What is BitTorrent (BTT) in simple words: history, course and how to buy

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2019-08-21 00:00:00:

In February of this year, the cryptocurrency market was exploded by a new digital coin developed by Justin Sun. The BTT cryptocurrency was able to cause a real sensation among all users of virtual currencies. Those who rushed to buy it in the first week of its existence after the sales began, were able to earn some good money.

Bit Torrent (BTT) is a project that was created on the basis of blockchain technology . This project brings together two leading leaders in the field of virtual currencies (Bit torrent and Tron), who, in turn, dared to suggest that the BTT token could lead to universal acceptance and force investors to make large investments in the crypto.

What is Bit torrent (BTT)?

Before investing in crypto, you need to understand in more detail what BitTorrent is . BitTorrent Inc is a San Francisco-based corporation that develops Internet technology. According to the representatives of the enterprise, they are engaged in the creation of distributed technologies, which in turn have the ability to effectively scale, preserve intellectual potential, and also allow the content author to control the posted material. Based on previously published information on a site called BitTorrent, the total number of monthly active users is approximately 170 million. And the Bittorent protocols handle about forty percent of the worlds online traffic.

The BitTorrent project, which was created by renowned developer Bram Cohen, acts as a peer-to-peer protocol for the normal workflow of torrent users, used in every corner of the world. In other words, BitTorrent is a multi-million dollar system designed to exchange files (music, videos, e-books, etc.) between different users. In July last year, this project was purchased by a blockchain platform called TRON. From that moment on, the project became the owner of various functions, including the expansion of its own functionality, as well as providing each user with the opportunity to monetize his activities. It is for this that a token was created (do not know what a token is? Read about this concept here ) called VTT , referring to the TRC-10 standard (blockchain support without the need to deploy virtual machines).

History of BitTorrent (BTT)

As mentioned above, BitTorrent is one of the popular communication protocols for distributed peer-to-peer file exchange (P2P technology), which was invented back in 2001. Today it belongs to the San Francisco-based IT company of the same name. The preliminary history of BitTorrent began with the founding in 2004 of a corporation called BitTorrent Inc. The developers of the protocol were Brem Cohen, along with an American partner, a businessman named Ashwin Nevin. In 2006, the organization decided to buy out Torrent, which was its main competitor. Later, this torrent tracker was transferred to the BitTorrent protocol of the same name, after which it began to be considered one of the main products of the organization.

After that, there was a long process with attempts to monetize the project due to the fact that venture capital investments were attracted in order to implement a trading platform based on BitTorrent, on which the existing one could be sold. But in 2008, with failed attempts to implement this idea, Brem Cohen decided to recapitalize BitTorrent (with regards to Ashvin, it should be noted that he had already left the organization). Thus, he was able to return about 17 million US dollars to depositors, and later they also invested 7 million US dollars. Later, an attempt was made to launch the BitTorrent Entertainment Network (similar technology to Netflix) and the BitTorrent Bundle (an online platform like Amazon). But these projects also failed, and in 2015 Brem lost the main contributor and decided to fire a third of all employees. And in 2016, the search for potential buyers of the organization began. This buyer is a cryptocurrency billionaire named Justin Sun. He is the founder of a virtual currency called TRON. It was he who made the decision to buy BitTorrent for 140 million US dollars in June 2018. When purchased, Justin called it "the worlds largest dispersed application."

At that time, it was clear that in the near future the system will directly communicate with blockchains and virtual digital coins. Based on what was indicated on the official website of the enterprise, over 150 million users use Bittorents products every month, and about 35 percent of the worlds online traffic pass through its protocol every day. If we take into account these stunning indicators, we can draw conclusions and answer the question of why the developer Justin Sun did not miss the opportunity to take an already finished platform, where there are several hundred million users, and also later decide to reformat it into a cryptocurrency project.

Today, the entire BitTorrent team consists of 19 people, 12 of whom are developers. Brem Cohen made the decision to leave the business after it was sold. At the same time, he emphasized that he had no common affairs with his successor Justin Sun.

Distinctive features of BitTorrent

BitTorrent protocols were created along with pure competitiveness between enterprises, with a number of different implementations and a large number of highly popular options that are supported by volunteers. In addition, people who are engaged in deliveries independently of one another are ready to offer a number of useful utility services, including:

tracker;
a site that indexes metadata in a shared file, and also provides access to synchronized torrents.

