Home / Crypto News / What is BitTorrent's TRON base currency “BitTorrent token / $ BTT”? Explain the mechanism in an easy-to-understand way!

What is BitTorrent's TRON base currency “BitTorrent token / $ BTT”? Explain the mechanism in an easy-to-understand way!

The development team of the P2P file sharing protocol “BitTorrent” announced in January 2019 to issue a cryptographic currency ” BitTorrent token ($ BTT) ” based on TRON (TRON).

BitTorrent acquired by TRON CEO Justin Sun in August last year aims to increase the efficiency of the existing BitTorrent protocol by introducing BTT.

TRON (TRON) announces the launch of a new project with BitTorrent (Bittorrent)
– CRYPTO TIMES

The BitTorrent protocol is ” the origin of P2P ” already having an estimated 100 million users or more .

In addition, BTT is drawing attention also from adopting TRON ($ TRX) and doing ICO from Binance (Binance) token platform ” Binance Launchpad “.

On this page, I will explain BTT specs and utilities in detail.

BitTorrent token overview

BitTorrent token overview

What is BitTorrent?

To understand the BitTorrent token ($ BTT), you first need to know what the protocol itself is called BitTorrent .

BitTorrent that appeared in 2001 is a distributed P2P (peer-to-peer) protocol for efficiently downloading and sharing data.

When downloading something on the internet which we normally use, we (client) are downloading data from the server holding the file ( client / server method ).

BitTorrent is similar to the client / server method in that it downloads data from a computer (called a seed ) that holds the file.

However, at the same time as downloading from seed, BitTorrent has a mechanism to exchange pieces of data that each person (reacher) downloading the same file with data that they do not have .

In other words, users download data from multiple people and upload them at the same time .

Mechanism of BitTorrent: The downloader downloads data from the upload side (seed) and exchanges fragment of data with other downloaders. (Image: From Wikipedia)

Therefore, with BitTorrent, files with many seeds / leeches can be downloaded faster than traditional server / client methods .

Problems of BitTorrent

In BitTorrent, the downloading user is supposed to automatically seed (upload) the corresponding file.

Seed has a small incentive ” If you provide a high upload bandwidth, you can download files faster “.

However, most of users are leaving the network (terminate the software) as the downloading of the file is completed , without reducing the bandwidth used.

As a result, the current BitTorrent protocol has not been able to acquire and maintain seeds efficiently, and downloading efficiency and file life are not fully utilized.

One of the big goals of BitTorrent tokens is to improve this problem by granting incentives to seeding .

Acquisition of BitTorrent by TRON

BitTorrent’s development organization (BitTorrent, Inc.) with a total of 100 million users worldwide was bought by TRON CEO Justin Sun in August last year , and BTT introduction introduced in January this year it was done.

One of the major reasons BitTorrent, Inc. agreed to acquire by TRON is probably because the revenue model centered on the BitTorrent protocol did not go well .

Since the BitTorrent protocol is open source , we can not charge license fee from this technology itself.

In the BitTorrent software “μTorrent” provided by the company, the upward compatible version ” μTorrent Pro” is sold, but it is not certain whether the revenue resulting from this is enough for the management of the group.

The company also provided other products such as “BitTorrent Live” and “BitTorrent Bleep”, but all of them have already been discontinued .

For BitTorrent sharing similarities with block chain technology in terms of P2P and decentralized systems, it was a great opportunity to merge with the big TRON in the increasingly cryptic currency area and to build a financial strength through ICO It is conceivable.

Specification of BitTorrent token

Specification of BitTorrent token · ICO information etc.

Currency name / ticker BitTorrent token / $ BTT
type Utility token
platform TRON (TRC-10 token standard)
Total supply 990,000,000,000 BTT
Initial supply amount 89, 100,000,000 BTT (9% of total supply)
ICO schedule January 28 – February 3, 2019
Hard cap Equivalent to $ 7,200,000
Public sale volume 59,400,000,000 BTT (6% of total supply)
Private sale amount 108, 900 million BTT (11% of total supply)

ICO of BitTorrent token took place from January 28th to February 3rd this year and it seems that it can be purchased from Binance Launchpad with Binance Coin ($ BNB) or TRX.

The sale volume at public sale is 6% of the total supply of tokens, and the sale amount to private and seed is 11% .

