On this episode we dive into BitTorrent, or BTT, one of the hottest topics in the crypto world this month! We will cover price prediction for this crypto coin, news, and token overview!
#bittorrent #btt #bittorrentcoin
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Table of Contents:
2:20 BitTorrent Coin Market Cap
3:39 BitTorrent Breakdown
11:57 BitTorrent Whitepaper
15:09 $BTT Technical Analysis
20:34 $BTT Price Prediction
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What Is BitTorrent (BTT)?
BitTorrent is a popular peer-to-peer (P2P) file sharing and torrent platform which has become increasingly decentralized in recent years.
Originally released in July 2001, BitTorrent was purchased by blockchain platform TRON in July 2018.
Since its acquisition, BitTorrent has added various new tools, with a dedicated native cryptocurrency token, BTT, released in February 2019. BTT was launched on TRON’s own blockchain, using its TRC-10 standard.
According to its official literature, BitTorrent is currently the “largest decentralized P2P communications protocol” in the world.
Who Are the Founders of BitTorrent?
The original BitTorrent is the brainchild of Bram Cohen, a developer and entrepreneur who himself has since become well known in the cryptocurrency arena.
Cohen has explained that he designed BitTorrent to usurp the dated entertainment industry, which made obtaining material slow and expensive.
The platform has seen multiple legal battles, with Cohen maintaining that it does not break copyright laws in allowing users to share files such as music and movies among themselves.
In 2018, TRON completed its acquisition of BitTorrent, bringing BitTorrent under the control of Justin Sun. Sun is notorious for his plugging of both TRON as a cryptocurrency and its blockchain technology, bidding $4.5 million at a charity auction to have lunch with Warren Buffett (well-known anti-crypto figure) and discuss cryptocurrency with him.
TRON is also behind the addition of cryptocurrency to BitTorrent, as the BTT token was released on TRON’s blockchain. The move formed part of TRON’s efforts to add further decentralized features to the platform.
What Makes BitTorrent Unique?
BitTorrent’s original goal was to disrupt the legacy entertainment industry and how consumers obtain content.
Expensive and inefficient distribution networks were the main target, with original developer Bram Cohen seeing benefits in allowing internet users to distribute content among themselves directly.
In the early 2000s, BitTorrent became the go-to P2P file sharing platform, with TRON stepping in 2018.
Under TRON, BitTorrent has expanded its user appeal to those interested in decentralized solutions and cryptocurrency, as well as to its own user base.
Among the added features are BitTorrent Speed, which uses the BTT token as part of its operations.
BitTorrent has also branched out into paid services, offering several “premium” versions of its platform which include VPN capabilities and ad-free browsing.
BTT was adopted by blizzard, dota2, facebook, netflix, twitter, google, lionsgate, dlive, and many others .
“For transferable proof of work tokens to have value, they must have monetary value. To have monetary value, they must be transferred within a very large network – for example a file trading network akin to bittorrent.”
- Satoshi Nakamoto
Vitalik Buterin calls BitTorrent "Metagame Success".
“We expect that BitTorrent, the world’s biggest decentralized protocol, will one day revolutionize the entire online gaming industry.”
- Blizzard Entertainment
“So, what do we want to do in terms of scalability? Are there any examples of scalable protocols? Probably everyone has used it before. It’s called BitTorrent.”
- Charles Hoskinson: Cardano CEO
“BitTorrent is fantastic for this, it’s really great. It’s ‘superduper’ fast and it allows us to alleviate a lot of scaling concerns we’ve had in the past, where it took forever to get code to the webservers before you could even boot it up and run it.”
- Tom Cook: Facebook Systems Engineering Group
BitTorrent has the ecosystem and expertise necessary to integrate blockchain technologies into the BitTorrent protocol. Doing so would both eliminate the protocol’s existing flaw as well as open up a new borderless economy in exchanging value for computing resources on a global scale.