BitTorrent BTT | Everything you need to know
BitTorrent plays a huge role in the recent crypto world and does that for a reason. Newly launched TRON based cryptographic token called BitTorrent (BTT) by BitTorrent Foundation is perhaps the most successful crypto project in 2019 Q1. BitTorrent Inc offered the first 59.4B of BTT tokens to be sold on Binance launchpad and in just under 15 minutes they were completely wiped out!
Thanks all for sharing your excitement around our crowdfunding. The $TRX session was over in 14 min and 41 sec. $BNB session was completed in 13 min 25 sec! #BinanceLaunchpad pic.twitter.com/dz2wGKyHL7
— BitTorrent Inc. (@BitTorrent) January 28, 2019
59.4B tokens priced $0,00012 each sold in just under 15 minutes generated roughly $7M in revenue. It lives up the hype so far thus offers great financial returns for those who own it from day one. To be more precise, as per day of writing this article, BitTorrent coin price now offers a sweet 8x return compared to its initial selling price.
I’ve heard about BitTorrent a long time ago, huh?
That’s right! Let’s take a history class. Until this point, BitTorrent has been widely identified as a peer-to-peer communication protocol for file sharing through the internet. The protocol was launched by BitTorrent Inc. over a decade ago. In order to access the peer-to-peer network and initiate file transmission through the protocol, end users ought to install a software client also called BitTorrent. More than likely, this is where you got to know about BitTorrent as a whole. In addition to that, the company also owns rights to μTorrent software. It is estimated that the file-sharing community has a reach of roughly 175M active users around the world. This is a huge user base, which makes BitTorrent file sharing solution a scalable option to be monetized. Initially, the token related features will be implemented on the client, as a part of µTorrent classic software, which will be compatible with other clients. End users of the software clients will get free BitTorrent tokens.
When Tron acquired BitTorrent (BTT) for around $126M, they decided to call this venture project Atlas – aiming to decentralize the internet’s content using blockchain content. BTT represents a TRC-10 utility token based on the TRON blockchain that could allow content creators to connect with their audience, earn and spend digital currency without a middleman. Tron Network already has over 100 million users and, of course, BitTorrent will take advantage of it right away.
The vision is the same
Both BitTorrent and parent company TRON share a vision of a decentralized internet without barriers. Decentralization is at the core of what TRON and BitTorrent are about.
“Both BitTorrent and TRON believe the internet shouldn’t be controlled by centralized, for-profit companies and should be in the hands of the people across a global, borderless economy.” says Justin Sun, the CEO of Tron Foundation.
The BitTorrent file sharing network is very similar to the blockchain system – the decentralized sharing of information, protection of users through randomly generated symbol lines and the absence of one administrative organ. No surprise that some of the biggest torrent portals are now accepting cryptocurrencies as donations and hopefully BitTorrent coin will be one of the payment methods in the near future.
BitTorrent aims to tokenize the decentralized file-sharing protocol with their cryptocurrency asset launched early in 2019 and create an ecosystem with what they call truly decentralized internet.
BitTorrent key implementations
According to their website, BitTorrent (BTT) tokens solve the major problem on the peer-to-peer file sharing network. Currently, users are not rewarded for seeding, creating or in general using the file sharing service besides the natural demand for owning digital property. Introducing BTT token to the network would allow:
- Reward users for seeding files, especially for the long term. The users who are uploading or publishing the content will get many incentives to continue uploading files even after the downloading is done.
- Bid BTTs in exchange for faster downloads using a built-in wallet in BitTorrent/μTorrent clients. As a consequence, this would Increase the network speed and eventually attain faster downloads.
This is a great implementation strategy for boosting the self-driven (not cars…) ecosystem. On top of that, a $1 million USD developer program, will also ensure that the network stays decentralized and open to innovation coming from the developer community. It called TRON Accelerator.
On the technical side, they are going to run Delegated Proof of Stake (DPoS) method that superdelegates to engage (and not monitor) the community regardless of size so that it stays decentralized. They are opening up for third-party integrations, which means they are carrying an open-source mindset in minds. Firstly, there are plans for a full desktop version integration and as time goes by, proceed with mobile client scalability. There will be a great coherence between the community members who are willing to invest and those who want to stay free forever. The ecosystem will be compatible with communication between paid and free users.
The BitTorrent Foundation completed $BTT Airdrop for $TRX holders. If your tokens are on an exchange or a wallet supporting our airdrop program they are on their way. Please be patient, it may take some time given the volume airdropped ✌️
— Justin Sun🌞 (@justinsuntron) February 12, 2019
As per the token’s whitepaper, the total supply of 990 billion BTT will be issued. For Tron’s long-term holders, the BTT foundation plans to reward them by giving them additional 99,990,000,000 BTT during offline or online events, corresponding to 10.1% of the entire circulating supply is introduced as AirDrop concept.
Airdrops will follow a 1:1 rule wherein, if you are holding 1 TRX, you are eligible to get 1 BTT also. All official wallets relying on Tron’s network and carrying TRON would be eligible for 1:1 ratio AirDrops, corresponding to the amount they are holding. There is no minimum limit required to hold to be eligible for the reward
The total monthly airdrop will increase five times over the next few years, ending at 1,402,500,000 BTT per month in February 2025.
BTT tokens will also be soon available in Guarda wallets.
Exchanges Supporting BitTorrent (BTT)
BitTorrent escalated really fast. It was first crowdfunded on Binance and it was a great start. Even though it is a new initiative in the cryptographic world, you can easily exchange BTT coins on major cryptocurrency exchanges such as:
- Many others.
— Binance (@binance) February 12, 2019
Project Atlas with BitTorrent (BTT) as the main cryptocurrency built upon TRON Network can seriously enhance the new upcoming generations of content creators from across the world. Sharing content on the internet might never be the same anymore. The time will show how it unfolds and shapes the near future in a way that we all have more freedom and power over the decentralized online world.