BitTorrent is the largest decentralized P2P communications protocol with 170 million monthly users
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The original BitTorrent was the brainchild of Bram Cohen, who developed the P2P file-sharing platform in 2001 as a back door through which users could freely upload, download, and share files via the BitTorrent protocol. The protocol was developed to usurp the antiquated entertainment industry that made obtaining files time-consuming and expensive. Additionally, BitTorrent sought to subvert traditional file storage systems that are highly centralized and give governments censorship power, are expensive, and have low levels of fault tolerance. The P2P file-sharing platform is becoming more and more decentralized in recent years. We follow his story today, on the blockchain.
BitTorrent: fundamentals and purpose
BTFS (BitTorrent File System) can be called both a protocol and a network implementation, providing P2P utilities for storing and sharing digital content on a decentralized interface. It supports millions of BitTorrent user nodes across the blockchain and uses a Delegated Proof-of-Stake mechanism to process blockchain transactions.
The blockchain platform Tron acquired the BitTorrent protocol in July 2018. It is currently the largest decentralized P2P communications protocol with 170 million monthly users. After the acquisition, the protocol has amassed several new tools while launching on Tron's own blockchain. The platform has a dedicated native token built on the TRC-10 standard called BTT token.
BitTorrent was initially created to disrupt the traditional entertainment industry and change the way consumers consume content. The founders sought to target the inefficient and costly distribution system by allowing users to distribute files among themselves directly. This core idea was further expanded to serve those interested in decentralized solutions like DApps. It currently serves clients such as BitTorrent Web, uTOrrent Classic, and uTOrrent Web.
User appeal has been further extended to features like BitTorrent Speed โโfor its own user base. BitTorrent Speed โโuses BTT tokens as part of its operations. Additionally, BitTorrent offers several paid options where users can search for premium services on the platform, including ad-free browsing and VPN capabilities.
BTT Token
The BTT token is built as a standard TRC-10 token on top of the TRON blockchain and can be enabled on any of the BitTorrent services to enjoy faster download speeds. Torrent software will be enabled with a BTT token wallet and balance with each new download or update. Users can automatically earn BTT tokens by seeding, once a torrent file download is finished.
The total supply of BTT is limited to 990 billion, all of which are in circulation. The BTT token price at the time of writing was $ 0.003284, an increase of 28% in the last 24 hours.
Short-term technical analysis
The current BTT price is well below its all-time high of $ 0.01426. The recent cryptocurrency market crash caused BTT to drop almost 40%, although it has recovered somewhat today.
Source: TradingView, Binance
The bullish momentum from the current range provides short-term targets of $ 0.0034- $ 0.004, although this is dependent on BTC playing ball. With the rise in dominance of BTC, there may be some further correction for BTT in the near future, but it should find support again at $ 0.00203.
Future potential
BitTorrent has announced collaborations and partnerships with many companies, including Accel Partners and DCM, ESA Flash Components, NTL: Telewest, and Opera Software. It acquired DLive, a blockchain-based video game streaming platform, in 2019. Currently, the BTT token is underperforming on the technical front. Still, the scope and breadth of their collaborations and utilities in the Defi and DApp space may help the token embark on an upward journey any time soon.
Disclaimer:This article was written by Giottus Cryptocurrency Exchange as part of a paid partnership with The News Minute. Investments in crypto assets or cryptocurrencies are subject to market risks such as volatility and do not have guaranteed returns. Do your own research before investing and seek independent legal / financial advice if you are unsure about investments.
