Of course, when it comes to the Cryptocurrency marketplace, BitTorrent Token (BTT) has been synonymous with digital online and the Internet. But do you know what it offers in terms of cloud computing technology? It’s all about tokenizing the world’s most extensive decentralized file-sharing protocol with BTT that initially revolutionized how large document files are seamlessly shared on the web.
BitTorrent, founded by Bram Cohen in 2004, introduced a unique protocol that breaks files into small fragments—at the same time, allowing users to download and upload different parts simultaneously. This approach enhances the overall speed and efficiency of file transfers. Now, in the digital age, where information sharing and file transfers have become increasingly prevalent.
Thus, the need for reliable and secure Peer-To-Peer (P2P) networks has grown significantly. BitTorrent, a leading P2P communication protocol, has emerged as a reliable solution that enables efficient file sharing among users worldwide. This article will explore how BitTorrent, specifically through its native Cryptocurrency, BitTorrent Token (BTT), ensures reliability in cloud sharing.
As well as how it helps in building trust within its Peer-To-Peer (P2P) network. In simple terms, BitTorrent is a project that has already blazed the trail regarding decentralized content-sharing, harking back to way before blockchain existed. Be that as it may, we all know that if you are into Bitcoin trading, you can only avoid scams by using a secure website or application platform.
Understanding The Ultimate Peer-To-Peer (P2P) Networks Capacity Power
Before delving into the vital approach of BitTorrent, it’s essential to understand the significance of P2P networks. By all means, note that a Peer-To-Peer (P2P) Network is one in which two or more PCs share files and access devices such as printers without requiring a separate server computer or server software. It is created when two or more PCs are connected and share resources.
More so, this often happens without going through a separate server computer. A P2P network can be an ad hoc connection—a couple of computers connected via a Universal Serial Bus to transfer files. Also, the P2P network can be a permanent infrastructure that links a half-dozen computers in a small office over copper wires. Sometimes, a P2P network can be on a much grander scale.
In most cases, unique protocols and applications set up direct relationships among users over the Internet. Unlike traditional client-server models, P2P networks distribute the workload across participating peers, creating a decentralized ecosystem. This decentralized nature brings numerous advantages, such as increased speed, scalability, and resilience to failure.
However, it also introduces challenges regarding trust and reliability, which BitTorrent effectively addresses through innovative mechanisms. In effect, every connected PC is a server and a client simultaneously. No particular network Operating System (OS) resides on a robust machine that supports special server-side applications like directory services (specialized databases access).
The Topmost Duties Empowered By BitTorrent And BitTorrent Token (BTT)
As mentioned, in a Peer-To-Peer (P2P) environment, access rights are governed by setting sharing permissions on individual machines. The trust-building mechanisms of BitTorrent (BTT) are indeed fostering reliability through its powerful Peer-To-Peer (P2P) Networks. BitTorrent expanded its capabilities in recent years by integrating blockchain technology and other elements (learn more below).
It also introduces its native Cryptocurrency capabilities in the marketplace through its BitTorrent Token (BTT) trading platform. By leveraging the TRON blockchain, BitTorrent brings additional features and incentives to its network, promoting trust and reliability among its users. The BitTorrent Protocol can be used to reduce the server and network impact of distributing large files.
Rather than downloading a file from a single source server, the BitTorrent protocol allows users to join a “swarm” of hosts to upload and download from each other simultaneously. BTT, a Crypto torrent token in BitTorrent Speed, powers a healthier BitTorrent protocol, allowing you to enjoy faster download speeds. BitTorrent Token (BTT) is a TRC-20 utility token based on the blockchain.
During its chain launch, its team said that BTT token users could become validators on the BitTorrent Chain network. They can also stake the tokens to gain rewards, participate in community governance, and pay for gas fees on DApps that use the blockchain. Still, third-party apps like DeBank and Gnosis Safe are compatible with BitTorrent Chain, adding new use cases to BTT.
The General BTT Tokenomics That Crypto Marketplace Investors Should Know
As mentioned, BitTorrent Token (BTT) is the primary Crypto Token of the BitTorrent Chain, which runs on a heterogenous cross-chain interoperability protocol. Be that as it may, it is the native blockchain technology of the popular peer-to-peer file exchange platform BitTorrent and works with multiple public blockchains like Ethereum, Tron, and BNB Chain.
The launch of BitTorrent Chain addressed most Cryptocurrency Trading problems with use cases of the legacy TRON-based BTT tokens, including limitations brought along by the relatively low total token supply. BitTorrent Chain facilitates up to 7,000 transactions per second (TPS), with an average transaction fee of less than $0.01 and a three-second confirmation time.
