What is BitTorrent (BTTC)?

Summary

BitTorrent is one of the largest decentralized C2C file sharing platforms. It is powered by the Tron blockchain and the TRC-10 utility token BTTC. BTTC is used to incentivize users on the network to provide their local computing resources, enabling high-speed downloads and secure decentralized storage. The BitTorrent ecosystem also features a community-based live streaming platform where content creators and viewers can earn and stake BTTC rewards.

Introduction

In the early 21st century, C2C platforms like BitTorrent were common channels for people to freely download music and movies over the internet. The platform was very popular but also faced many challenges. The biggest issue was that users had to spend a long time finding and downloading the content they wanted because most users lacked the motivation to continue sharing files after obtaining the content.

What is BitTorrent?

BitTorrent is one of the largest and oldest C2C data and file sharing platforms. The platform was initially launched in 2001, when the internet was just beginning to become popular. The advent of BitTorrent revolutionized the way users download and access entertainment content and other large files and data.

In 2018, BitTorrent was acquired by the Tron Foundation and relaunched as a decentralized C2C platform on the Tron blockchain. The platform added various tools and integrated the TRC-10 token BitTorrent (BTTC) to incentivize network participants.

How does BitTorrent work?

BitTorrent was originally founded by Bram Cohen (Bram Cohen) and David Harrison (David Harrison) to facilitate internet users sharing movies, music, and other entertainment content. Instead of storing all content on a single server, BitTorrent distributes files and data across users’ computers. When a user downloads a file, they receive fragments of the file (called “chunks”) from multiple sources within the network. They can then stay connected to the BitTorrent network as a “seeder” to transmit the file to other users.

In the BitTorrent network, anyone who has a complete copy of a file can become a “seeder.” The more seeders there are, the faster the download speeds. However, the network lacked incentives for users to stay connected after downloading files. To improve file transfer speeds, BitTorrent introduced an upgraded protocol and adopted the native cryptocurrency BTTC.

BitTorrent Speed

Supported by blockchain technology, BitTorrent Speed uses incentives to improve download speeds. When requesting to download a file, users (the “service requesters”) need to submit a bid, indicating how many BTTC tokens they are willing to offer to seeders. Once other parties (the “service providers”) accept their bid, the service requester deposits the agreed BTTC amount into a payment channel on the Tron blockchain. After the file transfer is complete, the BTTC is credited to the service provider’s account, and the transaction is recorded on the Tron blockchain.

BitTorrent Speed uses BTTC to incentivize users to continue seeding files, significantly enhancing file sharing efficiency and download speeds. In the future, more ready-made files will be available on the C2C network, and users still using the BitTorrent free client to download files from others will benefit from this.

BitTorrent File System (BTFS)

In addition to file sharing, BitTorrent has a decentralized C2C file storage system called BitTorrent File System (BTFS). BTFS is scalable, cost-effective, censorship-resistant, and can serve as an alternative to traditional centralized cloud storage.

The BTFS network consists of millions of BTFS nodes, called renters and providers. Renters are users who rent storage space on the network, while providers share their idle disk space to earn BTTC rewards. When renters use BTFS services, their files are sliced into fragments and stored across multiple reputable providers’ disks. Through advanced coding methods and file repair technology, BTFS ensures the confidentiality and security of files, allowing users to access these files conveniently without interference.

DLive

To provide more decentralized services within the BitTorrent ecosystem, BitTorrent acquired the community-based blockchain live streaming platform DLive in 2020. Unlike traditional platforms, DLive rewards both content creators and viewers for their contributions to the platform. Users who watch, chat, send gifts, and share content can earn BTTC rewards. Additionally, users can stake BTTC to earn more rewards and unlock premium services on DLive.

What is BTTC?

BTTC is a TRC-10 utility token within the BitTorrent ecosystem, with a total supply of 990 billion. BitTorrent launched this token to establish a token economy on its own network, used for network development, bandwidth sharing, and resource storage.

BTTC can be used as a payment method for C2C services on the network, such as purchasing decentralized storage space, bidding for file download bandwidth, rewarding service providers, and more. BitTorrent plans to expand BTTC’s use cases, including crowdfunding new content with BTTC, directly purchasing downloadable assets from creators, and sending BTTC gifts to live stream content creators on DLive.

Summary

BitTorrent is a unique project that uses blockchain technology and cryptocurrency to revolutionize its existing C2C file sharing platform. Compared to traditional C2C file sharing platforms, BitTorrent offers higher decentralization, lower costs, and greater efficiency. In the future, the BitTorrent team aims to add more use cases for the BTTC token and support more DApp functionalities. For developers looking to launch DApps with file sharing and storage features, BitTorrent will be a highly attractive tool. **$BTT **