What is Bittorrent currency? Getting to know BitTorrent and the BTT token

Every day more people than before use the networks Peer to Peer (P2P) they turn In a peer-to-peer network, nodes or computers connected to each other communicate and exchange data without the need for a central system; That is, each of them “peer” each other and none of them has priority or control over the other. BitTorrent digital currencythe network and its protocol are an example of a peer-to-peer network for uploading, downloading and sharing files.

With this definition, you may have noticed similarities between peer-to-peer networks and blockchain-based networks. Just as the nodes of a peer-to-peer network communicate with each other without the presence of a central system, the nodes of a blockchain are connected precisely without centrality, and that is why this set of nodes in the network Decentralized we say. In fact, the nodes of a blockchain communicate through a peer-to-peer system (P2P for short) and form a decentralized network.

What is bittorrent?

BitTorrentA file transfer protocol Peer-to-Peer and Decentralized. The BitTorrent program is also an application for desktop and mobile with which you can upload and download different files and share them for other downloaders to use.

The main reason professionals are interested in using peer-to-peer (P2P) networks and protocols is that these types of systems increase network throughput and scalability. In a peer-to-peer network, any computer that is online and has access to the Internet has the ability to become a Node It has a network.

Read more: What is peer-to-peer?

In fact, BitTorrent is a peer-to-peer file sharing program or protocol that was originally developed in 2001 by Bram Cohen And David Harrison Released. The goal of the creators of this network was to greatly reduce the long waiting time for downloading large files on the Internet.

What is BTT Token?

BitTorrent digital currency (BTT) In February 2019 on Tron blockchain Launched. BTT token from token standard TRC-10 It is special for the Tron blockchain. Of course, in 2021, this token was moved to the TRC-20 standard to access more speed and capabilities; So the new token continues with the symbol BTT, but the previous token is displayed with the symbol BTTold.

Currently, BitTorrent digital currency in two Decentralized application (DApp) is used in the BitTorrent network. Users and participants of BitTorrent Speed ​​and BitTorrent Filesystem are rewarded with BTT tokens.

Read more: What are Decentralized Applications (DApps)?

What is bittorrent chain?

BitTorrent Chainto which for short BTTC They say, in December 2021 Launched. This chain is a blockchain scaling solution and an interactive protocol on the Tron blockchain.

The BTT digital currency is also used in the BitTorrent chain, except for use in the BitTorrent Speed ​​and BitTorrent File System decentralized programs described above. The BTT token will be used as a Gas fee in the transactions of this chain and will also be staked by validators to participate in the security and governance of the network.

History Bit torrent

Due to the speed and efficiency of BitTorrent compared to other transfer protocols on the Internet, per year 2005 About 35% of the total internet traffic was allocated to torrent. A figure that shows the incredible success of this project compared to other competitors. This means that many people used this protocol to download their files.

However, when Internet speeds increased in 2008, BitTorrent's popularity and popularity steadily waned over time, to the point where many people now don't even know such a protocol exists for downloading files.

As a result, BitTorrent struggled to monetize its service and was then acquired by the Tron Foundation in 2019. It should be noted that the Tron Foundation is the same organization that also built and developed the famous and popular Tron blockchain.

Read more: What is Tron? Full introduction of Tron blockchain and TRX currency

After that, the new owners of BitTorrent, the native token of this network with the abbreviation symbol BTT Turns out, they launched through an Initial Coin Offering (ICO) process; With the aim of developing the BitTorrent protocol and expanding its users.

Read more: What is Initial Coin Offering or ICO? Attracting capital through digital currencies

In addition to selling its tokens through the initial coin offering, the project distributed the rest of the token supply to BitTorrent Foundation, Tron Foundation, Airdrops and the project ecosystem.

How does bittorrent work?

The BitTorrent peer-to-peer transfer protocol is distinct from other data transfer protocols on the Internet, such as HTTP protocols and FTP file transfer protocols. The BitTorrent protocol requests “random” parts of a file from peer-to-peer nodes and can often download multiple parts simultaneously from different sources. Compared to protocol like FTP or HTTP protocol, BitTorrent protocol approx Quadruple It worked faster.

A protocol used to send files such as text, photos, and videos. Hypertext Transfer Protocol or HTTP for short is named. It should be noted that all of us internet users, as soon as we open our web browser, are actually using the HTTP protocol. Similarly, File Transfer Protocol or FTP for short It enables users to store files on computer systems, upload or download and transfer them from one place to another on the Internet.

Seeding and sharing files on BitTorrent

The way BitTorrent works is that every user who downloads a torrent file becomes one of the nodes that other users can use to download his torrent file. This process in which users share their downloaded torrent files with other downloaders is called seeding.

