The price BitTorrent today is 0.003989 USD, and the trading volume in 24 hours - 256,617,514 USD. The crypto asset has grown by -1.53% over the day. Currently, the coin’s market capitalization is 2,632,551,021 USD, and has 659,952,625,000 coins in circulation with the max supply of 106,198,216 coins BTT.
What is BitTorrent? (BTT)
BitTorrent captured the hearts of many music and film enthusiasts in the early 2000s when it launched software that made it easier to share files over a peer-to-peer network.
Instead of uploading files to a single server, users join a network of computers that have software installed that allows them to share files and data with each other.
But in the years that followed, BitTorrent struggled to monetize its hugely popular service. To this end, in 2018, BitTorrent was acquired by the Tron Foundation, the creators of the Tron blockchain. The new ownership then introduced the BitTorrent token cryptocurrency, BTT, to help expand the protocol and encourage network participants.
With the BTT token, the BitTorrent team hopes to add incentives for torrents and address issues such as slow download speeds and reduced file availability over time.
Thus, BTT coins are bought and spent by those who request files or wish to increase download speeds, while providers must receive and sell BTT to be compensated for file sharing on their systems.
Who created BitTorrent?
BitTorrent was originally released in 2001 by developers Brad Cohen and David Harrison. The Tron Foundation, led by Justin Sun, acquired the BitTorrent Foundation in 2018.
Following the acquisition, the BTT token was publicly introduced by the BitTorrent team in 2019 as part of an initial coin offering (ICO). As a result of the sale, 6 percent of the total BTT offer was issued for the equivalent of approximately $ 7.2 million.
In addition to selling tokens, BitTorrent has allocated tokens to the TRON Foundation, BitTorrent Foundation, airdrops, partnerships, and the BitTorrent ecosystem.
What makes the BitTorrent Token unique?
At its core, BitTorrent is software that connects parties accessing its network to handle file sharing requests. Transactions start when a user requests files from vendors that host the files on their computer.
The providers that host the file split it into several parts. If requesters wish to download the specified file, they receive parts of the same file from multiple vendors.
The expansion of BitTorrent with BTT was aimed at making it a more distributed network, compensating providers while increasing the efficiency of sharing large files to reduce the impact on the server and network.
The requester can also offer BTT tokens to the provider in exchange for local resources, such as bandwidth to receive content or storage for remote backup.
How many BitTorrent tokens are in circulation?
As the official bittorren document indicates, the total offer is 990,000,000,000 BTT. 6% of this amount was available for public token sale, 2% for private token sale and 9% for seed sale.
To date, there are more than 989 billion BTT coins in circulation.
How is the BitTorrent network protected?
Although BitTorrent's file transactions are facilitated by its software, the network relies on the Tron blockchain to keep a record of all BTT transactions.
Once the bid is agreed between the requester and the service providers, a payment channel is created on Tron to facilitate the micropayments required for each provider, based on a portion of the file they shared.
After the service is completed, these micropayments are combined, calculated and registered in the Tron blockchain.
The BitTorrent network also uses a set of Tron smart contracts to create various decentralized applications (dapps) designed to improve its services.
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