What is BitTorrent (BTT) and How Does it Work?

Introduction

File sharing has revolutionized the way content is consumed, and BitTorrent provides one of the most popular methods for doing so. BitTorrent is a decentralized method of sharing large files that allow for faster download speeds and more efficient distribution of data. It’s a protocol that has a wide user base and has become a staple in the way media is consumed and shared.

BitTorrent has a token associated with it that is used to further enhance the user experience and incentivize the participants on the network. This token is built on blockchain technology, and it can be traded on the Gate.io cryptocurrency exchange. It can also be used to purchase other digital assets on the network, making it an integral part of the BitTorrent ecosystem.

What is BitTorrent? A Decentralized File Sharing Protocol

BitTorrent is a peer-to-peer file-sharing protocol that enables users to share and download large files, such as movies and music, etc. Instead of downloading a file from a central server, as with traditional file-sharing methods, BitTorrent users can download small pieces of the file from multiple sources, called “peers,” at the same time. This makes it possible to download files more quickly and puts less pressure on a single server. Approximately 20% of all internet traffic is generated by BitTorrent, one of the most widely used online file-sharing platforms.

History of BitTorrent

In 2001, Bram Cohen, the inventor of BitTorrent, set out to create a more efficient and fast method of sharing large files online. The result of his efforts was the BitTorrent protocol, a revolutionary new way of sharing files that utilized the power of multiple users’ computers to transfer data.

BitTorrent was first released to the public in 2003 and quickly gained popularity, becoming widely used for both legitimate and illegal file sharing. However, its popularity led to legal challenges from media companies, but despite these challenges, BitTorrent continued to evolve and expand.

In 2006, BitTorrent Inc. was founded with the goal of developing and promoting the technology. In the same year, BitTorrent Inc. introduced a new feature called Mainline DHT, which allowed users to share files even when the source is offline. This made BitTorrent even more resilient and helped it to continue growing in popularity.

Over the next few years, the company continued to innovate and introduce new features, such as the BitTorrent Bundle format in 2013, which allowed for the distribution of content with in-built monetization options. The company’s flagship product was BitTorrent’s protocol called “µTorrent”, which quickly became one of the most popular BitTorrent clients.

In 2018, a new chapter in BitTorrent’s history began with its acquisition by the TRON Foundation, a blockchain-based platform. The integration of BitTorrent with the TRON blockchain allowed for the creation of dApps and services using the BitTorrent protocol and technology, marking its entry into the blockchain space. In addition, the BitTorrent token (BTT) was introduced as a TRC-10 token on the TRON network, allowing users to incentivize and reward those who contribute bandwidth and storage to the network.

Further, in 2020, BitTorrent introduced the BitTorrent Speed network, which incentivized users to share their bandwidth and contribute to the network, and in 2021, the company introduced the BitTorrent File System (BTFS), a decentralized storage platform built on the BitTorrent protocol.

The history of BitTorrent is one of innovation and evolution, from its beginnings as an online file-sharing company to its integration into the blockchain. Today, BitTorrent is one of the most widely used file-sharing methods on the internet, and it continues to evolve and improve with new features and services aimed at enhancing user experience and promoting the growth of blockchain technology.

How Does BitTorrent Work

Source: Torrentproviders.com

BitTorrent is a P2P file-sharing protocol that enables users to share large files by dividing them into smaller pieces and distributing them among multiple devices or peers. Each peer acts as both a downloader and distributor of the file. To download a file through BitTorrent, a user first obtains a small file called a torrent, which contains information about the desired file and a list of peers sharing it. Then, using a BitTorrent client such as µTorrent, the user connects to the peers and starts downloading the file.

As the user downloads the file, they also begin uploading the pieces of the file they have already downloaded to other peers. This allows for a more efficient distribution of the file, as each peer is both downloading and uploading at the same time.

The BitTorrent protocol also uses a technique called choking, which limits the number of connections a user can have at one time. This helps to prevent any one peer from becoming overwhelmed with too many uploads and ensures that all peers have a fair opportunity to download the file. Also, it uses a technique called interested/not-interested messages to ensure that the data being transferred is actually requested by the peer.

BitTorrent also uses a distributed hash table (DHT) to track the location of peers in the network and to ensure that the file is available even if the source goes offline.

Generally, BitTorrent works by breaking large files into smaller pieces and uses a P2P network to efficiently share and distribute the files across multiple devices.

BitTorrent Ecosystem and Roadmap

The BitTorrent Ecosystem refers to the community and environment surrounding the use and development of the BitTorrent protocol and related technologies. This ecosystem includes several components, such as the BitTorrent client, which is used to download and upload files, and the BitTorrent tracker, which keeps track of the location of the files being shared.

The BitTorrent ecosystem also includes a number of different clients, such as uTorrent and qBittorrent, which implement the BitTorrent protocol and provide users with an easy-to-use interface for downloading and sharing files.

The BitTorrent roadmap has several planned developments and improvements to the protocol and its related technologies. Some of these include making the protocol more efficient and scalable, improving the user experience, and integrating new features such as built-in encryption and support for online streaming. In addition, the BitTorrent team is exploring ways to use blockchain technology to create a decentralized content distribution network.