It should also be noted that today there is one client software that implements the protocol called BitTorrent. This indicates how many collections exist, interacting distributed parts, users and partially distributed parts that have been preserved with the previous fairly stable ecosystem, regardless of the presence / absence of professional hackers.

Due to BitTorrent, it is possible for all users to provide interaction guarantee for highly efficient and highly reliable placement of large materials among the majority of users. They have the ability to do this by attempting to exploit the bandwidth to download and upload all users. This should be done to ensure a balanced ranked delivery of content between a large number of interacting users and to reduce resistance to all vulnerable files. Each protocol operates on a network, splits material into several halves and transfers them simultaneously between different equipment. It is also worth noting that the network can function only in the presence of a barter economy, where users can cooperate with each other on the basis of a trade file element.

Delivery throughput is applied as a decisive factor.

The distinctive features include:

existing BitTorrent users have the opportunity to implement additional kits with suitable utilities that allow them to make reciprocal rates for the registration of the bandwidth. This is possible only if it works together with a cryptocurrency storage, a betting device;
at the border of projects, the BitTorrent token is used in an uncountable number of technical points that go beyond the flaw of the current general use of bandwidth, while expanding a large number of services, including with standard storage, computing functions and available means;

initially, tokens can be disposed of in BitTorrent as a payment in exchange for an upstream bandwidth request. The use in the future is planned to be significantly increased up to a large number of secondary functions. This also includes purchasing additional content, providing recommendations for live streaming, and crowdfunding to create new works.

How BitTorrent Works

The virtual digital currency was created in order to increase interest in the project itself, namely with the aim of uniting the tracker and the blockchain. People who distributed files and acted as seeds became the owners of a reward in the form of cryptocurrency. Thus, an opportunity is provided in order to mine digital coins. That is why users uninterested in the cryptocurrency business and those who have worked with torrenting are likely to change their minds and become interested in it. This is the aim of the calculation of the companys specialists. Also, at the same time, an airdrop of virtual currency is carried out on a regular basis, which served as a low price category of coins. On February 11 of this year, about ten billion digital coins have already been distributed at a rate of 1 TRX = 0, 11 BitTorrent. Starting next month, they began to conduct an airdrop with a frequency of once a month, while Tron decided to independently change the distribution date, as well as the total number of digital coins in it.

The project has one catch: its work is carried out only thanks to torrents, and their total number will decrease annually. Residents of progressive countries often began to opt for the acquisition of exclusively licensed projects, rather than downloading files through torrent trackers. As you know, the lower the popularity of the torrent, the lower the earnings received from the seeds in the distribution will be. In any case, for the Russian region this will not be a problem for several years, since torrent is one of the most popular technologies in Russia. It is also worth noting that the future of this crypt directly depends solely on the marketing move. The focus was on a new client who has the ability to "raise" the rate of this virtual currency. It is on this crypt that you can regularly receive a small amount of money by taking part in the airdrop, which is carried out on almost all types of exchanges.

Bittorrent advantages and disadvantages

The BitTorrent cryptocurrency has a large number of advantages. These include:

the ability to optimize and expand the functionality of applications running on the same-name BitTorrent protocol. The active use of innovative technologies, in turn, contributes to the favorable development of the ecosystem;
the presence of stimulation of their users. Each seed is interested in distributing the downloaded materials, as they are guaranteed to receive a reward for this;
complete absence of commission collection. For using the system, the user not only does not spend a penny, but also receives a reward for this;
generalized approach for implementing the system. This, in turn, allows software developers to easily exploit and introduce updated multifunctional capabilities;
the availability of detailed technical documents and clear thought out plans. The creators did not skimp on information that directly relates to the site. Due to the transparent development of the project, specialists and users have the opportunity to easily navigate its future, analyze the trend of the virtual currency rate.

Despite the fact that cryptocurrency has many advantages, no one is immune from the disadvantages. In 2018, the mass dismissal of employees from the BitTorrent enterprise began. This happened immediately after it was bought out by the Tron Foundation. This moment greatly alarmed the virtual monetary society. The best specialists who left this business spoke about their distrust of the updated course and new leaders. Among those who quit was Brem Cohen, who is the author of the BitTorrent protocol. By the way, it is worth noting that Brem later moved to China, where he started working on a blockchain called Chia.

