When BitTorrent released software that allowed for sharing files via a peer-to-peer system in the early 2000s, it captivated the attention of several media and entertainment lovers. Networking enables users to share data without downloading or uploading it to a central server. They connect to the network and use software to share files across pcs.
The enormously acclaimed BitTorrent service has struggled to profit. As a result, the Tron Foundation, the company behind the Tron blockchain, purchased BitTorrent in 2019. Once the new tenants took over, they launched the BitTorrent token cryptocurrency (abbreviated BTT) to expand the technology and motivate network users.
Several challenges affect torrenting, and the BitTorrent team thinks the BTT token can help alleviate them. This means that users buy and spend BTT coins to demand files or enhance their download speeds, while operators must receive and sell BTT to be reimbursed for sharing things on their servers.
To the BTT team, cryptocurrency has the potential to empower producers and consumers alike to acquire and use it without the need for intermediaries. As a result, the users may use the BTT tokens to add new value to their provided computer capabilities without the usage of fiat currency. An upcoming decentralized network whose aims are “encourage openness, spur censorship, and reward its players” will be based on the BitTorrent coin.
For this reason, TRON leaps in as an infrastructure provider that should link all the torrent users throughout the world, assuming that they are familiar with these ideas. Having the BitTorrent peer-to-peer networking and the TRON blockchain function as a united ecosystem should eventually result in the blockchain expanding reaches to millions of additional users and assisting in the blockchain’s mainstream acceptance.
Market-based incentives are an essential part of the BTT project’s primary goal of encouraging cooperation. The unifying objective is to collaborate on improving and extending BitTorrent swarms’ lifetime. Faster downloads can be exchanged for BTT tokens that you’ve earned. You’ll have to use a decentralized exchange if you want to convert them for TRON tokens (TRX).
BitTorrent Protocol and TRON Works in Combination
When distributing files, BitTorrent relies on the peer-to-peer network (P2P) as its foundation. Thus, it is the most widely used method for distributing electronic files and data Online. Based on geography, P2P networks represent 43 percent to 70 per cent of all Web traffic when evaluated collectively. BitTorrent protocol has already shown itself with a platform for sharing more significant items, such as short clips, TV series, films, music recordings, video games, etc.
TRON likewise functions as a Peer – to – peer networking technology. Eventually, it hopes to be a universal operating system that allows for the unlimited storage and transmission of any form of data, particularly multimedia content. Because the BTT protocol primarily relies on specific information formats, Justin Sun, creator of Tron and CEO of BitTorrent, explains this goal and innovation as: “Think of Tron and BitTorrent as a blade and razor. You need both combined to devise a unique internet ecosystem powered by decentralization. We are planting BTT to offer a marketplace of ideas and apps throughout the web.”
How does BitTorrent Token function?
When it comes to file-sharing requests, BitTorrent is an application that links parties via its network. When a client requests a document from a service source, the process begins.
It is common practice for those who host files to break them into smaller bits. Users who want to download the file will get it in fragments since it comes from numerous sources. While simultaneously boosting the efficacy of transferring massive files, BitTorrent’s edition of BTT was designed to make the network more widely disseminated and compensate providers for their efforts.
A requester may also swap BTT tokens for userbase supplies, including bandwidth to download media or storage for offsite backups. BitTorrent uses its software to make file transfers more efficient to keep track of all BTT transfers.
In order to handle the micropayments required by each service supplier, depending on the content they have provided, Tron creates a payment method whenever a bid match is made between the applicant and a service provider. These micropayments are then aggregated, paid, and recorded on the Tron blockchain when the operation is complete.
Decentralized applications (dapps) built on Tron’s intelligent contracts may be used to improve BitTorrent’s offerings. In addition to BitTorrent Speed, there are many more dapps that allow users to buy bandwidth from providers in order to boost downloading speeds.
BTFS, a data storage protocol designed to overcome the challenges of price and security intrinsic in centralized storage systems, is another widely used decentralized application (app). Like other decentralized cloud storage solutions, like Filecoin, Siacoin, and Storj, BTFS offers various technological capacities.
In what ways does the BTT Token work?
