What is BitTorrent?
The BitTorrent token is a TRC-10 token with the ticker symbol BTT that was issued on Binance Launchpad. BitTorrent is a peer-to-peer (P2P) file-sharing system. Only when Tron Foundation acquired BitTorrent Foundation did the BTT token become a component of the BitTorrent network. Project Atlas was the initiative that resulted in the introduction of BTT tokens into the BitTorrent network.
So, how well has the BitTorrent network performed? The BitTorrent Foundation stated via its white paper that it had 100 million active users. It also claimed to be the world’s largest decentralized protocol, exceeding Bitcoin in size.
BitTorrent, which was first introduced in July 2001, was bought by the blockchain platform TRON in July 2018. This took BitTorrent out of the hands of its original founder, Bram Cohen, and into Justin Sun’s. This acquisition was part of Sun’s plan to expand the TRON platform’s decentralized capabilities. BitTorrent created a native cryptocurrency token called BTT after the takeover. BTT was launched in February 2019 and is based on the TRON blockchain. Throughout its early years, BitTorrent has been involved in a number of legal battles over claimed copyright violations.
How it Works
Let’s take a look at some of the technical jargon and procedures involved in the BitTorrent system before we get into how it works. Seeding is the process of exchanging files with strangers on the BitTorrent Network, whereas Torrent is the file that a user shares. The swarm is the collective name for all the machines that host sections of a single file.
Anyone who exits the system after downloading but does not participate in the seeding process is engaging in leeching, which is regarded as a selfish conduct on the BitTorrent network.
With the launch of BitTorrent Speed in 2019, users were rewarded for seeding. BTT tokens are awarded to users that participate in seeding. Because users are rewarded for seeding and storing their files on the BitTorrent network, a network effect occurs, with more users seeding and storing files on the BitTorrent network.
As a result, the BitTorrent community can swiftly download big files. Users receive a market value for the BTT token they receive from BitTorrent, and anybody who wishes to obtain fiat cash for seeding may trade BTT tokens on a crypto exchange like Binance.
For example, if a video production company wishes to utilize BitTorrent to disseminate their videos, they will create a torrent file on their computer. Because the file is originally saved on the computer of the creative agency, the machine will be referred to as the seed, along with the undivided file.
The file will now be distributed in little sections or fragments. Anyone who wants to download the material can do so using a BitTorrent client. Users must request the file using the BitTorrent software in order to download it. Users will receive the remaining files saved on other computers over a set period of time. Depending on the popularity of the content, downloading might take minutes or hours to complete.
Where to Buy BTT
The following exchanges support Bittorrent (BTT):
- Binance offers a 10% refund on all trading expenses when you use the code EE59L0QP. For Australia, Canada, Singapore, and the rest of the world, this is the best option. BTT is not available for purchase in the United States.
- BitPanda is the greatest alternative for European residents; however, they do not accept clients from other countries.
- Gate.io, which was founded in 2013, is one of the most respected BTT exchanges. The best option for inhabitants of the United States.
The total supply of BitTorrent tokens is 990 billion. BTT tokens have a circulation supply of 659,952,625,000 at the time of writing. TRON Foundation will receive 20% of BTT supply, with the BitTorrent Foundation and its staff receiving 19%. The BitTorrent ecosystem has received 19.9% of the BTT supply. Tron’s airdrop campaign distributed 10.1 percent of BitTorrent tokens, whereas BitTorrent’s airdrop program distributed 10 percent. The public sale accounts for 17% of the total, with 4% of BitTorrent tokens remaining as partnership tokens.