By Nathan Ferguson
BitTorrent is a leading firm with the fastest, most extensive protocol for transferring large files over the Internet. Their vision is to build technology that allows users all across the globe to exchange information of any kind instantly and freely. The use case of BitTorrent makes sense as its core network of computers is already deployed globally, it would be wiser not to create a decentralized file-sharing network from scratch, but rather harness the existing network of already decentralized computing power.
The company also researches how to use this computational resource for different kinds of distributed systems, including real-world economic models that require coordination between multiple autonomous actors. This research has led to the development of the BitTorrent protocol and various technologies used by many BitTorrent clients.
BitTorrent is one of the most popular peer-to-peer file-sharing protocols in the world. For over many years it has helped people share files whenever they want, especially when they are large or numerous. This company aims to best serve its users by using blockchain technology in its protocol and ecosystem.
History
BitTorrent is one of the biggest protocols on the internet and was first founded as a peer-to-peer client in 2001. In July 2018, Tron, a decentralized platform, acquired BitTorrent. TRON has always been a platform that focuses on decentralization. Justin Sun’s acquisition of BitTorrent was a move in line with the mission to make TRON more decentralized.
BitTorrent created its cryptocurrency token. It was called BTT after it took over TRON. BTT was at first used on TRON.
Throughout its early years, BitTorrent has been caught up in several legal battles over copyright. Using peer-to-peer software to download music and films free has always generated many controversies. However, BitTorrent is currently operating within the boundaries of copyright law and has even hired a ‘copyright compliance manager’ to ensure this continues.
Working of BitTorrent
There are a lot of the procedures and technicalities involved in BitTorrent and let’s have a look at them. There is one process known as seeding, which is used to exchange files with unknown people on the network of BitTorrent. If we talk about the torrent, users usually share the file. In addition, one more technical concept is the swarm, which is the mechanism that holds the sections of the files.
Whenever someone downloads the file and exit the section without participation in the process of seeding that goes into the section of leeching that is one of the fool mistakes made by any user in the network of BitTorrent. In 2019 when it was the launch of BitTorrent’s users were usually rewarded for the seeding. The users who take part in the seeding are rewarded by the tokens of BTT. As on this network, consumers are rewarded for the seeding and the file storage and it affects the network when multiple users do seeding and store the files on the network of BitTorrent.
Therefore, it is possible that the community of this network can download the bigger files easily. Users can also receive the value for this token of BTT they got from this network and the users who want to exchange them and want to get cash for seeding can easily trade BTT on famous exchanges such as Binance.
Suppose a scenario for its working which supposes a company who is doing video productions and that company want to utilize the platform of BitTorrent to spread their videos on a wider range. They will simply create the torrent files. Moreover, when file is saved on the hardware originally that computer machine will serve as seed with many undivided files. That file will then be distributed into little sections and fragments.
Any user who is interested in downloading that file material can perform it by using BitTorrent. All a user has to do is to download BitTorrent software to download this file. Then there will be the period of seeding and the user will get remaining files into their computers. The downloading speed of the files over this network is usually done over popularity of that content on the network. It can take some minutes and even some more hours to download the files.
They will add the improvements, which will be token-based to their existing protocol of the BitTorrent and it will then allow the participants of the network to gain the value of the bandwidth, which is shared.
Two of the most famous and prominent products invented by them are BitTorrent and the UTorrent for their clients. There are also hundreds of clients which are been created by the open protocols and it has emerged the strong competition in the multiple firms and multiple individuals who are maintaining those clients.
Most enriched Features
- Speed of BitTorrent
A swam is a group of BitTorrent clients that are sharing files using the BitTorrent protocol. Sometimes it is hard to manage a swarm when there are imbalances or delays in speeds for uploads and downloads, but people who have additional ways to share giant files through things as torrent boxes, cloud storage, etc. can resolve this. If a peer has downloaded the file, they do not necessarily have to help other peers download full files from them if they have uploaded enough pieces to help others find and download the content using pieces that each peer has.
On the other hand, users tend to not monitor their swarms and continue sharing even after they’ve finished downloading, resulting in BitTorrent swarms failing to persist as long as they could.
BitTorrent is making it easier for users to download files by introducing BitTorrent Speed, a lightning-fast collaboration tool that promises to solve the issue of slow peers.
The BitTorrent token will be an innovation that helps protocol. Providers and clients of added value services connect more resourcefully and wisely through their technology, which makes tokenization (allowing a user who has access to a certain file to securely send it alongside the payment details). Users can put in new use cases and manage reputation among others.
It will be a new set of BitTorrent protocol extensions, which include advertising and making bids for access to seeds along with allowing users to trade BTT for continuous priority access to seeds. With these changes, you can buy higher speeds and better download times because others who have spare data will also want to make sure they get their slice of the pie, so everyone wins.
- BTT Incentives
The BitTorrent ecosystem will realize exponential growth with the integration of BTT. The synchronization of operations within this comprehensive new system, as well as the provision of incentives in exchange for help which aids the success of the system, will foster a worldwide ripple effect that will reach multiple players including software developers interested in integrating the protocol into their existing or already-developed applications, and publishers or website owners keen on accepting BTT as a form of online payment.
People all over the world know that a strong community can solve many problems on its own, and they readily engage in such communities to improve their lives. BitTorrent is proof of this – it is not only possible to build up a large community of people who care about one another, but they can also do so while distributing content by downloading the torrent files. It is easier than ever before to find people who are willing and ready to share what they have with others who need it. You can now access countless amounts of online goodies, be it photos or even video because you are aware that whenever you give something away there is always someone else out there ready to receive it.