In reality, it’s worth mentioning that BTT has a total supply of 990 000 000 000. It’s currently trading at $0.000250 with a market cap of $53M while ranking at #81 by market cap. It has a 24-hour volume of $70M and a 212 116 500 000 circulating supply—with an all-time low of $0.000139 on March 13, 2020, and an all-time high of $0.0011861 on May 28, 2019 (Coinmarketcap).
How the coins are distributed:
- 20% went to the TRON foundation
- 19.9% went to BitTorrent’s ecosystem
- 19% went to the BitTorrent team and the BitTorrent foundation
- 17% was distributed to the public
- 10.1% went to Tron’s airdrop program
- 10% went to the BitTorrent airdrop program
- 4% remained as partnership tokens
In that case, it powers features of the most popular decentralized protocols and applications worldwide. With that in mind, some of the topmost Decentralized Applications (DApps) powered by BTT include BitTorrent Speed, BitTorrent File System, and others in the pipeline. Justin Sun’s Tron blockchain project aims to build a cost-effective, global, and digital content-sharing platform.
BitTorrent Peer-To-Peer (P2P) Network Mechanisms For Enhanced Reliability
One thing is for sure, with blockchain came all computing possibilities—from the ability to breed virtual cats to tracking things from source to end. It’s one blockchain project with a big vision—decentralizing the web. With Tron’s grand ambition to decentralize the internet and BitTorrent’s protocol, there couldn’t be a better match than the two. BitTorrent is one such innovative technology.
As mentioned, BitTorrent is a peer-to-peer communication protocol for transferring large files and data over the internet. Files can range from TV shows to movies, songs, video clips, etc. The protocol is so widely used that it accounts for 3.35% of the entire web. To use BitTorrent, senders and receivers use any Bitcoin client, e.g., uTorrent qBittorent, Deluge, Zunlei Thunder, etc.
BTT was created after Justin Sun, founder of the Tron Blockchain and Cryptocurrency, purchased BitTorrent. And as Sun said in one press release that he had: “In one giant leap, we can introduce blockchain to hundreds of millions of users around the world and empower a new generation of content creators with the tools to distribute their content directly to others on the web.”
After the BTT token was announced, many users questioned its necessity since BitTorrent has existed for a long time, and users can use the protocol without needing an asset token. Realistically, the BitTorrent peer-to-peer network employs several strategies to ensure reliable file transfers and establish trust within its network. Let’s explore some fundamental mechanisms:
1. Limitless Files Download
First, BitTorrent users can now pay for faster download speeds—with the BitTorrent Token (BTT). Anyone can download files using the BitTorrent protocol for free through any of its clients. This will not change after BTT. The only difference is the token will incentivize individuals to share more data. This will work through users paying BTT to hosts to get faster download speeds. The idea is that this incentivizing mechanism will help improve the overall efficiency of the BTT protocol: faster speeds, higher quality, and enhanced content. This will improve the experience of everyone involved.
2. File Integrity Verification
BitTorrent utilizes a hashing algorithm to verify the integrity of files during the transfer process. Before downloading a file, users can compare the hash value provided by the original uploader with the computed hash of the received data. This ensures that the file has not been tampered with or corrupted during transmission, enhancing trust among users.
3. Seeder And Leecher Ratio
In BitTorrent, users are classified as seeders or leechers. Seeders are users who have downloaded and continue uploading the complete file to others. Leechers, on the other hand, are users who are still in the process of downloading. BitTorrent incentivizes users to become seeders by prioritizing faster download speeds for those who contribute more to the network. This mechanism encourages the availability and longevity of files, improving reliability for all participants.
4. Distributed File Storage
BitTorrent incorporates a distributed file storage system, where files are not solely reliant on a single server. Instead, the file fragments are stored across multiple seeders and leechers participating in the network. This redundancy mitigates the risk of data loss and ensures the availability of files even if some peers disconnect. Consequently, users can trust that files will remain accessible over extended periods.
5. Priority Access Capabilities
Another use of BitTorrent Token (BTT) is that users can purchase priority access to hosts. You can buy faster and better-tailored services instead of being lumped with other users. Moreover, you get continued access to files and the use of others’ resources in the network. This matters since, usually, a user has no incentive to continue hosting a file after download. But with the BTT token in play, they can keep hosting the file on the network. In this YouTube Video, you can check out Sun’s explanation for more details on the usability of the BitTorrent Token (BTT).
