BitTorrent is a decentralized peer-to-peer platform that allows its participants to share data seamlessly and effectively.
Upon its discovery, BitTorrent quickly became popular among music and movie lovers because of its software’s peer-to-peer sharing feature.
Instead of having to download or upload files to the server, the participants on the network can share data and files directly with others running the same software on the network.
According to the BitTorrent network, it is currently characterized as the largest p2p based decentralized network in the world.
The network was able to attain this level of recognition due to its list of available features and tools which are directly linked to the entertainment industry.
Who are the Founders of BitTorrent (BTT)?
In its original form, BitTorrent is a creation of Bram Cohen and David Harrison in 2001. Bram Cohen is a developer who has made a name for himself in the cryptocurrency industry. According to Cohen, his decision to create BitTorrent was in his plan to take the entertainment industry by force with the goal of making a decentralized network out of it. Due to this, obtaining the required materials for the project was quite difficult as they were readily unavailable and when they were, they were expensive.
Over time, the BitTorrent system has faced several legal problems. However, Cohen has remained victorious through the battles insisting that the BitTorrent network is not breaking any copyright laws by allowing the participants to share music and videos.
In 2018, the BitTorrent system was completely acquired by TRON. This effectively brought the network under the control of TROM CEO, Justin Sun. After its acquisition, the BTT token was introduced to the public in 2019 via an Initial Coin Offering. According to the system, the sale issued a total of $7.2 million which equates to 6 percent of the total supply.
Justin Sun is also a pioneer in the world of cryptocurrency. He is also well known for his connection of the TRON blockchain network with its cryptocurrency by bidding over $4 million at a charity to earn lunch to discuss crypto with billionaire and popular cryptocurrency antagonist Warren Buffet,
The TRON network is responsible for adding several new features to the BitTorrent network, including the addition of BTT as a cryptocurrency to the platform. This was facilitated by the release of the token on the TRON blockchain. TRON’s endeavors were with the end of making BitTorrent into the decentralized platform it currently stands as today.
What is BitTorrent (BTT) used for?
The BitTorrent system, at its core, is a system that facilitates the connection of different computers on the same network for easy sharing of files. The transaction kick starts when a participant on the network requests files hosted by another participant on their computer.
On the network, each participant hosts a piece of the file as it has been split by the network into several pieces. Due to this, before other participants can access the files, they must collect the pieces of the files from all the participants that have them hosted.
The extension of the BitTorrent network via its native token, BTT, was created to make it a more distributed network.
It does this by compensating the participants while effectively creating an efficient way of sharing large files in bits to reduce the impact on the network.
The participants can also exchange the native tokens for local resources on the network such as bandwidth provision to receive content or storage space.
What Is the Unique Point of BitTorrent (BTT)?
In general, BitTorrent had the goal of disrupting the process of the entertainment industry and how its content is harnessed. With inefficient and expensive distribution being the main goal, the developers BitTorrent created a system where the participants can share content directly with each other.
Upon its start in the 2000s BitTorrent became the major sharing platform for P2P files before the TRON network stepped into the plan in 2018. While working under TRON, the BitTorrent system was able to shift its focus to having a broad appeal to participants interested in cryptocurrency and accessing decentralized solutions.
In addition to other features brought to the network is the BitTorrent speed, a system that makes use of the BTT token to execute the operation. Presently, the BitTorrent system has branched out its network to offer paid premium versions to participants. The platform features ads-free smooth operation with VPN capabilities.
How many BitTorrent (BTT) coins are in circulation?
The BTT token was issued via the TRON network with its standard based on the TRC-10 specifications.
According to its whitepaper, the BitTorrent network has a total supply pegged at 990,000,000,000 BTT. The whitepaper issued by the system also featured its sale apportionment with 6% assigned to the public token sales, 2% to private sales, and 9% assigned to seed sales.
In its other apportionments, 20.1% of its tokens have been reserved for airdrops which are set to occur at different points between the time of assignment and 2025. The team behind BitTorrent and the BitTorrent foundation were assigned 19% of the supply. While TRON got 20% with 19.9% of the supply going back into the BitTorrent ecosystem. Finally, the leftover 4% of the supply was reserved for future partnership activities on the network.
BTT tokens play a significant role on the network as they facilitate faster downloads on the network by letting the participants pay others for speedy downloads with BitTorrent Speed.
Is the BitTorrent (BTT) Network secured?
BitTorrent was created with TRC-10 specifications, allowing for the system to make use of the highest level of security provided by its mother network. This security protects the funds of the participants, however, it has no edge against the systemic risks associated with cryptocurrency investment.
The platform also makes recommendations for the participants to use personal security mechanisms such as biometric verification to prevent external access to their accounts.
How do I buy BitTorrent (BTT)?
Over the years, the services offered by the BitTorrent network have been considered unique because of its focus on entertainment. The entertainment industry is a major part of society sold the platform itself and by extension grew its rate of adoption. BTT is currently available on several exchanges and to purchase it is easy with the following steps:
* Open an account with crypto trading platform.
* Transfer the specific amount of your fiat currency to your crypto exchange account.
* Wait for your deposit to be confirmed and Buy BTT through your crypto trading account.
Which Cryptocurrency Wallet Supports BitTorrent (BTT)?
The PTPWallet platform supports many cryptocurrencies simultaneously such as BitTorrent (BTT). Because of its vast use case, it has grown to become one of the most used platforms as it serves as an exchange and an engine to discover other cryptocurrencies. Additionally, users can easily use PTPWallet as their BitTorrent wallet because offers a simple and interactive interface making it easy for people to navigate its system.