The BT network is what connects multiple online service providers. Metadata regarding files and documents and links to torrents are taken into account by Torrent websites. Peer introduction trackers are employed. The BTT token’s creators pledge to use their extensive experience operating this long-established network to serve their token-based system. BTT is designed to simplify the BitTorrent protocol for users to trade with service suppliers and customers about available computer resources.
BTT tokens will be used as the base currency for all payments in the upcoming ecosystem. To enable a wide variety of prices for the services, the tokens themselves need to be as widely divisible as possible. An on-chain/off-chain exchange, tokens may be transferred between personal and global TRON blockchains.
It’s too early to tell if the token will be adopted by torrent users or not, but the BTT team has faith in BitTorrent’s massive ecosystem. There are already 1 billion BitTorrent-enabled devices. Only roughly 990 BTT per device (in principle) out of a projected quantity of 990 billion tokens will assure a potential price rise for the BTT token.
Monthly airdrops planned by Tron’s team will supply the tokens. They are scheduled to last until February 2025, with each year’s size growing as an incentive for Tron’s investors.
BitTorrent Token’s Special Characteristics (BTT)
- BitTorrent Speed
BitTorrent swarm is afflicted with structural shortcomings, resulting in swarm death or fast degradation. Due to a discrepancy in upload and download speeds, files frequently complete downloading before their peers can upload an equal number of bytes. When someone has obtained the whole file, there is no need to keep spreading it to others who want to download it.
Consequently, BitTorrent swarms fail to last as long as they should since users depart swarms without posting all the information they have obtained. To address this issue, the team at BitTorrent Inc. is developing a new feature, BitTorrent Speed. It will enable peers to reward each other with cryptographic tokens if they keep seeding items after downloading the entire file.
As an addition to the current BitTorrent protocol, the new feature allows users to trade tokens to ensure that a file is accessible for downloading. Clients who engage in the BitTorrent Speed project will have their code updated to use this new technology. New BitTorrent protocol modifications will enable participants to promote their bids in a swarm and exchange BTT for prioritized seed availability. Since peers may seed for longer durations, the swarm’s lifespan is extended, and downloading speeds are improved for everyone in the network.
- Benefits from BTT
Operations and incentives for a broad range of existing and future BitTorrent actors will have to be synchronized if the ecosystem continues to flourish. BTT rewards will be given to people who make BitTorrent clients, people who make third-party software, and people who make websites. As proved by the BitTorrent ecosystem, vast numbers of people are willing to share their resources, they can do so in a secure manner, guided by the rules of a protocol they accept.
There are several ways that BitTorrent Inc. aims to widen the range of people who may participate in the system: be it as a client, services supplier, or both. Using the BTT incentives, the BTT effort will be publicized to potential applicants, whether service suppliers, service submitters, or both. This comprises locating and implementing new app developers who are keen to assist with user requests or deliver services.
Users and participants of the BTT ecosystem will be governed by a committee whose primary purpose is to provide an equal working field for all participants. After the DAO proves viable, the team may transfer the rules and methods for managing rewards for the BTT project into instruments with minimum costs, such as a decentralized autonomous organization (DAO). This partnership with BitTorrent.org volunteers will also help encourage future BitTorrent protocol advancements.
- BitTorrent Wallets
As a component of the rollout of new BitTorrent and Torrent software that supports BTT, all participants will get incorporated cryptographic token wallets. The team also wants to devote special priority to accessibility and usability since they will be providing these wallets on an immense basis to mass-market end consumers, not just bitcoin fanatics.
It is expected that the broad availability of BTT wallets, as anticipated by this effort, would lead to new applications for the currency that are unrelated to BitTorrent technology, and the BTT wallet developers expect that millions are expected to accumulate tiny quantities of BTT through providing services.
Users who don’t want to spend their BTT on growing rewards might find alternative ways to use their tokens. The team wants to publicize this new feature for customers to gain and use permits in the coming days and form relationships to assist retailers in embracing this new form of micropayment mechanism quicker. Token-based payments for facilities would be most beneficial to traders that want to utilize tokens.
- BTT Cost and Value
BTT was released in 2019 via two distinct sales on Binance’s Launchpad platform, one for users who bought using TRX, the Tron blockchain’s native token, and another for those who purchased with BNB, Binance’s exchange token. More than $7.2 million was raised in less than a minute when all 59.8 billion BTT went on sale during sale to the general public. Popularity was vital for the token that Binance CEO Changpeng Zhao claimed that the IEO would have taken less than 20 seconds if not for some technical issues on Binance ends. In all, 962 individuals took part in the sales.
