What Is BitTorrent (BTTC)?
Throughout the 2000s, P2P platforms like BitTorrent were a popular method of downloading music and movies from the Internet at no charge. However, users sometimes encountered a significant time commitment when finding and downloading their desired content. This was due to a lack of incentives for users to keep sharing files with the network once they had access to the files they sought.
What Is BitTorrent?
In 2001, at the dawn of widespread Internet usage, BitTorrent revolutionized how users access large files, such as entertainment media or data, by introducing one of the most popular P2P platforms for file sharing. To this day, it remains one of the most successful and well-established methods of downloading content.
In 2018, BitTorrent was taken over by the Tron Foundation. The platform was then rebooted as a decentralized P2P system functioning on the Tron blockchain, which had new features and incorporated a TRC-10 token, known as BitTorrent (BTTC), to reward its members.
How Does BitTorrent Work?
In 2001, Bram Cohen and David Harrison created the first BitTorrent platform, allowing Internet users to easily exchange digital media such as movies, music, and more. Rather than using a single server to store content, BitTorrent uses a peer-to-peer system – the files and data are distributed across users' computers. When someone downloads a file, they acquire pieces of the file (or "torrent") from multiple sources within the network and then have the ability to remain connected and "seed" the file to others.
To increase the speed of file transfers over its network, BitTorrent upgraded its protocol to integrate BTTC, a native cryptocurrency. With this upgrade, users downloading a file could become seeders, allowing quicker download speeds due to more seeders supporting the file. However, users often disconnected from the network without incentive after acquiring the file. The addition of BTTC as a reward for seeding makes it more profitable for users to remain connected and provide support for the file.
BitTorrent Speed leverages blockchain technology to provide faster downloads through an incentive system. Service requesters can request a file by submitting a bid specifying the amount of BTTC tokens they will pay to those seeding the file. If the bid is accepted, the requester must transfer the agreed-upon amount of BTTC into a payment channel on the Tron blockchain. The BTTC tokens will be credited to the service providers once the file is delivered, with the transaction being recorded on the Tron blockchain.
BitTorrent Speed incentivizes users to continue seeding files by using BTTC, which improves file-sharing efficiency and speeds up the download process. This benefits not only those using BitTorrent Speed but also those still utilizing the free BitTorrent client to download files from other peers since there will be more files readily available on the P2P network.
BTFS (BitTorrent File System)
BitTorrent File System (BTFS) is a decentralized, P2P file storage system envisioned by BitTorrent, in addition to its popular file-sharing service. BTFS aims to provide a cost-efficient, censorship-resistant alternative to traditional centralized cloud storage solutions capable of scaling.
On the BTFS network, millions of nodes are present, consisting of both renters and hosts. Renters use the network to store data, while hosts provide idle disk space in exchange for BTTC rewards. Data stored on BTFS is split into various parts and spread across many hosts to ensure its reliability and privacy. Through powerful encryption techniques and helpful file repair features, BTFS ensures that users can always gain speedy access to their stored data without compromise.
In 2020, BitTorrent obtained DLive, a blockchain live-streaming platform based upon a community, to provide more decentralized services in its BitTorrent ecosystem. Different from typical platforms, viewers and creators are rewarded for their involvement in the platform. People who watch, chat, gift, and share content can also get BTTC rewards. Moreover, the BTTC can be staked to obtain more rewards and unlock premium services on DLive.
BTTC is a crypto asset powered by the TRC-10 blockchain technology and deployed in the BitTorrent ecosystem. A total of 990 billion BTTC tokens are created to fuel an economy built on the BitTorrent network, facilitating transactions around exchanging network and storage resources.
BTTC can be utilized as payment for P2P services on the network, such as paying for decentralized storage, bidding for file downloads, and rewarding service providers. Additionally, BitTorrent plans to extend the usage of BTTC to other use cases, including crowdfunding new content production, buying downloadable materials from creators, and using BTTC tips to reward live-streaming content on DLive.
BitTorrent is bringing blockchain technology and cryptocurrency to the P2P file-sharing platform, aiming to create decentralized, cost-efficient alternatives to traditional file-sharing. Looking to the future, the BitTorrent team is expanding the capabilities of the BTTC token and offering support for developers to launch DApps with file sharing and storage options – a welcome opportunity for those looking to create their applications.