You might know BitTorrent from its popular torrenting client but did you know that BitTorrent has also launched its own token on the Tron blockchain? It released as a TRC-10 token in February of 2019 and was made with the intent to add blockchain technology to its peer-to-peer protocol that already allows users to distribute and download files from each other. In this post we we’ll explain what BitTorrent is, how it works and much, much more. We hope that you enjoy.
What is BitTorrent (BTT)
The BitTorrent token or BTT is a token from the BitTorrent company released on the Tron blockchain network as a TRC-10 token. The token was released in February 2019 and is an extension of the existing BitTorrent network that allows users to share files with each other using BitTorrent’s torrenting software. The use of the token is that BitTorrent wants to use the token as part of an economy on its network. Where content creators can monetize their work. Furthermore, the BitTorrent token can also use to access premium features such as faster upload and download speed.
The team behind BitTorrent
As BitTorrent has been acquired by the TRON foundation, Justin Sun is now the most important team member of BitTorrent. The acquisition was due to the fact that both projects have synergistic advantages with each other. As the TRON blockchain is focused on the entertainment industry and BitTorrent focusing on distributing content.
Justin Sun (CEO): Justin Sun was the CEO of TRON before also becoming the CEO of BitTorrent after its acquisition. Justin Sun focuses on combining the advantages of both companies and tries to increase the adoption of both crypto projects.
Bram Cohen (Founder): Bram Cohen was one of the original founders of BitTorrent. He is a computer programmer by trade and helped with making the BitTorrent architecture. He now has his own crypto project called the Chia Network.
Partnerships
Since the inception of BTT, it has garnered quite a lot of partnerships. Down below we have listed a few of the most notable partnerships.
TRON Foundation: Besides operating on the TRON blockchain, the TRON foundation also provides support for integrating the BTT token into Bittorrent’s current file torrenting ecosystem.
DLive: Bittorrent has partnered with DLive, a decentralized live streaming platform. The partnership is aimed to integrate the BTT token into the DLive platform. Allowing users to support content creators by tipping BTT tokens.
Chia Network: It has also collaborated with the Chia Network, a blockchain network developed by one of the original founders Bram Cohen. The collaboration aims to explore the possibility of integrating the BTT token into the Chia Network.
MoonPay: Moonpay has enabled its users to buy the BTT tokens directly on its platform with the use of fiat currencies.
CoinPayments: BitTorrent has entered a collaboration with CoinPayments , a crypto payment processor, for facilitating BTT as a payments option. Allowing merchants that use CoinPayments to now also accept the BTT token.
Disclaimer
Please note that the information provided in this blog post is for informational purposes only and should not be considered as financial advice. The content presented is based on personal opinions and research, and it is recommended to conduct your own analysis and consult with a qualified financial advisor before making any investment decisions. Cryptocurrency investments carry inherent risks, and the author and website shall not be held responsible for any financial losses or damages incurred. Always exercise caution and make informed decisions when dealing with cryptocurrencies or any other financial assets. Lastly, please conduct your own research into the legality of crypto within your jurisdiction.