BitTorrent

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Discover BitTorrent's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is BitTorrent?

BitTorrent (BTT) is a blockchain-based, peer-to-peer file-sharing protocol that rewards users for sharing bandwidth and storage space. It operates on the concept of mutual assistance, where users help each other download content by providing files and resources. The native token, BTT, is used to incentivize participation, purchase additional features like faster download speeds, and facilitate transactions within the network.

How is BitTorrent used?

BitTorrent (BTT) is used to facilitate and incentivize peer-to-peer file sharing and decentralized storage through its various applications and protocols. Here are some key ways BTT is utilized:

  1. File Sharing and Download Speed:

    • BitTorrent Speed: Users can pay BTT tokens to accelerate their download speeds by bidding for faster service from providers. This incentivizes providers to offer more bandwidth and storage, ensuring a healthier and more efficient file-sharing network.
  2. Decentralized Storage:

    • BitTorrent File System (BTFS): BTFS is a decentralized file storage system where hosts offer storage to earn BTT rewards, and renters consume that storage by paying BTT. This system addresses issues of centralization, cost, and trust inherent in traditional storage systems.
  3. Decentralized Applications:

  • DLive Protocol: Users can earn BTT tokens by watching live streams on this decentralized platform, which connects content producers with their audiences.
  1. Incentivizing Network Participation:

    • Token Rewards: Users who seed files longer and dedicate more bandwidth and storage to the network can earn BTT tokens, encouraging them to continue supporting the network.
  2. Payment and Compensation:

    • Micropayments: BTT tokens are used for micropayments between requesters and providers, ensuring that providers are compensated for their resources and services.
  3. Wallet Management:

  • Integrated Wallets: BitTorrent clients come with integrated wallets that allow users to store, send, and receive BTT tokens securely.

Overall, BTT plays a crucial role in maintaining a robust and decentralized file-sharing ecosystem by incentivizing users to participate and contribute to the network.

How do I store BitTorrent?

To store BitTorrent (BTT) tokens securely, you can follow these steps:

  1. Hardware Wallets:

    • Ledger Nano S: A popular and highly recommended hardware wallet for storing BTT tokens. It provides secure storage and protection against unauthorized access.
    • Ledger Nano X: Another option from Ledger, offering Bluetooth connectivity for managing your BTT tokens on the go.
  2. Software Wallets:

    • TronLink Wallet: A wallet specifically designed for TRC20 tokens like BTT. It allows for secure storage and staking of BTT tokens.
    • Exodus Wallet: Supports TRC20 BTT tokens and provides a user-friendly interface for managing your BTT assets.
  3. Integrated Wallets:

  • BitTorrent Client: The BitTorrent client itself has an integrated wallet that allows for secure storage of BTT tokens. This wallet is automatically enabled when you download or upgrade to a new version of BitTorrent or µTorrent Web.
  1. Marketplace Storage:

    • Binance: You can store your BTT tokens on Binance, but it is generally recommended to avoid storing large amounts on exchanges due to security concerns.
  2. Staking:

    • Sun.io: You can stake your BTT tokens on sun.io to earn additional tokens.

Remember to always prioritize security by using strong passwords, keeping your private keys safe, and avoiding unregulated exchanges.

How to buy BitTorrent?

To buy BitTorrent (BTT) tokens, follow these steps:

  1. Choose a Cryptocurrency Exchange:

    • Kraken: Create a free account, connect a funding method, and buy BTT from over 200 available cryptocurrencies.
    • Binance: Register, verify your account, and purchase BTT using various payment methods like credit cards, debit cards, or bank transfers.
    • KuCoin: Buy BTT by purchasing Tether (USDT) with USD and then exchanging it for BTT at market price.
    • Gate.io: Use a debit card, credit card, wire transfer, or Bitcoin to buy BTT.
    • Ledger: Buy BTT through exchange services using fiat currencies and then transfer it to a Ledger hardware wallet for secure storage.
  2. Verify Your Account:

    • Complete the registration process on the chosen exchange.
    • Verify your email address and identity as required by the exchange.
  3. Make a Deposit:

  • Fund your exchange account using your preferred payment method.
  1. Buy BitTorrent (BTT):

    • Use your deposited funds to purchase BTT.
  2. Store Your BTT:

    • Transfer your BTT to a secure hardware wallet like Ledger for long-term storage and management.

