BitTorrent (BTT) cryptocurrency is TRC-10 cryptographic token, issued by BitTorrent Inc. and Tron Foundation in 2019, based in Singapore. The BTT coin is famous for its fast crowdsale on Binance DEX. BitTorrent cryptocurrency was sold during IEO for 7 billion dollars in 7 minutes.
The main problem of the market is the lack of economic incentive for users. There is no motivation in the distribution for a long time. The team solved this problem by introducing the Tron blockchain into the BitTorrent protocol. BitTorrent will reward all users with its tokens for distributing files and providing resources for their devices.
BitTorrent protocol is the world most extensive decentralized protocol, created in 2001 by Bram Cohen. BitTorrent Foundation was found later in 2004. The BitTorrent client enables peer-to-peer distribution of the large files to multiple clients.
In 2018, Tron foundation purchased BitTorrent company which brought them an enormous client base. What’s going on with the cryptocurrency now? Read all the details in the BitTorrent review by Changelly!
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BitTorrent (BTT) Value
Everything began with a huge success of ICO, which ended up with 7 billion dollars in rapid time. In two weeks, the BTT price rose from $0.000012 to $0.001. Those who bought the coin during the crowdsale make a real profit of 800%.
BitTorrent customers are implementing an additional set of backward-compatible protocol extensions that allow them to bet and receive bids for their bandwidth, working in tandem with a cryptocurrency wallet and a bidding mechanism.
The project plans to use BTT in more business cases that go beyond the current bandwidth sharing, expanding access to more services, including shared storage, computing, and resource availability. Initially, the token is used in BitTorrent clients as a payment in exchange for an uplink bandwidth request. The use will be expanded to additional features, including the purchase of content, live broadcast tips, and crowdfunding to create new works.
Now the main point of BitTorrent token is encouraging users who did not delete the file from their PC and continue to distribute it. They can spend their tokens on the purchase of licensed content or online streams.
The main reason for the successful ICO was the massive promotion and the efforts of a great marketer Justin Sun. Now BitTorrent (BTT) coin is traded for $0.000798. The market capitalization of BTT coin is $167.682.148 and ranks 42 among all cryptocurrencies. The total supply of the coins is 990.000.000.000 BTT. Developers save for themselves about 40% of all BTT coins. Having so many cryptocurrencies creates the possibility of market manipulation by the team.
The all-time highest price was fixed on 28 May 2019; the BTT coin was worth $0.001861. The lowest point of $0.000419 was tested on 2 February 2019.
🗒️ You can check out the price-list formation and more details about the coin on BitcoinWiki.org.
BitTorrent (BTT) Blockchain
BitTorrent (BTT) coin is based on the TRON blockchain. It uses delegated proof-of-stake, which involves delegators choose through voting. Delegates monitor the stable operation of the system and receive tokens for this. The main aim of the launch of BTT coin is to expand network functionality and improve BitTorrent client efficiency.
Adding a BTT token extends the familiar protocol to create a token-based economy for network resources, bandwidth, and storage resources on an existing BitTorrent network, giving network members the opportunity to appreciate the value of bandwidth and storage sharing.
Torrent client users are familiar with issues such as slow downloads and files that become unavailable over time. By creating incentives for user exchange, the token will provide faster download speeds and increase the life of the entire network.
The team launched the BitTorrent Speed extension. Peer-to-peer network participants find each other using the existing BitTorrent mechanisms. They use the info hash (.torrent) through the tracker or by searching for peer nodes in DHT. Then two new extensions appear on BitTorrent:
- bidannounce are bidding starts according to the type of auction: requests are sent from the downloader (peer) to distributors (seeds) with the bid price for the necessary pieces of files. Then comes the agreement or refusal (moreover, an interval of 30 minutes is mentioned).
- bidscrape is a list by which service providers see requests for info hashes.
Let’s sum up some pros and cons of the BTT coin.
- Ecosystem development
- User incentive
- A lack of fee
- There is no guarantee that BTT will speed up the network
- Aggressive marketing
- Layoffs after the acquisition of the company by Tron
The BitTorrent project does not have a proper roadmap. There is a little list of team plan for the second and third quarters of 2019.
- Launch wallet user interface for stable client operation
- The beginning of stimulating users, transferring BTT coins to them
- Publication of additional documents related to BTT coin and protocol tokenization
- Adding a wallet that supports TPX tokens and any TRC10 and TRC20 tokens
- Experimental integration of dApps
You can read all the actual info about BitTorrent plans or milestones in their Blog.
BitTorrent Latest News
The TRON Foundation and the BitTorrent service have introduced BitTorrent Speed software, which will optimize torrent file downloads.
The new software, among other things, supports the BTT token, which will allow users to earn money on file distribution. You can manage earned tokens through an integrated wallet.
After the official release, the BTT token rate dipped by 10%, although before that it had shown steady growth.
BitTorrent (BTT) Wallets
You can use any wallets that are compatible with TRX coins to store your BTT tokens. We’ve already mentioned some wallets in Tron (TRX) review. Let’s refresh our memories!
Tron Wallet is a secure peer-to-peer crypto wallet and exchange for TRX. Available for Chrome, iOS, and Android. It’s easy to install and use. All of the details are encrypted with a password and 24-symbol phrase.
You can also store and trade you Tron coins in Huobi Wallet, Trust Wallet, Atomic Wallet, Exodus, Gate.io, etc. You can use a cold wallet Ledger Nano S which provides secure offline storage of your savings.
Where to trade BitTorrent (BTT)?
It’s easy to exchange BTT coin due to a significant number of platforms accepting this cryptocurrency.
Buy BitTorrent (BTT) on Changelly
Changelly platform offers you a way to buy BTT with your banking card swiftly, safely, and with minimal authentication procedure. The fiat payment process is powered by our partner Indacoin and takes just a few simple steps to take.
The purchase option is open both via our website and the Exchange Widget that can be found at our partners’ resources.
Since BitTorrent is the world’s largest decentralized ecosystem since 2001, it has a considerable advantage over similar blockchain-based content ecosystems. Controlling 40-50% of the BitTorrent protocol worldwide, BitTorrent and µTorrent clients connect to a large user base, which provides almost a quarter of the global distribution of online content. BitTorrent accounts for 22% of global upstream traffic and 3% of worldwide downstream traffic.
It’s an undeniable fact that BitTorrent is extremely popular worldwide, but is BTT token? Not sure. The system worked pretty well even before the token was launched. People delete the files and as a consequence, reduce the speed of data transfer. This happens because the alternative way to get the files has emerged.
The last point is that the community is not sure if Tron blockchain can handle with all the volume of BitTorrent data. Maybe there was no need to switch such a service to blockchain? We’ll see.
Disclaimer: This article about BitTorrent (BTT) should not be considered as offering trading recommendations. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor should research multiple viewpoints and be familiar with all local regulations before committing to an investment.