bittorrent new

What is BitTorrent-New? What Happened to BitTorrent?

BitTorrent has been around for more than two decades. It was one of the most popular file-sharing platforms on the internet before the blockchain industry was introduced. It was designed to facilitate the users who wanted to download movies, music videos, games, and other files from the internet.

Instead of uploading files on a single server, it established a network where users helped each other with downloading the files. Unfortunately, the team couldn’t find a way to monetize this network over the years.

The Tron Foundation purchased the project in 2018 for $140 million. The Tron team moved it to the blockchain industry to incentivize different participants.

What is BitTorrent-New?

BitTorrent-New is a blockchain-based project where users can share certain files globally. It rewards users through BTTC (a TRC-10 token) for sharing their data, files, and bandwidth. The network participants can also use BTTC tokens to access certain features of the network.

For instance, the users can spend BTTC tokens to request the files that aren’t available on the network. Similarly, they can improve download speeds and watch live streams by spending BTTC tokens.

Those, who are willing to generate passive income through the BitTorrent-New platform, can sell their excess bandwidth within the network. The network is mainly focused on fixing issues like slow download speeds and poor throughput.

BitTorrent-New is the largest peer-to-peer communication network available on the blockchain.

BitTorrent-New Brief History

BitTorrent was launched by Bram Cohen, a well-known software engineer, and David Harrison in 2001. It immediately became a popular file-sharing platform on the internet. The project dominated the file exchanging industry for years.

Just Sun, the founder of Tron Foundation, purchased this project for $140million on 18 June 2018. Its native cryptocurrency token (BTT) was launched in February 2019. It’s a TRC-10 token because it was launched on the Tron Blockchain.

The company raised around $7.2 million by selling 60 billion BTT tokens in 2019. The price of the BTT token jumped from $0.00012 to $0.005 right after its launch. BitTorrent was converted to BitTorrent Chain (BTTC) in January 2022. The new tokens are now called BTT and the old tokens are referred to as BTTOLD.

How Does BitTorrent-New Work?

BitTorrent is a blockchain-based file-sharing platform that works on the concept of “You scratch my back and I scratch yours”. The users are supposed to help each other with downloading their desired content.

A user can only download some content from the network if he/she has made some content available for download on his/her device. A user’s downloading limit is determined based on the downloadable content they have made available on their computer.

The participants may refuse a user’s request to download a file if he/she isn’t contributing to the platform.

BitTorrent ecosystem consists of two types of participants.

Peers – These are the participants that request some content from other participants. The downloading speed is pretty fast because the files are downloaded from multiple sources.

Seeders – These are the participants who have already downloaded content from the network and now helping peers with downloading their desired content. The users can also request bandwidth from other users if they need faster download speeds.

They need to pay BTTC to acquire excess bandwidth. The payment is transferred to the users who are offering excess bandwidth. Similarly, the users can request storage space from other participants where they can store files and data without congestion.

Delegated Proof-of-Stake

BitTorrent uses delegated proof-of-stake (DPoS) consensus protocol to complete the block creation process. The transaction history is stored on the Tron because BTT is built on this blockchain.

The users need to delegate their BTT tokens to the validators who are responsible for the block creation process. The validators receive some reward in the form of BTTC tokens whenever they validate a transaction. The reward is then distributed among participants who have voted for the validator.

What happened to BitTorrent (BTT)?

The cryptocurrency project was initially launched as BitTorrent. Following the rising demand for decentralized applications, the BTT team upgraded the project in January 2022 by adding new Dapps including BitTorrent Speed, BitTorrent File System, and BitTorrent DLive. The project was renamed BitTorrent Chain after the upgrade.

BitTorrent Speed

The requesters and providers need to create an account on the BitTorrent Speed app if they’re willing to exchange bandwidth for BTT.

Sometimes, the users need to download a huge amount of data from the network. It may take a lot of time if they have limited bandwidth. In this situation, they can spend BTT tokens to increase their download speed.

BitTorrent File System

BitTorrent File System is a reliable alternative to traditional cloud storage providers. The users no longer need to store their valuable data on local servers as they can safely store their data on this decentralized app. The users can also provide their additional storage space to earn some reward from the network.

BitTorrent DLive

DLive was introduced in 2017 and it became a part of BitTorrent in 2019. It enables users to run live streams on the blockchain network while providing them with complete control of their earnings.

The content creators don’t need to share their earnings with the platform. Furthermore, it eliminates the restrictions the users have to face on traditional live streaming platforms.

BTT Tokenomics

BTT is the native token of the BitTorrent-New ecosystem that is used to reward the contributors. Similarly, the participants can use this token to buy several products and services within the platform.

With a circulating supply of 932 billion tokens, BTT has a market cap of 788 million. It ranks among the 60 best cryptocurrencies in terms of market cap.

Conclusion

BitTorrent-New is a blockchain-based data-sharing platform where users can generate passive income in multiple ways. On this platform, the users help each other with downloading their desired files. The users can share files, bandwidth, and storage space to generate some income from the platform.

If you need more information about how BitTorrent-New works, feel free to get in touch with us.

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