BitTorrent Token (BTT) is the native virtual currency of BitTorrent, a popular Peer to Peer (P2P) file sharing protocol.
The BitTorrent protocol, purchased by cryptocurrency startup Tron (TRX) in 2018, raised $ 20 million in the initial token offering (Initial Token Offering, ICO). BTT’s public token sale was completed within minutes.
What does BitTorrent Token (BTT) do?
Working in integration with the peer-to-peer file sharing protocol BitTorrent, which was launched in 2001, BTT can be used for faster file transfer. BTT, which can be used to increase the download speed of files shared on the peer-to-peer network, can also be earned in exchange for sharing (seed) downloaded files to other users.
In simpler terms, users can download files faster by paying BTT, and after the download is finished, they can earn BTT by sharing this file.
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According to the BitTorrent Token technical article, the purpose of BTT’s existence is to create a healthier sharing ecosystem.
BTT, which went beyond its real purpose in time and turned into a financial speculation tool by users, made a great success with the price increase it caught in 2021.
Monthly candlestick chart for BTT / USDT pair (April 15, Binance). Source: TradingView
BTT, whose price increased exponentially as listed on stock exchanges, reached its peak with $ 0.0135776 while traded at $ 0.0002872 on January 1, 2021. During this period, the BTT price increased by more than 4,500 percent against the dollar.
Who is the developer of BitTorrent?
BitTorrent, developed by Brad Cohen and David Harrison, became the company in 2004. In 2018, it was bought by the Tron company, owned by Justin Sun, one of the familiar faces of the cryptocurrency ecosystem.
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What is BitTorrent? How do torrent files work?
BitTorrent is the exchange protocol that allows users to connect to each other and share files via definition files (.torrent) without a central server.
Networked users fall into three categories:
Leecher (The Exploitator): It connects to the network to access the file and disconnects from the network when the download is complete.
Seeder (Shader): It does not disconnect when the download is complete and allows other users to access the file.
Peer (Spouse): While continuing to download, it also shares the downloaded part of the file to the network.
In the BitTorrent protocol, files are listed in small pieces. The user connects to peers on the network to access the piece of file he needs. Thanks to the small size of the file parts, many users can be connected at the same time.
Depending on the capacity of the computer and the internet connection, thousands of users and therefore thousands of file fragments can be accessed at the same time.
The source file is divided into parts and made accessible. Each computer shares the downloaded track with the others. The user can get the data he needs from any user on the network that owns that part. Source: Wikipedia
The strength of the BitTorrent protocol lies in the fact that it starts sharing even before the entire file is downloaded. So the more users there are on the network, the easier it is to access the piece of file and the faster the connection speed.
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Thanks to BTT, the connection protocols we mentioned are realized faster and the ones who share files are also encouraged by winning awards.
How to buy BitTorrent Token (BTT)?
BTT, implemented on the Tron blockchain network, has the TRC-10 standard. Leading central cryptocurrency exchanges can be used to purchase BitTorrent Tokens. In terms of transaction volume, crypto currency exchanges such as Binance, Huobi and KuCoin stand out. Pariba from Turkey, Thodex and crypto-currency trading platforms such as the IST out Bitc / TRY transactions can be made.
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