One of the first peer-to-peer file-sharing networks, BitTorrent, has its coin built on the TRON blockchain technology.
The idea is to create financial incentives that improve the rewards for active users. The token will also connect independent content providers with potential recipients, allowing BTT transactions. This is one of the first projects in crypto history.
How Did it Started?
Bram Cohen founded the BitTorrent network in 2001, one of the earliest decentralized file-sharing networks. As of today, it has 100 million active users. Torrent is the most typical BitTorrent client, accessible on several mainstream operating systems. Naturally, this option is controversial. Their main concern is with illegal content and cybercriminal operations. But BitTorrent is the clear leader in file sharing. The technology can also be for other creative ventures.
Tokenization of BitTorrent’s announcement was on December 3, 2018, by TRON developer Justin Sun. Ultimately, the idea was to implement the Atlas project’s assumptions, prioritizing full BitTorrent p2p network integration with TRON blockchain.
The ICO project itself was highly unique. On the TRON blockchain, the proposal was during the public auction of BTT coins. 59.8 billion BitTorrent tokens were sold. Each one is $0.00012. Deposits could only be from TRX and Binance Coin due to the new Binance Launchpad platform (BNB).
13 minutes 25 seconds – all tokens sold. The ICO would have ended in 1 minute, but investor interest was so high that technical issues arose on Binance Launchpad. Many participants either logged out or were unable to access their accounts during the activity. Users who could not purchase BTT had a compensation of 5,000 tokens via an airdrop. The ICO raised $7.2 million in total.
What is a BitTorrent token?
The fundamental premise of the project is to introduce a token economy to the BitTorrent network. User activity can have rewards this way. You can also sell your utility tokens for a profit.
The most unsolved BitTorrent network issue is engagement asymmetry. Most people only connect to the network when they need a specific file. If they get it, they stop using it because they see no need in expanding it. A result is a massive number of “dead” torrents and a much longer download time.
These are BTT tokens, a prize for the most active network users. Torrent Speed will download data faster. The TRON platform also impacts the project — it confirms BTT transactions in 15 seconds.
Because BTT tokens are ETH compatible, they may be saved in most operating wallets. Any application that supports BitTorrent networks can do this.
The Trust Wallet and Bitpie mobile wallets for Android and iOS support the BTT coin.
How is BitTorrent?
The BTT token trades on nine exchanges. He achieved the highest liquidity on Binance — over 50% of the daily volume. Upbit, OKEx, Bittrex, and Kucoin all support BitTorrent. This is one of the rare tokens that has appeared on so many exchanges so early in the ICO.
After the ICO, BTT gained much value in a few days. After eight days at 0.001243 and a market capitalization of USD 82 million, a 935 percent growth. This took place last week. The BitTorrent token rated 53rd according to CoinMarketCap.
February 5, 2018 – The BTT peak occurred eight days after the ICO. In just over a week, the increase was 935 percent. The BitTorrent token was also ranked 53 on CoinMarketCap.