There is also another worrying point. After all the available updates are completed, there is no 100% guarantee that the torrent will be functional and fast. As Syman Morris, a specialist at the strategic development department of BitTorrent, said: "The Tron developers do not have any technical capabilities to speed up the project." Of course, on the one hand, BitTorrent employees could quit their jobs because they had doubts about the technical implementations, and on the other hand, it might look like a common dislike for “outsiders” who came to their territory. And the very first work from the Tron developers was quite successful. Considering the size of the project, the system should process over a thousand monetary transactions in one second. And the creators of Tron have not been able to achieve this level of bandwidth for over a year. Although the news is constantly talking about the fact that this parameter is constantly increasing. But there is one concern here - the heavy blockchain may fall dead weight on BitTorrent.

Saimans indignation is supported by a large number of experts who fear the technical unsuitability of the project. Many are embarrassed that the creators decided to keep about 45 percent of digital coins for themselves. Maybe this is an excellent reason to think about carrying out various manipulations with the virtual currency rate. Also, many are unhappy with the aggressive marketing move from BitTorrent. Projects are actively promoted in advertisements in which Hollywood actors are filmed. Social media advertisements are also not credible. One gets the impression that VTTs main clients are people who know almost nothing about blockchains and the virtual currency industry. Many forums are full of reviews about the fact that BitTorrent is a HYIP project that wants to make good money on non-professional users. Although many experts disagree with these concerns.

Summing up, it becomes noticeable that there are much more negative sides than positive ones. But initially this project did not raise any doubts of overwhelming success. Of course, many hope that this opinion is a mistake, but only time will put everything in its place. And while the digital coin rate is steadily increasing, we can hope that everything will work out.

Does BTT mining exist?

It should be noted right away that the creators did not provide for VTT mining. Instead of the generally accepted standard PoW algorithm, the system operates another algorithm called DPoS. This suggests that among the users who are the owners of the coins, a delegate is elected by voting, who makes sure that the system works in a stable mode, and receives a reward for this.

A large number of users of a torrent client called uTorrent actively write complaints on the forum. The point is that the last update of the program to version 3.4.2 Build 38913 began to consume a large amount of resources. As we found out, along with the torrent comes an additional utility called EpicScale, which is quite difficult to uninstall for the average user. With an audience of over 150 million monthly active users, Torrent is the most popular BitTorrent client. That is why a similar incident with the latest update caused such a loud reaction.

In general, the BitTorrent enterprise earns money only through advertising (Offers) placed within the project. That is why the decision to add BitTorrent mining as an additional income led to the natural surprise of the vast majority of the audience. In turn, the employees of the BitTorrent company assure that the miner is installed only with the consent of the users (it is obvious that there are a large number of methods, thanks to which it is possible to push users to make the “right” choice). All customers can easily check if they have "partner" software. To do this, just look at the list of running applications and see if there is a process called "EpicScale" there. However, there are a large number of open source torrent clients, where such an incident is in principle excluded.

How do I buy or sell Bittorrent?

You can buy or sell virtual currency using the following methods:

using a cryptocurrency exchanger. For example, one of such exchangers is a service called “BaksMan”. You can buy a VTT token thanks to other digital coins or fiat payment systems, for example, Sberbank, Visa / MasterCard bank cards, Qiwi electronic payment, AdvCash, Payeer and many others. When purchasing, you must specify the current account of the wallet in order to receive the virtual currency BitTorrent, their desired number, as well as the account from which the payment will be made. If you want to sell currency, you must enter an account in order to receive fiat or virtual money;
thanks to the cryptocurrency exchange. The largest trading volume is on an exchange called Binance. This trading platform has such currency pairs as BTT / USDT, BTT / BTS, BTT / PAX, BTT / USDC, BTT / TUSDT, BTT / BNB. From this we can conclude that the VTT token can be traded with all types of stablecoins.

Do not forget that the difference between working with crypto-exchanges and online exchangers is significant, we wrote about it in this article .

