What Is BitTorrent (BTT)?
BTT is the native token of the BitTorrent platform. It was initially released as a peer-to-peer platform for file sharing in 2001. However, after Justin Sun purchased BitTorrent in 2018, it became a part of the TRON blockchain. It's currently a cross-chain interoperability protocol that makes use of sidechains to accomplish scalability.
Check out the BTT price chart above if you're interested in the current BitTorrent price.
After BitTorrent became a part of TRON, it expanded tremendously. As part of its expansion into commercial services, BitTorrent now provides a number of premium versions of the platform. These versions feature such options as VPN functionality or browsing without ads.
However, apart from being a file-sharing platform, BitTorrent also has its own chain. There are three main ways that the BitTorrent Chain can be used:
- As a decentralized exchange. The BitTorrent Chain has all the necessary features for token trading, including fast transaction speeds and small fees;
- As a basis for decentralized application (dApp) development. BitTorrent Chain is fully compatible with EVM, which allows developers to create Ethereum-based projects on the BitTorrent Chain;
- As a platform for NFT-based gaming.
Overall, with a focus on delivering a superior user experience for dApps without sacrificing decentralization, BitTorrent Chain seeks to offer a high-performance, scalable, and affordable solution for blockchain platforms.
The TRON blockchain is what BitTorrent uses to achieve these goals. It employs the Delegated Proof-of-Stake (DPoS) consensus mechanism. It's a well-known variation of the Proof-of-Stake (PoS) mechanism, in which network users elect delegates to validate the following block. Delegates are also known as witnesses or block producers.
The BitTorrent Chain is backed by 21 block producers who create new blocks every 2 seconds. Because of that, the BitTorrent Chain has around a $0.01 transaction fee and manages to process up to 7,000 TPS.
Additionally, the BitTorrent network supports the one-click migration of smart contracts and offers developers configurable modules. This is the case due to its interoperability with blockchains such as Ethereum, Binance Smart Chain, and others.
The Founders of BitTorrent
Bram Cohen, a developer and a businessman, is the creator of the original BitTorrent platform, which was released in 2001. He developed a novel system that involved breaking up enormous files into tiny pieces and distributing them among several people. This allowed making quicker downloads even when the internet connection was poor.
However, as mentioned in the beginning, in 2018, BitTorrent was purchased by Justin Sun. Justin Sun is a crypto entrepreneur and a business executive. He is also the founder of the TRON blockchain.
According to Bram Cohen, BitTorrent was created to displace the antiquated entertainment sector, which made accessing content difficult and expensive. The token was officially launched in 2019. At the time, the BTT price was under a cent. However, the asset began experiencing more volatility in 2021, when its value rose to the $0.01 mark.
BTT Token
The BitTorrent price is subject to change, so keep that in mind if you're thinking about purchasing BitTorrent tokens. This occurs because the volatility of the entire cryptocurrency market has an impact on the BTT price, just like it does on the pricing of other digital assets.
BitTorrent tokens are mostly used as a kind of 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 referred to as seeders).
In addition, dApps built on the BitTorrent Chain utilize BTT tokens. It implies that BTT can be used to either access already-existing dApps or to develop new ones.
Additionally, on some dApps, BTT tokens can be earned. For instance, BitTorrent Speed is a web-based application that enables users to download torrents more quickly while also earning BTT tokens. The longer the user seeds the torrents after downloading the file, the higher BitTorrent price rewards they can earn.
Lastly, there is the BitTorrent File System, a decentralized storage system that utilizes BTT coins and serves as the basis for dApps.
Tokenomics of BTT
The total supply of BTT coins is 990 billion. However, there is no max supply set, making the long-term tendencies of the BitTorrent price more difficult to determine than deflationary assets.
Around 17% of the initial supply was dedicated to public, private, and seed sales that took place when the tokens were issued. The remaining portion is dedicated to airdrops (planned until 2025), the BitTorrent Foundation, the BitTorrent team, the TRON Foundation, and the BitTorrent ecosystem.