BitTorrent Inc. wants to give more people the opportunity to participate in the BitTorrent ecosystem by having them share their services with others who need large amounts of data. BitTorrent Inc. hopes that both participants know they are acting in their self-interest while facilitating this process (of uploading and downloading) which is mutually beneficial to all parties involved.
BTT incentives will incentivize new and existing application developers who are interested in helping to fulfill actual user needs by making an effort toward resolving problems in the user community. These developers will receive BTT tokens when they have successfully resolved a need or at least made progress toward it through the development of a better, more robust solution.
If successful and sustainable, the team plans to extend the program further by introducing BTT tokens into a consensus-based decentralized autonomous organization (DAO) where new incentives are priced and launched via market forces. This would allow for more flexibility when it comes to managing new tokens in the future even if the baseline BTT token supply remains fixed.
- Wallets of BitTorrent
BitTorrent is distributing its BTT-capable software to all users who will be able to get an integrated wallet that works with a new cryptocurrency that is being integrated into the platform. The team is also focusing on making this new cryptocurrency easy-to-use, accessible, and easy for people to use to get them on board with using it.
The fact that the initiative has made a wallet available for hosting tokens that are used to operate BitTorrent technology could lead to new uses being discovered for the token in unrelated contexts – especially as people use it for services. In time, there may be a potentially huge number of users who will have miniscule amounts of it, making it hard to monetize all that currency. However, unless providers pool together those little values, they may not have much value.
Consumers could look for other ways to spend their BTT tokens outside of providing incentives for others to plant trees. The team plans to market a new platform in which people can earn and spend BTT during the near future as well. The company also hopes to pursue partnerships that help merchants adopt this new micropayment method more quickly. Merchants that wish to collect BTT instead of cash payments as part of their business’s operating costs will benefit the most because it costs less to transparent in cryptocurrency than it does when paying with fiat.
Use Cases
BitTorrent Token is a cryptographic token that will be used to drive transactions in the BitTorrent ecosystem. It will interact seamlessly with other tokens and can help one avoid overpayments due to the volatility of cryptocurrencies. The BTT token will provide an elegant solution to avoiding payment errors and thus eliminating tedious paperwork when service contracts and invoices are directly handled on a blockchain.
However, it should be noted that due to the sheer volume and frequency of transactions that can occur on the network, users would not be able to directly utilize the public TRON blockchain for all of their BTT transactions. To account for this issue, BitTorrent has devised an “On-Chain/Off-Chain Exchange” system: users will only need to be able to access a private ledger with excellent performance capacity to send and receive tokens. This allows both parties to capitalize on a more stable flow of data.
Price and future predictions
BitTorrent Token (BTT) has been trending down day by day. It is currently valued at $0.00265 as of Jan. 07, 2022.
Though there are many torrenting tools available globally, μTorrent takes the cake with a 68.6% market share. Following μTorrent is BitTorrent with only 6.6%. Since both of the top market leaders are owned by Bitorrent Inc., this would be a good environment for the BTT token to thrive, as per many crypto experts.
A large network of people is already using the μTorrent and BitTorrent apps in total numbers exceeding 1.8 million downloads, with even more on the list to download it soon. With the chance to earn BTT tokens through seeding, this number will rise which also means an increase in value for the BTT token!
Social media platforms compete with one another, although some social media platforms like Facebook and YouTube are somewhat indirect competitors due to their varying uses. The primary reason for this is because users of YouTube, a site that allows users to upload and share videos, don’t make as much money as the owner of the platform itself. Video providers often complain about this situation even though they are still required to abide by laws regarding recording video while they are in public spaces – just like everyone else is.
Three decades ago, the internet was the next big thing, but the problem was that it did not have any kind of reward system for its users who spread data across this virtual platform. However, with the advent of Web 2.0 and companies like Napster, users could be rewarded for their activities in terms of getting faster internet speeds and at times even free content.
However, there is a stark difference between Web 2.0 applications such as YouTube and other companies such as BitTorrent since to date they are still running under the same principles as before i.e. no reward is provided to its users who offer their bandwidth to keep up with demand on streaming websites. So it can be easily concluded that Web 3.0 applications will soon take over the internet unless something drastic happens to make everyone change their old ways of operating online.
The BTT token is also known as BitTorrent Token. Its price barely touched a value of $0.00013814 before two years, and then reached $0.0135 in April 2021, a significant increase thanks to increased popularity and speculation. However, when the Crypto Market went down due to negative sentiments coming from Bitcoin Cash hard fork, BitTorrent (BTT) declined sharply.
This uncharacteristic price dip should prove to be only temporary, however. If the cryptocurrency markets are, any sign of what has to come in the future, BTT will rise once again and reach a new all-time high by as early as next week. Experts predict that BTT can hit a price point of $0.1 to $0.25, depending on the market’s overall volatility at that time and how investors feel about this specific token at this given moment in time.
Conclusion
BitTorrent is the most popular peer-to-peer file-sharing protocols in world. For over many years it has helped people share files whenever they want, especially when they are large or numerous. This company aims to best serve its users by using blockchain technology in its protocol and ecosystem. The BitTorrent Token is a TRC-10 utility token with a symbol of BTT that was distributed via Binance Launchpad. The project, code-named Project Atlas, introduced the BTT token into the existing BitTorrent network infrastructure after Tron acquired both the BitTorrent Foundation and protocol.
The BitTorrent protocol is already being used by more than a hundred million active users every day. It has become the world’s largest decentralized network, exceeding bitcoin in size. BitTorrent users can pay the fiat money they obtained by seeding with BTT tokens to get other people to download files. Those who want to earn an income from seeding on BitTorrent can convert BTT tokens into cash in a marketplace like Binance.