What is BitTorrent (BTT)? Detailed overview of BTT token

• What is BitTorrent (BTT)?
• Who founded BitTorrent (BTT)
• How BitTorrent (BTT) works
• Features and roles of BTT
• Pros and Cons of BitTorrent (BTT)
• Why did BitTorrent (BTT) decide to use blockchain?
• Detailed introduction of BTT token
• What is BTT token?
• Use case of BTT token
• Detailed information about BTT token
• BTT token allocation schedule
• BTT token project development roadmap
• What is the current rate of BTT token?
• How to earn and own BTT tokens
• The best BTT token exchange and storage wallet today
• Future of BitTorrent (BTT), should invest in BTT token or not?
• Frequently asked questions
• summary

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!

What is BitTorrent (BTT)?

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. 

Who founded BitTorrent (BTT)?

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. 

How BitTorrent (BTT) works

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.

Features and roles of BTT 

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 

• Use as a cost when you want to download data at a fast speed.
• Use as a tip for livestream videos that users find interesting and want to support.
• A means of payment when you want to buy or download digital content (digital assets).
• Raise funds to support, reward or Airdrop for BTT token holders. 

Pros and Cons of BitTorrent (BTT)

Advantages of BitTorrent

• BitTorrent is an established, established P2P file sharing platform with over 100 million users. So when combined with blockchain, BitTorrent becomes more perfect.
• The project is supported by a strong team behind (Justin Sun of TRON and experienced Developer team). 
• The practical application of BitTorrent is very high and widely recognized. 
• Not only individual users, but also large companies and government organizations choose BitTorrent. 

Disadvantages of BitTorrent

• Still have copyright issues (users can freely share files, without copyright). 
• Like many other Altcoins, the BTT token is also highly volatile and is generally influenced by the cryptocurrency market. 
• The allocation of BTT tokens is not appreciated because it is not yet decentralized. BTT is not a deflation token yet.

Why did BitTorrent (BTT) decide to use blockchain?

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.

Detailed introduction of BTT token

What is BTT token?

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.

Use case of BTT token

Here are the cases where BTT tokens can be used.

• A developer releases, introduces a new application or service in the BitTorrent ecosystem. 
• Users use it as a means of payment when they want to buy or download digital assets and contents from the system.
• Users can completely use BTT token to download data faster.
• Use as a bonus to support livestream videos.
• Raise funds as a morale booster for content creators.
• Used as a bonus for seeders when they actively contribute to the development of the system by seeding, sharing with the community.
• Use as a means of monthly recurring Airdrop for BTT token holders.

Detailed information about BTT token

• Token name: BitTorrent token
• Ticker: BTT
• Blockchain: TRON blockchain platform
• Issuer: TF5Bn4cJCT6GVeUgyCN4rBhDg42KBrpAjg
• Precision: 6
• Token standard: TRC-10
• Token type: Utility token
• Total supply: 990,000,000,000 BTT
• Circulating supply: 929,275.16B BTT

Allocate BTT tokens

• Public sale: 6%
• Private sale: 2%
• Seed round: 9%
• TRON airdrop: 10.1%
• BitTorrent protocol airdrop: 10%
• Team, the BitTorrent foundation: 19%
• TRON foundation: 20%
• BitTorrent ecosystem: 19.9%
• Partnership: 4%

BitTorrent project development roadmap

Quarter 3/2018

• Implement client side API.
• Implement wallet/bidding engine API.
• Create a WIN32 “Shell” application.
• Build Win32 Application in Jenkins w/ Unit Tests.
• Build BTInstaller.

Quarter 4/2018

• Initial onboard features and navigation items in torrent client.
• Generate an ECDSA secp256k1 key pair for the ledger address/account.
• Create a basic wallet interface that displays balance information.

Q1/2019

• Issue TRC-10 BTT tokens.
• Share the Wallet UI for the test team.
• Complete swarm analysis framework.
• Complete on-chain/off-chain transaction server development.

Q2/2019

• Completing the Wallet UI launch for the stable client.
• Expose Wallet with on-chain/off-chain trading for an early access pool
• Complete BTT airdrop for BitTorrent protocol with over 100 million users.
• Conduct internal testing of BitTorrent livestream platform.
• Create new function utorrent Web, can choose download folder when adding torrent to uTorrent Web.

Quarter 3/2019

• Publish BEP related to BTT and token of BitTorrent protocol.
• Added wallet support for TRX and any TRC-10 or TRC-20 tokens.
• Launch of BLive beta.
• Launching utorrent for MAC users.
• Launching live stream application testnet (internal).

Q4/2019

• Released BitTorrent Speed ​​v2.2.1.
• BitTorrent Speed ​​added to uTorrent Windows Client (for new installations).

Q1/2020

• Update BTFS.

What is the current rate of BTT token?

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.

How to earn and own BTT tokens

Earn and own BTT tokens 

• Buy BTT tokens directly on exchanges: Binance, Bybit, KuCoin, Huobi Global, OKX, Gate io…
• Become seeders to contribute resources and bandwidth to BitTorrent's ecosystem to receive reward tokens.
• Hold BTT token or TRX token to receive more BTT token when conducting airdrop.

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.

The best BTT token exchange and storage wallet today

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.

Future of BitTorrent (BTT), should invest in BTT token or not?

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. 

Frequently asked questions

• What fees are there on BitTorrent?

On BitTorrent, there will be 3 types of fees: TRXMarket transaction fees, trading fees on crypto exchanges, and deposit and withdrawal fees.

• Are there any BitTorrent competitors in the market?

Currently, in the BitTorrent market, there are a number of direct competitors in the same segment such as Flixxo, LBRY, etc.

• In what year and how much did the TRON Foundation acquire BitTorrent?

It is known that in 2018, the TRON Foundation acquired BitTorrent for $120 million.

• What components does the BitTorrent ecosystem consist of?

BitTorrent ecosystem (BitTorrent ecosystem) consists of three main components: BTT token, BitTorrent speed, BTT operations.

summary 

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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