. What is BitTorrent Token (BTT)? Here is the Crypto Currency BTT Coin in All Details – In this article, what is BitTorrent Token (BTT)? We will answer the question and try to present details about the project.
What is BitTorrent Token (BTT)?
BitTorrent, a peer-to-peer company by Bram Cohen in 2001, is a P2P protocol for transferring large files over the Internet. Among the file types, video games, TV shows, movies, programs, documents and much more can be transferred.
BitTorrent Token (BTT) is the token of the world’s largest torrent tracker. The venture’s ICO expired within 15 minutes, during which time $ 7 million was raised. In this article, we’ll give you some insight into what kind of project it is, the reason for its success, and how it will evolve further.
What is BitTorrent?
BitTorrent, a peer-to-peer company by Bram Cohen in 2001, is a P2P protocol for transferring large files over the Internet. Among the file types, video games, TV shows, movies, programs, documents and much more can be transferred. The project client is called μTorrent or Torrent Classic. μTorrent is used by more than 100 million users worldwide (with a peak of 170 million).
What is Project Atlas?
In the summer of 2018, the Tron Foundation bought blockchain startup BitTorrent for $ 140 million. According to Justin Sun, founder of the Tron Foundation, this acquisition was the first phase of their project Atlas. As part of this initiative, the company aims to:
To increase the speed of downloading / uploading files, introduce a mechanism that will encourage torrent tracker users to stay on the BitTorrent system for as long as possible. Testing service: BitTorrent Speed functionality in the μTorrent client.
Create a paid file storage service. For this purpose, permanent storage devices of user memory (HDD, SSD) will be used. As with file distribution, storage will be carried out using peer-to-peer protocols. The function is being tested and the name of this system is BitTorrent File System (BTFS).
Create a service to buy / sell content via a torrent tracker. Relates to standard purchases (movie purchases, rentals, downloads) and subscription and pay-per-view streaming content. Partially implemented in BitTorrent Now app and DLive TV streaming service.
What is BTT Token?
A cryptocurrency created to encourage participants in the system to perform useful actions and service transactions of a torrent tracker. The BTT token is launched based on the TRC-10 cryptographic token on top of the Tron blockchain (such as the ERC-20 token in the Ethereum blockchain network).
TRON (TRX) is a blockchain system for sharing content. Content can range from ordinary files (movies, programs) to items such as online games (swords, pets, in-game currency). One feature of TRON is that the blockchain allows you to exchange value instantly and with an insufficient commission, so even 10-cent transactions will be profitable.
How Does BitTorrent Token Work?
When you watch a video on YouTube, download a document from Google Drive, or download a web page (like this one), your smartphone or computer connects to the web server and downloads data directly from there. In this case, the connection speed is limited by the bandwidth of the server’s channel (channel capacity / number of devices connected to download content).
When using the BitTorrent protocol, the file is split into small pieces and each user downloads one such piece and then distributes it to other users. The exchange of file fragments occurs in parallel between all users of the system without the participation of the server. In this case, the speed depends on the number of users downloading / sharing the file. The more contributors there are and the wider the channels they have, the higher the download speed for each participant.
What Increases Speed?
The main problem with the BitTorrent protocol is that most users disconnect from the system after downloading the requested file (only 14% remain). This lowers the speed and makes it unstable. There are no such problems in systems with servers.
A “BitTorrent Speed” promotion mechanism was invented to solve the problem:
Users who want to prevent system members from disconnecting from their distribution can reward BTTs with tokens. For example, you can reserve 10 million BTT for your file distribution. The outbound traffic in this file will be distributed to everyone who has shared the file, in proportion to the total outgoing traffic in this file.
Users can earn a BitTorrent token by participating in others’ distributions. In principle, this can be called BTT mining not only because of the video card or processor, but also because of HDD, SSD and Internet channel bandwidth.
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