What is BitTorrent token and how does it work?

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5 min read

You may have heard of BitTorrent (BTT), but don’t know what it is exactly. In this article we will tell you all about this cryptocurrency.

BitTorrent is a cryptocurrency that operates on the Tron Foundation’s blokchain network. It is currently a cryptocurrency that is among the top 30 in the ranking according to its market capitalization.

This cryptocurrency was developed to tokenize the BitTorrent project. The BitTorrent protocol is a decentralized file sharing system that is currently the most popular worldwide.

If you want to learn more about this cryptocurrency and its project, we tell you all about it in this article.

History of BitTorrent

The history of this cryptocurrency begins with the creation of the company BitTorrent Inc. This company was founded by Bram Cohem in 2001. Bram is a well-known American who stands out for his software engineering skills. It was only a matter of time before his project became known and today it is the most important in terms of file exchanges.

The protocol was created in April 2001 to publish its first implementation in July 2001. The company belonged to Bram Cohem until 2018, when on June 18 it became part of the Tron Foundation. It was bought by Justin Sun for the value of 140 million dollars.

It should be noted that the project moves more than 40% of the world’s file traffic on the Internet.

BitTorrent, as time went by, added new tools for the use of the platform. Among these tools is its native cryptographic token BTT. This was launched in February 2019. It was already owned by the Tron Foundation and the cryptocurrency was launched on the TRON blockchain based on its TRC-10 standard.

In January 2019, the ICO for the BTT token was held. It managed to raise more than 7 million by selling 60 billion BTT in minutes. In the following days the token increased its price from 0.00012 USD to 0.005 in three days and so on.

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How does BitTorrent (BTT) work?

BitTorrent (BTT) is a TRC-10 cryptographic token that runs on the TRON blockchain. You still don’t know what TRON is, you can find out in this article.

But back to BitTorrent, this digital currency was created with the aim of improving the BitTorrent protocol and being able to link it to the blockchain. 

Unlike cryptocurrencies such as Bitcoin, BTT has a delegated proof-of-stake mining mechanism. This token is used within the platform as an incentive for its users. All those who keep and share the full copy of the files stored on their computers (also known as seeds) are rewarded with BTT tokens.

This work does not require a large investment or extraordinary equipment. The user is simply compensated for storing files on his or her computer. It is as easy as downloading a copy of a movie, book or game and sharing it with other users. It should be noted that in order to obtain a significant amount of BTT it is necessary to download a large number of such files.

Since its launch, TRON set the limit of 990 billion BTT. These tokens are distributed using the following pattern: 9% seed investment round, 2% sealed offering, 4% affiliate programs, 6% public bidding, 10% airdrop for Torrent users, 19% developers, 10.1% airdrop for Tron users, 20% Tron Foundation and 19.9% Active BitTorrent Incentive.

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BTT Wallets

When obtaining BTT we will need a wallet where to store them. This wallet must have the BTT storage capacity. Here are some of the wallets you can use. BitTorrent does not have its own wallet so we will see digital wallets from other developers.

  • TronWallet is one of the options for BTT storage. It is a storage wallet available for both iOS and Android.
  • There are other options such as Exodus Wallet. This digital wallet is available in a mobile version and has a simple interface ideal for getting started in the world of cryptocurrencies. 
  • For BTT storage we can also use compatible wallets such as Trust Wallet, Huobi Wallet and Gate.io.
  • If you are looking for more security the most feasible would be to use a cold wallet such as Ledger Nano S. This wallet provides off-line storage that guarantees the security of your assets.

 

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