What is Bittorrent?
Bittorrent is a popular peer-to-peer network for sharing music and movies by connecting to a network of computers and exchanging data between millions of users using special software. In this Bittorrent review, we take a closer look at the history, features and tokens of this protocol.
The greatest challenge of sharing data this way was finding a means to monetize the unique Bittorent service offering so that users who were sharing files could be compensated and the network could be powered, which is how the BTT coin came into existence.
Since Bittorrent is essentially a software that connects users through its network to increase download speeds and share data, it only made sense to utilise blockchain technology to complete these transactions and adding a cryptocurrency to the network made it possible to incentivise users to share, seed and download files from Bittorrent.
The Bittorrent network was expanded after the Tron Foundation acquired it in 2019, which completely transformed the way Bittorrent operated. By introducing the BTT cryptocurrency, the protocol was improved significantly and network users can now be compensated.
Who created Bittorrent?
Bittorrent was originally developed by Bram Cohen and David Harrison in 2001.
Bram is a computer programmer and the author of the P2P (peer-to-peer) Bittorrent protocol, which was published in 2001, and he also developed the first-ever program to use this protocol (which was Bittorrent). He was the co-founder of CodeCon, the co-author of Codeville and the creator of the Chia cryptocurrency.
Today, David is the CTO of Samba TV and he is a senior software engineer with a PhD in Computer Science and a Bachelor of Science in Computer Science and Engineering.
18 years after its creation, Bittorrent was acquired by the Tron Foundation, which is a non-profit organization that is working towards creating a cost-effective, global system for sharing content and hosting entertainment using blockchain technology.
What are the Features of Bittorrent?
The Bittorrent protocol offers a dApp known as Bittorrent Speed, which enables faster download speeds and compensates users for sharing files and data through the network by rewarding them with BTT coins.
Whenever Bittorrent Speed is enabled by users, downloaders can choose to reward uploaders in exchange for faster downloads, which also incentivises uploaders to seed files for longer and share more bandwidth.
Another popular dApp on this network is the BitTorrent File System (BTFS), which has overcome the challenges of traditional file storage systems by using a Delegated proof-of-stake (DPoS) consensus mechanism and offers users many advantages, such as decentralization and resistance to censorship, reduced costs, and high fault tolerance.
BTFS is a file storage protocol that is similar to Cloud storage, except that it is decentralized and much cheaper.
What is the BTT token?
BTT is a TRC10 token that was built on the TRON blockchain and it is native to the Bittorrent ecosystem, where it is used to compensate uploaders for faster download speeds, for the development of dApps and to add new files to the BFTS.
How to buy BTT
The easiest way to obtain BTT tokens is by purchasing them from an online exchange, such as Binance, OKEx or Kucoin.
Follow these steps to buy BTT:
Step 1: Create an account with your preferred exchange
Step 2: Follow the online application process and verify your account
Step 3: Log in to the client portal and fund your account
Step 4: Go to the exchange or P2P page (if P2P is available)
Step 5: Search for the token using the search bar and confirm the transaction
What are the best BTT wallets?
Based on research, we recommend using these wallets:
- Trust Wallet
- Mathwallet
- Tronwallet
Trust Wallet is free to download and use, and supports a total of more than 160,000 coins and digital assets, which can easily be traded and managed directly from the wallet.
Mathwallet is a multi-chain, cross-platform software wallet that can be used to store most major cryptocurrencies, including Bitcoin, Ethereum and ERC20 tokens, and it has a built-in dApp browser.
TronWallet is a Peer-to-peer crypto wallet with a built-in browser for dApps, DeFi apps and smart contracts, and it can also be used to explore games and exchange cryptocurrencies.
Conclusion
What we like most about Bittorrent is its unique file storage and sharing system and how users can be rewarded for sharing more bandwidth and seeding files for longer periods of time.
We also like that this is an upgraded model of traditional storage systems with many benefits and that Bittorrent has evolved into a next-generation, blockchain-based software with dApp functionality.
Bittorrent has come a long way in the last 22 years and we look forward to seeing where the future will take this project!
We hope that this Bittorrent review answers some of your questions about this protocol.
Good luck with your trading!
FAQ:
What is Bittorrent?
Bittorrent is a popular peer-to-peer network for sharing music and movies. It can be used to share many different types of files by connecting to a network of computers and exchanging data between millions of users using special software.
Who is the founder of Bittorrent?
Bittorrent was originally developed by Bram Cohen and David Harrison in 2001.
What token does Bittorrent use?
BTT is a TRC10 token that was built on the TRON blockchain and it is native to the Bittorrent ecosystem, where it is used to compensate uploaders for faster download speeds, for the development of dApps and to add new files to the BFTS.
How to buy BTT?
The easiest way to obtain BTT tokens is by purchasing them from an online exchange, such as Binance, OKEx or Kucoin.
What wallets can I use on Bittorrent?
Based on research, we recommend using these wallets:
- Trust Wallet
- Mathwallet
- Tronwallet