Get Faster Download Speeds And BitTorrent Token (BTT) Rewards Using BTFS
First, BitTorrent File System (BTFS) is a protocol and network implementation that provides a p2p mechanism for storing and sharing digital content in a decentralized filing system. Of course, remember that traditional file storage systems have many disadvantages, including centralization or control by a single entity, the ability for governments to censor, higher costs, and low fault tolerance.
Secondly, BTFS is a decentralized file storage system supported by millions of BitTorrent user nodes. By running on the blockchain, which has a Delegated Proof of Stake method of processing blockchain transactions, BTFS addresses these limitations. BTFS represents the first decentralized storage system that can be used by creative Decentralized Application (DApp) developers.
Equally important, as the first scalable decentralized storage system, the BitTorrent File System is a foundational platform for decentralized applications. Soon, BTT will be introduced into the BTFS Ecosystem (with time) to incentivize a fair and abundant file system. For BTFS to work effectively as intended, five fundamental components often empower the BitTorrent rewards system.
These rewards system components are as follows:
- The BTFS network is the next generation of decentralized storage systems.
- TRON network is one of the world’s most important blockchain & DApp platforms.
- The BitTorrent network brings 100 million decentralized users through many client products.
- TronGrid services one of the most important gateways connecting the components of the ecosystem.
- Finally, BTT will introduce native token economics into the BTFS ecosystem, ensuring a fair, practical, and efficient system.
In addition, it’s also worth mentioning that BTFS Gateway is an ecosystem based on the Tron network and the BTFS decentralized network. As a result, anyone can access files already stored on the BTFS network through the BTFS gateway. The operation is straightforward and can be found with one click on Google Chrome. You can download it here to see it in full action in real time.
Ways That BitTorrent Token (BTT) P2P Mechanisms Help In Cloud Computing
With the introduction of BitTorrent Token (BTT), BitTorrent enhances its network’s reliability and incentivizes active participation. The BTT mechanism serves as a utility token, facilitating various functions within the ecosystem. To enumerate, the working of BitTorrent can be explained using the terminologies’ seeds’ and “leeches.’ On the one hand, seeds are the people who host files or ‘torrents.’
On the other hand, seeds usually break down the files into several pieces so users can download them faster. Anytime you’re downloading a file from a BitTorrent client, you receive different pieces of the file from multiple hosts or seeds. After you download a file, you’re encouraged to become a seed to promote the network. When you opt not to seed, you earn the title of a leech.
Above is a sneak peek of how BitTorrent BTT trades in today’s marketplace (see more here). Often, its protocol relies on more people becoming seeds, so leeching is frowned upon. In other words, BTT is among the Crypto Tokens that run on the Tron Network, much like how ERC-20 tokens on Ethereum’s blockchain. The token is used to power file sharing through the BitTorrent protocol.
For your information, this white paper states that BTT acts as a general-purpose digital-based transaction mechanism. Especially in cloud computing technology resources shared between BitTorrent clients and a liquid market of service requestors and providers. With that in mind, let’s explore some practical ways BitTorrent Token (BTT) helps promote reliability and trustworthiness:
1. Incentivizing BitTorrent Seeders
Before venturing into blockchain, BitTorrent was known as one of the world’s most extensive distributed networks for P2P file-sharing. It’s over two billion users and 100 million monthly average users. Later, the service became famous for its standard large file transfer solution, accounting for a substantial amount of web traffic in 2019 (2.46% downstream and 27.58% upstream traffic).
In December 2021, BitTorrent launched its native blockchain BitTorrent Chain. As part of this launch, its team implemented a redenomination plan, through which users trade their old BTT tokens on the TRON network in exchange for new ones on BitTorrent Chain at a 1:1000 ratio. As a result, this increased the total supply of BTT tokens from the original 990 billion to 990 trillion.
The new BTT tokens retain the BTT name, while the legacy BTT tokens have been renamed BTTOLD. Suffice it to say that the BitTorrent team claims that its chain diversifies the BitTorrent ecosystem with expanded use cases. In effect, payments on BitTorrent Speed and many other parts of the ecosystem are now made using the BTT tokens powered by its project’s blockchain.
2. Faster BTT Downloads Speed
Created by programmer Cohen, BitTorrent is used by 170 million people monthly. BTT rewards seeders for their contribution to the network. Seeders receive BTT tokens based on the amount of data they upload and the duration of their seeding activity. This incentivizes users to remain active seeders, ensuring a steady supply of files and maintaining reliability within the network.
