What is BitTorrent Token?
BTT, which serves as a crypto torrent token in BitTorrent Speed, is responsible for powering a healthier BitTorrent protocol.
BitTorrent Token is an exciting new cryptocurrency that aims to change how we think about and use the internet. It will drastically improve the efficiency and security of peer-to-peer file sharing, allowing faster downloads and uploads than ever before possible. Along the way, BitTorrent hopes to create a more decentralized internet — one that can’t be censored or surveilled by any one entity — as well as solving many other problems such as high fees for content delivery networks (CDNs), like Netflix.
A glimpse of BitTorrent history
BitTorrent is a peer-to-peer file-sharing protocol that was created by Bram Cohen in 2001. It is most commonly associated with the illegal distribution of copyrighted files, although it has other legitimate uses.
BitTorrent announced they are releasing their cryptocurrency called BTT on January 28, 2019. As of this article, there are no details about how the coin will be used or what its purpose is. Downloads using the BitTorrent protocol will earn BTT when they are downloaded without using ads or trackers.
The developers describe BTT as a “true digital currency for the world.”
So far it seems to be very similar to the cryptocurrency TRON (TRX).
All you need to know about BitTorrent Token
BitTorrent Token (BTT) is an exciting new cryptocurrency designed to make peer-to-peer data transfers efficient and secure. BitTorrent, Inc. has been a pioneer in peer-to-peer technologies and file sharing since the mid-2000s, providing a platform for people to share files in a P2P fashion, across the web on their computers, smartphones, or other devices. BTT is the utility token for the BitTorrent ecosystem — it forms the backbone of the next-generation decentralized network — and its utility is supported by an incentivized and fully transferable incentive system.
- BitTorrent’s goal from day one has been to solve problems other digital currencies can’t seem to — and still today (e.g., Bitcoin), BitTorrent faces stiff competition from existing services that have built their success on solving similar problems (e.g. cloud storage, file sharing, peer-to-peer communications).
- With a decentralized platform and an innovative system that rewards users with BTT for their data contributions, BitTorrent aims to once and for all solve the problem of centralized CDNs that charge exorbitant fees to content providers (e.g., Netflix), as well as blockchain bloat and slow speeds which are inherent in blockchains.
- Another notable problem facing the internet today is censorship. Today’s decentralized networks cannot be censored or surveilled because of the free nature of their underlying technology (e.g., Bitcoin). BitTorrent has designed its platform to be able to facilitate distributed denial of service (DDoS) attacks, which can target specific websites or entire networks.
- BitTorrent’s decentralized, secure framework is built around a multi-tiered system that incentivizes users on the network based on the volume and strength of their contribution. This incentivization system is driven by a transparent and cryptographically secure incentive system built on top of the Ethereum blockchain.
- BitTorrent will also have an integrated DApp Store and SDK that will allow developers from all over the world to create powerful apps for the BitTorrent ecosystem — allowing content providers.
BTT To Fuel Bittorrent Speed
BitTorrent Speed helps the users get faster downloads and token rewards. BitTorrent Speed is an additional feature of µTorrent Web, µTorrent classic and BitTorrent. BTT plays a significant role in the operation of BitTorrent Speed. The users can pay BTT tokens to the uploaders in exchange for faster download speed.
The integration of BTT incentivization creates a fair reason for the uploaders to send files to other peers in the network by dedicating more of their storage and bandwidth. The longer you send files to other torrent clients, the longer you are incentivized.
Thus, BTT is a crypto torrent token in the BitTorrent Speed responsible for enhancing the ecosystem towards a healthier BitTorrent protocol. This becomes the best alternative for traditional client-server systems.