Definition of BitTorrent
BitTorrent Inc. developed the popular peer-to-peer file-sharing software of the same name. BTT launched on the Binance launchpad as the TRC-10 token.
And Singapore-based BitTorrent Foundation announced that the token must run on the Tron protocol after Sun acquired BitTorrent in 2018.
After the acquisition, the Tron Foundation revealed Project Atlas, the new iteration of the BitTorrent file-sharing software that integrates BitTorrent token (BTT).
And in July 2019, it introduces BitTorrent Speed, which incentivizes users to seed their files by rewarding them. Also, with BTT for seeding and bandwidth, enabling faster downloading speed.
Also, in 2019, it claimed to take 100 million users in 138 countries, doing the top torrenting facility in the world at the time.
How Does BitTorrent Work?
- Sun acquires Singapore-based BitTorrent for the dollar of 120 million in 2018, and the company subsequently started working on a token that can integrate with BitTorrent’s ecosystem.
- And it including BitTorrent’s window-based sharing software, torrent. Now, when individuals choose to seed the files (the process of sharing files with strangers).
- Also, they can choose to get rewarded with BTT for torrents using their bandwidth and resources. And it process, named BitTorrent Speed.
- And it helps with downloading speed and incentivizes users to keep their files on the torrenting software, which, in turn.
- Also give users the ability to download files that they want more quickly. Furthermore, BTT tokens take a monetary value.
- They also meant that users convert the tokens into fiat money and spend it to unlock benefits on the network.
2. Launch & issuance
- Tron Foundation in 2018, after Sun acquire it Inc, the total supply of BTT is 990 billion tokens.
- And all of which were created at the inception of the blockchain. And the distribution of the tokens started in early 2019 via several means.
- Also, first, the token sale launched on Binance, where users can pay for their BTT either in TRX (Tron’s native token) and BNB (Binance’s native token).
3. Network Design and Security Model
- The BitTorrent constructs on top of the Tron protocol as the TRC-10 cryptographic token. And within it ecosystem, individuals can act one of two ways, as “service requesters” or “service providers.”
- Also, the requester offers BTT to the provider in exchange for local resources, such as bandwidth to receive content, storage for remote backup, and decentralized proxy services.
- And while users now incentivize to download and seed files for BTT, it must note that they do not interact with BTT in order part of the BitTorrent ecosystem.
Also Read: What is Algorand? – Work, Special, and More
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