BitTorrent has been in the file-sharing segment since 2001. Founded by Brad Cohen and David Harrison, BitTorrent was able to secure a pretty large user base. However, it lacked in terms of monetizing the platform. Although the implementation was practicable and apparent within the system, its long-term viability hinged on this aspect.
Despite those struggles, BitTorrent ran for the next 17 years before being acquired by the TRON Foundation.
File sharing was at the center of its operation, but the acquisition marked a pivotal moment, for BitTorrent was now a part of the blockchain community. Moreover, it marked the launch of BTT or BitTorrent Token. It is now at the core of BitTorrent and the BitTorrent Chain, which is also known as BTTC.
The network supports all basic functions, including, but not limited to, staking and delivery.
As for its integration into the blockchain realm, introducing BTT meant that users would be rewarded for accessing its file-sharing solution. The launch of the native token further meant that the venture could go on on the grounds of funds that would offer users rewards and access to more features.
BitTorrent continues to function in the same manner as before: requesters attempt to acquire files from providers. They are granted access to obtain the file in their systems upon acceptance of the request. They can enable the seed function concurrently to permit others to download the file to their system.
The introduction of BTT has changed this a bit. It rewards users with a token that can be used to gain access to more bandwidth and storage on the network. Payments in BTT are processed over the TRON blockchain. What has actually succeeded for BitTorrent is its introduction into the blockchain. This has improved its efficiency, decentralization, and scalability.
As for its native token, BTT, it is poised to see several jumps in the year 2024. The most recent increase is 6.64% in the last 24 hours, taking the token value to $0.000001062. While the value has dropped by 13.94% in the last 7 days, there has been a significant jump of 6.57% in the last 30 days. The BTT forecast estimates that the token can end this year at $0.00000254. Another possibility is that BTT may close in 2024 at the value of $0.00000239.
BTTC supports the idea of staking tokens to earn rewards, is EVM compatible, and has validators backing it up via the PoS mechanism.
BTTC currently has 12 validators, with the constrained possibility of adding a larger number of validators. They are tasked with maintaining a high network uptime, checking processes and services, and monitoring and maintaining the ETH balance on the signer address.
Moving forward, the BTTC Network plans to strengthen all three layers of its architecture: the Delivery Layer, Staking Layer, and BTTC Layer. BitTorrent aims to continue innovating and adapting to changing circumstances.