In recent years, BitTorrent Inc focused on developing and promoting new products such as BitTorrent Speed, BitTorrent Live, BitTorrent Web, and BitTorrent File System (BTFS). All of these projects aim to leverage the decentralized nature of the BitTorrent protocol to create new, decentralized applications and services.

What Problems does BitTorrent Solve

BitTorrent innovation was able to solve the following problems:

• Slow and unreliable downloads of large files from central servers
• High load on the source server
• Single point of failure or control in file sharing
• Lack of efficient and reliable method for distributing large files over the internet

It addressed these issues by implementing a peer-to-peer (P2P) file-sharing protocol, where users can download large files from multiple sources at the same time, reducing the load on the original server, and avoiding any single point of failure or control. This allows for faster and more reliable downloads, making it an attractive option for distributing large files such as open-source software, Linux distributions, or large media files like movies, music, or video games.

Benefits of using BitTorrent

The benefits of using BitTorrent are quite enormous. Here are a few examples:

• High download speeds: BitTorrent allows for faster download than traditional client-server methods by breaking files into smaller pieces and downloading them from multiple sources at once.
• Reduced strain on servers: BitTorrent distributes a load of large file transfers among many users, thereby reducing the strain on a single server.
• Large files can be shared: BitTorrent allows for the sharing of large files such as movies, music, video games, and software that may be too big to be shared using other methods.
• Low cost: BitTorrent does not require any special hardware or software, and most BitTorrent clients are free to download and use, thus lowering the cost.
• Widely supported: BitTorrent is a widely-used protocol, supported by many different clients and programs, making it easy to find and download torrent files.

Challenges associated with using BitTorrent

There are some risks associated with using BitTorrent:

• Legal concerns: Some users may share copyrighted material without permission, leading to potential legal issues.
• Security risks: BitTorrent traffic is often not encrypted, making it vulnerable to snooping or tampering.
• Limited availability: Some internet service providers (ISPs) may limit or block BitTorrent traffic.
• Viruses and malware: Risk of downloading files that contain harmful software.
• Upload speeds: High upload speeds are required for efficient file sharing.
• Misuse: BitTorrent can be used to distribute illegal files and spread malware.

What is BitTorrent Token (BTT)?

BitTorrent Token (BTT) is a cryptocurrency created to facilitate transactions within the BitTorrent P2P file-sharing network. Based on TRON, a decentralized blockchain platform, BTT was introduced in January 2019 through an ICO. BTT can be used to buy or exchange resources like bandwidth, storage, and computing power on the BitTorrent network, and it can also be traded on crypto exchanges.

The BitTorrent network is one of the largest decentralized networks in the world, with over 100 million active users. By using BTT as a means of payment, users can incentivize others to share files, which can lead to faster download speeds.

In addition, BTT can be used to pay for premium features such as ad-free browsing and higher download speeds as well as to power the BitTorrent ecosystem, allowing for the development of new features and services.

Tokenomics

The tokenomics of BTT is designed to incentivize users to share files on the BitTorrent network. When users seed (i.e., upload) files to the network, they earn BTT tokens in return. This helps to increase the availability of files on the network and improve the overall download speed for all users.

In addition, BTT can be used to purchase faster download speeds, priority access to files, and other premium features. It can also be traded on crypto exchanges and used in TRON-based dApps.

The BTT total supply was distributed as follows:

• 200 billion (20%) were allocated to the TRON foundation;
• 199 billion (19.9%) were allocated to the BitTorrent ecosystem;
• 190 billion (19%) were allocated to the BitTorrent team and the BitTorrent foundation;
• 170 billion (17%) were distributed to the public;
• 101 billion (10.1%) were allocated for Tron’s airdrop program;
• 100 billion (10%) were allocated for the BitTorrent airdrop program;
• 40 billion (4%) were reserved as partnership tokens.

According to CoinMarketCap, the BTT total circulating supply is 990 trillion as of January 2023.

Governance

The governance of BTT is based on a decentralized model, which means that the community of users that hold and use the token is responsible for making decisions about its development and use. This is typically accomplished through a voting process, in which token holders can vote on proposals for changes or upgrades to the network.

Redenomination of BTT

A redenomination of a cryptocurrency’s value is a process where the total supply of tokens is multiplied or divided by a certain factor, while the value of each token remains the same. This can be done to reduce the number of decimal places in the token’s value and make it easier to use and handle.

In January 2021, BTT underwent a redenomination where the old TRC10 BTT token was swapped with the new TRC20 BTT token at a 1:1000 ratio, keeping the same market cap. The old BTT was renamed BTTOLD and the new token was named BTT. The total supply of tokens increased from 990,000,000,000 to 990,000,000,000,000, but the market cap remained unchanged. The BTT tokens were upgraded from TRC10 to TRC20, issued as TRC20 tokens on the TRON mainnet, and mapped to the BTTC mainnet. This process aimed to improve token usability and align with other major cryptocurrencies.