BitTorrent introduced BTT Speed, which allows users to prioritize and accelerate their downloads by spending BTT tokens. Users can enhance their download speeds by utilizing BTT Speed, promoting a more efficient and reliable file transfer experience. Notably, the original version of BTT was created on the TRON blockchain as a TRC10 token, which was a big breakthrough.
For one thing, this token is mainly used to incentivize the use of BitTorrent Speed. Eventually, this offers downloaders the chance to pay BTT in exchange for faster download speeds. This compensation method also rewards uploaders with BTT for seeding files for extended periods. At the same time, it devotes more of its user’s bandwidth and storage to its torrent network clients.
3. Decentralized BTT Live Storage
Traditional file storage systems have many inherent disadvantages, such as centralized trust, overarching control by a single authority or organization, the ability of governments to impose censorship, high cost, lock-in effect, and low fault tolerance. For this and other reasons, BitTorrent is developing BTT Live, a decentralized streaming platform that leverages BTT tokens.
Technically, BitTorrent BTT Live is a unique storage platform that empowers content creators by providing a censorship-resistant and transparent environment. By utilizing blockchain technology, BTT Live ensures the reliability and integrity of content distribution. Not forgetting, at the same time, it helps foster trust among creators and consumers.
Furthermore, BitTorrent’s extension with BTT was designed to make it a more dispersed network, compensating providers while enhancing the efficiency of distributing considerable files to lessen server and network impact. In addition, a requester may also exchange BTT tokens for local resources, such as bandwidth to receive content or storage for remote backup.
4. Endless Marketplace Exchanges
Generally speaking, BitTorrent is, at its heart, software that links people to its network to calculate file-sharing requests. Transactions begin when a user requests files from providers storing them on their machine. In most cases, providers who host files can easily divide them into sections. Requesters will receive fragments from several providers if requesters want to download the file.
The BTT token serves as this blockchain’s native token and is one of the two Crypto Tokens offered by BitTorrent; the other Crypto token is BTTOLD. Technically, you can easily and quickly buy BTT from endless exchanges, including Binance, Huobi, Cat—Ex, CoinEX, UpBit, Bithumb, Poloniex, etc. Some deals will allow you to buy the token with Fiat Currency, or rather, fiat money.
While in others, it’s only available in business exchanges for Cryptos such as BTC, BNB, ETH, XRP, etc. After all, most Crypto miners, traders, enthusiasts, and investing communities have to wait and see how this one plays out.
5. A Military-Grade Security System
In general, BitTorrent Chain supports interoperability with Ethereum, TRON, and BNB Chain networks, making it possible for BTT’s native blockchain to bridge with Decentralized Finance (DeFi) services from the three networks. While BitTorrent Chain is the leading blockchain for BitTorrent, the platform still uses TRON’s Smart Contracts for various services and solutions.
Such as the BitTorrent File System (BTFS) file storage protocol. BTFS, which accepts BTTOLD tokens, functions similarly to other decentralized cloud storage solutions. Still, since BTT is a TRC token, you can store it in any wallet that supports TRX. Some popular options include Bitpie, Ledger, Atomic, Exodus, Math, Hoo, etc. You can find the complete list of wallet choices for more.
Bram Cohen, an American programmer, is the brain behind BitTorrent. As such, he created the BTT protocol in 2001, releasing an updated version in 2013. In June 2018, Tron founder Justin Sun bought it for $120 million in its bid to expand Project Atlas—an initiative by the Tron project to decentralize the internet with the power of blockchain. After the deal, BitTorrent soon did an IEO.
Its Initial Exchange Offering (IEO) was made possible through Binance’s Launchpad program, raising $7.2 million in a record 15 minutes. The BTT token will tokenize the already successful BitTorrent network and, in so doing, improve its functionality in several ways. Some may see the whole thing as an attempt to reinvent the wheel. We think it’s a fresh idea—below are the free links to get it!
Overall, BitTorrent has emerged as a robust and trustworthy peer-to-peer network, enabling efficient file sharing across the globe. Its innovative protocol and integration with BitTorrent Tokens help ensure performance reliability and build trust within its network. It allows leveraging mechanisms such as file integrity verification, seeder and leecher ratios, and distributed file storage.
As such, BitTorrent promotes a reliable and resilient file transfer experience. It has also been introducing BTT, incentivizes active participation, and provides users with enhanced features, further strengthening trust in the network. It’s, therefore, worth mentioning that as the digital landscape evolves, BitTorrent remains at the forefront of secure and efficient peer-to-peer file sharing.