BitTorrent (BTT) Things You Need To Know Before Investing
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What Is BitTorrent (BTT)?
BitTorrent (BTT) is a popular peer-to-peer (P2P) file sharing and torrent platform which has become increasingly decentralized in recent years.
Originally released in July 2001, BTT was purchased by blockchain platform TRON in July 2018.
Since its acquisition, BTT has added various new tools, with a dedicated native cryptocurrency token, BTT, released in February 2019. BTT was launched on TRON’s blockchain, using its TRC-10 standard.
According to its official literature, BTT is currently the “largest decentralized P2P communications protocol” globally.
Who Are the Founders of BitTorrent?
The original BitTorrent is the brainchild of Bram Cohen, a developer and entrepreneur who has since become well known in the cryptocurrency arena.
Cohen has explained that he designed BTT to usurp the dating entertainment industry, which made obtaining material slow and expensive.
The platform has seen multiple legal battles, with Cohen maintaining that it does not break copyright laws in allowing users to share files such as music and movies among themselves.
In 2018, TRON completed its acquisition of BitTorrent, bringing BTT under the control of Justin Sun. Sun is notorious for his plugging of TRON as a cryptocurrency and its blockchain technology, bidding $4.5 million at a charity auction to have lunch with Warren Buffett (a well-known anti-crypto figure) and discussing cryptocurrency with him.
TRON is also behind the addition of cryptocurrency to, as the BTT token was released on TRON’s blockchain. The move formed part of TRON’s efforts to add further decentralized features to the platform.
What Makes BitTorrent Unique?
BitTorrent’s original goal was to disrupt the legacy entertainment industry and how consumers obtain content.
Expensive and inefficient distribution networks were the main target, with original developer Bram Cohen seeing benefits in allowing internet users to distribute content among themselves directly.
In the early 2000s, BTT became the go-to P2P file sharing platform, with TRON stepping in in 2018.
Under TRON, BTT has expanded its user appeal to those interested in decentralized solutions and cryptocurrency and its user base.
Among the added features is BTT Speed, which uses the BTT token as part of its operations.
BTT has also branched out into paid services, offering several “premium” versions of its platform, including VPN capabilities and ad-free browsing.
How Many BitTorrent (BTT) Coins Are There in Circulation?
BTT is BitTorrent’s native cryptocurrency, issued on TRON’s blockchain as a TRC-10 standard token.
The total supply, as stated in its whitepaper, is 990,000,000,000 BTT. 6% of that total was available in a public token sale, 2% in a private token sale and 9% in a seed sale.
Another 20.1% are reserved for airdrops, which occur at various points until 2025. The BTT team and umbrella organization, the BitTorrent Foundation, were awarded 19% of the supply. The TRON foundation holds 20%, with 19.9% going to the BTT ecosystem.
A final 4% of tokens are reserved for partnership activities.
BTT plays various roles in BitTorrent’s products, including allowing users to pay others for faster downloads with BTT Speed.
How Is the BitTorrent Network Secured?
BitTorrent says it employs “the highest level of security measures” to secure user funds but advises that cryptocurrency involves inherent risk.
The company recommends that users protect themselves against theft, malware, or similar programs by using biometric verification options.
Where Can You Buy BitTorrent (BTT)?
BTT is tradable for cryptocurrencies, stablecoins and even fiat currencies on major exchanges. Binance, Huobi Global and OKEx are among the offerings.
