What is BitTorrent (BTT)?
BitTorrent is a popular P2P torrenting and file sharing platform that has evolved into a highly decentralized project over the past few years.
BitTorrent was authentically launched in July 2001, it was acquired by TRON in July 2018.
Since acquiring BitTorrent, it has included several new tools, with a dedicated native token BTT, launched in February 2019. It was released on the TRON blockchain, using its TRC-10 standard.
According to its official document, BitTorrent is currently the most extensive decentralized P2P interaction protocol in the world.
Who are the brains behind BitTorrent (BTT)?
Bram Cohen is the founder of genuine BitTorrent, an entrepreneur and developer who has made a name for himself in the crypto industry.
Cohen explained that he customized BitTorrent to usurp the outdated entertainment business, making it more hassle-free and expensive to obtain content.
The project has witnessed several legal battles, with the founder claiming that no copyright regulations are broken by allowing users to share files such as movies and music with each other.
In 2018, TRON completed its acquisition of BitTorrent, giving full control of the platform to TRON founder Justin Sun. He is known for the works of TRON as a digital asset and his blockchain technology, bidding $4.5 million at an auction to have a meal with a popular name in the crypto industry, Warren Buffet. , and discuss crypto assets.
TRON is also responsible for the crypto asset vis-à-vis BitTorrent, as its local currency BTT was launched on the TRON blockchain. The step created an element to add more decentralized functions to the project.
Why is BitTorrent different from others?
BitTorrent’s genuine goal was to create barriers for the legacy entertainment industry and the way users put their content to work.
Expensive and inefficient scatter networks were the primary target, with Bram Cohen witnessing the benefits of allowing web users to scatter content directly among themselves.
During the 2000s, BTT became the go-to peer-to-peer file sharing project, with TRON taking a step forward in 2018.
Under TRON, BTT has expanded its user appeal to those interested in decentralized solutions and digital assets and its autonomous user base.
Additional features include BitTorrent Speed, which uses BTT as part of its operations.
BitTorrent has also expanded into paid installs, providing various “premium” versions of its project which involves ad-free browsing and VPN capabilities.
How secure is the BitTorrent network?
BitTorrent says it has the best security measures in place to secure user funds, but says the offerings indicate cryptoassets can be inherently threatening.
The organization suggests that people prevent theft, in the form of malware or similar programs, by using alternatives like biometric validation.
What solutions does BitTorrent offer?
Slow processing
Most of the later drawbacks of proof-of-work-based blockchain projects are slow transaction processing times.
BitTorrent solves this problem by using a high-speed blockchain. A block generator cluster will be chosen. PoS will be involved to verify the blocks, and proof of blocking will be timely sent to the TRON mainnet or other blockchains. This algorithm will ensure that the blocks will be confirmed in a short period of time.
Reduced flow
A specific time interval is needed between block generation in today’s mainstream blockchain projects, to ensure enough time for block propagation. Additionally, there are block size restrictions for rapid block propagation in the network, resulting in the restriction of the total number of transactions in a block.
BitTorrent solves this problem by using the block producer layer, where these producers are able to generate blocks at a very fast rate.
Reduced scalability
In the coming years, the BTT chain will be able to easily access more open chains while using the same decentralized proof-of-stake layer to increase scalability.
Increased transaction processing fees
The BitTorrent chain achieves economies of scale by arranging a plethora of transactions on the block producer layer, thereby containing costs and ensuring transaction processing costs are reduced.
BitTorrent Network Economics (BTT)
Setting the total number of verifiers too high can lead to increased incentive costs. BTT’s current pool of validators is 21.
Checker rewards involve Checkpoint submission rewards as well as transaction fees.
BitTorrent Chain establishes a blocking time of 2 seconds, which means that block generation will occur every two seconds.
Similar to validators, there are 21 block producers on the chain, for the same reason.
The fees generated by the transaction will be given as a reward to the block producers.
BitTorrent roadmap
BTT plans to support more amazing blockchains in the coming years, make developments for transactions that support privacy, and increase interoperability between other blockchains.
How to buy BTT Crypto?
BTT crypto is available on different major exchanges like OKEx, Binance, and Huobi Global. It is redeemable for crypto assets, stablecoins as well as fiat currencies.
People can get their hands on BTT crypto by following these simple steps.
- People need a wallet that fits their bill, like the Math Wallet, Sato Wallet, and Atomic Wallet.
- Then they have to find a suitable exchange, where they have to open an account through KYC validation. Or just log in, in case you have a persistent account.
- Deposit funds into your wallet as stablecoins or fiat or crypto.
- Finally, choose the desired sum of BTT crypto or fund the desired sum that you are willing to spend and execute the acquisition.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and away from traditional currency exchange systems. She is also intrigued by blockchain technology and how it works.
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