In order to buy a crypt , you must follow the following instructions:

A personal account is being created. The registration form is filled in, the email address is confirmed. Security settings are set (it is advisable to enable SMS notification). If necessary, you must go through the verification process (confirm the account). It is worth considering that without the verification process, you can withdraw 2 BTC or equivalents in other types of currencies from the exchange.
The account is replenished. The cryptocurrency exchange does not deal with fiat money, which is why it is best to buy virtual currency in an online exchanger or on other trading platforms, for example, EXMO. Then the cryptocurrency is transferred to the address that is posted in the account in the "Funds - Deposit" category.
After the funds have been credited, you need to go to the payment terminal and select any pair, for example, VTT / BTC. This indicates that the user buys, sells or exchanges BitTorrent tokens for Bitcoin .
An order is created. On the Binance cryptocurrency exchange, there are order options such as limited (that is, the price is indicated independently), market (executed based on the current market rate), unlimited (stop limit).

After the order has been executed, the received VTT tokens can be found in the "Funds - Balance" category.

BTT to ruble rate

The BitTorrent cryptocurrency (VTT) is a very young digital coin, the main goal of which is to support the losing popularity of BitTorrent, as well as the desire to expand its functionality. The BitTorrent rate to the ruble can change every day, it all depends on how much the currency is in demand among customers. Today the figures are 1 BTT = 0.04948 Russian rubles.

BTT to USD rate

BitTorrent (BTT) is a virtual cryptocurrency token that was released on a trading platform called TRON. Over the past day, the cost of the crypt has increased by one and a half percent. In order to be sure of what the current BitTorrent rate is against the dollar, you need to follow the graph of changes, since today the crypt can have a stunning rise, and tomorrow - a critical fall. Today 1 BitTorrent coin = 0.00076 US dollars.

BTT to EUR rate

Due to the fact that among users and investors there is increased attention to this project, the cost of a crypt can increase significantly. It is also possible that there will be a moment when the price can stop, having reached a specific level. BitTorrent rate changes every day, you can track this using current charts or currency converters. Today the exchange rate against the euro is 1 BTT = 0.0006758 euros.

Where to store BTT

Many users of the BTT cryptocurrency are wondering where and how BitTorrent can be stored. BitTorrent is a token on a blockchain called Tron, which is why you can use any TRON wallets that support TRC-10 coins to store them securely.

Among the main wallets, the following options should be highlighted:

TRON Wallet. It is the official desktop, mobile and web wallet for the Android and iOS operating systems. It is quite simplified and highly reliable to use, however, the desktop version implies the installation of a full-fledged node;
Trust Wallet. Acts as a mobile wallet used on smartphones with Android and iOS operating systems, which was bought by a cryptocurrency exchange called Binance about a year ago. It has been integrated alongside the Binance DEX decentralized cryptocurrency exchange.

By the way, it is worth paying attention to the following point: if the user plans to store his digital TRX currency on the TRON Wallet or Trust Wallet, then he has the opportunity to become the owner of VTT using the airdrop completely free of charge.

How many BTT

Exactly 990 billion BitTorrent Tokens (BTT) were created on a blockchain called TRON, known among cryptocurrency holders as TRX. Of the total, approximately 10.2 percent is planned to be distributed during each monthly airdrop over a six-year period. The first one was already held on February 11, 2019. The developers promise that after some time the total number of issued BitTorrent tokens will constantly increase (it is worth noting that the number will grow every year in February).

Justin, the head of the Tron blockchain, put it: “I propose to abstract, imagine that the TRON blockchain and the BitTorrent system are like a razor and a blade. In any case, both components must remain paired in order to create a new economic breakthrough in the Internet. The network must be built on a decentralization process. We, in turn, decided to contribute to this, and therefore our team regularly sends VTT tokens. This is necessary in order for a large number of people to be able to massively join the absolutely renewed market throughout the world wide web. "

Many people are wondering how much BitTorrent they will receive from one distribution? It is worth noting that with the very first distributions of the month, TRON owners have the opportunity to become owners of about 900 million BTT digital coins, and for one TRX they are planned to be paid at least 0.13 BitTorrent tokens. Today, the TRON blockchain is on the eighth line in the top ranking in terms of the value of virtual currencies. As of today, the capitalization is 1.75 billion US dollars. At the time when TRX was able to move to its eponymous network with ERC-20, the total number of its capitalization was equal to three billion dollars.

