What is BitTorrent (BTTC)

What is BitTorrent (BTTC)

BitTorrent (BTTC) is one of the largest decentralized peer—to-peer (P2P) file sharing platforms. It runs on the Tron blockchain and uses the BTC utility token of the TRC-10 standard. BTTC motivates network users to provide their local computer resources to ensure high download speeds and reliable decentralized storage. The BitTorrent ecosystem also includes a live broadcast platform where content creators and viewers can earn and add BTTC rewards to the staking.

Introduction

In the 2000s, music and movies were often downloaded for free using peer-to-peer (P2P) platforms such as BitTorrent. Although it was very popular, visitors had to spend a lot of time searching and downloading content, since most users had no incentive to continue sharing files after receiving content.

What is BitTorrent

BitTorrent is one of the largest and longest—existing P2P platforms for data and file exchange. It appeared in 2001, when the Internet was just beginning to gain momentum, and radically changed the ways of downloading and receiving entertainment content and other large files and data.

In 2018, BitTorrent was acquired by the Tron Foundation. She turned BitTorrent into a decentralized P2P platform on the Tron blockchain, added new tools and a BitTorrent token (BTTC) of the TRC-10 standard to motivate users to participate in network activities.

How BitTorrent works

The original BitTorrent platform was created by Bram Cohen and David Harrison. They sought to facilitate the sharing of entertainment files, such as movies and music, between Internet users. BitTorrent does not store content on a single server, but distributes files and data among users’ computers. When a user downloads a file, he receives parts of this file (torrent) from several vendors, after which he can remain connected to the BitTorrent network and distribute the file to other users, acting as a “seed”.

In the BitTorrent network, anyone who has a complete file can become a seed’s. The more seed’s a particular file has, the faster its download speed. However, previously, users had almost no reason to distribute the file after downloading. To increase the file transfer speed, BitTorrent has launched an updated version of the protocol that uses the native BTTC cryptocurrency.

BitTorrent Speed

The BitTorrent Speed application is based on blockchain technology and speeds up file downloads thanks to a motivation system. To request a file, the user (the “service customer”) must submit an application indicating how many BTTC tokens he is willing to offer to those who distribute the file. When the other party (the “service provider”) accepts the offer, the customer must transfer the agreed amount of BTTC to the escrow service through the payment channel on the Tron blockchain. The provider will receive BTC after the file transfer, and the transaction itself will be registered on the Tron blockchain.

With the help of BTC, the BitTorrent Speed service encourages users to distribute files, thereby increasing the efficiency of the exchange and speeding up the download. Thus, more easily accessible files appear in the P2P network, which also benefits those users who still use the free BitTorrent client.

BitTorrent File System (BTFS)

BitTorrent supports not only file sharing, but also a decentralized P2P file storage system called BitTorrent File System (BTFS). It offers a scalable, censorship-proof and cost-effective alternative to centralized cloud storage.

The BTFS network consists of millions of BTFS nodes, which are called tenants and hosts. The former rent storage space in this network, and the latter provide free space on their disks in exchange for BTTC rewards. When tenants use the BTFS service, their files are divided into shards and distributed among several hosts with a good reputation. BTFS uses advanced encoding methods and file recovery technologies, thereby guaranteeing the confidentiality and security of files, as well as providing convenient access to them without interruptions.

DLive

In 2020, BitTorrent acquired DLive, a community-based live streaming blockchain platform to offer more decentralized services in the BitTorrent ecosystem. Unlike traditional services, both creators and viewers receive rewards for their contribution to the work of the platform. BTTC can be earned even by those users who watch, discuss, give and distribute content. BTC can also be added to the stack to earn even more rewards and enjoy premium Live services.

What is BTTC

BTTC is a utility token of the TRC—10 standard in the BitTorrent ecosystem, the total supply of which is 990 billion. Its goal is to create a token—based economy that motivates users to interact with each other, distribute files and offer storage space on the BitTorrent network.

BTTC can be used to pay for P2P services on the BitTorrent network, including payment for decentralized data storage space, bidding for file downloads, service provider rewards, and more. In the future, BitTorrent plans to add new ways to use BTTC, such as crowdfunding to create new content, buying downloadable assets directly from creators, as well as tipping creators of live broadcasts in the form of BTTC on DLive.

Conclusion

BitTorrent is a unique project that has transformed its peer—to-peer file sharing platform using blockchain and cryptocurrency technology. It offers a more decentralized, efficient and profitable alternative to the traditional P2P platform. It is expected that in the future, the BTTC token will have more use cases, and the BitTorrent ecosystem itself will have more DApp functions. So it can become a useful tool for developers who want to launch their own DSPs with the ability to share files and store.