It is hard to imagine but almost 40% of the global traffic of the internet comes from uTorrent and BitTorrent. This network has over 170 million active users and it is the largest decentralized p2p communications protocol that has disrupted the monopoly of inefficient and expensive distribution networks with its revolutionizing system.
What is BitTorrent (BTT)
First of all, what is BitTorrent. It is an online platform where users can opt to download huge data/files with minimum internet bandwidth.
It is an open source, meaning that any user could modify or redistribute the original file code. Since they are free to access and download; the platform aims to provide a peer-based network that allows a vast distribution of files. software programs and other products which users can download a file by requesting a copy of the file from the server.
This relocation is synchronized with the help of a unique and fixed set of rules such as a file transfer protocol or hypertext transfer protocol which increases the download speed unless the file has high demand and the traffic on the server is distinct from standard file sharing.
Peer-to-Peer sharing locates computers with the desired file using a software application & eradicating the usage of your web browser by sharing files with other computers called peers. You can download from any computer by running the file sharing software and connecting to the internet only. The way to use bittorrent is to download the bittorrent client software which is free to anyone once you have downloaded the software. There are many search engines such as “torrentspy” and “isohunt” that are dedicated to finding bit torrent files. Other sites offer direct download of these files whether it be music videos, books etc.
Who are the founders of BitTorrent (BTT)
BitTorrent was founded by Brad Cohen and David Harrison in the early 2000s. The core part consists of a software that allows parties to connect and share files that are requested on the network.
How does BitTorrent (BTT) work
In simple words, the bit torrent file system transaction starts when a user requests a file from another peer who hosts the file then the file is then split into several pieces and when the requester wishes to download. He receives multiple pieces from different providers.
Initially it enabled users to exchange files and data with peers without uploading and downloading. It was largely known to be used for pirated movies and music but with time the developers couldn’t develop new streams of revenue so it became difficult for them to maintain. So in 2018 it was acquired by the creator of ‘Tron’ blockchain, i.e Justin Sun for 140 million dollars. The network is now based on the Tron blockchain. Tron is now using vtfs as a data storage solution.
Later in 2019 they introduced its native token “BTT” cryptocurrency to expand and incentivize the users on the network. Users who request the files and want to increase the download speed buy and spend btt and those who are the providers of the files receive and sell their btt. Justin said “This is truly a sharing economy, you share your computer resources and you get crypto then you can spend that crypto to get more resources.”
How many BitTorrent coins (BTT)
With a total supply of 990 billion in the market, Bit Torrent has a current supply of 660 billion in the form of BTT coins in the market.
How is BitTorrent (BTT) unique
Many software in the market provide file sharing options but no one has been able to innovate and monetize it with cryptocurrency. BitTorrent on the other hand keeps bringing innovative technologies. In October 2020 bit torrent announced their acquisition of d-live and a staking feature was launched on the platform d-live is a platform for video and streaming where content creators and viewers earn rewards. This staking reward comes from 25 of all subscriptions and donations on d live. This feature is designed to give back to the community. With this revolutionary reward system they can attract more users to the platform. After the acquisition of d live they also announced the expansion towards “BitTorrent x” – an ecosystem that includes btfs.
Now that you have a clear understanding of what BitTorrent is all about, head to Zeen blog to read more about cryptocurrencies.