Summary

BitTorrent is one of the largest decentralized C2C file sharing platforms. It is powered by the Tron blockchain and the TRC-10 utility token BTTC. BTTC is used to incentivize users on the network to provide their local computer resources to enable high-speed downloads and secure decentralized storage. The BitTorrent ecosystem also features a community-based live streaming platform where content creators and viewers can earn and stake BTTC rewards.

Introduction

In the early 21st century, C2C platforms such as BitTorrent were a common channel for people to download music and movies for free on the Internet. The platform is wildly popular, but it also faces challenges. The biggest problem is that it takes a long time for users to find and download the content they want because most users have no incentive to continue sharing files after getting the content.

What is BitTorrent?

BitTorrent is one of the largest and oldest C2C data and file sharing platforms. The platform originally launched in 2001, when the internet was just starting to gain popularity. The emergence of BitTorrent has revolutionized the way users download and obtain entertainment content and other large files and data.

In 2018, BitTorrent was acquired by the Tron Foundation and relaunched as a decentralized C2C platform on the Tron blockchain. Various new tools have been added to the platform and the TRC-10 token BitTorrent (BTTC) has been integrated to provide incentives for network participants.

How does BitTorrent work?

The BitTorrent platform was originally founded by Bram Cohen and David Harrison to Promote Internet users to share movies, music and other entertainment content. Rather than storing all content on a single server, BitTorrent stores files and data dispersedly across the user's computer. When users download a file, they will receive fragments (torrents) of that file from multiple sources within the network, and they can then stay connected to the BitTorrent network and act as "seeders" to transmit the file to other users.

In the BitTorrent network, anyone with a complete file can become a "seeder". The more seeders a file has, the faster it will download. But networks lack incentives for users to stay connected after downloading files. In order to increase file transfer speed, BitTorrent launched an upgraded version of the BitTorrent protocol and adopted the native cryptocurrency BTTC.

BitTorrent Speed

Powered by blockchain technology, BitTorrent Speed uses incentives to increase download speeds. When requesting a file download, users ("Service Requesters") need to submit a bid stating how many BTTC tokens they are willing to provide to the Seeder. Once the other parties ("Service Providers") accept their bid, the service requester needs to transfer the agreed upon amount of BTTC into escrow in a payment channel on the Tron blockchain. Once the file transfer is completed, BTTC will be credited to the service provider’s account and the transaction will be recorded on the Tron blockchain.

BitTorrent Speed uses BTTC to encourage users to continue seeding files. This method can significantly improve file sharing efficiency and download speed. In the future, there will be more ready-made files on the C2C network, and those who are still using the free BitTorrent client to download files from other users will also benefit from this.

BitTorrent File System (BTFS)

In addition to file sharing, BitTorrent also has a decentralized C2C file storage system called BitTorrent File System (BTFS). BTFS is scalable, cost-effective, and censorship-free as an alternative to traditional centralized cloud storage.

The BTFS network consists of millions of BTFS nodes, which are called renters and lessors. Renters are users who rent storage space on the network, while lessors are users who share their idle disk space to earn BTTC rewards. When renters use the BTFS service, their files will be sharded and stored scattered across the disks of multiple reputable renters on the network. Through advanced encoding methods and file repair technology, BTFS can ensure the confidentiality and security of files, and users can easily access these files without any interference.

DLive

In order to provide more decentralized services in the BitTorrent ecosystem, BitTorrent acquired the community-based blockchain live broadcast platform DLive in 2020. Unlike traditional platforms, both creators and viewers of DLive are rewarded for their contributions to the platform. Users who watch, chat, send gifts and share content can also receive BTTC rewards. In addition, you can stake BTTC to earn more rewards and unlock advanced services on DLive.

What is BTTC?

BTTC is a TRC-10 utility token of the BitTorrent ecosystem with a total supply of 990 billion. BitTorrent's purpose of launching this token is to establish a token economy on its own network for network construction, bandwidth sharing and resource storage.

BTTC can be used as a payment method for C2C services on the Internet. It can be used to purchase decentralized storage space, bid for file download bandwidth, and reward service providers. etc. BitTorrent plans to increase the use cases of BTTC, including using BTTC crowdfunding to create new content, purchasing downloadable assets directly from creators, and giving BTTC gifts to live content creators on DLive, etc.

How to buy BTTC on Binance?

You can buy BTTC on cryptocurrency exchanges such as Binance.

1. Log in to your Binance account and click [Transaction] - [Spot].

2. Search for "BTTC" to view available trading pairs. We will use BTTC/BUSD as an example.

3. Enter the amount of BTTC you wish to buy in the [Spot] column. Here we take market order as an example. Click [Buy BTTC] and the purchased tokens will be credited to your spot wallet.

Summary

BitTorrent is a unique project that uses blockchain Technology and cryptocurrencies have revolutionized its existing C2C file sharing platform. Compared with traditional C2C file sharing platforms, BitTorrent is more decentralized, lower cost and more efficient. In the future, the BitTorrent team hopes to add more use cases for the BTTC token and support more DApp functions. BitTorrent will be an attractive tool for developers looking to launch DApps with file sharing and storage capabilities.