BitTorrent is a prominent peer-to-peer (P2P) file sharing and torrent network that has decentralized in recent years. It is also one of the market’s most popular cryptocurrencies. It is one of the top-performing altcoins in the industry. In this article, we are going to understand BTT Token.
Introduction
BTT is a blockchain-based TRC-10 utility token that powers features of the world’s most common decentralized protocols and applications.
- A utility token is a blockchain-based asset that people purchase intending to use it in the future. As an example, a company developing an online game might issue utility tokens to fund the game’s growth.
- TRC-10 is a technical token standard that is natively accepted by the TRON blockchain without the use of the TRON Virtual Machine (TVM).
Timeline
- BitTorrent, which was first launched in July 2001, The business struggled for years to monetize its immensely successful service. — All of that has changed since BitTorrent was acquired by the Tron Foundation in July 2018.
- BitTorrent has introduced several new tools since its acquisition, including a dedicated native cryptocurrency token, BTT, which was launched in February 2019. To extend its protocol and incentivize network users, the new owners launched crypto of the same name.
- The BTT coin is designed for people who need faster download and upload speeds, as well as other services.
Supply
The total supply is 990,000,000,000 BTT. Here is the distribution:
- 6 percent of that total was available in a public token sale
- 2 percent in a private token sale
- 9 percent in a seed sale.
- Another 20.1 percent is set aside for airdrops, which will take place at different stages until 2025.
- The BitTorrent team and its parent company, the BitTorrent Foundation, received 19 percent of the supply.
- The TRON Foundation owns 20 percent, with the BitTorrent ecosystem owning the remaining 19.9 percent.
- A final 4 percent of tokens are set aside for collaboration events.
Projects
Some other projects are:
BitTorrent Speed:
- BitTorrent Speed is a feature available in BitTorrent, Torrent Web, and Torrent Classic.
- Downloaders would be able to give tokens to uploaders in return for quicker download speeds.
- Uploaders would have a justification to seed files longer and devote more of their bandwidth and storage to other torrent clients in the network as they can incentivize BTT tokens.
BitTorrent File System:
- BTFS is a protocol as well as a network implementation that provides a peer-to-peer mechanism for storing and sharing digital content in a decentralized filing system.
- BTFS is a decentralized file storage system supported by millions of BitTorrent user nodes.
- BTFS running on the blockchain, which uses a Delegated Proof of Stake method of processing blockchain transactions.
- BTFS is the first decentralized storage system that of DApps developers can use.
- BTT will be introduced into the BTFS ecosystem soon to incentivize a fair and abundant file system.
DLive:
- DLive is a blockchain-powered live streaming community that empowers both content creators and viewers.
- Broadcasters and viewers can earn without having to share their earnings with the network thanks to an innovative rewards scheme.
- As DLive moves toward decentralization, the goal is to create a more open content platform.
- BTT will be introduced into the DLive ecosystem soon to power virtual gifting, subscriptions, and viewer rewards.
Where to Buy
In India; BTT can be purchased through the WazirX , BuyUCoin and BitBnS. It has also been listed on exchanges like Binance, Huobi Global, OKEx, CoinTiger, and FTX.
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All about BTT Token in One Shot was originally published in DataDrivenInvestor on Medium, where people are continuing the conversation by highlighting and responding to this story.
