Before Bitcoin or any blockchain technology was even thought of, BitTorrent was the most popular peer-to-peer file sharing platform with billions of users. They connected to each other’s computers in a decentralized way to download content. The users can share files, and the downloaded content is located on many computers around the world. The protocol allows the users to download the files needed from different sources.
Although BitTorrent was hugely popular among users, it failed to convert its popularity into commercial success. In 2018, Tron foundation, the entity behind the Tron blockchain, acquired BitTorrent. After integrating the platform on blockchain, it launched an Initial Coin Offering (ICO) for BitTorrent token (BTT) in January 2019, which helped the company raise $7.1 million.
BitTorrent token (BTT) is the cryptocurrency that powers the blockchain-based transactions on the BitTorrent network. BTT is a limited supply token with the total supply pegged at 990 billion.
In the latest development, BTT chains (BTCC) are being launched by BitTorrent in a bid to increase the number of tokens. BTTC adopts a POS (proof of stake) mechanism and leverages sidechain for scaling of smart contracts. The new tokens are being issued in a ratio of 1:1000, in a process known as BTT Coin redenomination. After this, the existing BTT coins will be known as BTTOLD or BitTorrent (Old)
BTT Coin’s main functionality is based on the basic principle of exchange. Each user has to provide some data to download some data. The more content a user uploads, the better download privileges one enjoys. Users who only download and do not upload anything risk being choked, i.e., other users might refuse their connections.
BTT Coin can be used to pay for various services available in the BitTorrent platform. BTT works on Tron’s native TRC10 token standard, making it cost-efficient and high on speed for transactions.
One can use BitTorrent to access content available only to paid users. This makes the monetization of intellectual property like many NFTs are doing and with its huge user base BitTorrent stands a chance to gain a greater share.
In addition to providing access to the files, BTT can provide many services within the BitTorrent ecosystem. Each of these services is provided through decentralized APP(DAPP) on Tron. Listed below are some apps and services.
This App allows users to purchase faster download speeds using BTT. The files being downloaded on BitTorrent may be very large; purchasing the download speed on this app can significantly reduce the download time. In addition, if you have bandwidth available, you can trade in exchange for BTT.
With this App, the BitTorrent cryptocurrency BTT can be used to access live-streaming over the BitTorrent network. DLive lets the broadcasters keep 100% of the income from streaming. Being a blockchain-based decentralized platform, the censorship of the content is far lesser compared to popular platforms such as YouTube.
BitTorrent file system app is a decentralized blockchain-based data storage solution. Instead of storing your files locally, you can distribute them over a decentralized network. This will ensure the safety of your data. The users can purchase secure storage space in exchange for BTT. The file system has the potential to become an alternative to cloud storage.
In the initial two years, the price of BTT did not appreciate much and stayed below levels of 1 dollar for 1000 BTT. But in a sudden bull run last year, the value increased to $0.11 per BTT in March 2021 before declining sharply in April 2021. Currently, BTT to INR price is INR 0.182 ($0.002455)
File sharing tokens like BitTorrent or BTT can prove really useful, and BitTorrent looks poised to grab the space with its strong user base. To buy BTT coins, you will have to register with a cryptocurrency exchange. ZebPay is a leading Cryptocurrency exchange in India. You can register on Zebpay and buy BTT coins to use paid services of BitTorrent.