In the past, the torrent downloader was not rewarded for seeding or uploading content to subsequent downloaders after the download was complete. With the launch of BitTorrent Speed, this mechanism was changed so that seeders are rewarded with BTT cryptocurrency.

In addition, BitTorrent Speed ​​users can also increase their download speed by paying BTT token. Also, users can use BitTorrentSpeed ​​wallet to store BTT and other digital currencies.

Transactions and validations on BTTC

The BitTorrent Chain Bridge or BTTC Bridge supports the transfer of assets between Ethereum Virtual Machine (EVM) compatible blockchains such as Binance Smart Chain and the Ethereum and Tron blockchains. Therefore, inter-chain transactions take place between these blockchains.

Read more: What is Ethereum?

In cross-chain communication, validators regularly package BTC blocks and transfer them to the Binance Smart Chain, Ethereum, and Tron networks. They are rewarded for this operation.

The BitTorrent chain uses a Proof of Stake (PoS) consensus mechanism and its security is ensured by the activity of validators. The average cost of gas in this chain is less than $0.01. This mechanism significantly reduces transaction costs. Validators on the BitTorrent chain stake the BTT cryptocurrency to create blocks, validate and confirm transactions, and participate in the proof-of-stake consensus mechanism.

Developers and building decentralized financial applications (dApps) on BTTC

Developers can start building decentralized financial applications in the fields of DeFi, NFT, GameFi and other web3 applications on BTTC. BitTorrent chain is a second layer (L2) solution for Tron, Ethereum and Binance blockchains; Therefore, it provides an environment for developers to build their applications on this network.

Read more: What is Web 3.0? The future Internet codenamed Web 3.0

BTTC aims to solve scalability problems in this field. This chain has a high transaction rate per second (TPS) and low transaction fees. It is also compatible with the Ethereum Virtual Machine (EVM), and Ethereum developers can port their decentralized finance applications to the chain. For this reason, BTTC is considered an ideal option for building decentralized applications.

Comparison BitTorrent with other file transfer protocols

In the traditional download method, the file is usually downloaded from a source, such as a server; But BitTorrent works differently.

When a user downloads a file using BitTorrent, he is actually connecting to several other users (his peers on the network) who have the same file or parts of it. So instead of downloading the entire file from a source or server,

Requests different parts of the file from different sources or nodes at the same time.

This method helps to download faster and more efficiently, because different random parts of the file can be downloaded simultaneously from different sources. The word “random” here means that BitTorrent chooses which parts of the file to download from which nodes based on the availability and speed of the nodes. This process is in contrast to the linear download of the file from the beginning to the end in the traditional way.

How to earn BTT with bittorrent speed?

First step: The BitTorrent platform has three different versions; Web version, Classic BitTorrent And BitTorrent for Android. To access the BitTorrent Speed ​​decentralized application, you must first download one of the versions of BitTorrent Web (for Mac and Windows) or BitTorrent Classic (for Windows) (Bittorrent.com).

second stage: At this point you need to activate your BitTorrent Speed ​​wallet. If you have the latest version of BitTorrent Classic or BitTorrentWeb, the BitTorrent digital wallet will automatically activate for you and show your BTT token balance. If the wallet is not active, click on “Speed” and then click on “Create a Wallet” as shown in the picture below.

Here you need to choose a strong password and then write down the 12-word recovery phrase that the program gives you in a safe place. Your BitTorrent wallet is now activated and you will see it by clicking on the “Wallet” option at the top left of the screen.

third level: Start using the program and download torrent files. When a torrent file is finished downloading, you can automatically earn BTT by seeding that file or sharing it with other downloaders. BTT tokens are stored in your in-app wallet and you can transfer them to another wallet.

BitTorrent File System

BitTorrent File System, or BTFS for short, is a decentralized file storage system. This decentralized application consists of two components: hosts and renters. Hosts provide their storage space to earn BTT cryptocurrency and renters consume that storage space by paying BTT token.

Frequently asked questions

Conclusion

In this article, we learned about BitTorrent, its chain (BTTC) and the native token of this network, BTT. The BitTorrent (BTT) digital currency is built on the Tron blockchain and can be obtained using a program of the same name. BitTorrent is a program for uploading, downloading and sharing torrent files.

This system also includes two decentralized programs called “BitTorrent Speed” and “BitTorrent File System”, which allow their users to earn BTT tokens. Of course, apart from these applications, the BTT token also has many uses in the BTTC chain.

The BTTC chain is also a second-layer scaling solution that uses a proof-of-stake (PoS) mechanism. Validators in this chain guarantee the security of the blockchain by staking their tokens and receive rewards. Also, this chain is programmable and supports smart contracts. BitTorrent is considered a good environment for developing decentralized applications due to its high transaction rate per second and low transaction cost.