![BitTorrent [New] logo logo](https://s2.coinmarketcap.com/static/img/coins/64x64/16086.png)
| NAME | CHAIN | PROTOCOL | APY | TVL |
|---|---|---|---|---|
| WETH-BTT | ETH | uniswap-v2 | 0.11% | $395,289.00 |
| BTT | TRX | justlend | 0.00% | $7,558,358.00 |
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BitTorrent is a popular peer-to-peer (P2P) file sharing and torrent platform which has become increasingly decentralized in recent years. Originally released in July 2001, BitTorrent was purchased by blockchain platform TRON in July 2018. Since its acquisition, BitTorrent has added various new tools, with a dedicated native cryptocurrency token, BTT, released in February 2019. BTT was launched on TRON’s own blockchain, using its TRC-10 standard. According to its official literature, BitTorrent is currently the “largest decentralized P2P communications protocol” in the world.
The original BitTorrent is the brainchild of Bram Cohen, a developer and entrepreneur who himself has since become well known in the cryptocurrency arena. Cohen has explained that he designed BitTorrent to usurp the dated entertainment industry, which made obtaining material slow and expensive. The platform has seen multiple legal battles, with Cohen maintaining that it does not break copyright laws in allowing users to share files such as music and movies among themselves. In 2018, TRON completed its acquisition of BitTorrent, bringing BitTorrent under the control of Justin Sun. Sun is notorious for his plugging of both TRON as a cryptocurrency and its blockchain technology, bidding $4.5 million at a charity auction to have lunch with Warren Buffett (well-known anti-crypto figure) and discuss cryptocurrency with him. TRON is also behind the addition of cryptocurrency to BitTorrent, as the BTT token was released on TRON’s blockchain. The move formed part of TRON’s efforts to add further decentralized features to the platform.
BitTorrent’s original goal was to disrupt the legacy entertainment industry and how consumers obtain content. Expensive and inefficient distribution networks were the main target, with original developer Bram Cohen seeing benefits in allowing internet users to distribute content among themselves directly. In the early 2000s, BitTorrent became the go-to P2P file sharing platform, with TRON stepping in 2018. Under TRON, BitTorrent has expanded its user appeal to those interested in decentralized solutions and cryptocurrency, as well as to its own user base. Among the added features are BitTorrent Speed, which uses the BTT token as part of its operations. BitTorrent has also branched out into paid services, offering several “premium” versions of its platform which include VPN capabilities and ad-free browsing.
BTT is BitTorrent’s native cryptocurrency, issued on TRON’s blockchain as a TRC-10 standard token. The total supply, as stated in its whitepaper, is 990,000,000,000 BTT. 6% of that total was available in a public token sale, 2% in a private token sale and 9% in a seed sale. Another 20.1% are reserved for airdrops, which are set to occur at various points until 2025. The BitTorrent team and umbrella organization, the BitTorrent Foundation, were awarded 19% of the supply. The TRON foundation holds 20%, with 19.9% going to the BitTorrent ecosystem itself. A final 4% of tokens are reserved for partnership activities. BTT plays various roles in BitTorrent’s products, including allowing users to pay others for faster downloads with BitTorrent Speed.
BitTorrent says that it employs “the highest level of security measures” in order to secure user funds, but advises that cryptocurrency involves inherent risk. The company recommends that users protect themselves against theft, in the form of malware or similar programs, by using options such as biometric verification.
BTT is tradable for cryptocurrencies, stablecoins and even fiat currencies on major exchanges. Binance, Huobi Global and OKEx are among the offerings. To find out more about how to buy Bitcoin (BTC) or any other cryptocurrency, read CoinMarketCap’s easy guide.
Read more about Upfiring here. Read more about AXEL here. New to crypto? Find the answers to all your questions on Alexandria, CoinMarketCap’s dedicated education resource.
Blockchain is a decentralized and distributed ledger technology that securely records transactions across multiple computers in a verifiable and permanent way. It forms the underlying technology for cryptocurrencies like Bitcoin and enables transparency, security, and immutability.
Cryptocurrency is a digital or virtual form of currency that uses cryptography for security. It operates on decentralized networks, typically based on blockchain technology, and facilitates secure and transparent peer-to-peer transactions.
Bitcoin is the first and most well-known cryptocurrency, created in 2009 by an anonymous person or group known as Satoshi Nakamoto. It operates on a decentralized peer-to-peer network and is used for secure, transparent, and censorship-resistant transactions.
Bitcoin is the original and most widely recognized cryptocurrency, while altcoins refer to any other cryptocurrencies besides Bitcoin. Examples of altcoins include Ethereum, Ripple (XRP), Litecoin (LTC), and many others.
Staking involves participants locking up a certain amount of cryptocurrency in a wallet to support the operations of a blockchain network. It is commonly associated with proof-of-stake (PoS) and delegated proof-of-stake (DPoS) consensus mechanisms, where participants receive rewards for helping secure the network.
To stake cryptocurrency, you typically need to choose a platform or network that supports staking. Transfer your tokens to a compatible wallet, follow the staking instructions provided by the platform, and lock up the desired amount of cryptocurrency. Once staked, you may start earning rewards.
Staking rewards are incentives provided to participants who lock up their cryptocurrency to support the network. The amount of rewards varies and is influenced by factors such as the network's inflation rate, the total amount staked, and the specific rules of the staking protocol.
The ability to unstake and withdraw your cryptocurrency depends on the specific staking protocol and network. Some platforms may have lock-up periods or unbonding periods during which your staked tokens are inaccessible. Always check the terms and conditions of the staking service.
Staking comes with risks, including the potential loss of staked funds if a participant behaves maliciously or fails to fulfill their responsibilities. Market volatility can also impact the value of staked tokens. It's crucial to thoroughly research the staking protocol and understand the associated risks.
While staking is designed to be a rewarding activity, there is a risk of losing money, especially if the value of the staked cryptocurrency decreases or if the staking protocol encounters security issues. It's important to consider both the potential rewards and risks before participating in staking.
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