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A brief history of BitTorrent
BitTorrent is the largest distributed peer-to-peer file exchange protocol (P2P technology), created by Bram Cohen in 2001. In 2004, the BitTorrent Inc corporation was founded, and already in 2006 it was decided to purchase Torrent, which was a direct competitor. After that, there were many attempts to monetize the project, wanting to create a trading platform based on BitTorrent. But, unfortunately, all projects failed, and in 2016 Bram Cohen started looking for potential buyers of the organization.
In 2018, the founder of TRON cryptocurrency, Justin Sun, bought BitTorrent for $140 million. After that, the BitTorrent token TRC20 was created, the purpose of which is to motivate users to maintain network bandwidth. Users who store files on their computers and speed up the network should be rewarded with BTT coins.
Features of BitTorrent
- The BitTorrent platform has caught the attention of dApps developers. They can make money by releasing applications on it. For example, the decentralized application BitTorrent Speed has already been launched, which, using BTT, increases the download speed.
- BitTorrent is a token based on the TRC10 protocol, so it works without using the TVM virtual machine. BTT transmission is similar to TRX — you need Bandwidth to make transactions.
- Over the past year, the cost of BTT has grown by more than 3000%. In April 2020, the cost of BTT was $0.00022, in April 2021 — $0.008024.
- The total BitTorrent volume is 990 billion BTT, which will gradually unlock on schedule until 2028.
Disadvantages of BitTorrent
- The fight against pirated content poses a threat to the prospects of BitTorrent.
TRON network bandwidth
To make a transaction on the TRX network, you need Bandwidth. Each account has 5000 units by default bandwidth daily. Throughput units per transaction is the number of bytes in a transaction multiplied by the rate of throughput units. On average, a single transaction consumes about 250 units of bandwidth.
If there is not enough bandwidth to complete the transaction, TRX will be used from the account. The throughput can be increased by freezing the funds for 3 days. The funds cannot be used during these days. After this time, the bandwidth value will be increased.