The TRON Foundation and the BitTorrent Foundation are launching a new cryptographic token called BTT and an updated version of the BTT protocol to facilitate a token-based economy based on the utilisation of networking, bandwidth, and storage on hundreds of millions of computers connected to the internet. The first step is to implement token-based improvements to the present BitTorrent protocol, which will allow network participants to capture the value of sharing bandwidth and storage even after the protocol stops placing value on it.
- BitTorrent is a decentralised peer-to-peer file-sharing technology that enables users to upload, download, and exchange data and files across the internet.
- The Tron blockchain serves as the foundation for the BTT cryptocurrency, which is then put to use in the BTT-enabled ecosystem to pay for various services.
- Some examples of decentralised applications (DApps) that are currently powered by the BTT are BitTorrent Speed, BitTorrent File System, and DLive.
- Based on its current live market capitalization of $953 million, BTT is now ranked #57 on CoinMarketCap. The total amount of BTT coins now in circulation is 990,000,000,000.
Long-term, we hope to enable consumers to continuously extract minuscule amounts of value from their devices by allowing others to make use of their spare resources and to expand the use of BitTorrent far beyond its current use cases, which include providing a distributed infrastructure platform to third-party app developers.
BitTorrent is a decentralised peer-to-peer file-sharing platform that makes it possible to share files and data online
BitTorrent, created by Bram Cohen in 2001, was a groundbreaking innovation in the field of distributed communication. It’s a peer-to-peer protocol, so there’s no relying on a centralised server to move those massive, in-demand files around.
Relying less on any one single point of failure, the BitTorrent protocol allows client software endpoints (“clients”) to work together to reliably distribute huge files simultaneously to several clients (such as a server connection).To do this, it attempts to equitably distribute peer-to-peer content distribution across all clients by making good use of each client’s upload and download capacity. Either peers “broadcast” their availability to a tracker, a server that maintains track of which peers have which files accessible, or peers search for each other using the DHT, a decentralised database of peers.
This mechanism automatically divides all peers into smaller groups called “swarms,” whereby all members have a shared interest in trading bits of the same file. Information is divided into sections before an exchange occurs. Users that have certain parts of a file can upload them for those who require them, and vice versa, thanks to clients that publicise the parts their user has accessible. The info hashes (cryptographic hashes) of the pieces are used to ensure that the parts being distributed are the ones that were requested.
An exchange between peers is seen more fruitful when the sender obtains a greater number of responses from the recipient. Clients who have exchanged pieces with the most success are rewarded with more pieces, while those who have exchanged the fewest are devalued, disconnected, or blacklisted. A user who has finished downloading anything is said to be “seeding” if they let their client to keep uploading bits even if they no longer require any download in return. In most cases, clients will automatically “seed” to other downloaders. But this is a completely selfless deed. It doesn’t cost anything for consumers to exit the BitTorrent client after their download is complete.
BITTORRENT WHITEPAPER – TOKENOMICS
Market capitalization-wise, BTT is now at $953 million, placing it at #57 on CoinMarketCap. 990,000,000,000,000 BTTOLD coins are now in circulation.
BitTorrent Inc.’s goal in creating a platform for storing and exchanging value is to attract a much larger group of people who may use the platform as service consumers, service producers, or both. In the not-too-distant future, BTT can be used in smart-contract based asset custody systems and in crowdfunding.
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Here is how the BTT tokens will be allocated:
- For all Tokens sold to the public, the sales tax is 6%.
- Tokens for private sale, 2%
- In the seed sale tokens make up – 9 %
- Tokens for Tron distributed via airdrop: 10.1%
- Tokens for the BitTorrent protocol, 10% airdrop
- The BitTorrent Group (21%); the BitTorrent Foundation (21%);
- Charitable Donations to the TRON Foundation: 20%
- 19.1% of the total ecosystem is based on BitTorrent.
- Tokens for the Partnership: 4%
BITTORRENT WHITEPAPER SUMMARY (ROADMAP & VISION)
Some of the problems with conventional methods of storing data include that they need an excessive amount of faith in a central authority or organisation, may be easily censored by governments, are expensive, inconvenient, and prone to lock-in, and have a low failure tolerance. Because of this, BitTorrent developed the BTFS (BitTorrent File System) after being bought by Tron.
The BitTorrent File System (BTFS) is a decentralised file storage solution designed for web 3.0 applications. It’s a globally distributed, highly secure, and decentralised alternative to conventional centralised storage methods. The BTT ‘incentivisation’ system is predicated on a decentralised peer-to-peer network that facilitates global file sharing and transmission.
Since being purchased by Tron, BTT has reached the following major benchmarks:
- In the twenty-first century, BTT was included in the initial release of BTFS.
- Quarter four of 2021 saw the release of BTFS 2.0, alongside the introduction of the Node Management Tool and an improvement to the distributed payment infrastructure.
- New, more user-friendly BTFS website with enhanced gateway and SDK stability was released in Q1 2022.
- By the end of the second quarter of 2022, they want to have implemented more blockchain system integration, launched multi-chain capabilities of BTFS, and implemented decentralised governance.