Bittorrent emission

On Monday, January 28, 2019, a highly anticipated program called BitTorrent Crowdsale took place on the trading platform for the Initial Coins Offering, the Binance Launcher pad. Accompanied by increased excitement and a large number of technical problems, the campaign had to complete the entire process after 17 minutes. Its result in such a short time is the sale of over 59 billion VTT tokens (this is approximately 7.5 million US dollars).

The crowdsale of VTT tokens began at 15:00 UTC and took place in two different parallel sessions. In one session, participants had the opportunity to buy VTT token using the TRON virtual currency (TRX), in another - for a token called BNB. As specified in the official source of the company, over 24 billion BTT coins were sold during the BNB period within 13.25 minutes. With regards to the Tron period, it should be noted that it lasted about 15 minutes. As a result of the session, over 36 billion VTT tokens were sold. Throughout the entire period, one BitTorrent token could be sold for 0.00001925 BNB or 0.00447296 TRX.

Based on the information provided by a cryptocurrency exchange called Binance, in general terms, over one thousand contributors became participants during the Crowdsale, namely:

the period TRON had 625 members;
period BNB - 346 members.

Opinions posted by Changpen were the largest in response to comments. In them, angry users decided to express their indignation at the inability to participate in the crowdsale visas due to the most obvious technical faults. They are due to the fact that the trading platform simply could not cope with the large influx of users.

As previously written on the official website called ForkLog, the BitTorrent token was created as a continuation of one of the well-known Atlas projects, based on the TRC-10 standards, but it is also fully compatible with the ERC-20 format. The BitTorrent emission is 990 billion BTT tokens. The tokens themselves are actively used to reward users for file uploads on torrent trackers such as BitTorrent and µTorrent.

What Bittorrent Is Provided

BitTorrent is a network protocol for exchanging files through the World Wide Web. It was created by an American programmer named Brem Cohen, who in April 2001 wrote the first torrent client called "BitTorrent" using Python.

The BitTorrent project itself is provided with three key ideas and problems.

To date, there are a large number of possibilities for using dispersed BitTorrent protocols that have not been implemented. Today the market is in full readiness to receive useful innovations in this regard.
It is also worth noting that the protocol workflow is now actively advertising limited efficiency due to the fact that often seeds leave the project because they have no incentive to stay and continue the distribution.
A large number of program users, including BitTorrent, do not want to pay for purchases with fiat money if they are shopping on a virtual network. As a result, the information monopoly suffers greatly.

The creators dream of the future expansion and improvement of BitTorrent by combining the protocol with the same promising Blockchain technologies. As a result, it is planned to obtain a dispersed system that allows program developers to directly reward customers and give them the freedom to exploit this award to interact with the author and publisher directly without raising fiat money.

In order to speed up the introduction of new functionality, the developers plan to eliminate the existing disadvantages of Bittorrent. Thus, it is planned to stimulate interest in fundamental technologies and to acquaint a large number of active and potential users with the existing new VTT token, as well as the economic standards that provide it. Also, to ensure the normal functioning of BitTorrent, it is necessary to implement the api and marketplace in various services located in the same infrastructure.

The future of Bittorrent

Unlike a large number of initial projects, BitTorrent has a ready-made user base and huge practical sense. True, the owners of the crypt are still few, but everything can change dramatically at any time. Today, a large number of contributors have decided to take a wait-and-see post as it remains to be seen what the future holds for BitTorrent. If the creators move along the predetermined path, while increasing the capacity of the bandwidth, the number of investors will increase significantly, and at the same time, one can expect a rise in the rate of the virtual currency. Also, the following can lead to an increase in prices:

the digital coin will be listed on a top cryptocurrency exchange. And even platforms that do not work with this currency will be able to join the airdrops. Based on practice, the more resource sites work with crypt, the more reliable its position;
a large number of companies that closely interact with blockchain technology should be interested in VTT. For example, the CoinPayments payment system began cooperating with crypto back in the winter of 2019. And this had a very good effect on the rate of the crypt.

However, the most important point is that the value of the token on the market does not affect the guaranteed success of the entire project as a whole. The creators decided to set the goal of creating a torrent tracker as the fastest and most progressive platform. The token is seen as an incentive, a conduit for innovative technologies, but not as a trading tool.