What is BitTorrent (BTT)?

Many people explore peer-to-peer (P2P) content distribution protocols to enhance the throughput and scalability of distributed systems. A peer in this context refers to a computer connected to the internet. BitTorrent is a well-known P2P file-sharing application, first released in 2001 by Bram Cohen and David Harrison, designed to reduce the long wait times for downloading large files online.

BitTorrent is distinct from other internet transfer protocols like HTTP and FTP. HTTP is used to send various types of files across the internet, including text, photos, and videos, and it starts working as soon as users open their web browser. FTP, on the other hand, enables users to upload, download, and transfer files between computer systems and different locations on the internet.

While HTTP servers present files as a single stream, BitTorrent requests “random” portions of the file from participating peers, often downloading multiple parts simultaneously from different sources. This method can make downloads significantly faster compared to FTP.

Due to its efficiency, BitTorrent accounted for about 35% of total internet traffic in 2005. However, as internet speeds increased in 2008, its popularity declined. BitTorrent struggled to monetize its service and was acquired by the Tron Foundation in 2019. The new owners launched the BitTorrent token (BTT) cryptocurrency through an initial coin offering (ICO) to support the protocol's expansion and reward network users.

What is the BitTorrent Chain (BTTC)?

Launched in December 2021, the BitTorrent Chain (BTTC) is a blockchain scaling solution and a heterogeneous cross-chain interoperability protocol on Tron. It supports the cross-transfer of assets from Ethereum Virtual Machine blockchains, like BNB Smart Chain and Ethereum, via the BTTC Bridge. The BTTC Bridge supports over 100 widely used tokens through its token mapping mechanism.

The network is secured by independent validators using the proof-of-stake (PoS) consensus method, which keeps transaction costs low, averaging less than $0.01 per transaction. Validators stake BTT to create blocks, validate transactions, participate in PoS consensus, and submit checkpoints. These checkpoints are regularly packed and transferred by validators to the BNB Smart Chain, Ethereum, and Tron networks, earning them rewards.

BTTC also facilitates smart contract extension through sidechains, enabling developers to easily migrate and create decentralized applications (DApps) on the chain.

How does the BitTorrent protocol work?

In a P2P network, files are served by peers rather than central servers, contrasting with the traditional client-server model. BitTorrent addresses potential issues such as leeching—where users abandon the network after downloading files—by using seeds, peers, a central tracker, swarms, and tit-for-tat ranking.

Seeds are files that have finished downloading and are available for upload by seeders to other peers. For each file distributed, the BitTorrent protocol organizes peers into an overlay network called a “torrent.” A central tracker serves as a meeting point for torrent clients, storing metadata about active peers but not participating in file distribution.

Clients maintain connections with multiple peers, exchanging file chunks in a process called torrenting. The protocol uses a tit-for-tat principle, requiring users to share parts of their files to download from others. This system prevents leeching and promotes efficient file distribution.

Key features of the BitTorrent token (BTT)

BitTorrent offers efficient and cost-free file sharing with three versions of torrent downloaders: BitTorrent Web for Windows and Mac, BitTorrent Classic for Windows, and BitTorrent for Android.

• BitTorrent Speed: This feature incentivizes seeders with BTT tokens for uploading content and allows users to pay BTT to accelerate download speeds. Users can create a BitTorrent Speed Wallet to store BTT and other cryptocurrencies.

• DLive Protocol: A decentralized live-streaming platform where users can earn BTT tokens by watching streams, and streamers can receive tips from viewers. No passwords or accounts are needed to start streaming.

• BitTorrent File System (BTFS): A decentralized file storage system where hosts earn BTT rewards for offering storage, and renters pay BTT for using the storage.

Use cases of BitTorrent (BTT)

BTT is a TRC-20 utility token on the Tron Network, compatible with many DApps and DeFi ecosystems. It can be used for trading pairs on decentralized exchanges (DEXs) like the Sun platform, borrowing and mining on JustLend DAO, and paying for gas fees in BTTC transactions. The Commonwealth of Dominica has granted BTT the status of an authorized digital currency.

How to buy BTT coins

BTT can be purchased on centralized exchanges like Binance and Kraken and DEXs like PancakeSwap and Uniswap. To buy BTT on Binance:

1. Register or log in to your Binance account.

2. Choose a method to buy BTT (credit/debit card, bank deposit, etc.).

3. Search for BTT trading pairs.

4. Enter the amount of BTT to buy and confirm the transaction.

5. Your BTT balance will be credited to your account almost immediately.

How to earn BitTorrent tokens

Users can earn BTT tokens through torrenting, streaming content, and staking. For example, the BitTorrent client can automatically earn BTT through seeding. Hosts in the BitTorrent File System earn rewards by offering storage, and DLive streamers earn tokens by watching streams. Staking BTT with validators also provides passive income opportunities.

Is BitTorrent a good coin to invest in?

BitTorrent has been a widely used method for distributing large files via a P2P network. Its unique strategies, like tit-for-tat, facilitate efficient file distribution. However, investment decisions should align with one's financial goals and risk tolerance. Cryptocurrency investments are volatile, and securing one's cryptocurrency is crucial after purchasing BTT tokens.