BitTorrent Explained

What is BitTorrent? BitTorrent is a decentralised peer-to-peer file-sharing service that enables the distribution of files and data over the internet. BitTorrent has been an extremely popular protocol in the early and mid-days of the internet and chances are that you have used it at least once in your lifetime, knowingly or unknowingly. BitTorrent created a unique way to transmit large amounts of data across the internet by splitting it into small sections, sending it through a peer to peer network and finally combining all the data together. The protocol was a massive success as it allowed individuals to share movies, songs, and many other large files in a decentralised way. The company was acquired by Justin Sun, the founder of the Tron Network in 2018, and a new client was launched with an integration of the BitTorrent token (BTT). The BitTorrent token is built on the Tron blockchain and is used for the provisioning of services in the BTT enabled ecosystem. The DApps powered by the BTT so far include BitTorrent Speed, BitTorrent File System and DLive. Additionally, BitTorrent unveiled its new BitTorrent chain recently with the mainnet using the BTT token as well. How does BitTorrent and its BTT Ecosystem Work? BitTorrent works by allowing users to download pieces of a file from multiple users of the internet instead of a single server. Although BitTorrent had been extremely successful, users had no economic incentives to make the file available to others to download after they have the entire file. Following enhancements and new innovations have been brought about with the introduction of the BTT token: BitTorrent Speed — BitTorrent Speed has enabled the downloaders to have an option to provide tokens to uploaders in order to get faster download speeds. Additionally, by introducing the token, the above-mentioned problem has been solved and it allows uploaders to dedicate more bandwidth and storage to torrent clients in the network. BitTorrent File System (BTFS) — The BitTorrent filing system provides a peer to peer mechanism for storing and sharing digital content in a decentralised filing system that is supported by millions of nodes. The BTFS uses the Tron network and BitTorrent ecosystem where the users who use the BTFS storage pay BTT rewards to the hosters who provide storage. BitTorrent Chain (BTTC) — The BitTorrent Chain claims to be the first scalable heterogenous cross-chain interoperability protocol. The chain is based on the Proof-of-stake consensus and is compatible with Ethereum based smart contracts. Currently, the chain supports cross-chain transfers from Ethereum, Tron, BSC and more public chains are slated to be supported in due time. The BitTorrent chain is also has increased scalability (7,000 tps), is cheap (less than $0.01 fee) and has confirmation within 3 seconds. Use cases of the BTTC include building all kinds of applications in DeFi, Gaming and NFT’s. Tokenomics of the BitTorrent token BTT tokens were redominated recently as the launch of BitTorrent Chain hit mainnet. The old BTT tokens were exchanged for new BTT tokens at a ratio of 1:1000 while maintaining its market cap. The BitTorrent token has the following utilities and use cases attached to it: * Services in BitTorrent Speed and BitTorrent File System * Staking & validation in the BitTorrent Chain to earn rewards * Gas fees in BitTorrent Chain * Governance Token Price The BitTorrent token has been up 581% over the past year and ranks 63rd among all cryptocurrencies. Buy BTT on BitYard today! Purchase BTT and over 300 other cryptocurrencies on BitYard today! Click here for the detailed guide on how to purchase cryptocurrencies in BitYard. Check out our other crypto analysis below: * UFO Gaming Explained * Algorand: Fundamentals, technicals, tokenomics and future outlook * Tezos: Fundamentals, technicals, tokenomics and future outlook * The Curve Wars Explained If you enjoyed reading this article, make sure you follow us on our medium page to stay updated for more exciting content! As usual, none of this information is financial advice, and you should do your own research before investing in any of these projects mentioned in this article. --- BitTorrent Explained was originally published in BitYard Token Insight on Medium, where people are continuing the conversation by highlighting and responding to this story.
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