BitTorrent became known for its use in online piracy when it launched in 2001. But since its acquisition in 2018 by TRON blockchain founder Justin Sun, it has focused instead on providing file storage for developers of decentralisation applications (dApps).
The BTT cryptocurrency token was launched on the TRON blockchain in early 2019 and soared in value during the cryptocurrency rallies in 2021. The token was redenominated in January 2022 following the launch of the BitTorrent mainnet blockchain in December 2021.
The token’s value has remained volatile, moving largely in line with the cryptocurrency market.
What’s next for the BTT token? Here, we will take a look at the latest BitTorrent price predictions and analysis to help you better navigate the market.
BitTorrent launches new BTTC mainnet
What is BTT? BitTorrent is one of the world’s largest P2P file-sharing networks, with more than 90 million active users and an installed base of more than two billion software clients.
The protocol was invented by computer programmer Bram Cohen in 2001 to facilitate the transfer of large files between users without the need for a central server. Cohen left BitTorrent in 2017 to launch cryptocurrency start-up Chia (XCH).
When TRON acquired BitTorrent, the BTT utility token was introduced to incentivise transactions. According to the project’s whitepaper: “The token and extended protocol will create a token-based economy for networking, bandwidth and storage usage.
BTT acts as a transaction mechanism for the use of computing resources shared between BitTorrent clients, and provides liquidity for services in the ecosystem.
BitTorrent has traditionally seen structural inefficiency, as it’s possible for users to complete file downloads before they have uploaded an equivalent volume. Once their downloads are completed there is no incentive for them to continue uploading.
BitTorrent Speed was introduced as an extension to the BitTorrent and µTorrent download clients, which enables downloaders to pay uploaders in BTT tokens for faster download speeds. That gives uploaders the incentive to share files for longer and provide more bandwidth and storage to the network.
According to its whitepaper:
“Due to expected volume, direct use of the public TRON blockchain for all transactions is unfeasible. Therefore, BitTorrent Inc will deploy an ‘on-chain/off-chain exchange.’ The exchange will enable the transfer of tokens between a high-performance private ledger and the public TRON blockchain.”
On 12 December 2021, the BitTorrent Chain (BTTC) mainnet went live. BTTC is a cross-chain interoperability protocol that uses the proof-of-stake (PoS) consensus mechanism for validating transactions and sidechains to scale smart contracts. It enables interoperability with the Ethereum, TRON and Binance Smart Chain (BSC) networks and plans to add support for more blockchains in the future.
The BTT token was redenominated as part of the BTTC launch. The previous BTT tokens were swapped with the new tokens at a ratio of 1:1,000 and total supply increased to 990 trillion, maintaining the market capitalisation of around $665.4m at the time of writing (30 November 2022).
The old tokens will remain in use for some time and have been renamed as BTTOLD. Exchanges re-listed the token in January.
The new token was listed as BTTC on the Binance exchange, but has been listed as BTT or BitTorrent-New on other exchanges.
The new BTT tokens have several uses in the BitTorrent Chain ecosystem:
becoming a BTTC network validator
staking to gain rewards
BTTC governance votes
paying gas fees.
The BTTOLD tokens can still be used to pay fees for storing files in the BTFS system, BTFS mining and increasing downloads using BitTorrent Speed.
An upgrade to the BitTorrent File System (BTFS) went into testing on 7 January 2022 and went live on the BTTC mainnet on 22 February. The upgrade was designed to support cross-chain connectivity and multi-channel payments to make it easier to use and compatible with more applications. The upgrade migrated airdrop rewards from the TRON blockchain to BTTC.
As of 30 November 2022, over 371 million wallets had been created on BitTorrent Speed, and 4.32 million have active accounts on the TRON chain, according to the BitTorrent Weekly Report on 22 November. More than 9.66 million BTTOLD tokens have been airdropped to unique wallebttc
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