BitTorrent

What is BitTorrent (BTT)?

BTT is the native token of the BitTorrent platform. It was originally released as peer-to-peer file sharing platform in 2001. However, after Justin Sun acquired BitTorrent in 2018, he became part of THRONE blockchain. It is currently an internetworking protocol that uses sidechains to achieve scalability..

If you’re interested in the current price of BitTorrent, check out the BTT price chart above.

After BitTorrent became part of TRON, it expanded significantly. As part of the expansion of its commercial services, BitTorrent now provides a number of premium versions of the platform. These versions include options such as VPN functionality or ad-free browsing.

However, BitTorrent is not only a file sharing platform, but also has its own network. There are three main ways to use BitTorrent Chain:

• How decentralized exchange. BitTorrent Chain has all the necessary features for token trading, including high transaction speeds and low commissions;
• As a basis for development of decentralized applications (dApp). BitTorrent Chain is fully EVM compatible, allowing developers to build Ethereum-based projects on BitTorrent Chain;
• As a platform for NFT-based games.

Overall, with a focus on providing a superior user experience for dApps without compromising decentralization, BitTorrent Chain aims to offer a high-performance, scalable and affordable solution for blockchain platforms.

The TRON blockchain is what BitTorrent uses to achieve these goals. It uses Delegated Proof of Stake (DPoS) consensus mechanism. This is a well-known variant of the Proof-of-Stake (PoS) mechanism, in which network users elect delegates to verify the next block. Delegates are also known as witnesses or block producers.

The BitTorrent chain is supported by 21 block producers who create new blocks every 2 seconds. For this reason, BitTorrent Chain charges a transaction fee of around $0.01 and can handle up to 7,000 TPS.

In addition, the BitTorrent network supports one-click smart contract migration and offers developers customizable modules. This is due to its compatibility with blockchains such as Ethereum, Binance Smart Chainand others.

Founders of BitTorrent

Bram Cohendeveloper and businessman, creator of the original BitTorrent platform, which was released in 2001. He developed a new system that involved breaking huge files into small pieces and distributing them among several people. This allowed for faster loading even with a poor Internet connection.

However, as mentioned at the beginning, BitTorrent was acquired by Justin Sun in 2018. Justin Sun is a crypto entrepreneur and business leader. He is also the founder of the TRON blockchain.

According to Bram Cohen, BitTorrent was created to replace the outdated entertainment sector, which made accessing content difficult and expensive. The token was officially launched in 2019. At that time, the price of BTT was less than a cent. However, the asset began to experience greater volatility in 2021 as its value rose to around $0.01.

BTT token

The price of BitTorrent is subject to change, so keep this in mind if you are thinking about purchasing BitTorrent tokens. This is because the volatility of the entire cryptocurrency market affects the price of BTT, just like the prices of other digital assets.

BitTorrent tokens are primarily used as payment for file sharing. Everyone who stores a complete copy of the files on their computers and distributes it receives BTT tokens. (these people are called sowers).

Additionally, decentralized applications built on the BitTorrent Chain use BTT tokens. This means that BTT can be used either to access existing dApps or to develop new ones.

Additionally, some dApps allow you to earn BTT tokens. For example, BitTorrent Speed ​​is a web application that allows users to download torrents faster and also earn BTT tokens. The longer a user torrents after downloading a file, the higher the BitTorrent reward he can receive.

Finally, there is the BitTorrent file system, a decentralized storage system that uses BTT coins and serves as the basis for dApps.

BTT tokenomics

The total supply of BTT coins is 990 billion. However, there is no maximum set of resources, making it more difficult to identify long-term BitTorrent price trends than to identify deflationary assets.

About 17% of the initial supply was allocated to public, private and initial sales that took place when the tokens were issued. The remainder is earmarked for airdrops (scheduled until 2025), the BitTorrent Foundation, the BitTorrent team, the TRON Foundation, and the BitTorrent ecosystem.