Is the file sharing coin a purchase?
The peer-to-peer (P2P) file-sharing network BitTorrent rose to fame for its use in online piracy when it was launched in 2001. But since its 2018 acquisition by TRON blockchain founder Justin Sun, he focused on providing file storage for decentralization developers. applications (dApps).
Its BTT cryptocurrency token was launched on the TRON blockchain in early 2019 and soared in value during cryptocurrency rallies in 2021. But the price has been trending lower in recent months.
Does the price drop present a buying opportunity or will it continue to drop? We take a look at the latest BTT news and price predictions to help you better navigate the market.
BitTorrent launches new BTTC token
What is BTT? BitTorrent is one of the world’s largest P2P file-sharing networks, with over 90 million active users and an installed base of over 2 billion software clients. The protocol was invented by computer programmer Bram Cohen in 2001 to facilitate the transfer of large files between users without the need for a central server. Cohen left BitTorrent Inc. in 2017 to launch cryptocurrency startup Chia (XCH). When TRON acquired BitTorrent, the BTT utility token was introduced to incentivize transactions.
According to the project’s white paper: “The token and extended protocol will create a token-based economy for networking, bandwidth and storage usage.
“The initial entry point is to introduce token-based optimizations into the existing BitTorrent protocol, providing a means for the value of shared bandwidth to be captured by network participants. The longer-term vision is to expand the use of the BitTorrent protocol well beyond current use cases by providing a distributed infrastructure platform to third-party application developers, thus creating the foundation for the decentralized web. .
BTT acts as a transaction mechanism for the use of computing resources shared between BitTorrent clients and provides liquidity for ecosystem services.
BitTorrent has historically experienced structural inefficiency, as it is possible for users to complete file downloads before they have downloaded an equivalent volume. Once their downloads are complete, they are not prompted to continue downloading. BitTorrent Speed was introduced as an extension of the BitTorrent and µTorrent download clients, which allows downloaders to pay downloaders in BTT tokens for faster download speeds. This prompts downloaders to share files for longer and provide more network bandwidth and storage.
“Due to the expected volume, direct use of the public TRON blockchain for all transactions is impractical. Therefore, BitTorrent Inc. will deploy an “on-chain / off-chain exchange”. The exchange will allow the transfer of tokens between a high-performance private ledger and the public TRON blockchain, ”according to its white paper.
Since January 4, the number of BitTorrent Speed wallet accounts have exceeded 310 million.
A total supply of 990 billion BTT tokens was issued, broken down as follows:
6% for public sale
2% for private sale
9% for the sale of seeds
10.1% for Tron airdrops over six years
10% for BitTorrent protocol airdrops
19% for the BitTorrent team and the BitTorrent Foundation
20% for the TRON Foundation
19.9% for the BitTorrent ecosystem
4% for partnerships
On December 12, the BitTorrent Chain (BTTC) mainnet went live. BTTC is a cross-chain interoperability protocol that uses the Proof of Stake (PoS) consensus mechanism to validate transactions and uses side chains to scale smart contracts. It enables interoperability with Ethereum, TRON, and Binance Smart Chain (BSC) networks and plans to support more blockchains in the future.
The launch of the BTTC also involved renaming the BTT token. Previous BTT tokens traded with newer tokens at a ratio of 1: 1000 and the total supply was raised to $ 990 trillion, maintaining the current market capitalization, which was around $ 2.45 billion at the time. at the time of writing (January 12). The old tokens will remain in use for a while and have been renamed BTTOLD.
The new BTT tokens have several uses in the BitTorrent Chain ecosystem:
BTTOLD tokens can still be used to pay fees for storing files in the BTFS system, extracting BTFS, and increasing downloads using BitTorrent Speed.
An upgrade to the BitTorrent File System (BTFS) went live on January 7 to support cross-channel connectivity and multi-channel payments to make it easier to use and applicable to more applications.
BTT price fails to hold gains
The price of BTT rose in early December ahead of the launch of the BTTC mainnet, from a low of $ 0.002034 on December 4 to $ 0.004199 on December 8. But the price has fallen over the past month, falling to a low of $ 0.002355 on January 10. At the time of writing (December 12), the coin was trading at $ 0.002551.
The BTT chart shows that the token saw its all-time high of $ 0.01426 on April 5, as the broader cryptocurrency markets rallied, after starting 2021 at $ 0.00002885. But as the markets crashed, BTT couldn’t hold onto the 4,800% gain, with its value falling to $0.001895 on July 20. As the broader markets rallied over the summer, peaking in September and hitting new all-time highs in November, BTT lagged and peaked at $0.005343 on September 3.
What are the prospects for BTT in 2022? What do some of the latest price predictions show?
BTT Price Prediction: Will the price rebound or fall further after the BTTC upgrade?
The short-term technical analysis of the BTT coin was bearish at the time of writing on January 12, according to CoinCodex, with 16 indicators showing bearish signals and 13 indicators giving bullish signals. The service predicted that the price of BTT could reach $ 0.002674 by January 17, a gain of almost 5% from its current price.
In the long term, algorithm-based forecasting site Wallet Investor’s Bittorrent coin prediction expected the price to rise over time, reaching $0.00526 by the end of the year. He predicted that the price could rise further to reach $ 0.00824 by the end of 2023 and reach $ 0.0142 by the end of 2025.
DigitalCoin expected a slower upward trajectory in its Bittorrent price prediction, expecting the coin to average $0.00358316262 in 2022 and $0.00401288276 in 2023, averaging $0.00543202713 in 2025. Based on historical data, the site predicted that BTT could average over $0.01 in 2029, with an average price of $0.01099609966 and a peak at $0.01144862313.
Price Prediction’s deep machine learning analysis estimated that BTT could average $0.004 in 2022 and $0.005 in 2023, climbing to $0.011 in 2025 and $0.066 by 2030. With this trajectory, the price of BTT is unlikely to reach $1 by 2040.
It is important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict a coin’s price within hours, and even more difficult to give long-term estimates. As such, algorithm-based analysts and forecasters can and do wrong in their predictions.
We recommend that you always do your own research and take into account the latest market trends, news, technical and fundamental analysis and expert opinions before making any investment decisions. And never invest more than you can afford to lose.
Read more: RAILGUN (RAIL) Price Prediction: Can It Ensure On-Chain Privacy?
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