BitTorrent is a software protocol designed to facilitate peer-to-peer (P2P) file sharing. Initially launched in 2001, it was acquired by the Tron Foundation, creators of the TRON (TRX) blockchain, in 2019. Following the acquisition, the BitTorrent team introduced its cryptocurrency, BTT, through an Initial Coin Offering (ICO). The goal was to extend the protocol’s capabilities and incentivize network participants.
BTT serves as the native token of the BitTorrent platform. While BitTorrent began as a P2P file-sharing network, it evolved into a cross-chain interoperability protocol leveraging sidechains for scalability after Justin Sun acquired it in 2018. Today, BitTorrent offers premium services like VPN features and ad-free browsing, alongside its core file-sharing functionality.
Beyond file sharing, BitTorrent supports a growing ecosystem with several key use cases:
BitTorrent Chain Use Cases
- Decentralized Exchange (DEX): BitTorrent Chain provides essential features for token trading, including high-speed transactions and low fees.
- dApp Development: Fully compatible with the Ethereum Virtual Machine (EVM), it allows developers to port Ethereum-based projects to BitTorrent Chain.
- NFT Gaming Platform: It supports blockchain-based gaming and non-fungible token (NFT) integrations.
Overall, BitTorrent Chain aims to deliver a high-performance, scalable, and affordable solution for decentralized applications (dApps) without compromising on decentralization.
How BitTorrent Achieves Scalability
BitTorrent leverages the TRON blockchain, which uses a Delegated Proof-of-Stake (DPoS) consensus mechanism. This variant of Proof-of-Stake (PoS) allows network users to elect representatives to validate blocks. These representatives, known as witnesses or block producers, enable efficient network operation.
Supported by 21 block producers, BitTorrent Chain creates new blocks every two seconds. This structure keeps transaction fees as low as $0.01 and supports a throughput of up to 7,000 transactions per second (TPS).
Additionally, the network supports one-click migration of smart contracts and offers configurable modules for developers. This flexibility stems from its interoperability with other blockchains, including Ethereum and Binance Smart Chain.
Founders and History
Bram Cohen, a developer and entrepreneur, created the original BitTorrent protocol in 2001. His innovation involved breaking large files into smaller segments distributed among multiple users, enabling faster downloads even with poor internet connections.
In 2018, BitTorrent was acquired by Justin Sun, a prominent cryptocurrency entrepreneur and business executive, who also founded the TRON blockchain. According to Cohen, BitTorrent was designed to disrupt the outdated entertainment industry, which made content access difficult and expensive.
The BTT token officially launched in 2019 at a price below $0.01. It gained significant attention in 2021 when its value surged to all-time highs.
Frequently Asked Questions
What is the primary use of BTT token?
BTT is used to incentivize users within the BitTorrent ecosystem. It rewards those who share bandwidth and storage, facilitating faster and more efficient P2P file transfers.
How does BitTorrent ensure fast and cheap transactions?
By using a DPoS consensus mechanism and maintaining a network of 21 block producers, BitTorrent Chain achieves high throughput (7,000 TPS) and low transaction fees (around $0.01).
Can developers migrate Ethereum dApps to BitTorrent Chain?
Yes, thanks to its EVM compatibility, developers can easily port Ethereum-based dApps to BitTorrent Chain, leveraging its scalability and low-cost infrastructure.
What makes BitTorrent different from other blockchain platforms?
BitTorrent combines a proven P2P file-sharing foundation with blockchain technology, offering unique features like decentralized storage, high interoperability, and a focus on dApp usability.
Is BitTorrent Chain secure?
The network utilizes DPoS consensus and regular block validation by elected witnesses, ensuring robust security and decentralization.
Where can I learn more about using BTT?
👉 Explore practical guides for using BTT tokens to maximize your involvement in the BitTorrent ecosystem.