Currently, BitTorrent (BTT) is at $0.006905 and is down about 3 percent in the past 24 hours. The page still sees many people downloading media, but the cryptocurrency market isn’t taking it on as well as the company might like. The market cap value is set at $4,557,253,972, and 659 billion BTT coins are circulating.
BitTorrent Protocol – What Is It?
BitTorrent is a highly popular P2P (peer to peer) torrent and file sharing platform, becoming more decentralized recently and rising to the largest decentralized communications protocol within the world. About 15 to 27 million clients used this product, and there are an estimated quarter of a billion monthly users who have downloaded at least one thing from it.
Released originally in July 2001, TRON (a blockchain platform) purchased BitTorrent in July 2018. Since the acquisition, BitTorrent added new tools with its dedicated cryptocurrency token, BTT, being released back in February 2019. In fact, BTT launched on the TRON blockchain with the TRC-10 standard.
File Sharing and More to Make it Unique
The original goal for BitTorrent was to disrupt the entertainment industry and find a new way for consumers to get content.
Primarily, inefficient and expensive distribution networks were the targets, with the developer seeing benefits in letting internet users distribute content themselves with a more direct approach.
BitTorrent’s market did well early on, with downloaders distributing tons of media. Most of it saw no cost to download, but the service speed needed work.
From there, BitTorrent was the go-to P2P file-sharing platform, and TRON stepped in then. Under this name, BitTorrent expanded user appeal to those who wanted crypto and decentralized solutions as well as a primary user base. Among the added features was BitTorrent Speed, using the BTT token as part of the operations.
It also branched out to include paid services, such as premium versions being distributed to an interested client base. Ad-free browsing and VPN capabilities also made Torrent a great choice among customers.
Ultimately, people could transfer their data files and request videos and the like directly from the web instead of waiting for things to be released.
Who Is Bram Cohen?
Bram is a developer and entrepreneur who has now become well-regarded within the crypto arena with the performance of BitTorrent.
Once launched, the platform saw various legal battles, with Cohen claiming that no copyright laws were broken when people shared files and data, such as movies and music among themselves.
TRON completed the BitTorrent acquisition in 2018, which brought it under Justin Sun’s control. He is notorious for using TRON’s blockchain technology and crypto options, bidding millions at charities to talk about cryptocurrency with important people.
How Many Coins Are in Circulation?
BTT is the native crypto of BitTorrent, issued as TRC-10 standard tokens. Many are reserved, with the TRON foundation holding some. BTT is used in many products, such as getting faster downloads. The market cap right now is high, so there’s plenty to go around.
How’s the Network Secured?
The company claims it uses high levels of security measures to protect funds, but no other information is provided.
Where to Buy
BTT tokens are tradable for fiat currencies on a major exchange website, but you can also use them for trading on BitTorrent to get better perks.