The original BitTorrent was the brainchild of Bram Cohen, who developed the P2P file sharing platform in 2001 as a backdoor entry through which users could freely upload, download and share files via the BitTorrent protocol. The protocol was developed to usurp the dated entertainment industry which made obtaining files prolonged and expensive. Additionally, BitTorrent sought to subvert the traditional file storage systems that are highly centralized and accord censorship power to governments, are costly and have low fault tolerance levels. The P2P file-sharing platform is becoming increasingly decentralized in recent years. We track its story today â€“ on the blockchain.
BitTorrent: Fundamentals and Purpose
BTFS (BitTorrent File System) can be called both a protocol and network implementation, providing P2P utilities for storing and sharing digital content in a decentralized interface. It is supported by millions of BitTorrent user nodes over the blockchain and uses a Delegated Proof of Stake mechanism of processing blockchain transactions.
The blockchain platform Tron acquired the BitTorrent protocol in July 2018. It is currently the largest decentralized P2P communications protocol with 170 million monthly users. Post the acquisition, the protocol has amassed various new tools while being launched on Tronâ€™s own blockchain. The platform has a dedicated native token built on the TRC-10 standard called the BTT token.
BitTorrent was initially built to disrupt the traditional entertainment industry and change the way consumers consume content. The founders sought to target the inefficient and expensive distribution system by allowing users to distribute the files among themselves directly. This core idea was further expanded to serve those interested in decentralized solutions such as DApps. It currently serves clients such as BitTorrent Web, uTOrrent Classic, and uTOrrent Web.
The user appeal has been expanded further into features like BitTorrent Speed for its own user base. BitTorrent Speed uses the BTT tokens as part of its operations. Besides, BitTorrent offers several paid options where users can seek premium services on the platform, including ad-free browsing and VPN capabilities.
The BTT token is built as a TRC-10 standard token over the TRON blockchain and can be enabled over any of the BitTorrent services to enjoy faster download speeds. The torrent software will be enabled with a wallet and BTT token balance with every new download or upgrade. Users can automatically earn BTT tokens by seeding, once a torrent file finishes downloading.
The total BTT supply is hard-capped at 990 billion, all of which are in circulation. The price of the BTT token at the time of writing was $0.003284, up 28% in the last 24 hours.
Short Term Technical Analysis
BTTâ€™s current price is well below its all-time-high of $0.01426. The recent crypto market crash had BTT drop by nearly 40%, though it has regained some of it today.
Source: TradingView, Binance
Bullish momentum from current range provides near-term targets of $0.0034-$0.004, though this is contingent on BTC playing ball. With BTC dominance increasing, there may be some additional correction for BTT in the near future, but it should find support at $0.00203 again.
BitTorrent has announced collaborations and partnerships with many companies, including Accel Partners and DCM, ESA Flash Components, NTL: Telewest and Opera Software. It acquired DLive, a blockchain-based video game streaming platform, in 2019. Currently, the BTT token is underperforming on the technical front. Still, the scope and width of its collaborations and utilities in the Defi and DApp space can help the token embark on an upward journey anytime soon.
Disclaimer:This article was authored by Giottus Cryptocurrency Exchange as a part of a paid partnership with The News Minute. Crypto-asset or cryptocurrency investments are subject to market risks such as volatility and have no guaranteed returns. Please do your own research before investing and seek independent legal/financial advice if you are unsure about the investments.