BitTorrent is a decentralised peer-to -peer communications protocol that enables file sharing based on the Tron network.
What is BitTorrent?
- While BitTorrent is a torrent platform, BTT serves as a native token that is mainly used as utility and governance on the BitTorrent network. BitTorrent platform itself currently consists of Torrent downloaders, BitTorrent Speed, and also integrated with DLive protocol.
- BitTorrent is a torrent platform that can accommodate p2p large file sharing at a high speed by cutting it up into pieces and distributing them to a swarm of users. The use of BTT token is aimed to maintain the trust between every party involved since there is a monetary stake for every activity.
- Besides BitTorrent, the project team is currently developing a substitute of IPFS (Interplanetary File System) – a peer to peer file system that empowers many notable blockchain projects such as Chainlink, Elastos, etc.- called BTFS (BitTorrent File System) that will also adopt BTT tokens on their ecosystem.
- BTT is built on Tron Network using TRC10 token standard and launched on Binance launchpad in early 2019 after Tron founder, Justin Sun acquired BitTorrent Inc.
- BitTorrent platform was initially founded by Bram Cohen and Ashwin Navin in 2001 and headquartered in San Francisco, CA.
|Total Token Supply||990,000,000|
|Current Circulating Supply||See coinmarketcap|
|Market Capitalisation||See coinmarketcap|
|Token Creation Date||Jan 2019|
|Can it be mined?||No|
Who is behind BitTorrent?
BitTorrent platform was created by BitTorrent Inc. and was acquired by Justin Sun, the founder of Tron in 2018. Right after the acquisition, BTT was launched on the Tron network that integrates with BitTorent platform.
What is the purpose of BitTorrent?
The BitTorrent token was created in order to maintain trust between every single person who uses the BitTorrent platform. In order to use BitTorrent products such as BitTorrent speed or torrent downloader, users need to own a BTT wallet. During the download, BitTorrent speed automatically bids on BTT to enable faster speed and earn back BTT after the download by seeding.
BitTorent is by far the largest peer-to-peer file sharing system that is used by more than 100 million people every month.
- BitTorrent downloader has been installed in more than 1 billion devices all across the globe.
- Besides acquiring BitTorent Inc., Justin Sun is also currently acting as chief executive of BitTorrent.
- After acquiring DLive Protocol, BitTorrent migrated all its services to one unified ecosystem that is called BitTorrentX.
- BitTorrent protocol has been used by large tech companies such as Facebook, Netflix, Google, Twitter, DLive, etc.
- Decentralisation scale of BitTorrent can be considered as relatively low since it was initially built with no purpose to adopt blockchain.
- With Justin Sun acting as BitTorrent CEO, owner, largest token holders, and the founder of Tron network where BTT is built, the risk of price manipulation is considered high.
- If something happens with Tron or Justin Sun, BTT price might significantly suffer the impact considering strong association between them.
News and Updates
- BitTorrent founder, Bram Cohen, launched his own blockchain project called Chia Network. The project raised more than $61m from venture capital funding.
- As of 2020, BitTorrent has reached more than 2 billion downloads on their platform.
- Considering high usability of IPFS for developing NFT platform that has increased the value of it’s token significantly, the rumour is spreading that BitTorrent is planning to launch BTFS that supports NFT. If this happens, interest towards BTT might spike.
Community & Whitepaper Links
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