BitTorrent Chain Review
- BitTorrent Chain is essentially a decentralized blockchain chain that offers heterogeneous cross-chain solutions.
- BitTorrent had a reputation for being a Peer-to-Peer (P2P) file-sharing network that featured a high level of privacy and was originally launched in 2001.
- BitTorrent was acquired in 2018 by the founder of the TRON (TRX) blockchain, Justin Sun, and became focused on enabling file storage for developers of decentralized applications (dApps).
- The BTTC token is the native cryptocurrency that powers the BitTorrent Chain and is originally launched in early 2019 on the TRON blockchain; however, it was redenominated in January 2022 after the launch of the BitTorrent mainnet blockchain in December 2021.
Chain Website Review
BitTorrent Chain is a network that is utilized for the procedure of storing as well as sharing large files and data within a peer-to-peer (P2P) model of operation, where the entire network is dependent on network participants, which include peers, seeders, providers as well as requestors. BTTC can be utilized to purchase more bandwidth as well as to acquire quicker downloads.
BitTorrent is a peer-to-peer (P2P) protocol that is utilized for the distribution of large files throughout the internet, which was developed by Bram Cohen in 2001.
The software enabled anything from movies, tv shows, music, documents, games, and much more to get transferred on top of it.
BitTorrent now incorporates a hybrid consensus mechanism that eliminates accessibility issues and relies on a cryptographic method based on zero disclosure alongside mathematical consistency on a blockchain-enabled transaction, which can cross-check data seamlessly without revealing data or third parties that were involved within the transaction.
BTTC is a utility token that is utilized to power the BitTorrent Chain. BTTC is a token that is used as the main payment method of the network and can be bought and sold in the market of cryptocurrencies. Network participants, which include providers, can earn BTTC through the process of sharing as well as selling their excess bandwidth to requesters through the BitTorrent Chain Speed application.
Today, we are going to go over everything you need to know surrounding BitTorrent, from its history to its functionality, so let's dive in.
BitTorrent Chain Website
When you visit the official BitTorrent Chain website for the very first time, you are greeted by unique animations as well as a plethora of different menu items and options to click on.
On the top-right corner of the screen, there is a BitTorrent logo available. Next to it, you will find the Home page, followed by Wallet, Bridge, Staking (That offers an APY of 16%), Converter, and BTT Redenomination.
Underneath that specific portion of the page, you will find information surrounding the BitTorrent Chain, alongside pages that will take you to:
- About BTTC
- Security Audit - this will take you to TRON and Ethereum.
However, on the right side of the screen, there is an always-present functionality available.
Specifically, here you can connect a BTTC wallet by clicking "Connect to MetaMask."
You can also click on the staking account by going to "Connect to TronLink."
Additionally, there is a “Connect Wallet” button.
By clicking on it, you will be able to connect to numerous networks, depending on the wallet used. With the MetaMask wallet, you can connect to the BTTC Network, Ethereum Network, and BSC Network. If you have a TronLink wallet, you can connect to the TRON Network.
However, when we move forward down the page, it offers Bridge functionality directly.
What this means is that you can select from which network you want to transfer tokens to which other networks, as well as the total token amount you want to transfer.
All of the available networks include:
- TRON Network
- BTTC Network
- Ethereum Network
- BSC Network
Underneath that specific portion of the page, you also have the ability to select which cryptocurrency you want to transfer, and the available tokens include:
- BitTorrent (BTTC)
- InterCrone (ICR)
- JUST (JST)
- APENFT (NFT)
- SUN (SUN)
- TRON (TRX)
- TrueUSD (TUSD)
- USD Coin (USDC)
- Decentralized USD (USDD)
- JUST Stablecoin (USDJ)
- Tether USD (USDT)
- WINkLink (WIN)
Then near the bottom of the page, there are numerous sub-pages you can visit.
There's the Apps category that will take you to the wallet, bridge, staking, converter, explorer, and BTTCSCAN.
Then there's the Dev Center, which will take you to GitHub, Docs, Faucet, Token Mapping, and the Testnet.
Then there's the Help Center, which will take you to the User Guide, FAQs, and Announcements.
This is followed by a language-selection menu, as well as links to the Telegram group, Twitter Page, Medium publication, and email address.
History of BitTorrent Chain
BitTorrent has been one of the most popular Peer-to-Peer (P2P) file-sharing networks out there ever since it originally launched in 2001. The original creator of BitTorrent was Bram Cohen. He developed BitTorrent as a file sharing system that was intended to share files with faster download speeds as well as no copyright issues for large files through the utilization of the main client.
However, for years it was not involved within the sphere of blockchain. All of this changed in 2018, however, when the founder of the TRON (TRX) blockchain network, known as Justin Sun, ended up acquiring BitTorrent. Then, it became a home of file storage when it came to those that required it, who also work on decentralized applications (dApps).
Then, the native cryptocurrency known as BTT got launched on top of TRON in 2019 before launching on the BitTorrent network.
BitTorrent Chain Functionality
The BTT cryptocurrency is utilized to power the BitTorrent chain. BTT is essentially a utility token that enables users to access the benefits of the BitTold platform, and the token can be utilized to pay for services, receive discounts or even earn rewards by the users.
The BTT token is a means of allowing governance to occur, where users can vote on the different decisions of the platform.
