About BitTorrent: Understanding, Uses, Buy and Trends

BitTorrent's beginnings date back to 2001, which was eight years before cryptocurrencies and Bitcoin (BTC $122,404) were genuinely created. You may recall utilising torrents to post and download media content before the emergence of Netflix and YouTube.

The BitTorrent protocol developed peer-to-peer (P2P) file sharing. It makes it possible to disperse data in a decentralised manner via the internet. Sounds familiar to those who understand the basics of blockchain and cryptocurrency. 

Understanding the BitTorrent Chain (BTTC)

A few years ago almost 35% of all internet traffic was generated by the original BitTorrent decentralised platform; however, in the past ten years, user numbers have drastically decreased, and the project has become difficult to monetise effectively.  As a result, Justin Sun and the Tron Foundation, which created the Tron blockchain, acquired it in 2018. 
BitTorrent and the Tron Foundation collaborated on projects for the following three years, integrating cryptocurrency into BitTorrent and introducing the BitTorrent Chain, or BTTC, in 2021. 

About BitTorrent 

BitTorrent is a game-changing distributed communication system, has more than one billion users. In addition to increasing asset liquidity by billions of dollars, the protocol aims to connect industry-leading DeFi ecosystems and offer value to end users. Peer-to-peer networks minimise the need for a centralised trusted server while facilitating the exchange of big, highly requested data. Blockchain platforms are expected to benefit from the protocol's high-performance, scalable, and affordable solutions.

The BitTorrent protocol's whitepaper states that it seeks to enable client software terminals to cooperate to transmit multiple files to numerous clients continuously. By integrating blockchain technology into the BitTorrent environment, the platform also intends to allow developers to create new, decentralised apps (dApps) on top of the current ecosystem. Users, therefore, view BitTorrent as a superior organisation for enhancing the infrastructure for the upcoming decentralised web.BitTorrent Chain is a novel, multifaceted cross-chain communication system. Developers can easily move Ethereum-based apps to BitTorrent Chain because it is completely compatible with EVM.

BTT is the BitTorrent protocol's TRON TRC-10 cryptographic token. TRON is a blockchain technology designed to support decentralised applications. As a technological token standard accepted by the TRON network, TRC-10 is described. BTT is brought into BitTorrent Chain via BitTorrent Bridge, where it can be used as a native token for collaboration and to pay for gas. In the future, BTT hopes to be accessible through exchanges and crowd sales.

BTT intends to function as a general-purpose way for BitTorrent users and a liquid market of service providers and applicants to exchange system resources. BTT is regarded as the unit of exchange for transactions, including the supply of goods or services, in the BitTorrent system that supports it. 

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What are BTT tokens and how are they used?

BitTorrent and BitTorrent Chain are two different platforms; however, they share some features, most notably the BitTorrent cryptocurrency (BTT).

BitTorrent Token, explained

In the BitTorrent ecosystem, BTT is a fungible token known as TRC-20, which is issued on the Tron blockchain and used in smart contracts and decentralised apps (DApps). It is essential to the blockchain's operation because it is the native token on the BTTC network and is used to pay transaction fees.

Furthermore, users can participate in BitTorrent chain governance by staking BTT to become a validator through proof-of-stake (PoS).

The token integrates into the original BitTorrent peer-to-peer network, including its File System and Speed characteristics, and is utilised by several BitTorrent DApps. Notably, BitTorrent speed enables users to receive BTT token awards and better download speeds.

When BitTorrent Speed is enabled, downloaders can offer tokens to uploaders in return for quicker download rates. Uploaders have an incentive to dedicate bandwidth to the network and seed content for an extended period of time.  

How to buy BTT

BTT can be purchased by following exchange-specific procedures.  However, these are the typical stages you will experience:

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Create an account with a trustworthy exchange. You must pass Know Your Customer (KYC) checks and present a government ID.

Put money into your account. It could be fiat money sent by bank transfer or credit card. 

On the exchange site, use your money to purchase or exchange for BTT.  To save your Bitcoin in the cryptocurrency wallet of your choice, withdraw it. 

How to use BitTorrent Chain

On the project's website, you can begin utilising the BTTC immediately.

You can connect your cryptocurrency wallet and start the web application from this point.  The program incorporates both MetaMask and TronLink.

As needed, you can then decide whether to convert, stake, or bridge your assets. 

You must choose your "From" and "To" networks (for instance, Ethereum to BTTC) as well as the amount you wish to send to bridge a token.  Verify the transaction in your wallet after that. 

Annual percentage yields (APYs) for BTTC staking can be as high as 17%.  Just confirm how much you want to stake by connecting your wallet.

You may quickly switch between BTT_e, the Ethereum-based version of BitTorrent, and BTT, the native BitTorrent coin, using the 1:1 converter.  There is no need for intricate procedures or transactions in this simple approach.  You may switch between these two token versions with a few clicks, making sure that your assets are always accessible on the Ethereum or BTTC network, depending on where you need them. 

Recent trends

The current market value of BTT is 0.000054. In comparison to BitTorrent [New], the price has increased by 0% from yesterday's ₹0.00 pricing and by 4% from last week's ₹0.00 price. On January 18, 2022, BitTorrent [New] hit a record high of ₹0.000270, which represented an -80% decline from its present value.

The current amount of BitTorrent [New] in circulation is 986,061,142,857,000, which is 100% of both its maximum supply (990,000,000,000,000 BTT) and its entire supply (990,000,000,000,000). When BitTorrent [New]'s price (₹0.00) is multiplied by its total supply (990,000,000,000,000 BTT), the market capitalization is ₹53.23B. The fully diluted valuation of BitTorrent [New] is ₹53.44B. BitTorrent [New] has a value of ₹53.44B when completely diluted.

BitTorrent [New] has 0% of the entire cryptocurrency market capitalisation, which reflects its present dominance. The trade volume during the past 24 hours was ₹1.821 billion. With an average of ₹1.789B each day over 7 days, it came to ₹12.522B, a ₹32.066M rise over the previous 24 hours. With an average daily volume of ₹1.884B, the overall trade volume over 30 days is ₹56.51B, a decline of ₹62.678M from the previous 24-hour level. 

Conclusion

BitTorrent Coin (BTT) is at the core of BitTorrent Limited's blockchain-powered development, which has solidified its position as a leader in decentralised file sharing.  Growing market performance, a wide range of use cases, and interaction with Web3 technologies make BTT a unique token with a lot of promise.