In early 2019, a joint project between TRON and BitTorrent Foundation called BitTorrent Token came to fruition. BitTorrent Token launched to tokenize in-demand file-sharing protocol and enhance content delivery and bandwidth accessibility with blockchain technology.
What is BitTorrent Token?
BitTorrent Token is a cryptocurrency that uses a BTT ticker to tokenize the widespread peer-to-peer file sharing. BitTorrent Token’s birth came about when TRON, one of the world’s largest cryptocurrencies, acquired BitTorrent, a popular peer-to-peer file sharing platform with over a hundred million users worldwide. Regarded as one of the most remarkable developments in cryptocurrency, TRON’s acquisition of BitTorrent can indeed be monumental as they both share a vision of a decentralized, barrier-free internet.
Justin Sun apparently took over the project in 2018, by paying the company – which had by the time become a distressed asset – $140 million. The main idea was to take one of the protocols that had powered up the web’s peer-to-peer file sharing, tokenize it and see if a blockchain-based ecosystem would have been born as a result of it.
BitTorrent Tokens’ launching aims to resolve the problems faced by traditional file sharing methods. These issues include having only a few ways to expedite the download of a file that needs to be downloaded quickly and having relatively few incentives seeding files to the network. With BitTorrent Token, these problems get addressed by enabling users to:
- Spend BitTorrent Tokens to receive downloads faster.
- Receive BitTorrent Tokens for seeding files to the network.
As explained, Justing Sun from TRON acquired BitTorrent in a USD 140 million deal in 2018. Afterward, BitTorrent Token cryptocurrency and its BTT token came to the cryptocurrency market. BitTorrent Token launched as an attempt to deliver the following goals:
- BitTorrent (BTT) should be the bridge that links the gap between content creators and their audiences. The BTT team believes in the promise cryptocurrencies hold in allowing both content creators and users to acquire and spend them without the need for intermediaries, that is, without using fiat currencies.
- Since the BitTorrent token envisions a future decentralized platform promoting openness, declining censorship, and rewarding their participants, the cryptocurrency technology should be adept to the torrent user community. With this at BitTorrent Tokens’ heart, TRON enters as a developer of a technological infrastructure that can link all its tokens globally.
- BitTorrent Token can bring blockchain a step towards becoming a mainstream technology. Having the BitTorrent P2P network and the TRON blockchain work as a unified ecosystem means expanding the blockchain’s reach to millions of new, unfamiliar users, thereby initiating blockchain promotion’s mass adoption.
- The BitTorrent Token technology should unify the efforts to prevent further structural shortcomings of the BitTorrent protocol itself. The BitTorrent (BTT) aims to have creators and users work together in enhancing and extending the life of BitTorrent swarms.
- The BitTorrent token will initiate the BitTorrent Speed model. Users can trade BitTorrent tokens for faster downloads. The system will store these tokens in a special wallet, and you can exchange them for TRON (TRX) tokens via a decentralized exchange rate.
The BitTorrent Token protocol enables various online service providers to come together, such as torrent sites responsible for keeping track of shared files’ metadata and serving as the entry point to torrents Trackers, used to link and introduce peers.
In swarms, online service providers accepting BTT tokens can either be “seeds,” users with a completely downloaded file that is part of a torrent, or “peers,” users with only partial copies regarding desired files.
BTT aims to bridge the gap between users and providers for easier transactions involving available computing resources. The team behind the BTT token intends to apply the mechanisms in the long-existing infrastructure to the management and operation of its token-based contemporary.
Furthermore, BitTorrent will carry out all transactions within the future ecosystem in BTT tokens. This move is to make the tokens as divisible as possible to accommodate the services’ vast pricing structures. Moreover, the transfer of tokens will be executed through an on-chain/off-chain exchange, necessitating both a private ledger and the public TRON blockchain.
Although the adoption of tokens among torrent users is still just mere suppositions and projections, the people behind the BitTorrent token put their confidence in the BitTorrent ecosystem’s size, with a whopping one billion active devices as of writing. The BTT team further ensures users of the BTT token price growth, as they will only allow about 990 BTT per device out of the projected 990 billion tokens initially planned.
The TRON team will then be in charge of delivering these tokens as part of their monthly airdrops. Beginning from February 2019, this will run with yearly size increments as TRON’s rewards for its investors until February 2025.
More precisely, the BitTorrent protocol, as explained in its White Paper, is a “peer-to-peer protocol, it facilitates the transfer of large, highly demanded files, eliminating the need for a trusted central server.”
From there BitTorrent introduced a TRON TRC-10 token (built on top of the TRON protocol) called BitTorrent Token (or BTT). As explained in the White Paper “BTT will be the unit which denominates transactions for the provision of services in the BTT-enabled BitTorrent ecosystem.
Read Next: TRON Blockchain.
Main Free Guides: