Exchange BitTorrent (BTT)

BTT, or BitTorrent Token, is a cryptocurrency that was created by the BitTorrent Foundation, which is part of the larger BitTorrent ecosystem. BitTorrent is a peer-to-peer file-sharing protocol that allows users to distribute data across the internet. BTT was introduced as a way to incentivize users to share their bandwidth and seed files within the BitTorrent network.

The primary purpose of BTT is to enable faster downloads and incentivize users to share files by offering rewards in the form of BTT tokens. Users who seed (share) files on the BitTorrent network can earn BTT tokens, which can then be used to pay for faster downloads or traded on cryptocurrency exchanges.

BTT is based on the TRON blockchain, a popular blockchain platform for creating decentralized applications and tokens. It operates as a TRC-10 token, which means it follows the TRON technical standard for tokens.

The development of BTT was officially announced in January 2019. The announcement stated that BitTorrent would be integrating BTT into its popular file-sharing software, which is used by millions of people worldwide.

To fund the development and implementation of BTT, an initial coin offering (ICO) was held in January 2019. During the ICO, BTT tokens were offered for sale to the public.

In July 2018, TRON, a blockchain platform led by Justin Sun, acquired BitTorrent Inc., the company behind the BitTorrent protocol. This acquisition marked the beginning of TRON's involvement with BitTorrent and laid the foundation for the introduction of BitTorrent Token.

The integration of BTT into BitTorrent's file-sharing platform was aimed at incentivizing users to seed and share files by earning BTT tokens, which could be used for various purposes within the BitTorrent ecosystem, such as faster downloads or other services.

The development and adoption of BTT aimed to bridge the gap between the traditional BitTorrent protocol and blockchain technology, introducing the concept of using cryptocurrency incentives for file sharing and distribution.

On December 12, 2021, the BitTorrent Chain was introduced. This protocol utilizes the proof-of-stake mechanism and facilitates interoperability among Ethereum, Tron, and Binance Smart Chain. The launch of BitTorrent Chain brings about significant alterations, notably the introduction of a new iteration of the BTT token. Various exchanges, wallets, and users are in the process of integrating this new token into their systems. As part of this transition, many holders may have observed that their previous BTT tokens have been rebranded as BTTOLD. This prompts questions about the changes and the fate of the old BTT tokens.

The BitTorrent protocol is a peer-to-peer (P2P) file-sharing protocol that works by distributing and sharing files across a decentralized network of users.

When a user wants to share a file using BitTorrent, they create a small file called a "torrent." This torrent file contains metadata about the file being shared, such as its name, size, and a list of files within the torrent. The torrent file also includes the address of a central server known as a "tracker." The tracker's role is to keep track of the connected peers (users) who are sharing the file. When a user starts downloading the file, their BitTorrent client contacts the tracker to obtain a list of other peers that have the same file.

Peers are BitTorrent users who are downloading or sharing the file. Seeders are users who have already downloaded the entire file and are only sharing it. A healthy torrent typically has a combination of seeders and peers to ensure efficient distribution.

Files are divided into smaller pieces, and the sharing process centers around these pieces. Peers download pieces of the file from multiple other peers rather than downloading the entire file from a single source. As a user downloads pieces of the file, they also upload those pieces to other users who need them. This cooperative sharing approach helps distribute the file efficiently.

BitTorrent clients use algorithms to prioritize which pieces to download first, typically prioritizing pieces that are rare (not many peers have them) or pieces required to complete the file. To ensure fair distribution and encourage sharing, BitTorrent uses a mechanism called "choking and optimistic unchoking." A peer may "choke" (limit the upload speed to) other peers that aren't uploading to them. Periodically, the peer will unchoke a random peer (optimistic unchoking) to encourage reciprocal sharing. Once a user has downloaded all the pieces of the file, they become a seeder and continue to share the complete file with others.

When all users have downloaded the complete file or decide to stop sharing, the torrent can be considered complete, and the torrent client can remove it from the list of active downloads.

BitTorrent's decentralized and efficient approach to file sharing allows for faster downloads and reduces the burden on centralized servers. Users are incentivized to seed files they've downloaded because the BitTorrent community relies on users who share to keep torrents alive.

The platform's objective is to empower application developers to directly compensate users who contribute essential resources by enabling them to utilize this "discovered value" for interactions with content creators and app developers, circumventing the need for conventional currency. The company plans to improve the BitTorrent protocol, and hasintroduced a novel token, BTT, to facilitate a distributed ecosystem for infrastructure services. Within the BTT ecosystem, end users should have the capacity to offer incremental infrastructure services in exchange for tokens.

BTT is the native cryptocurrency of BitTorrent. The total supply of BTT, outlined in its whitepaper, stands at a substantial 990,000,000,000 BTT. This supply distribution is as follows:

• 6% of the total supply was made available through a public token sale.
• 2% was allocated for a private token sale.
• An additional 9% was offered in a seed sale.
• A significant portion, 20.1%, is earmarked for airdrops, which are scheduled to take place at various intervals until 2025.
• The BitTorrent team and its overarching organization, the BitTorrent Foundation, have been allotted 19% of the total supply.
• The TRON Foundation holds 20% of the supply.
• Another 19.9% is designated for the BitTorrent ecosystem itself.
• The remaining 4% of tokens are set aside for partnership-related activities.

BTT fulfills diverse functions within BitTorrent's suite of products. One of its key roles is enabling users to compensate others for quicker downloads, notably through the BitTorrent Speed feature.

As of November 1, 2023, the circulating supply is 951,42T BTT.

Average Fees on the BitTorrent Network 

BitTorrent, the peer-to-peer file-sharing protocol, doesn't have a built-in fee structure for users to share or download files. It is a decentralized system for distributing files, and users share files with each other without incurring direct fees.

When it comes to BitTorrent Token (BTT), which is built on the TRON blockchain and is related to BitTorrent, transaction fees on the TRON blockchain can vary depending on network congestion and the specific actions you're performing. TRON uses a resource-based model where you may need to stake TRX (the native TRON cryptocurrency) to access bandwidth and energy resources for transactions and smart contract interactions. The cost of these resources can fluctuate based on demand.

BTT Coin Wallets 

BTT is based on the TRON blockchain, and as such, it can be stored in a variety of cryptocurrency wallets that support TRC-10 tokens, including the official TRON Wallet, Ledger, Trezor, Trust Wallet, Atomic Wallet, Cobo Wallet, TronLink, Scatter, Exodus, etc.