BitTorrent dominated the entertainment space for years before Amazon Prime, Netflix, and Hulu took over. It was a peer-to-peer sharing platform introduced by American programmer Bram Cohen in 2001. BitTorrent established a great reputation for simultaneous file downloading.
However, BitTorrent had several issues including privacy breaches, increased piracy, slow internet speed, and content unavailability. Similarly, the platform had serious monetization issues. Tron Foundation acquired this platform in 2018 and introduced incentives for torrenting network users.
Key Takeaways: –
- BitTorrent is a peer-to-peer sharing platform that dominated the entertainment space before the rise of streaming services like Netflix and Hulu.
- BitTorrent operates using Tron’s blockchain and smart contracts, allowing for the development of various decentralized applications.
- The integration of BitTorrent and Tron is seen as a potential catalyst for the mass adoption of blockchain technology and improving Tron’s scalability.
What is BitTorrent (BTTOLD)?
BitTorrent is dedicated to building a bridge between content creators and viewers while taking advantage of Web 3.0 technology. It enables users to share content with each other in an open and rewarding manner. Tron helps with achieving this goal with its peer-to-peer technology and delegated Proof-of-Stake consensus mechanism.
The Tron team believes that the merger of BitTorrent and Tron will lead to the mass adoption of blockchain technology. It will ultimately improve Tron’s scalability in using BTTOLD tokens.
BitTorrent Brief History (BTTOLD)
BitTorrent was introduced as a peer-to-peer network by David Harrison and Brad Cohen in 2001. It was acquired by Tron Foundation in 2018 because the platform was experiencing serious monetization issues. The BTTOLD token was introduced through an Initial Coin Offering (ICO) in 2019.
The team raised around $7.2 million during this sale. A significant amount of tokens were allocated for BitTorrent Foundation, Tron Foundation, BitTorrent ecosystem, and airdrops.
BitTorrent Important Features
For years, BitTorrent has provided users with large amounts of data that they can download with just a few clicks. BitTorrent now provides premium paid services for users who need a better experience with detailed torrent information and threat protection.
BitTorrent users experienced an imbalance between download and upload speeds due to the architectural inadequacies of the platform. The platform didn’t offer any incentives for seeding content. After the launch of BitTorrent Speed, the platform has started incentivizing users for seeding content after the download is complete.
It ultimately helps with improving downloading speed for other users. BitTorrent Speed provides users with a 50 BTTOLD tokens reward when they create a local BitTorrent wallet.
Dlive is a decentralized live-streaming platform that influencers can use to interact with their fans from anywhere on the globe. The best part is that the viewers also get to earn BTTOLD tokens for watching the live streams. The viewers can encourage their favorite influencers by sending tips during live streams. Dlive is going to play a vital role in the adoption of BitTorrent Token.
BitTorrent File System
BitTorrent File System is designed to solve the problems of centralized systems like high maintenance costs, censorship, and vendor lock-in effect. The platform shares its features with other decentralized file storage platforms like Siacoin, Filecoin, and Storj. This system uses a set of smart contracts to handle different aspects of the network. This system is composed of two types of nodes known as renters and hosts.
The renters need to pay BTTOLD tokens to upload their files on the system whereas the hosts receive these tokens as a reward for providing file storage services. The platform is dedicated to enhancing the development of decentralized applications with a combination of BitTorrent, BTFS, and BitTorrent Chain (BTTC).
How Does BitTorrent Work?
BitTorrent connects hosts with the renters. When a renter uploads a file into the system, it’s divided into smaller parts and distributed amongst multiple providers. The pieces of the file are transferred to the requesters from multiple providers if they need to download the file.
This decentralized system reduces the server and network impact while allowing users to share large files efficiently.
BitTorrent keeps a record of all the transactions with the Tron blockchain. When a user requests a file, the Tron network divides the payment into micropayments to equally distribute it among service providers. The information about the micropayments is updated on the Tron chain once the service is finalized.
BitTorrent incorporates Tron’s suite of smart contracts to allow users to build decentralized applications. BitTorrent Speed is the most popular application on this network that allows users to enhance the downloading speed by purchasing bandwidth from the providers.
BitTorrent File System is another popular decentralized application that eliminates the problem of cost and trust inherent in centralized storage systems.
BTTOLD is the native token of BitTorrent that users can use to purchase files from the network. Similarly, they can purchase bandwidth from service providers by providing these tokens. With a circulating supply of 162,205 tokens, BTTOLD has a market cap of $83 million.
BitTorrent (BTTOLD) has evolved under Tron Foundation’s ownership, embracing Web 3.0 and blockchain technology to incentivize content sharing and improve user experiences. With innovations like BitTorrent Speed and Dlive Protocol, the platform encourages active participation and fosters a decentralized ecosystem.
As BitTorrent continues to push boundaries and explore new horizons, its potential for mass blockchain adoption remains promising. If you need more information about BitTorrent (BTTOLD), feel free to get in touch with us. We also invite you to subscribe to our weekly newsletter if you need regular updates about Bitcoin and the crypto market.