BitTorrent has been around for more than two decades. Before the blockchain industry was introduced, it was one of the most popular file-sharing platforms on the Internet. It was designed to facilitate users’ downloading of 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 download the files. Unfortunately, the team hasn’t found 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. Network participants can also use BTTC tokens to access certain network features.
For instance, users can use BTTC tokens to request unavailable files on the network. Similarly, they can improve download speeds and watch live streams by spending BTTC tokens.
Those willing to generate passive income through the BitTorrent-New platform can sell their excess bandwidth within the network. The network focuses 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 the Tron Foundation, purchased this project for $140 million 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 ones are called 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.” Users are supposed to help each other download their desired content.
A user can only download 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 the user is not contributing to the platform.
The BitTorrent ecosystem consists of two types of participants.
Peers are the participants who request content from other participants. The downloading speed is fast because the files are downloaded from multiple sources.
Seeders—These participants have already downloaded content from the network and are now helping peers download their desired content. Users can also request bandwidth from other users if they need faster download speeds.
To acquire excess bandwidth, users must pay BTTC, which is transferred to those offering excess bandwidth. Similarly, users can request storage space from other participants to 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.
Users need to delegate their BTT tokens to the validators responsible for the block creation process. The validators receive BTTC tokens as a reward 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. After the upgrade, the project was renamed BitTorrent Chain.
BitTorrent Speed
The requesters and providers must create an account on the BitTorrent Speed app if they’re willing to exchange bandwidth for BTT.
Sometimes, users need to download a large amount of data from the network. If they have limited bandwidth, it may take a lot of time. They can spend BTT tokens to increase their download speed in this situation.
BitTorrent File System
BitTorrent File System is a reliable alternative to traditional cloud storage providers. Users no longer need to store their valuable data on local servers, as they can safely store it on this decentralized app. Users can also provide additional storage space to earn some reward from the network.
BitTorrent DLive
DLive was introduced in 2017 and became part of BitTorrent in 2019. It enables users to run live streams on the blockchain network while giving them complete earnings control.
Content creators don’t need to share their earnings with the platform, and it eliminates the restrictions users 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, users help each other download their desired files. The users can also share files, bandwidth, and storage space to generate some income from the platform.
If you need more information about how BitTorrent-New works, don’t hesitate to get in touch with us.
