The BitTorrent coin (BTT) is a cryptographic token designed as an extension of the original BitTorrent protocol. The cryptocurrency platform of the BTT coin is developed to provide the protocol with more diversified functions. For example, the development team of BitTorrent seeks to make the platform suitable for third-party dapp developers, value exchange and a secure and fast decentralized data storage.
The BitTorrent protocol was developed by Bram Cohen, a programmer that studied in University at Buffalo. The protocol was released on 2 July 2001 and was fast to gain popularity. BitTorrent is easy-to-use, and its clients are available for most computing platforms and OSs.
BitTorrent, Inc. is a provider of the official version of BitTorrent as a tool the utilizes the protocol for the upload and download of various files. BitTorrent, Inc. is a private company established on September 22, 2004, by Bram Cohen, Ross Cohen, and Ashwin Navin. The company is currently a part of TRON Foundation and is an active participant in its ventures. However, both Cohen brothers are not a part of the company anymore.
As a protocol, BitTorrent quickly became one the most popular protocols for files transferring, mostly for large files like video games, video files and digital audio like songs and audiobooks. The technology was one of the main reason behind the fast growth of the popularity of peer-to-peer networks. In February 2009, peer-to-peer-based file exchange was estimated to account for approximately up to 70% of all global Internet traffic. The percentage grew due to the various platforms that utilized the BitTorrent protocol. Some of them were:
- The Pirate Bay
However, the BitTorrent development team continued to upgrade its software and aimed at making it more versatile. This approach resulted in the development of the BTT coin – blockchain-powered network with a wide range of use cases and significant improvement of functions.
As was previously stated, the BitTorrent coin is developed by Tron Foundation and BitTorrent foundation – Singaporean IT companies. The main aim of the project is to develop an internet-like network that will support advanced transactional mechanisms needed to encourage network contribution both in terms of computing and in terms of content creation.
Similarly to the original BitTorrent approach, the network will enable clients (software endpoints) to interact and communicate with each other to provide information and files distribution. The economic ideas of the network are all coming as an extension of the mentioned cooperation. The “seed” and “peer” model continues to remain as a powering system of the network. The activity of providing “seeding” – offering the uploading of some file to the peers of the platform is altruistic but can be rewarded for by the users.
The main differences between the current network and the previous implementations of the BitTorrent protocol are the dapp development opportunity and financial transactionsadoption. The opportunity to establish some additional applications and layers on top of the far-reaching and vast network of BitTorrent is the driving factor of the promising future of the platform. Multiple services made for various demands will advance the system in terms of its possible applications. The decentralized exchange of different assets will ensure a reasonable and robust reward opportunity for the developers.
The development team issued the BTT coin with the Tron platform. The coin is TRC-10 token standard-based using of the Tron technologies and is maintained on top of the TRON blockchain. The network will use the “BitTorrent speed” feature to make the adoption of the net faster. BitTorrent Speed encourages users by sending them BTT coins in case users offer their bandwidth for providing faster downloads within the new system.
Initially, the platform will have only three services:
- Content delivery service, powered with BTT coin transactions rewarding seeds. The service was specifically designed as strongly protected from attacks and censorship.
- Decentralized storage service for data backup and sharing.
- Decentralized proxy service for retrieval of content by URL.
Other services will be researched, developed and introduced later in accordance with the user’s requests and desires. The higher priority will be provided to the technologies that are most relevant for the decentralized application creation.
BTT ICO and Token
BTT token was issued with a total supply of 990 billion tokens. The tokens will be distributed within the several entities: BitTorrent, Inc., TRX holders, initial investors and between Tron and BitTorrent foundations. The coin’s price grew 6 times its initial value after the ICO.
The BitTorrent coin is not minable. The platform does not require any computing power outside of the download/upload process.
The coin is currently listed on almost every major exchange. Some of the exchanges that listed the BTT coin are:
- Huobi Global
- Message Board
- Message Board 2
- Source Code
- Technical Documentation
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