BitTorrent (BTT) is the first IEO project on Binance Launchpad. This can be considered the first project to help Binance create the IEO trend on future exchanges. Today, we invite you to learn about BTT Token!
What is BitTorrent?
By definition of BitTorrent (BTT)
They are Protocols that allow sharing of resources on a peer-to-peer network.
BitTorrent creates a protocol that allows content creators on its ecosystem to connect with viewers through Tokenomics, built on TRON’s Blockchain.
Based on such a peer-to-peer network applying Blockchain technology, according to BitTorrent they can well meet the usage needs of more than 100 million current BitTorrent application users.
With the existing user base of BitTorrent before, the dev team is confident that this is the world’s largest Blockchain-based application.
According to the definition of Techtipsnreview
BitTorrent (BTT) is a protocol suite that provides an infrastructure for 3rd party applications to exploit BitTorrent’s available resources and allows users to contribute to the ecosystem.
By using a token economy (Tokenomics), BitTorrent creates an incentive for many participants to contribute to their ecosystem.
Features of BitTorrent
First let us remember that BitTorrent is not a Blockchain application in the first place. Before that, it was an application that attracted more than 100 million users.
When applying Blockchain to BitTorrent, it is no longer a mere application, but an entire ecosystem operating in the Token economy.
In this section, I will talk more about the above problem, in BitTorrent Ecosystem including: BTT Token, BitTorrent Speed, BTT Operations.
You can learn more about these components on the project’s homepage and Whitepaper.
Why does BitTorrent (BTT) use Blockchain?
What is the BitTorrent application, many people probably already know. However, why does BitTorrent need to adopt Blockchain?
In this section, I will talk about how the owner of BitTorrent – Justin Sun did so:
According to Bittorrent:
- Internet users don’t really want to use fiat money to pay for digital goods or services.
- The previous BitTorrent protocol was still not perfect in structure, making future expansion difficult.
- The dev team also realizes the huge potential of BitTorrent in the future.
With the above considerations in mind, the dev team created a platform built on top of the Decentralized Web that allows app developers to directly reward their customers for sharing their resources. in the system.
This will create an incentive for both developers and customers to contribute in the BitTorrent (BTT) ecosystem. And BitTorrent Token or BTT is the key component of the above Token economy. There are also a number of other components in the BitTorrent ecosystem.
We will learn about BTT Token and these components in the following sections.
Detailed information about BTT Token
BTT is the Utility Token inside the BitTorrent ecosystem (BTT).
The BTT Token creates an incentive for all members of the BitTorrent network (BTT) to participate and contribute.
BTT is a token built according to the TRC-10 standard of TRON Blockchain.
BTT rate today
Key Metrics
- Ticker: BTT
- Blockchain: TRON Blockchain
- Issuer: TF5Bn4cJCT6GVeUgyCN4rBhDg42KBrpAjg
- Precision: 6
- Token Standard: TRC-10
- Token type: Utility Token
- Total Supply: 990,000,000,000 BTT
- Circulating Supply: 212,116,500,000 (21.4%)
BTT Token Allocation
BTT Token Sale
BTT Token Release Schedule
BTT Token Use Case
Acting as a Utility Token within the BitTorrent ecosystem, the BTT Token has the following uses:
- Developers use BTT to publish their apps and services in the BitTorrent ecosystem.
- Users use BTT Token to buy or download digital content (digital assets).
- Users use BTT Token as a fee when they want to download data at a faster speed.
- Users use BTT Token to tip the livestream videos they support.
- Use BTT Token to raise funds to support content creators.
- Seeders receive BTT Token as a reward when they contribute to the system by seeding or sharing bandwidth with the community.
- BTT Token is used to pay the monthly Airdrop to BTT Token Holders.
BTT Token Transaction Fee
BTT Token is currently TRC-10 token on TRON Blockchain, so Transactions Fee on TRXMaket is being free.