The redenomination process did not affect the value of the token, and all BTT holders received the same number of tokens post-redenomination as they had before, but with a different face value. The process was done to make the token more usable and align it with other major cryptocurrencies; it does not have any impact on the token’s underlying value or future potential.

When the BTT redenomination took place, Gate.io announced its support for the redenomination and handled the process for its users. Gate.io stated that they will handle the redenomination on the backend, so users do not need to take any action. However, users will see the changes in their BTT balance, as the total supply was multiplied by 100, resulting in a smaller unit for the token.

Importance of Holding BTT

Holding the BitTorrent Token (BTT) can be important for some reasons, depending on the specific use case or application. They include:

• Governance: BTT holders can participate in the governance of the BitTorrent ecosystem by voting on protocol upgrades and other important decisions.
• Access to premium features: BTT holders may have access to premium features such as faster download speeds and larger file storage on the BitTorrent network (as shown in the figure below).
• Potential for appreciation: As demand for the BitTorrent ecosystem and its services grows, the value of BTT could also increase, providing potential for appreciation for holders.
• Staking and Earnings: BTT holders can stake their tokens and earn rewards for participating in the network, such as through providing bandwidth and storage.
• Utility: BTT can be used to pay for services and access content within the BitTorrent network and on other platforms that accept it as a means of payment.

Source: Coingate

Is BTT a Good Investment?

BTT is considered a good investment by many in the cryptocurrency community due to its growing adoption and increasing use cases. It is closely tied to the popular BitTorrent platform, and its increasing use for peer-to-peer file sharing could drive demand for the token.

Additionally, it has a strong team behind it and a clear roadmap for development. However, as always, investors need to conduct research and make informed decisions before investing in any cryptocurrency or digital asset.

How to Buy BTT Using Gate.io

• Visit Gate.io
• Create an account
• Complete KYC
• Go to “Buy Crypto”
• Proceed to buy BTT

BitTorrent Partnership

BitTorrent has formed several partnerships to promote the use and adoption of the BitTorrent protocol and BTT token. One of their notable partnerships is with the TRON Foundation, which aims to integrate the BitTorrent protocol into the TRON network to improve file-sharing speed and efficiency. Another partnership is with the company Atlas Cloud, which aims to develop a cloud-based BitTorrent ecosystem, offering enterprise-level solutions for file sharing and storage.

BitTorrent has collaborated with several projects to promote the adoption of BTT tokens, like Livepeer, Chia Network, DLive, and more. BitTorrent has also partnered with BitGo, a blockchain security company, to provide institutional-grade custody for BTT. This partnership allows for increased security and compliance for BTT transactions and storage.

Further, BitTorrent has announced partnerships with a number of companies and organizations in the entertainment industry, such as the music streaming platform Utopia Music and the digital distribution platform BitTorrent Now, which aim to promote the use of BTT in the music and entertainment industries.

These partnerships are considered a positive development for BitTorrent and BTT, as they increase adoption and use of the token and provide additional services and security for BTT holders and a plus for the nascent blockchain industry.

Recent Development

Some recent developments on BitTorrent include:

• BitTorrent Speed: In 2019, BitTorrent introduced BitTorrent Speed, a new feature that allows users to earn BTT by sharing files on the BitTorrent network. BitTorrent Speed incentivizes users to seed files for longer periods, which in turn, improves download speeds for all users on the network.
• BitTorrent File System (BTFS): In 2020, BitTorrent launched the BitTorrent File System (BTFS), a decentralized file storage and sharing protocol. BTFS is built on the TRON network and allows users to store and share files on a decentralized network, without the need for a central server.
• BitTorrent Live: In 2020, BitTorrent introduced BitTorrent Live, a new streaming service that allows users to watch live TV channels and events using the BitTorrent protocol.
• BitTorrent X: Also, in 2020, BitTorrent announced the development of BitTorrent X, a new decentralized exchange (DEX) that allows users to trade BTT and other cryptocurrencies on the BitTorrent network.
• BitTorrent Web: In 2021, BitTorrent introduced BitTorrent Web, a web-based version of the BitTorrent client, allowing users to download and share files directly from their web browser.
• BTT Redenomination: In 2021, BitTorrent Token (BTT) underwent a redenomination process.

Generally speaking, these developments are aimed at increasing the adoption and use of the BitTorrent network and the BTT token, providing new services and features to users and making the platform more accessible.

Conclusion

BitTorrent has established itself as a major player in peer-to-peer file sharing. With its innovative decentralized network and efficient file transfer technology, BitTorrent has provided users with a faster and more efficient way of sharing large files online. The integration of BitTorrent Token (BTT) has further enhanced the platform, allowing users to incentivize others for sharing files and also, to enjoy priority download access, making the file-sharing experience even more seamless and enjoyable.

The impact of BitTorrent on the world of file sharing has been tremendous, and its influence continues to grow. Its technology and user-friendly approach have made it a popular choice among internet users. As blockchain technology continues to evolve, BitTorrent has the potential to expand its reach and bring more convenience to the way people share and access files online.