BitTorrent (BTT) Research

BitTorrent (BTT) Research Details

BitTorrent (BTT) BitTorrent

INTRODUCTION

BitTorrent is one of the world's largest file-sharing protocols. BitTorrent Token (BTT) is a TRC-10 token that operates on Tron Network. With the BitTorrent Token (BTT), the BitTorrent team provides a distributed infrastructure platform for third-party software developers, allowing customers to continuously offer small amounts of value to their devices by allowing others to use their backup resources.

The addition of the BTT token attempts to extend the standard protocol to create an economy based on network token, bandwidth, and storage resources on the existing BitTorrent network, which provides a way for network participation to "capture the amount of bandwidth sharing and storage".


HISTORY AND FOUNDER

BitTorrent was created by Bram Cohen in 2001 to share large computer files online. Cohen was frustrated with the long wait times to download large files from existing peer-to-peer apps that led to the launch of BitTorrent. Files shared with this protocol are divided into smaller pieces for distribution among users, called ‘peers’. The protocol was recognized for its effective use of bandwidth. The first launch of the BitTorrent client was released on July 2nd ’2001. The software is now owned by Cohen’s company, BitTorrent Inc. Many individuals have been pleased by this data-sharing tool (free music, movies, and software).


REASON TO BUILD THE PROJECT

In 2018, the BitTorrent client was acquired by a blockchain company called Tron Foundation, the creator of the Tron blockchain. Under the new ownership, the BTT token was born to provide a way to monetize and solve the most pressing network problems.

Torrent networks face two main problems: the lack of"seeders" and the unavailability of certain files over time. After all, if there is a complete lack of seeds, the files cannot be shared across the network. BTT crypto solves those two problems by providing a way to encourage long-term investment.


BASE OF PROJECT

·       Architecture- Although BitTorrent file transactions are facilitated by its software, the network relies on the Tron blockchain to keep track of all BTT transactions.

Once the bid has been matched between the requester and the service providers, a payment channel is created in Tron to facilitate the micropayment required by each provider, based on the piece of file of the file they have shared.

·       Decentralized Applications-The BitTorrent network also uses Tron's smart contract system to create various decentralized applications (Dapps) that are intended to improve its services.

One of the most popular is BitTorrent Speed, a Dapp that allows users to purchase provider capacity using BTT in order to boost download speed.


USE CASE

The use case of BTT tokens are:

·       BTT will serve as a methodology for exchangingcomputing resources between BitTorrent clients and a liquid market of service requesters and suppliers.

·       The BTT is the unit of measurement for transactions involving the delivery of services. It will be available as a divisible token, which will allow for more precise pricing.

·       BTT enables token transfers between a private, high-performance ledger and the public TRON blockchain.


TOKENOMICS

BTT tokens have a total and maximum supply of 990,000,000,000, with a current circulating supply of 990.00B BTT.

The BTT token distribution is as follows:

·       Public sale tokens - 6%

·       Private sale tokens - 2%

·       Seed sale tokens constitute - 9%

·       Tron airdrop tokens - 10.1%

·       BitTorrent protocol airdrop tokens - 10%

·       BitTorrent Team and the Foundation - 19%

·       TRON Foundation - 20%

·       BitTorrent ecosystem - 19.9%

·       Partnership tokens - 4%


CONCLUSION

The BTT token team promises to manage its token-based system with its present infrastructure skills. BTT is a protocol for transferring files between BitTorrent users, service providers, and requesters.

BTT tokens will be used in all future transactions involving the provision of services. The goal is to make the tokens as divisible as feasible so that a wide range of service prices can be offered.

Tokens will be traded on an on-chain/off-chain exchange that supports both the private and public TRON blockchains.

While the issue of token adoption among torrent users remains speculative, the BTT team is optimistic about the size of the BitTorrent network, which already numbers over 1 billion devices.


DISCLAIMER

Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Crypto products are currently unregulated and subject to market risk. Please seek independent financial advice or do your own research before investing.