Within the network, BTT acts as a transaction mechanism that is intended for the utilization of the computing resources that are shared across BitTorrent clients and even provides liquidity for services within the ecosystem.
Furthermore, the BTT tokens have numerous uses within the BitTorrent Chain ecosystem, and these include becoming a BTTC network validator, staking to gain rewards, BTTC governance votes, as well as for payments of gas fees within the network.
When we go over how the BitTorrent protocol works, it hosts files within its protocol, and these are known as torrents. They are split into several pieces so that the users of the software solution can download them a lot more efficiently.
The BitTorrent network also implements quick as well as cheap P2P file sharing across uploaders, which are known as seeders, as well as downloaders.
Whenever someone aims to download a specific file through the usage of BitTorrent, they receive separate pieces of that file from multiple seeders. The entire network of seeders and downloaders for a specific file is known as a swarm.
This distributed structure surrounding BitTorrent lets users upload as well as download enormous files in terms of file size in a way that is both cheap as well as efficient, all whilst reducing internet congestion.
When we go over the functionality surrounding BitTorrent Chain's official website, there are a few things that stand out. Specifically, it is split across four main categories, and these include the Bridge, Staking, Converter, and BTT Redenomination.
First, we need to go over the bridge functionality. Here, people gain access to a secure, fast as well as reliable heterogeneous cross-chain bridge.
Here, each user can:
- Transfer Assets Across TRON, Ethereum, and BSC
- Transfer Assets from Ethereum or BSC to BTTC
- Transfer Assets from BTTC to Ethereum or BSC
- Transfer Assets from TRON to BTTC
- Transfer Assets from BTTC to TRON
All they have to do is select from where and to where they want to transfer tokens, select the token, enter the amount, and write in the receiving address.
Next, we need to go over the staking page. Users can stake BTT to validators as a means of earning rewards whilst also securing the BTTC network.
Users need to get BTT tokens from the network; then, they can choose a validator through which they want to stake their BTT balance.
After receiving the staking rewards, each user can Restake or Claim their rewards, and they can unstake their staked BTT at any point in time. The unlocked BTT can only be available for withdrawal after reaching 80 Checkpoints, which takes 40 hours.
At the current point in time, the staking APY is 15.36%. There is a total stake of 45,855.006 b BTT, with total rewards at 6,893.903 b BTT. There have been 4,504,413 delivery blocks.
When we look at the submitted checkpoints:
- 17,058 to TRON
- 15,507 to Ethereum
- 16,522 to BSC
The listed validators include Binance staking, JD Investment, Metaverse Labs, Synclub, Blockchain Innovation, Renaissance Research, Crypto DAO, Open Protocol, Bit Pool, Ant Investment, Smart Consensus, and Huobi.
Next, there is the converter. BTTC, as a network, supports the 1:1 conversion of different tokens within a token group.
A token group contains all mapped equivalents of a token on BTTC. A BTT token group, for example, can contain BTT, BTT_e, and BTT_b.
The tokens are converted at a 1:1 ratio. For example, 1 BTT_e would be equal to 1 BTT, while 1 BTT_b would be equal to 1 BTT.
As a means of accommodating the technical as well as infrastructural requirements for the upgraded BTT project, BTTC supports the redenomination plan of BTT on the TRON network.
The exchange rate is as follows: 1 BTTOLD equals 1,000 BTT.
BTT can be brought within the BitTorrent Chain through the BitTorrent Bridge, and then it can be used to pay for the gas fees and to participate in the projects as a native token.
Pros and Cons of BitTorrent Chain
BitTorrent Chain Pros
- A lot of utility for the native BTTOLD and BTTC cryptocurrency.
- A high level of functionality, with access to Bridge, Staking, Converter, and BTT Redenomination.
- BTT prioritizes an extremely significant user-based in terms of size.
- BitTorrent Chain enables users to download files quicker when spending smaller amounts of BTT on the platform.
BitTorrent Chain Cons
- The swapping feature can be difficult to initially grasp and understand.
- There is a high level of resistance within competing projects.
- The website as a whole can be intimidating for those visiting it for the very first time.
The Bottom Line
We have gone over the BitTorrent Chain website as well as the overall functionality that this network has to offer.
Hopefully, now you know as much as possible surrounding the BitTorrent Chain as well as the BTTC cryptocurrency alongside the various other features, including the Bridge, Staking, Converter, and BTT Redenomination.
It is clear that BitTorrent Chain has been around for a long period of time, and the client itself is still one of the largest P2P decentralized communications platforms for sharing and storing files on a global scale. This software has carried on with its development, and this will likely be the case going forward.
The website as a whole is well-designed and features a high level of utility as well as functionality that is accessible to anyone.
Frequently Asked Questions (FAQs)
Why is BitTorrent so popular among users?
BitTorrent has gathered a high level of popularity due to the fact that it enables a decentralized, peer-to-peer protocol that enables users to share files without the need for a central server.
Why does BitTorrent stand out when compared to other projects?
BitTorrent leverages magnet links that can include a unique identifier that features data that is different and based on a torrent's exact nature, alongside a cryptographic hash of its contents. There are different torrents that can lead to the same file as well.
Where can BTTOLD be bought?
There are a high amount of centralized as well as decentralized exchanges that fully support the BTTOLD cryptocurrency and where you can easily buy it using either cryptocurrencies or FIAT currencies.