BitTorrent cryptocurrency (BTT): how to monetise content sharing
In 2019, the concept was fundamentally updated. With the help of the Tron project, the BTT token was created, which implements blockchain components in the system's operation, in particular, to improve the delivery of content and its monetisation.
About the protocol
Under the terms of a $140,000,000,000 deal, Tron acquired BitTorrent, after which it helped implement the BTT token to achieve the following results:
- Establish interaction between digital content creators and consumers. Cryptocurrencies make it possible to pay for certain activities without intermediaries. BTT token gave specific new values to work with the system without using fiat currencies.
- Create a completely decentralized ecosystem. It is assumed that cryptocurrency technology is close to the spirit of torrent users due to anonymity, lack of control and intermediaries.
- Help promote blockchain technology. The joint work of the BitTorrent P2P network and the Tron blockchain will eventually reach millions of new users and promote mass blockchain integration.
- Addressing technical shortcomings of the BitTorrent protocol itself. Introducing incentives for more fruitful cooperation. Improving speeds — the economic model provides an opportunity to spend BTT on access to increased download speeds.
The key objective is to combine two digital technologies: BitTorrent and Tron. The BTT token itself is TRC-20 compliant and operates on the corresponding blockchain (there is also an ERC-20 version for the Ethereum network). BitTorrent operates as a communication protocol that uses P2P (peer-to-peer) technology as the basis of a data exchange system. Tron network technology is also based on P2P. Its goal is to become a worldwide operating system for storing and downloading files of all types, including audio and video. Therefore, combining them is a logical step.
The role of the BTT token
The team behind the BTT token plans to apply the experience of managing a long-established and proven ecosystem to provide a new token-based system. BTT will be a bridge to facilitate transactions between users of BitTorrent functionality and content providers using computing resources.
All transactions within the ecosystem are denominated in BTT tokens. The goal is to make the tokens as divisible as possible and thus provide a wide range of prices for the objects and services. The tokens are transferred through the system's private and public Tron blockchain. BTT Benefit Factors for BitTorrent:
- "Swarms" of BitTorrent (swarms) are prone to premature degradation of their quality or even complete disappearance. A multitude refers to a group of people who own or are part of a file. The reason for the deterioration is that swarms receive no penalties for bad-faith work and no rewards for good-faith work. The new system allows partners to offer BTT tokens to each other as an incentive to continue downloading files even after the download is complete.
- The ability to earn BTT tokens by allocating bandwidth and storage resources to support a more degradation-resistant swarm. BTTs will be purchased and exchanged based on the resources users provide.
- Since payments with BTT tokens will likely be made through the Tron blockchain network, they will also help develop the Tron ecosystem.
At the same time, regular users will be able to continue to use the protocol as they have been using it if the benefits of the blockchain don't interest them.
Buying, selling and storing BTT
Tokens are available for buying/selling at exchanges, as well as on many cryptocurrency exchanges, such as:
- Binance
- Huobi
- MEXC
- Bitget
- Gate.io
As for wallets, and with support for TRC-20, standard tokens will do, for example, Tronlink, Trust Wallet, and MathWallet. Notably, token airdrops (free distribution for holders) sometimes occur. BTT airdrops are supported on Coinex, Bitforex, Binance, etc.; the complete list is available on the project's official website.
BTT can be used as a means of payment on the Internet. CoinPayments, Plisio, and Coingate, among others, provide such an opportunity.
Conclusion
After its launch in February 2019, the BTT token hit the headlines of thematic publications thanks to the rapid price hike and the community's resonance. The responses were varied given the novelty of the idea — some viewed BTT's investment potential optimistically, while others gave negative predictions. But the facts speak for themselves - the token has grown significantly since its launch; it is in high demand for its intended purpose and as a market instrument.