Remember to carefully consider your investment experience, financial situation, and risk tolerance before making any investment decisions.

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History of BitTorrent

BitTorrent, a communication protocol for peer-to-peer file sharing, was designed by Bram Cohen in April 2001 and first released on July 2, 2001. Cohen and Ashwin Navin founded BitTorrent, Inc. in 2004 to further develop the technology. Initially, the protocol relied on torrent files and trackers to facilitate file sharing, but in 2005, distributed tracking using distributed hash tables was introduced, allowing clients to exchange data directly without the need for a torrent file. Peer exchange functionality was added in 2006, enabling clients to add peers based on data found on connected nodes.

In 2018, the Tron Foundation, led by Justin Sun, acquired BitTorrent for $140 million. Following this acquisition, the BitTorrent token (BTT) was launched in February 2019 as a TRC-10 token on the Tron blockchain. The token was introduced to incentivize network participants and solve issues such as slow download speeds and the diminishing availability of files over time.

In January 2022, BitTorrent was converted to BitTorrent Chain (BTTC), and the old tokens were renamed BTTOLD. The new tokens are now called BTT. The project was upgraded to include new decentralized applications (DApps) such as BitTorrent Speed, BitTorrent File System, and BitTorrent DLive, which enable users to exchange bandwidth for BTT, store files on a decentralized file system, and run live streams on the blockchain network.

Today, BitTorrent is a blockchain-based file-sharing platform that rewards users for sharing their data, files, and bandwidth. It has become a significant player in the cryptocurrency market, with a large user base and a wide range of applications.

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How BitTorrent works

BitTorrent (BTT) is a peer-to-peer (P2P) file-sharing protocol that allows users to efficiently distribute and download large files over the internet. Here's how it works:

Key Components
  1. Seeders and Leechers:

    • Seeders: These are users who have a complete copy of the file and are sharing it with others. They are the primary source of the file.
    • Leechers: These are users who are downloading the file from seeders. As they download, they also start uploading the parts they have received to other leechers.
  2. File Division:

    • Large files are divided into smaller pieces, called "torrents," to facilitate simultaneous downloading from multiple sources.
  3. Swarm:

  • A group of peers (seeders and leechers) who are sharing the same file is called a "swarm." The more peers in the swarm, the faster the download speed.
BitTorrent Token (BTT)
  • BTT Speed:

    • BTT Speed is a feature that allows users to pay BTT tokens to seeders in exchange for faster download speeds. This incentivizes seeders to continue sharing files and maintain a healthy swarm.
  • Bidding System:

    • Seeders and leechers participate in a bidding system where leechers offer BTT tokens to seeders for priority access to the file pieces. This ensures that seeders are rewarded for their bandwidth and storage contributions.
BitTorrent File System (BTFS)
  • Decentralized Storage:
    • BTFS is a decentralized file storage system that allows users to store and share files in a peer-to-peer manner. It is supported by millions of BitTorrent user nodes and operates on the blockchain.
Earning BTT Tokens
  • Seeding:

    • Users can earn BTT tokens by seeding files. When a torrent file finishes downloading, the integrated wallet allows for secure storage of the earned BTT tokens.
  • Staking:

    • Users can also earn passive income by staking their BTT tokens with validators.
Platforms and Clients
  • BitTorrent and uTorrent:

    • BitTorrent and uTorrent are popular clients that support BTT Speed. They provide an easy-to-use interface for downloading and sharing files.
  • Web-Based Clients:

    • Web-based versions of BitTorrent and uTorrent are available, but they are not recommended for serious seeding due to limitations.
Security and Wallet Management
  • Wallet Setup:
    • Users need to set up a wallet to store and manage their BTT tokens. It is crucial to back up the keyphrase and keep an encrypted copy of the private key to avoid losing tokens.
Evolution and Impact
  • Acquisition by Tron:

