The BitTorrent token represents a fundamental change in the way the BitTorrent client will function. In addition to running on the TRON network, it represents a new way for content creators to be compensated for their work. Some of the functions BTT will have as the native currency of the BitTorrent protocol include:
- Increasing download speeds. BTT can be paid to increase user download bandwidth.
- Prioritizing download queues. By spending BTT, users have their downloads processed ahead of other users.
- Tip uploaders. Torrent uploaders and content creators will not only receive revenue in the form of BTT proportional to the popularity of their content but can be tipped directly by their fans through the BitTorrent client.
What is BitTorrent?
BitTorrent (BTT) is a TRON-based token that aims to tokenize the decentralized file-sharing protocol of the same name. As such, the BitTorrent token is a TRC-10 utility token that will allow content creators to be reimbursed and connect with their audience, earning and spending the cryptocurrency without the need for a middleman.
BitTorrent tokens can also be bid in exchange for faster downloads and stored in a cryptocurrency wallet built right into the BitTorrent client. Like its parent company TRON, BitTorrent aims to enable a decentralized internet without traditional barriers imposed by third-party providers.
In short, they plan to decentralize traditional media platforms, promote openness among content distribution, reject unwanted censorship, and reward their participants in the form of BTT.
Where to buy BTT in the US?
We are pleased to present two top-tier cryptocurrency exchanges that list BTT on their platforms:
Gate.io offers three different market pairs, BTT/USDT, BTT/ETH, USDT/TRX for users to trade with.
Huobi Global offers four different market pairs, with traders able to choose from BTT/USDT, BTT/TRX, BTT/BTC, and BTT/ETH.
Where to buy BTT in Europe?
Traders who want to buy BitTorrent (BTT) in Europe have a wider selection of crypto exchanges to choose from, with these five offering a wide range of trading pairs
- Binance – With 9 different trading pairs available for BTT, this is the most versatile exchange with the best liquidity for those looking to buy Bittorrent (BTT)
- Huobi Global
Interestingly, Poloniex offers traders a BTT/USDJ trading pair, which is quite uncommon, as USDJ is a TRON-based stablecoin that goes by the name JustStable.
How BitTorrent Works
The new version of the popular file-sharing protocol, BitTorrent, connects the BitTorrent peer-to-peer network to the TRON blockchain, offering a revamped experience to its 100 million-plus users.
A new component of the application, BitTorrent Speed, improves the BitTorrent protocol for its users and torrent clients. BTT tokens can be used to place bids for faster downloads, enabling them to use more of the network’s bandwidth. Tokens are stored in a wallet built into the application and exchanged for TRON (TRX) coins in a decentralized exchange.
In addition to using BTT to increase download speeds, it can also prioritize user download queues, meaning that their requests will be processed ahead of other users.
History of BitTorrent
The BitTorrent protocol has been in operation for almost 19 years and predates bitcoin as one of the first truly decentralized, peer-to-peer internet-based applications.
In 2018, a partnership was formed between TRON and the owners of the BitTorrent protocol, which sought to rebuild its client to run on the TRON network. TRON is theoretically capable of performing 10,000 transactions per second, which would make it the perfect cryptocurrency network to handle a product with as much demand as BitTorrent.
The BTT crowd sale lasted for one day only, January 28th, 2019, which was immensely successful. Following the crowd sale (the biggest in the history of TRON-based tokens), the token was listed on several major exchanges, including Binance, OKEx, Bittrex, Huobi, and Bithumb. It opened for trading on February 1st, 2019, and by March, it had reached a market cap of $128 million, making it the most successful coin launch for the first quarter of 2019.