Besides that , about 10% to BitTorrent and TRON air drops, and 20% tokens to the BTT team and TRON Foundation are allotted.

It can be said that the shares of issuing organizations are 40% of the total number of issued books without air drop distribution , which is exceptional.

What is the role of BitTorrent token?

Up to this point, BitTorrent token ($ BTT) has explained in detail about the BitTorrent protocol which becomes the basis of building ecosystem.

So, what role does this BitTorrent token concretely play?

The official whitepaper introduces three reasons leading to the development of BTT.

  1. BitTorrent has lots of use cases that have not yet been realized . Now that the distributed network is evolving, the market is also ready to introduce a new use case .
  2. The current BitTorrent protocol has structural inefficiency (the above-mentioned problem) , and as a result the potential of the protocol is limited.
  3. Consumers feel resistant to online payments using the legal currency because in recent years the huge amount of information is monopolized by a handful of large companies.

Token utility

Aiming at streamlining protocols BitTorrent’s first token utility to be introduced is a function called ” BitTorrent Speed “.

BitTorrent Speed ​​is the ability to download data preferentially from seeds by paying BTT .

By introducing this function, the number of seeds increases as the number of requested files increases , and as a result, the performance of the entire network is expected to improve

In addition to this, the official says it will further increase the use of tokens by introducing storage proxy service etc. in the future.

Storage service is a function to save and download files on distributed network by paying BTT.

Many projects such as Filecoin and others are already developing distributed storage services, so it seems that BitTorrent can be forced to survive.

Another proxy service is a function to download and download a file which can not be accessed due to the IP address etc. on the network in exchange for BTT .

BitTorrent plans to build an ecosystem based on BTT by introducing the above three functions (initially BitTorrent Speed ​​only) , and attempts to improve and activate the protocol .

Why are BitTorrent tokens being noticed?

BitTorrent, also known as “the origin of the P2P network”, is a network protocol already having over 100 million users , as explained at the beginning.

Such BitTorrent token issuance naturally attracts attention and there are many voices of pros and cons in the neighborhood.

Many BTT favors seem to be expecting that ultra-large networks like BitTorrent will revitalize the TRON ($ TRX) network which is the basis of the token.

If the price of the TRX token rises with the activation of the network, it will be nice even from the viewpoint of the security of the block chain and the investor’s point of view.

However, the acquisition and token issuance of BitTorrent by TRON’s Justin Sun has been said to be “the best in terms of marketing, but technical aspects are not considered at all “.

Simon Morris, who has been looking for distributed ledger technology including block chains as a strategic department head of BitTorrent, is concerned about the scalability of TRON .

Mr. Morris is fascinated by BitTorrent, which has a large number of users, to deploy services on TRON for “scalability” as ” impossible “.

Bit Coor, founder of BitTorrent, has left the development group and attention is drawn to how new BitTorrent led by Justin San will appear.

In addition to this discussion, furthermore, the factor that raised the attention degree of BTT is that the token is launched from the platform of the dynamics of the largest crypto-currency exchange. In the past TRON implemented ICO at Binane LaunchPad, and the token was sold out immediately.

This time BitTorrent is also implemented on the same platform where the ICO process called Binance Launchpad is managed all together, and actual sale is also to be done in Binance Coin ($ BNB) and TRON ($ TRX) respectively. In addition, the Binance LaunchPad is resurrected from January 2019, and its first bullet is BitTorrent, so it can be said that attention is being done.

Binance resumes Binance LaunchPad! Support monthly new cryptocurrency project – CRYPTO TIMES

Therefore, BTT is attracting attention because it has relevance to exchanges with high name value called Binance and token sale in high-grade currencies such as BNB and TRX .

Summary

The BitTorrent token is a TRON based encryption currency that serves as an incentive to improve the performance of the existing BitTorrent protocol.

The protocol seems to try to establish the utility of the token starting with ” BitTorrent Speed ” which enables the priority download of the file.

In expectation gathered that the famous projects called TRON and BitTorrent collaborated, the criticism surrounding the scalability of TRON and the practicality of the token was also raised.

At the present stage, additional future functions such as distributed storage and proxy service are announced, and attention will be drawn to whether the BTT ecosystem will actually function after ICO in the future.

Author: Yuya 【Coin Desk News】 – Source Post: https://crypto-times.jp/bittorrent-token/

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