What is BitTorrent (BTT)? All you need to know

BitTorrent is one of the projects that apply the advantages of blockchain technology to support the system to work better. BitTorrent is invested by the big guy in the Crypto field, Justin Sun, because he sees the outstanding potential that it possesses. So what is BitTorrent? Let's find out with Market247.io in this article.

What is BitTorrent?

First, let's find out what is BitTorrent platform. BitTorrent is a system that allows sharing files and resources on a peer-to-peer network. BitTorrent's platform allows content creators and users to connect with each other through the ecosystem's tokenomics mechanism, built on the Blockchain platform of the TRON ecosystem.

Through a peer-to-peer network applying Blockchain technology, the BitTorrent system can meet the needs of more than 100 million users at the present time.

What is BitTorrent's mechanism?

Initially, BitTorrent was not a platform that applied Blockchain technology. Then, under the leadership of Justin Sun, this CEO combined BitTorrent and blockchain, making BitTorrent no longer a mere application but an ecosystem that advocates adopting the token economy.

Justin Sun said that with the old mechanism that the system is using, users have to upload a file to the system if they want to download another file, this will not be able to keep users. They can delete the data file after getting the desired file.

However, if BitTorrent has to issue BTT tokens so that users can receive tokens when they share data, that will solve the above problem. Users who need data files that others have will have to pay money, in addition they can pay extra fees for faster download speeds. With the application of this mechanism, everything will become more fair, BitTorrent can both retain users and have a file source to maintain data diversity.

What are the advantages and disadvantages of BitTorrent?

BitTorrent has the following advantages and disadvantages:

Advantages

Is an early, reputable P2P file sharing platform that is providing services to more than 100 million users around the world. So when combining this platform with blockchain technology, BitTorrent will become a more perfect version.
BitTorrent has great support from the development team, including Justin Sun and experienced Devs
BitTorrent has high practical application and user recognition
Not only bringing satisfaction to individual users, BitTorrent is also the choice of companies and Government organizations around the world.

Disadvantages

Currently, the BitTorrent system is still facing copyright issues
The token distribution has not been appreciated by the community because it has not shown decentralization. BTT is not a token with a deflationary mechanism.

Why did BitTorrent apply Blockchain technology?

There are many questions surrounding why BitTorrent applies Blockchain technology while the platform is being known by many people.

According to Justin Sun, who has oriented BitTorrent to use the advantages of Blockchain, said. The general psychology of users when using the internet is that they do not want to use fiat money to make payments for ordinary transactions or digital services.

Besides, BitTorrent's past system structure is still incomplete. Therefore, when the system expands its scale and network, it will face many difficulties. However, these problems can be completely solved by the application of blockchain.

Finally, the project development team saw the disadvantages as well as the development potential of BitTorrent in the future. So the team created a decentralized web-based platform for BitTorrent. Through it, the project becomes an intermediary bridge for creators and users, as well as individuals who contribute to the development of the ecosystem. BTT token will be the reward for this contribution. This motivates both the dev team and users to build an ever-growing ecosystem.

Detailed information about BTT token

After learning about what is BitTorrent network, let's explore the project's Tokenomics information.

what-is-bit-token .jpg

Key Metrics

Ticker: BTT
Blockchain: TRON Blockchain
Issuer: TF5Bn4cJCT6GVeUgyCN4rBhDg42KBrpAjg
Precision: 6
Standard Token: TRC-10
Token type: Utility Token
Total Supply: 990,000,000,000 BTT
Circulating Supply: 212,116,500,000 (21.4%)

Token Allocation

Public sale: 6%
Private sale: 2%
Seed round: 9%
TRON airdrop: 10.1%
BitTorrent protocol airdrop: 10%
Team, the BitTorrent foundation: 19%
TRON foundation: 20%
BitTorrent ecosystem: 19.9%
Partnership: 4%

What is BTT used for?

BTT tokens are used for the following purposes:
Software developers will use the BTT token to release their applications and services on the BitTorrent ecosystem.
Users use BTT tokens to buy or pay for digital assets
Use BTT token as a fee when users want to download data at a faster speed
This is a fund to support content creators on the platform
Seeders will receive a reward of BTT tokens when they contribute to the platform by seeding or sharing information with the community.
BTT tokens are used to pay for monthly Airdrops.

Conclusion

Above is information about the BitTorrent system and how it works. Hopefully through this article, you have understood what is BitTorrent as well as the advantages it brings. If you have any questions about what is BitTorrent project, don't forget to send it to us for prompt response.

Disclaimer: This article only provides information about what is BitTorrent project. This is not investment advice.

Follow BitTorrent:

Telegram: https://t.me/BTTBitTorrent

Twitter: https://twitter.com/BitTorrent

Reddit: https://www.reddit.com/r/BittorrentToken

Website: https://bt.io/

FAQ - What is BitTorrent?

What are the risks of BitTorrent?

One of the biggest dangers associated with torrenting concerns the integrity of shared files. Holding its position as one of the most popular and widespread P2P sharing protocols today, BitTorrent is a big target for hackers, unscrupulous advertisers, and other parties looking to infect systems.

Is it illegal to use BitTorrent?

Torrenting in itself is not illegal, but downloading copyrighted material without permission is.

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