Article Summary, Automatically Generated By AI
Summary of BitTorrent (BTT)
Key Points
- BitTorrent is a peer-to-peer (P2P) file sharing and torrent platform.
- Originally released in July 2001, acquired by TRON in July 2018.
- BTT, a native cryptocurrency token, was launched in February 2019 on TRON’s blockchain.
- BitTorrent is the “largest decentralized P2P communications protocol” in the world.
Founders and History
- Founded by Bram Cohen, a developer and entrepreneur.
- Acquired by TRON in 2018, with Justin Sun as the controller.
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About BitTorrent: Empowering a Decentralized Ecosystem
Introducing BitTorrent (BTT): A Revolutionary Cryptocurrency
BitTorrent, a renowned peer-to-peer (P2P) file sharing and torrent platform, has undergone a significant transformation in recent years, evolving into a decentralized entity.
Initially launched in July 2001, the pioneering file-sharing protocol BitTorrent was acquired by TRON, a blockchain-based platform, in July 2018.
Following its acquisition, BitTorrent has introduced a plethora of innovative tools, including the launch of its native cryptocurrency token, BTT, in February 2019. Notably, BTT was deployed on TRON’s proprietary blockchain, leveraging its TRC-10 standard.
According to its official literature, BitTorrent proudly claims the distinction of being the world’s largest decentralized peer-to-peer communications protocol.
The Visionaries Behind BitTorrent: A Founding Story
The pioneering BitTorrent protocol was conceived by Bram Cohen, a visionary developer and entrepreneur who has since gained prominence in the cryptocurrency sphere.
Cohen has elucidated that he conceived BitTorrent as a deliberate challenge to the antiquated entertainment industry, which had rendered accessing content a sluggish and costly endeavour.
The platform has been embroiled in numerous legal disputes, with Cohen steadfastly asserting that it does not infringe on copyright laws by facilitating the sharing of files, including music and movies, among users.
In 2018, TRON successfully completed its acquisition of BitTorrent, thereby bringing the latter under the purview of Justin Sun. Notably, Sun has been infamous for his relentless promotion of both TRON as a cryptocurrency and its underlying blockchain technology. In a notable instance, he bid a staggering $4.5 million at a charity auction to secure a lunch meeting with Warren Buffett, a well-known skeptic of cryptocurrency, with the intention of engaging in a discussion about cryptocurrency with the esteemed investor.
Notably, TRON has been instrumental in introducing cryptocurrency to BitTorrent, with the launch of the BTT token on its blockchain. This strategic move is part of TRON’s broader endeavor to infuse the platform with additional decentralized features.
Unveiling the Unparalleled Attributes of BitTorrent
BitTorrent’s pioneering vision was to revolutionize the traditional entertainment landscape, transforming the way consumers access and engage with content.
The primary focus was on the costly and inefficient distribution networks, with Bram Cohen, the original developer, envisioning a system where internet users could directly share content among themselves, thereby eliminating intermediaries.
In the early 2000s, BitTorrent emerged as the premier peer-to-peer file sharing platform, until TRON entered the scene in 2018.
Under TRON, BitTorrent has broadened its appeal to encompass a diverse range of users, including those drawn to decentralized solutions and cryptocurrency, in addition to its existing user base.
Notably, the platform boasts an array of innovative features, including BitTorrent Speed, which leverages the BTT token as an integral component of its operational framework.
Notably, BitTorrent has diversified its offerings by introducing paid services, featuring “premium” iterations of its platform that incorporate VPN capabilities and ad-free browsing experiences.
What Is the Circulating Supply of BitTorrent (BTT) Coins?
BTT, the native cryptocurrency of BitTorrent, is a TRC-10 standard token issued on the TRON blockchain.
According to its whitepaper, the total supply of BTT is capped at 990,000,000,000. The token distribution is as follows: 6% was allocated to a public token sale, 2% to a private token sale, and 9% to a seed sale.
A further 20.1% of the total supply is earmarked for strategic airdrops, slated to take place at intermittent intervals until 2025. Notably, the BitTorrent team and its governing entity, the BitTorrent Foundation, collectively received a 19% allocation. Meanwhile, the TRON foundation holds a 20% stake, with 19.9% reserved for the BitTorrent ecosystem itself.
A remaining 4% of tokens are allocated for strategic partnership initiatives.
BTT assumes a multifaceted role within BitTorrent’s ecosystem, notably facilitating a novel paradigm where users can incentivize faster downloads by compensating others through BitTorrent Speed.
The Security Paradigm of the BitTorrent Network
BitTorrent asserts that it implements “the most stringent security protocols” to safeguard user assets, while acknowledging that cryptocurrency investments are inherently susceptible to risk.
The company advises users to safeguard themselves against potential theft by employing robust security measures, including biometric verification, to mitigate the risks associated with malware and similar malicious programs.
Where to Acquire BitTorrent (BTT): A Comprehensive Guide
BTT is readily tradable for a diverse range of assets, including cryptocurrencies, stablecoins, and fiat currencies, on prominent exchanges such as Binance, Huobi Global, and OKEx.
Discover the ins and outs of purchasing Bitcoin (BTC) or any other digital currency with CoinMarketCap’s comprehensive and user-friendly guide.
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