CoinMarketCap takes a deep dive into BitTorrent Token (BTT), a TRC-10 utility token that supports decentralized protocols and applications.
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How Does BitTorrent Token (BTT) Work?
The BitTorrent protocol, developed by BitTorrent Inc., makes file sharing between untrustworthy parties easier. The protocol's fundamental shortcoming is that partnerships between parties utilizing it cannot go indefinitely, stifling the interchange.
Collaborations between untrustworthy parties can now last much longer because of blockchain technology. BitTorrent has the ecosystem and skills to integrate blockchain technology into its protocol.
This will enhance the protocol's current weakness while also allowing for the creation of a new borderless economy for trading value for computer resources on a global scale. TRON Foundation and BitTorrent Foundation are teaming up to launch a new cryptographic currency called BTT, as well as a more advanced version of the BitTorrent protocol. The token and the enhanced protocol will collaborate to create a token-based economy for networking, bandwidth, and storage.
The first step is to add token-based improvements to the existing BitTorrent protocol, which will allow network participants to capture the value of shared bandwidth.
BitTorrent Inc., which maintains the BitTorrent protocol, also invented BitTorrent and Torrent ("uTorrent"), two of the most prominent BitTorrent clients. Hundreds of autonomous clients have been created using the open protocol, and there is strong competition among the firms and individuals that maintain those clients.
Unique Features of BitTorrent Token (BTT)
BitTorrent swarms are plagued by architectural inadequacies, which usually result in swarm mortality or early degeneration. Due to an imbalance in upload/download speeds, files often finish downloading before a peer can upload an equivalent number of bytes. Once a downloading peer has downloaded the full file, there is no economic incentive to continue seeding the content to additional downloaders.
As a result, users abandon swarms without uploading all of the material they have downloaded, causing BitTorrent swarms to fail to persist as long as they should.
The team at BitTorrent Inc. is working on a new feature called BitTorrent Speed to solve this problem. This feature will allow peers to give cryptographic token incentives to each other in order to continue seeding files after the whole download is complete.
The innovation is essentially an overlay on top of the existing protocol that will allow existing BitTorrent swarm participants to trade tokens in exchange for ensuring that a file is available for download. BitTorrent Speed will be implemented into future BitTorrent and uTorrent clients that participate.
It will provide a new set of BitTorrent protocol extensions that will allow users to publicize their bids inside a swarm and trade BTT for continuous priority access to seeds. As a result, peers will opt to seed for longer periods of time, resulting in enhanced swarm lifetime and speedier download times for all swarm members.
The BitTorrent ecosystem's continuing growth will necessitate the synchronization of operations as well as the provision of incentives to a wide variety of current and future players. BTT incentive prizes will be available to BitTorrent client implementers, third-party software developers, and online publishers.
Millions of individuals will share their resources if they can do it safely and securely, governed by the norms of a protocol they trust, as demonstrated by the BitTorrent ecosystem.
BitTorrent Inc. wants to dramatically expand the universe of possible participants, either as service requesters, service providers, or both, by creating a system for value storage and exchange.
The BTT incentives will be used to advertise the BTT initiative to present potential participants, whether service providers, service requesters, or both. This entails identifying and introducing new application developers who are interested in helping with service requests or providing services.
The team also plans to govern the BTT ecosystem's membership and participation standards, with the overriding goal of creating a level playing field where everyone may engage equitably.
All users will receive integrated cryptographic token wallets as part of the introduction of new BTT-capable BitTorrent and Torrent software. The team also plans to pay particular attention to accessibility and usefulness because they will be distributing these wallets on a massive scale to mass-market end customers, not just bitcoin aficionados.
The widespread availability of BTT wallets, as predicted by this initiative, may open the door to new uses for the coin that are unrelated to BitTorrent technology and the BTT wallet creators anticipate that millions of users will amass minor amounts of BTT as a result of offering services. Unless these little values are pooled by service providers, they may not have considerable value.
Such consumers could search for other methods to spend their BTT outside planting incentives. The team plans to market this new option for users to earn and spend tokens in the near future, as well as pursue partnerships to help merchants adopt this new sort of micropayment method faster. Merchants that wish to aggregate and use tokens to pay for distributed infrastructure services to sustain their continuing services would benefit the most from this.
Use Cases Of BitTorrent (BTT)
Direct usage of the public TRON blockchain for all transactions is not possible due to the predicted traffic. BitTorrent Inc. will implement an "on-chain/off-chain exchange" to counter this issue. The exchange will allow tokens to be transferred between a private ledger with excellent performance and the public TRON blockchain.
How to Earn BitTorrent Token (BTT)?
Step 2: Start using the torrent software as usual. Download movies, games, files, and so on.
Step 3: When the torrent file(s) finish downloading, leave it in your torrent to start the seeding process. The more you seed the more you earn BTT tokens which will be reflected in your digital wallet.
BitTorrent Token (BTT) Tokenomics
The total and maximum token supply of BTT tokens is 990,000,000,000 while the current circulating supply is 990.00B BTT.
The token allocation of BTT is as follows:
- Public sale tokens - 6%
- Private sale tokens - 2%
- Seed sale tokens constitute - 9%
- Tron airdrop tokens - 10.1%
- BitTorrent protocol airdrop tokens - 10%
- BitTorrent Team and the BitTorrent Foundation - 19%
- TRON Foundation - 20%
- BitTorrent ecosystem - 19.9%
- Partnership tokens - 4%
BitTorrent Token (BTT) Price
BitTorrent Token (BTT) is now trading around $0.00265, as of Jan. 07, 2022. Its 24-hour trading volume on exchanges is around $235,392,723.
BitTorrent Token (BTT) Price Prediction and Future Outlook
Billions of users are using the μTorrent and BitTorrent apps on their digital devices through which they download movies, games, and literally everything that is not available on most platforms, free or paid. And with the induction of Web 3.0, where users can earn BTT tokens through seeding as explained above, it's highly probable that the use of these torrent apps will increase which will also increase the price of the BTT token.
Another aspect of Web 3.0, which is being considered as the future of the internet, is that other social media platforms, like Facebook and especially YouTube, which is considered as an indirect competitor of the torrents industry, are facing tough competition right now. This is because creating video and uploading it on YouTube provides users with very little revenue when compared with YouTube which takes the lion’s share of the money. This, however, is not the case with Web 3.0 applications, such as BitTorrent and many others, which reward a fair share of rewards to the end-user. So, if YouTube and other platforms continue to remain on Web 2.0, Web 3.0 applications such as BitTorrent may take over the internet very soon.
The price of the BTT token has increased more than 1,800% since its all-time low which stood at $0.00013814, two years ago. Since then the BTT token experienced a lot of popularity and made its all-time high of $0.0135 in April 2021. In the past week, the price of BTT was rallying and the charts appeared to be bullish, however, the current crash of Bitcoin has turned the tides for the entire crypto market including BitTorrent (BTT). This, however, appeared to be a short-term collapse as the BTT token is now recovering swiftly. Experts predict that the BTT token’s next target is set at $0.1 which is achievable considering its all-time high stands at $0.0135. Albeit this, the volatility of the cryptocurrency markets is at an all-time high and it is advised to invest only after consulting crypto experts and doing your own research.