    • BitTorrent was acquired by the Tron Foundation in 2019, leading to the development of the BTT token and integration with the Tron blockchain.
  • Decentralized File Sharing:

    • BitTorrent has established itself as a pioneer in decentralized technology, providing a faster and more efficient way of sharing large files online. The integration of blockchain technology has further enhanced the platform, making it more robust and user-friendly.
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BitTorrent's strengths

BitTorrent (BTT) has several strengths that contribute to its popularity and potential for growth:

  1. Peer-to-Peer (P2P) File Sharing: BitTorrent is a decentralized P2P file-sharing protocol that allows users to directly communicate and share files without relying on a central server. This approach increases the speed and efficiency of file transfers, making it a preferred choice for large file sharing.

  2. Faster Download Speeds: BitTorrent Speed, a feature of BitTorrent and µTorrent, enables users to pay BTT tokens to uploaders in exchange for faster download speeds. This incentivizes uploaders to seed files longer and dedicate more bandwidth and storage to the network, resulting in faster downloads.

  3. Decentralized Storage: BitTorrent File System (BTFS) is a decentralized storage system that addresses the limitations of traditional file storage systems, such as centralization and censorship. BTFS operates on the blockchain, ensuring a fair and abundant file system.

  1. Strong Technical Performance: BitTorrent (New) has a strong short-term technical score of 72 from InvestorsObserver, indicating that it has traded better than 72% of tokens based on recent trading patterns. This suggests that the token has a healthy recent trading history.

  2. Wide Availability: BTT is listed on several major exchanges, including Binance, Kraken, Bybit, and OKX, as well as decentralized exchanges like PancakeSwap v2 and Uniswap v2, making it easily accessible to traders.

  3. Large User Base: BitTorrent is the largest decentralized P2P communications protocol globally, with millions of user nodes supporting its decentralized file storage system.

These strengths position BitTorrent (BTT) as a robust and widely adopted decentralized file-sharing platform with a strong technical foundation and a large user base.

BitTorrent's risks

BitTorrent (BTT) carries several risks that investors should be aware of:

  1. Volatility: The cryptocurrency market is known for its high volatility, and BTT's value can fluctuate significantly. This means that the token's price can drop rapidly, resulting in significant losses for investors.

  2. Regulatory Uncertainties: BTT's success is closely tied to the adoption and usage of the BitTorrent network. However, regulatory challenges and potential competition from other decentralized file-sharing platforms could impact the long-term viability of BTT.

  3. Adoption and User Participation: While BitTorrent has a large user base, there is no guarantee that users will actively participate in the network and use BTT. If users do not adopt BTT, its value may not appreciate as expected.

  1. Competition: The decentralized file-sharing space is competitive, and BTT faces potential competition from other platforms. If these competitors gain more traction, it could negatively impact BTT's value.

  2. Reputation and Controversy: BitTorrent has historically been associated with copyright infringement, which could lead to regulatory scrutiny and negatively impact the token's value.

  3. Risk of Hacking and Malware: BitTorrent users are vulnerable to hacking and malware attacks, which could compromise the security of the network and the token.

  1. Market Manipulation: BTT's price can be manipulated by large investors or market actors, which could lead to significant price swings and losses for other investors.

Investors should carefully evaluate these risks and consider diversifying their portfolios to mitigate potential losses.

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Did BitTorrent raise funds?

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BitTorrent’s team

  • Justin Sun: Founder of TRON, who acquired BitTorrent in 2018 and introduced the BitTorrent Token (BTT) in 2019.
  • Bram Cohen: Co-founder of BitTorrent, Inc. and developer of the BitTorrent protocol.
  • Ashwin Navin: Co-founder of BitTorrent, Inc. and developer of the BitTorrent protocol.
  • David Harrison: Co-developer of the BitTorrent protocol.
  • Changpeng Zhao: Founder of Binance, who praised the BitTorrent Token (BTT) on Twitter.
  • Eric Klinker: Former CEO of BitTorrent, Inc. during the Great Recession.

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