The BTT Token is the native token for BitTorrent, the file-sharing platform that has over 100 million users. Users of torrent technology usually rely on BitTorrent due to how stable and popular it is. In 2018, the TRON Foundation purchased the BitTorrent protocol for an astounding sum of $140 million. TRON immediately set to work and created the BTT token for the protocol, which they recently released.
About the BTT Token
The BTT a TRC-10 standard cryptocoin that is the native token for BitTorrent Inc. it was developed by the TRON Foundation, which is based in Singapore. Once it was released on the Binance Launchpad, it raked in $7 million in 7 minutes during the IEO.
The current torrent ecosystem was facing a lack of incentive for users to continue seeding once their download is complete. TRON integrated the TRON blockchain into BitTorrent. Now any user that engages in seeding is rewarded in BTT for their service.
How BTT Could Help to Improve BitTorrent
Torrent technology is based around the idea of seeding; providing your files to others for download. BTT wants to improve this great protocol by giving the users the incentive to play fairly in the protocol once they get what they needed.
Under the current models, swarms in BitTorrent are prone to deterioration and even total disappearance. This is because there is no requirement that users avail the same amount of bytes to other users as they download. With time, a swarm is sometimes left without any penalty, which affects its quality.
BitTorrent currently works by slicing files into small sections. With the help of BitTorrent Speed, users will be able to reward each other using the BTT crypto to linger around and continue seeding the files. By incentivizing users to provide bandwidth and storage, it could help to revitalize swarms and keep them from degrading. BTT will not rely on mining. Instead, tokens will be made available based on the resources offered to the network.
Using BTT is Not Mandatory
TRON is also going to benefit from this effort since all the BTT tokens are secured on the TRON network. Despite the development of BTT regular users that do not wish to use BTT can still access BitTorrent. They will still be able to download files and seed as they wish from those using the tokens without facing any technical hurdles.
How the Crypto World Reacted to BTT
Since launch, the price performance of BTT has been great. The coin is currently traded on numerous exchanges and is supported by a huge number of crypto wallets. Reactions from the crypto community have been mostly positive. However, some are not so sure about its potential. This is because it is entering a community, which is used to free stuff being shared at no cost. BTT has fallen sharply on the one year chart, currently trading at $0.0005 against the dollar. BTT has followed the same downtrend as many altcoins this year, but will be a coin to watch whenever the next bull rally kicks in. The one catalyst BTT has going for it is the BitTorrent atmosphere which has 100+ million users like we initially discussed.
Summary
While the BTT token is great for the mass adoption of crypto, there have been some issues raised about legality. Sometimes, users of torrents use them to download copyrighted material illegally such as movies and music.
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