive cryptocurrency, third-party import wallets, and activate EOS mapping.

 

5. Sato Wallet: Sato wallet is a multi-cryptocurrency wallet and exchange that supports over 60 cryptocurrencies and has staking, quick trading on the exchange, auto swap, lightning-fast performance, and incredible security.

 

Where can you buy BitTorrent?

  1. KuCoin
  2. bitFlyer
  3. Crypto.com
  4. Gemini
  5. Bittrex

 

1. KuCoin: KuCoin is a very popular name in the crypto community as one of the most trusted crypto exchanges in the industry. KuCoin offers an impressive portfolio of coins and markets that can be traded, an immersive trading experience, and innovative trading software and technology.

 

PROS CONS
KuCoin has low trading costs and withdrawal fees There is no support for fiat trading pairs
User-friendly exchange that accepts all types of traders Bank deposits are not supported
Vast selection of alternative coins offered The exchange can be confusing for complete beginners
Users have access to 24/7 customer support  

 

2. bitFlyer: bitFlyer is a licensed Japanese cryptocurrency exchange that provides exchange and trading services for virtual currencies in Japan, the United States, and Europe. 

The exchange enables you to purchase and sell bitcoin and other cryptocurrencies in popular fiat currencies such as USD, EUR, or JPY. Additionally, it enables rapid cryptocurrency purchases using a bank card or other payment method.

 

PROS CONS
The exchange is known for its extremely low trading cost There is a limited selection of cryptocurrencies offered
The user interface is intuitive and user-friendly KYC is mandatory and it can be a time-consuming process
The exchange is perfect for both beginner and advanced traders The mobile trading app does not offer advanced trading options
The exchange is well-regulated

 

3. Crypto.com: Crypto.com has been around since 2016, and while there are limited account options, Crypo.com offers an innovative trading platform, a range of convenient traditional payment options, and high liquidity.

 

PROS CONS
Offers a powerful proprietary trading platform There are no standalone trading tools offered
There are more than 100 cryptocurrencies offered There are limited retail investor account options
Reputable exchange with a high trust score Unregulated
There is 24/7 customer support provided  

 

4. Gemini: Gemini is a centralized exchange that is well-regulated and licensed to offer crypto trading options to traders and investors alike. Gemini has been in operation since 2014, and it offers its services to retail traders and institutional investors from around the world.

 

PROS CONS
Innovative trading platforms offered A limited selection of tradable crypto coins offered
Wide range of advanced trading tools offered to experienced traders and professionals A limited selection of funding options offered
Reputable crypto exchange with a high trust score  

 

5. Bittrex: Bittrex is a popular crypto exchange trading platform that has recently positioned itself as one of the most reputable options for beginner and professional traders alike.

 

PROS  CONS
The registration and account verification are seamless and quick Margin trading is not supported
The exchange is known for its dedicated support and robust security There could be low liquidity on some coins
The platform is perfect for arbitrage strategies  
There are 1-minute charts available for traders  

You can buy BitTorrent safely from these cryptocurrency platforms.

Are there criticisms against BitTorrent?

Yes, there are several criticisms against the BitTorrent platform.

While the protocol is lawful in terms of itself, issues arise when it is used to transmit copyright-infringing material since BitTorrent is often used to obtain otherwise purchased items such as movies and video games.

There has been much debate on the usage of BitTorrent trackers. BitTorrent metafiles do not store the contents of files.

It is debatable whether publishers of BitTorrent metafiles breach copyright laws by connecting to copyrighted material without the permission of the copyright holders. Numerous countries have prosecuted websites that host BitTorrent trackers.

 

What is BitTorrent’s largest Competitor?

The largest competitor of BitTorrent is Filecoin.

Now, two storage tokens lead the cryptocurrency industry in terms of market capitalization: Filecoin (FIL) and BitTorrent (BTT).

FIL is now in the first position since it is the Filecoin blockchain's native cryptocurrency. To store data on Filecoin, the user's storage will be linked to the IPFS (InterPlanetary File System) network.

Second to FIL is BTT, which is the BitTorrent blockchain's native currency. The user's storage will be linked to the BTFS (BitTorrent File System) network in this situation, which is an extension of the current BitTorrent peer-to-peer file sharing application.

 

What can BitTorrent smart contracts do?

Simply said, a smart contract is a computer program that operates on a compatible blockchain-based platform and ecosystem. Smart contracts are composed of a set of scripts that define their operations and data that defines their state, all of which are stored at a particular address on the blockchain.

The BitTorrent network makes use of Tron's smart contract suite to develop a range DApps to improve its services.

Among these is BitTorrent Speed, a DApp that enables requesters to buy provider capacity using BTT to speed up their downloads.

Another notable decentralized application (DApp) is the BitTorrent File System (BTFS), a file storage protocol designed to overcome the cost and trust difficulties associated with centralized storage systems.

 

Is BitTorrent a Good Investment?

BTT can be a good investment in 2022 and the long term.

BitTorrent's fantastic pricing performance and rising service demand make it an ideal investment opportunity in 2022. The massive and rising BitTorrent user base may continue to support BTT's favorable price movement.

As a top 100 cryptocurrency in a few years, BitTorrent has completed the second phase of its Hub NFT airdrop initiative.

 

What is the supply and distribution of BitTorrent?

BTT is BitTorrent's native cryptocurrency, released as a TRC-10 standard token on the TRON network.

According to its whitepaper, the total supply is 990,000,000,000 BTT.

