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- 1 BitTorrent Chain is a peer-to-peer network for data sharing.
- 2 Users can sell and buy bandwidth in exchange for BitTorrent Chain Tokens (BTTC).
BitTorrent Chain was introduced in the early 2000s and later, it was acquired by Tron Foundation. This means the platform was not originally based on blockchain technology but Tron Foundation expanded the protocol and developed the BTTC token.
BitTorrent invented the unusual method through which the user can send their surplus data by breaking the material into smaller parts and assembling them in the end. When the chain was introduced, it was a very different and attention-seeking thing that happened on the internet as the entire market was based on the P2P model.
This platform allowed sharing of videos, log files, movies, games in a decentralized manner. BTTC token aims to provide incentives to the network user and create a bridge between the content creators and their users.
How BitTorrent Protocol Works
BitTorrent network is essentially a software that connects users from all over the world into a single system for sharing files, bandwidth, and data. Seeders and Peers are two classes of participants that run the software.
The participants who have already downloaded the file are called Seeders and they share it with other participants of the platform called Peers. Peers then download the file from more than one seeder as the file is being downloaded in partitions from multiple Seeders. This peer-to-peer system reduces the download time.
To achieve higher download speeds and bandwidth, the network users can pay in BTTC which is paid to other users who offer their bandwidth. The network participants are the requesters and the ones offering their bandwidth are providers in return for BTTC. In this way, the user receives a faster download speed.
Each file that is being distributed needs peers to organize themselves into an overlay network called a torrent. It has links among other peers. BitTorrent users are required to make a unique torrent for each file in the network.
The file-tracking tasks are transferred to the tracker or central server which is a hub for all torrent clients where they interact but cannot participate in the distribution of the files, instead, it stores the metadata about the active peers.
Usually, the client tries to make connections with 20-40 peers but the tracker offers 50 peers selected randomly from the active peers. If the client goes below 20 connections, it seeks the tracker to offer peers from the set of peers called peers set.
A group of BitTorrent users, seeders, and peers are connected by a tracker called swarms. They take part in torrent price exchange. Swarms divide the file into equal parts, usually 256 KB each, and clients in the peer set exchange it with another. The process of downloading and uploading on the BitTorrent network is called torrenting.
Using the “tit for tat” principle, the central tracker needs a user who wants to download the file from the network to share the part of their files for uploading. When a user tries to download some content from another user on the same network, BitTorrent transfers some of the content to the main tracker which gets the content from the users and then uses it to serve it to other BitTorrent users.
Key Features of the BitTorrent Chain Tokens
Speed: There are many important features of the BitTorrent Chain. It offers very fast downloading speed in exchange for BTTC tokens. The data is distributed in small chunks and is then collected before the output. The BTTC is offered to other users who offer their bandwidths.
DLive Protocol: DLive Protocol is a decentralized platform where the live content is streamed. It allows the streamer to connect with the audience directly. The streamers do not need an account they just need to set users to connect with. The user gets BTTC tokens for watching the streamed content.
BitTorrent File System (BTFS): BitTorrent File System is the storage that is provided to store the data or files on the BitTorrent network. The space is rented. The user pays BTTC tokens to the space provider. In this manner, space can be offered and secured with the help of the token on the network. Thus, BTFS serves as the gateway to the files stored.
Use Cases of BitTorrent (BTT)
BTT is the TRC-20 token which has a wide range of use cases. They are compatible with almost all of the dApps and DeFi ecosystems. They also act as a medium of exchange on the platform. BTT is used to pay the gas fees and also for the reward.
Furthermore, the BTT bridges are used to transfer tokens from one chain to another. Like from Ethereum to BNB chain, to the BitTron network or another chain. As Ether token is used for transactions on the Ethereum network, in the same way, the BTTC token serves all the transactions on the network.
It is also used for staking and network governance. The holders of the token can participate in making the governance decisions of the network and the protocol.
In the Commonwealth of Dominica, BTT is a statutory digital currency. BTT is the accepted payment for decentralized storage service. The users also pay BTT to enhance download speeds.
How to Buy BTT Coins
The process of buying the BTT Coins is similar to buying any other coin. The coins are available on any central exchange like Kraken and Binance. It is also available in DEXs like PancakeSwap and Uniswap.
The steps to buy BTT coins include finding the wallet of choice to store the tokens and then funding the account through offered options.
How to Earn BTT
There are many ways to earn BTT on the network. Through torrenting and streaming content, the user can earn the token. Another way to earn is staking the token. The user can stake BTT with validators to earn passive income.
BitTorrent clients can earn BTT through seeding when torrent files finish downloading. BTFs are one such way to earn these tokens. The host who provides the space for the storage of the files also earns the tokens. In the same way, the streamers earn these tokens by watching the streams.
Is BitTorrent Worth the Investment?
BitTorrent has established itself as the network used for distributing big files rapidly and it also includes the tit for tat strategies for effective distribution of files, so it is an attractive investment option. Nevertheless, the cryptocurrency market is very volatile and one must consider the risks of investing.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
