What is bittorrent btt?
BitTorrent is a popular communication protocol for decentralized peer-to-peer file sharing (P2P), invented in 2001, and is currently owned by the San Francisco-based IT company of the same name. Decentralization is a key aspect not only in the blockchain sphere but also among Internet users of the p2p file sharing technology based on the torrent protocol. One of the key problems of the BitTorrent network was the poor download speed, the explanation is that users who have already downloaded torrents are reluctant to stay in the distribution. The developer’s team concluded that to resolve this issue, it is important to motivate ecosystem participants. Thus, it was decided to create the BitTorrent cryptocurrency (BTT), that would reward users uploading high-quality content to the network and others promoting the sharing of files. Also, BTT is paid to increase the downloading speed. All these and the other features are implemented via the decentralized BitTorrent content delivery service.
The introduction of the BTT token into the BitTorrent ecosystem doesn't mean that the project is switched to a new model - people can use the client just as before. Blockchain technology and a token means that a new system of rewards is being added to improve the torrent-client and increase the number of active users. Finally, BitTorrent provides a distributed infrastructure platform for dApps developers, which allows them to earn by renting resources of their devices.
BitTorrent (BTT), not only a pioneer but a leader in this industry, became the first torrent project that integrates with blockchain technology. BitTorrent Inc. was founded in 2004 by protocol creator Bram Cohen in collaboration with an entrepreneur Ashwin Navin. In 2006, the company bought its main rival - µTorrent. Subsequently, the Utorrent client was transferred to the BitTorrent protocol and became one of the two company's key products. Crypto billionaire Justin Sun, a founder of TRON cryptocurrency, acquired BitTorrent for $140 million in June 2018 and said that it is “the world's largest decentralized application.” According to the company's website, BitTorrent products “are used by more than 170 million people every month,” and through its protocols, "up to 40% of global Internet traffic passes daily".
- - increased network capacity by motivating and attracting new users
- - extended functionality of BitTorrent products
- - attracting developers' attention to the creation of dApps based on the BitTorrent platform
- - the motivation for the content creators to migrate to a distribution model through BitTorrent services
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TRON and BitTorrent
BitTorrent (BTT) is a TRC-10 utility token that operates on the TRON blockchain and can be stored in a Guarda Wallet supporting the TRC-10 standard tokens. There is no mining alternative, as developers see no reason to reward miners for using costly equipment and the senseless waste of a huge amount of energy.
DPoS (Delegated Proof-of-Stake) was chosen, as the BitTorrent consensus algorithm. This implies the selection by voting of the delegates monitoring the stability of the system and receive a reward for it. Voters also get a portion of the rewards paid to delegates. Using of DPoS establishes a democratic self-regulatory community.
BTT utility token based on the TRON blockchain that powers features of the decentralized protocols and applications. BTT driven dApps include BitTorrent Speed, BitTorrent File System, DLive, and others. It is available on BitTorrent or µTorrent Web, or µTorrent Classic.
BitTorrent Speed is a feature that extends the experience of traditional torrent clients. When downloading torrents, BitTorrent Speed automatically bids BitTorrent (BTT) to other users for faster speeds. When downloading finishes, the BitTorrent client can automatically earn BTT by seeding.
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BitTorrent File System
BTT implemented into the BTFS ecosystem to incentivize a fair file system. BTFS is both a protocol and network implementation that provides a p2p mechanism for storing and sharing digital content in a decentralized file system. BTFS is supported by millions of BitTorrent user nodes, by running on the blockchain, addresses such drawbacks as centralization or regulation by a single entity, the ability for governments to censor, higher costs, and low fault tolerance. BTFS is the storage system that can be used by dApps developers.
DLive is a live-streaming network community that empowers content creators and viewers. Via a reward system, broadcasters and viewers can get a profit without sharing their earnings with the platform. As DLive moves towards full decentralization, the aim is to create a more transparent and complete content platform. BTT is introduced to provide virtual gifts, subscriptions, and viewer rewards.
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