After a slow start in February 2021, the price of BTT surged to a record-breaking $0.013566 on April 5, 2021. After then, BTT’s price dropped gradually until July 21, when it hit a low of $0.002154. On March 13, 2020, it reached an all-time low of $0.000138.
Case Studies for BTT Tokens
There are a number of BitTorrent-related as well as BTT-enabled apps for BitTorrent Inc. Among these products is the BitTorrent File System (BTFS), a decentralized file storage system based on Ethereum and a derivative of the InterPlanetary File System (IPFS). Other decentralized storage options, such as BitTorrent File System (BTFS), aim to provide an alternative to cloud storage that is censorship-proof, inexpensive, and decentralized. BTT tokens may be used to buy space for storage on the network, and BTT tokens could be used to purchase things online through CoinGate and CoinPayments.
Price Prediction for BitTorrent (BTT) And Tokenomics
BitTorrent was able to rise from the bottom of the CoinMarketCap rankings to its current place as the 47th most popular cryptocurrency because of traders’ favourable attitude and demand. If investors get excited about the crypto, the bulls could perhaps take over and put BTT in an upswing. As an example, XRP’s price may fall to roughly $0.00027966, which would be an indication of an impending negative trend.
As for the BTT price forecast for 2022, we think it’s going to be a good one. It is a substantial probability that it will exceed its current all-time high (ATH) of $0.01426, which is now $0.01425. The only way for this to happen is to tear down a number of psychological barriers it has built up over the years. On the other hand, BTT may shortly flip and trade between the resistance4 price of $0.00400425 and the resistant price of $0.01034257.
Torrent has a market position of 68.6 per cent, followed by BitTorrent with a 6.6 percent share. Both of the prominent market leaders in this industry are controlled by BitTorrent; hence many crypto experts believe that the BTT token will skyrocket soon.
With the Torrent and BitTorrent programmers installed on their digital devices, millions of people are downloading anything that isn’t currently accessible on the majority of platforms, free or paid. To add fuel to the fire, the introduction of Web 3.0, where users may earn BTT tokens by seeding, would almost certainly lead to an uptick in the usage of torrent software and, therefore, the BTT token price.
For example, various social media platforms like Facebook and notably YouTube, which is seen as a direct rival by some to the torrents business in Web 3.0, are now in the middle of a fierce battle for market share. For this reason, YouTube gets the majority of the money generated by individuals who submit videos to the site and share them with their friends and followers. On the contrary, Web 3.0 programmes such as BitTorrent and numerous others compensate the end user fairly. BitTorrent might soon seize control of the internet if YouTube and other Web 2.0 sites don’t change their ways.
Compared to its all-time low of $0.00013814 two years ago, the BTT token’s price has climbed by more than 1,800%! A surge in interest in Bitcoin Cash (BTC) led to its all-time high of $0.0135 in April 2021. BitTorrent’s price had been rising, and the charts were positive for the last week, but the recent drop in Bitcoin has changed the tides for the whole crypto market, including BitTorrent itself (BTT). On the other hand, the BTT token currently seems to be rebounding quickly, suggesting that this was just a temporary decline. The next aim for the BTT token, according to experts, is $0.1, a price that is within reach given the token’s all-time high of $0.0135.
Conclusion
Because of its peer-to-peer design, BitTorrent has always been a leader in decentralized technology, even though it was not initially built on the blockchain. It is feasible to use the old BitTorrent browser, but the Tron blockchain-based BitTorrent Speed version encourages file seeding using the BTT token. Today, the BitTorrent network boasts over 2 billion users and over 200 million BTT wallets. BTT has received a wide range of responses from the crypto and torrent groups, which is understandable knowing it is an advanced technique.
Investors may consider it a fantastic “penny stock” currency; however, some are less optimistic about the BTT’s prospects, pointing out that the token must first gain acceptance in the community that relies on sharing files and torrents to get “free” content. Despite this, the cryptocurrencies market are pretty volatile at the moment, and it is recommended that you only buy after speaking with crypto professionals and conducting your investigation.
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