So you only have to bear the fees: transaction fees on exchanges, Deposit/Withdraw fees.
How to earn and own BTT Token
You can earn and own BTT Token in the following ways:
- Buy directly on exchanges: Binance, BitMax, KuCoin…
- Become a Seeder to contribute resources and bandwidth to the BitTorrent ecosystem.
- Hold BTT Token or TRX Token to receive more BTT Token Airdrop.
Currently, there are a number of exchanges that support the BitTorrent (BTT) Airdrop program such as Binance, OKEx, Bittrex, Huobi…
How to mine BTT?
BTT is a Token on TRON Blockchain, so there is no need to use computer power to mine BTT like BTC or ETH.
BTT Token exchange and storage wallet
Storage wallet
You can store BTT Token on the following wallets:
- Wallets on exchanges: Binance, BitMax, KuCoin, Huobi, OKEx…
- TRON Wallet.
Exchanges
Currently, BTT Token is being traded mainly on a number of exchanges such as: Binance, BitMax, KuCoin, Huobi, OKEx..
Attention: BitTorrent has an Airdrop program for BTT or TRX Token Holders, but not all exchanges support this program. Only exchanges that support brethren will receive BitTorrent’s Airdrop on the 11th of every month.
List of supported platforms, see here.
The Future of BTT Token
Looking at the use purpose as well as the participants in the BitTorrent ecosystem, we can see that the demand to buy BTT Token increases as the number of users and applications on BitTorrent increases.
You also notice that some mechanisms make BTT Tokens sold, such as Airdrop programs, or seeders participating in sharing computer resources.
So in the future, the price of BTT Token depends on the needs of the above components. To guess the price trend, you need to observe the buying/selling trend of the same people who are holding BTT Token.
Should invest in BTT Token
Is BitTorrent’s over 100 million existing users a huge advantage for this ecosystem?
Here are some key notes you should refer to and learn more about before making your own investment decisions:
Mainnet
Justin Sun, the current CEO of both BitTorrent and TRON released a roadmap with Mainnet schedule in Q3/2019.
For the time being, BTT Token is mainly used to transact between traders and test the client’s overriding feature for bandwidth distribution.
That is, the number of more than 100 million users mentioned above has not really used BTT in this ecosystem.
Products
The most obvious product of the project is the BitTorrent application, which is available on the app stores for computers Mac or Android.
In addition, BitTorrent has 2 other products which are Now and Live.
Roadmap
According to the above Roadmap, BTFS – BitTorrent’s new storage system is being Launched Testnet.
And until Q1/2020, Full-featured Launch. At this time, the new BTT Token will fully function its intended use.
Partnership
In terms of partners, we don’t have to mention far, TRON Foundation – Justin Sun is also the current CEO of BitTorrent and TRON.
Justin is known as a Marketing genius, and is also one of the few project CEOs who often go on Twitter to share about the project.
In addition, we all know the close relationship between Binance and TRON. This is evidenced by the fact that BTT is the first project to be listed on Binance Launchpad in 2019.
Competitor
Some of BitTorrent’s competitors running the Mainnet include Flixxo (a desktop application that encrypts and distributes data between users) and LBRY.
Besides that:
- BTT Token is Utility Token
- BTT Token is used by users to access the ecosystem, developers use to provide applications and services to users.
- BTT Token is Airdropped monthly.
- BitTorrent is a project within the Binance Launchpad.
summary
BitTorrent is probably not a strange name to the brothers. Especially students who often download movies/documents on it.
In mid-2018, the information that BitTorrent was acquired by Justin Sun (TRON) for 140 million USD caused the community to ask many questions around this.
And now we are all too clear about the purpose of that purchase and the future of BitTorrent.
Hope you guys received a lot of useful information through the last article, see you in the next articles.
Source: What is BitTorrent (BTT)? Complete set of BTT . cryptocurrency
– TechtipsnReview