  • 6% of the total was made accessible via a public token sale, 2% through a private token sale, and 9% through a seed sale.
  • Another 20.1% is put up for airdrops, which will occur at different intervals between now and 2025.
  • The BitTorrent team and its umbrella organization, the BitTorrent Foundation, received 17% of the supply.
  • The TRON foundation owns 20%, with the BitTorrent ecosystem owning 19.9%.
  • The remaining 4% of tokens are set aside for collaboration purposes.

 

BTT serves a variety of functions in BitTorrent's products, including the ability for consumers to pay for quicker downloads through BitTorrent Speed.

 

Is BitTorrent a viable Alternative Coin?

Yes, BitTorrent is a good alternative coin based on these parameters:

  • Traceability – Transactions are publically recorded and can be viewed using a block explorer, ensuring that there is transparency
  • Hacking – BitTorrent is based on the blockchain of TRON, which has not experienced a successful hacking attempt yet.
  • Security – As a part of the TRON blockchain, BitTorrent is known for its robust security.
  • Technology – BitTorrent employs several key technologies, including BitTorrent Speed, RSS Feeds, Throttling and encryption, Multitrackers, Peer Selection, Web Seeding, and Distributed Trackers
  • Potential Investment – BitTorrent is a viable investment option for beginner and institutional investors alike.

Any cryptocurrency that isn't Bitcoin is referred to as an altcoin.

What are the differences between BitTorrent and Bitcoin?

Bitcoin is a ground-breaking payment system and a novel kind of currency. By integrating the BitTorrent (a peer-based platform and network) to the TRON Blockchain, the developers will be able to provide over 100 million consumers with a novel and more comprehensive blockchain-based experience with digital content.

Bitcoin is more popular as a cryptocurrency and features a strong blockchain environment. BTT, on the other hand, is a popular online payment and payment platform.

 

  Bitcoin BitTorrent
Price change 20/21 +400% +0.73%
Market Cap $800 Billion+ $2.7 Billion+
Past Hacks None None
Popularity Very High Low
Altcoin Rank #1 – Original Crypto #57

 

What are the differences between BitTorrent and Ethereum?

Ethereum is a programmable and decentralized platform that enables apps to execute precisely as planned, free from fraud, censorship, or third-party intervention.

Ethereum is the second-largest cryptocurrency, and it is vastly more valuable than BTT, with a higher price and overall market capitalization.

 

  Ethereum BitTorrent
Price change 20/21 +880% +0.73%
Market Cap $460 Billion+ $2.7 Billion+
Past Hacks None None
Popularity Very High Low
Altcoin Rank #2 #57

 

What are the differences between BitTorrent and Dogecoin?

In Dogecoin as well as BitTorrent, seed investors, private investors, and customers send, receive, and store the native cryptocurrency of each chain.

They are also expressly modified through Bitcoin swaps and can be used to trade or invest. So, in terms of token meaning and exchangeability, BitTorrent and Dogecoin are quite similar.

Both BitTorrent and Dogecoin are subject to the same volatility as other big crypto trading platforms. So, the BTT versus DOGE rivalry cannot be settled by market/price timing. BTT and DOGE have a lot of similarities but a small target demographic.

Both BitTorrent and Dogecoin have distinct aims. Therefore they can coexist. They indeed share a model, but that is not always a negative thing. BitTorrent and TRON are in partnership, and BTT allows for operation on the platform, giving users access to digital content and other products.

Dogecoin, on the other hand, is a medium of exchange popular on certain social platforms and backed by prominent figures like Elon Musk.

 

  Dogecoin BitTorrent
Price change 20/21 +7,300% +0.73%
Market Cap $22 Billion+ $2.7 Billion+
Past Hacks None None
Popularity High Low
Altcoin Rank #12 #57

 

What are the differences between BitTorrent and NFTs?

Nonfungible tokens (NFTs) are digital assets that each have a unique value, with no two NFTs holding the same characteristics or value as another. BitTorrent, on the other hand, is fungible, which means that one BTT has the same value and characteristics as another BTT.

 

What are the differences between BitTorrent and Cardano?

Cardano (ADA) is one of the largest programmable blockchains after Ethereum. It uses the Ouroboros algorithm and staking consensus to secure its network and platform.

Cardano allows for DApps and smart contracts to be created and launched, and it awards participants in the network generously. Cardano has a larger market capitalization than BTT, and it features higher trading volumes.

 

  Cardano BitTorrent
Price change 20/21 +2,100% +0.73%
Market Cap $42 Billion+ $2.7 Billion+
Past Hacks None None
Popularity Very High Low
Altcoin Rank #7 #57

 

How do hosts and large investors benefit from the products of BitTorrent?

BitTorrent websites serve as centralized locations for Internet users to download, distribute, and search for torrent files.

A torrent file is a colloquial term for a peer-to-peer computer tracker used to exchange huge digital files, which are sometimes referred to as metadata files. BitTorrent sites are typically used to stream television episodes, films, music, and other forms of material.

File hosts may earn money via the site's advertising income. Others may profit from malware distribution. The overwhelming majority of files uploaded through BitTorrent services are done so for the greater good of the community.

For instance, a listener who appreciates a piece of music may want to share it with others as an experience. Additionally, additional data may be submitted to evaluate public response.

This sort of file sharing generates advertising money for the website but not for the individual contributors. The ultimate source of money for BitTorrent, like with the great majority of for-profit web 2.0 businesses, is advertising revenue.

Another conclusion is that advertising income for BitTorrent is often little and frequently results in a net loss when compared to hosting expenses, which is why even some very large BitTorrent sites depend on donation campaigns to generate cash.