BitTorrent Inc. is in the process of issuing its own cryptocurrency that will allow users to pay for much faster downloads on the Tron network, which was a precursor in the creation of the world’s largest peer-to-peer file sharing protocol used to distribute data and electronic files over the Internet.
Presented by the BitTorrent Foundation, with its headquarters located in Singapore, is a new cryptocurrency whose name bears that of its BitTorrent Token Foundation (BTT), the token is part of the company’s plan and TRON to add ‘currency’ to the BitTorrent protocol through a series of extensions. It should be noted that this will be executed with the protocol designed and developed in the Tron network, which was acquired in the middle of last year. The file sharing software company claims to have 100 million users.
Justin Sun, founder of Tron and CEO of BitTorrent, said in a press release:
“In a giant leap, we can introduce the Blockchain to hundreds of millions of users worldwide and train a new generation of content creators with the tools to distribute their content directly to others on the web.”
Justin Sun also notes that the platform is based on the blockchain that was acquired for $ 126 million.
It is expected that by the end of this year the new BitTorrent (BTT) token will be offered through an exclusive token sale to uTorrent users.
For now it hasn’t changed much, but BitTorrent and TRON have already clarified that they plan to use cryptocurrency to improve the BitTorrent protocol. In the near future, torrent users will be financially rewarded for their loyalty. At the same time, they can pay to speed up transfers.
Project Atlas: All you need to know
The issuance of its own BitTorrent cryptocurrency (BTT) is the result of the Atlas Project, a project already presented in the middle of last year. This initiative aims to create a new iteration of the BitTorrent P2P software, so that the same users can spend and earn the new cryptocurrency while exchanging these files.
This new system is intended to revolutionize the way people share data and electronic files by encouraging people to continue sharing files on the network once they have been downloaded. With the existing system, certain files cannot be shared easily or quickly because there simply aren’t enough people sharing.
Under the existing system, users need to place a file on the system to download something. As Sun explains in a YouTube video, the user has no incentive to keep a file on the network once the download is complete.
With BTT, users can pay someone with the file to send it to them and they can pay more bandwidth, so it downloads faster. With the possibility of payment, file hosts have an incentive to keep more files available on the network, so it is more likely that a given user can download something they want more quickly.
If this works according to the plan, the Atlas Project and the BTT token will naturally improve the existing P2P file sharing system.
All BTT tokens will otherwise be compatible with native TRC-10, which is the standard technical token of the Tron blockchain. Essentially, TRC-10 to Tron tokens are what ERC-20 tokens are to Ethereum.
According to the BTT technical document, there will be a total supply of 990 billion BTT, which will be granted to BitTorrent Inc., torrent customer users, existing TRX holders, initial sponsors, investors, the BitTorrent Foundation and team and the Tron Foundation.
BTT distribution and implementation
Users who consider acquiring BTT before its launch to the market may do so through BinanceLaunchpad for non-US accounts, a listing service operated to raise funds through the sale of tokens. In addition, tokens will be distributed to TRX holders through airdrops and probably using other methods that will be reported in Sun’s Twitter account.
It should be noted that airdrops is an expression used in the cryptocurrency ecosystem to refer to the distribution of a token, usually free of charge, to a large number of portfolio addresses.
As for the use of tokens, they will first be used through the µTorrent Classic Windows-based client, which is by far the most popular BitTorrent file-sharing client. It is worth mentioning for users who do not mind using BTT tokens, the Atlas Project will be compatible with previous versions, so that current users will not be disturbed or forced to participate if they do not want to.
Unfortunately, the United States will not be able to access token purchases due to problems related to regulations within the country. It is not the first time that a cryptocurrency project has problems reaching users for this situation, and it will not be the last.