BTT is the native cryptocurrency of the BitTorrent ecosystem. BitTorrent is a decentralized peer-to-peer protocol that was founded in 2011. It allows users to distribute and share data and large files via the internet without the need for a third-party intermediary. Users can upload and download files via the project’s own applications as well as via client platforms.
The BTT token was introduced in 2019. It is a TRC-20 token and has a maximum supply of 990,000,000,000,000. It is predominantly used as a utility token within the BitTorrent ecosystem, this includes powering applications such as BitTorrent Speed, BitTorrent File System, and DLive.
BTT is also intended to incentivize users to provide infrastructure services within the BitTorrent ecosystem in return for tokens. In this way, the team hope that it will help to open up the protocol to the crypto world. The token is also used to address some of the drawbacks of the BitTorrent ecosystem. This includes a mismatch in upload and download speeds.
What are BitTorrent’s key features and how does it work?
As mentioned, BTT is used within the BitTorrent ecosystem and across its products. For example within the BitTorrent Speed tool. It allows faster download speeds and is downloadable as a feature of BitTorrent, µTorrent Web, as well as µTorrent Classic. Speed is designed to address the problems faced with asymmetrical upload/download speeds.
For example, often downloads are completed before an upload, and as a result, do not continue seeding files due to lack of incentive. Uploaders can earn BTT tokens in exchange for enabling faster download speeds by seeding files after downloads for longer and dedicating more of their bandwidth and storage to torrent clients.
Historical event: BitTorrent announced redenomination plan for BTT token (BTTOLD) at a ratio of 1:1000. More details: https://medium.com/@BitTorrent/launch-of-bttc-mainnet-and-btt-redenomination-plan-2eacfe26d22. BTTOLD token page: https://cryptorank.io/price/bittorrent
BitTorrent (new)'s current share of the entire cryptocurrency market is 0.01%, with a market capitalization of $ 259.18 Million.
BTT
