The event that BTT tokens were "expensive like hot cakes" and sold out after only 15 minutes of the sale, created a global shock. So what is BitTorrent? What is special about this token that has created such an impressive record? Let's learn about this project with TraderH4 in the article below!
BitTorrent is a platform that allows sharing files and resources on a peer-to-peer network (P2P). BitTorrent's protocol allows content creators and viewers to connect with each other through the ecosystem's tokenomics mechanism built on TRON's blockchain. It is known that BitTorrent is capable of serving 100 million users, through a peer-to-peer network connection.
Initially, BitTorrent was an independent company, founded on September 22, 2014 by Bram Cohen and Ashwin Navin. However, in 2018 BitTorrent was acquired by TRON. BitTorrent under the young leader Justin Sun - the father of TRON, has made drastic changes.
Besides the young billionaire Justin Sun, there are other talented and experienced teams that have helped BitTorrent "change flesh". For example, Justin Knoll is a person with great experience, mainly responsible for initiatives and product promotion. Marcus Zhao is in charge of public chain management, used to be a well-known expert at Alibaba.
Justin Sun believes that BitTorrent's old mechanism, having to upload a file to the system if you want to download another file, will not keep users. They can completely delete the data file after getting the desired data.
However, issuing BTT tokens so that users can receive tokens every time they share data is completely different. Users who need data files others have, they have to pay to have, even pay more for greater bandwidth and faster download speeds. With this mechanism, everything will be more fair, both retaining users and having more file sources to maintain data on the network. Besides, the new mechanism also makes it easier for users to find and download the files they need faster.
So what role does BitTorrent's BTT token play and what are its characteristics?
BitTorrent Features
BitTorrent is an app with over 100 million users, but it's not blockchain in the first place. When blockchain technology is applied to BitTorrent BitTorrent, it is not just an application but also an ecosystem powered by the tokenomics economy. The BitTorrent ecosystem includes: BitTorrent Speed; BTT Token; BTT Operations.
The role of BTT token
Advantages of BitTorrent
Disadvantages of BitTorrent
Let's listen to the owner's answer, about why BitTorrent decided to use blockchain. According to Justin Sun, a representative of BitTorrent, the general psychology of internet users does not really want to use fiat (fiat money) to make payments for common goods or services. digital.
The previous structure of BitTorrent is still incomplete. Therefore, when expanding the network will face many difficulties. But these things can be completely overcome with blockchain technology.
According to Justin Sun, the developer team and project leaders easily see both the weaknesses and the potential for future development of BitTorrent. So, the Developer team created a platform built on Decentralized Web (decentralized web) for BitTorrent. As such, BitTorrent has become a bridge for sharers (creators) and users as well as individuals who contribute to the development of the ecosystem. Of course, the BTT token also plays a significant role in promoting the development of the project.
BTT is the utility token of the BitTorrent ecosystem. This token is the motivation for all members inside the network to join and contribute to the overall development of the ecosystem. BTT token uses the TRC-10 standard of the TRON platform.
Here are the cases where BTT tokens can be used.
Quarter 3/2018
Quarter 4/2018
Q1/2019
Q2/2019
Quarter 3/2019
Q4/2019
Q1/2020
According to an update on CoinMarketCap, at the time of writing, the BTT token is trading at a price of 0.000001674 USD with a total market capitalization of 1,555,627,757 USD.
Earn and own BTT tokens
Mining BTT tokens
You can completely participate in mining BTT tokens. This token is run on the TRON blockchain, so there is no need to use computer power like for BTC or ETH.
According to information on CoinMarketCap, BTT token is listed on 53 large and small international cryptocurrency exchanges such as Binance, Huobi Pro, OKX, Bybit...
BTT tokens can be stored on popular wallets such as Trust Wallet, MetaMask, Binance Chain Wallet or hot wallets on exchanges that have listed this token.
Obviously, the purpose of the token as well as the BitTorrent file sharing application is very practical. This shows that the price of this token will increase as the number of users of the BitTorrent application increases. In addition, BTT tokens are also shared through airdrop programs and reward seeders.
So in the future, the price of BTT tokens depends on them a lot. In general, in the immediate future, BTT is considered to be quite potential as the "pet" of Justin Sun. However, to invest successfully, you need to learn and update the project regularly, as well as learn about the evolution of the BTT token price in the market.
On BitTorrent, there will be 3 types of fees: TRXMarket transaction fees, trading fees on crypto exchanges, and deposit and withdrawal fees.
Currently, in the BitTorrent market, there are a number of direct competitors in the same segment such as Flixxo, LBRY, etc.
It is known that in 2018, the TRON Foundation acquired BitTorrent for $120 million.
BitTorrent ecosystem (BitTorrent ecosystem) consists of three main components: BTT token, BitTorrent speed, BTT operations.
The article on TraderH4 shared an overview and details about the BitTorrent project as well as the BTT token. Hopefully, through the article, readers have found a lot of important information, supporting the research process and making investment decisions. BitTorrent is evaluated as potential and is backed by young billionaire Justin Sun. Besides studying the project thoroughly, analyzing price action, investors must also adhere to the discipline as well as trading principles, to ensure the investment is successful.
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