Since 2001, BitTorrent has operated in the file-sharing market. BitTorrent, which was founded by Brad Cohen and David Harrison, managed to amass a sizable user base. But in terms of making money off the platform, it was lacking. While the deployment was doable and visible within the system, this was a critical component to its long-term sustainability.
In spite of these difficulties, BitTorrent continued to operate for the following 17 years until the TRON Foundation bought it.
Although its primary function was file sharing, the acquisition was significant since BitTorrent was now a member of the blockchain community. It also signalled the introduction of BitTorrent Token, or BTT. These days, it forms the basis of both BitTorrent and the BitTorrent Chain, or BTTC.
The network facilitates all fundamental operations, such as delivery and staking, among others.
Regarding its incorporation into the blockchain space, BTT’s introduction meant that customers would receive incentives for using its file-sharing service. The introduction of the native token further ensured that the business could continue by providing funding for additional services and rewards for users.
BitTorrent keeps operating the same way it always did: requesters try to obtain files from providers. If the request is approved, they are given permission to access the file in their systems. In order to allow others to download the file to their machine, they can concurrently enable the seed function.
This has somewhat modified with the introduction of BTT. Users are rewarded with tokens that can be used to increase their network storage and bandwidth limits. The TRON blockchain is used to process Bitcoin transactions. In actuality, BitTorrent’s integration into the blockchain has been successful. As a result, it is now more scalable, decentralized, and efficient.
In terms of its native token, BTT, several increases are anticipated by 2024. The token value has increased to $0.000001062 in the last 24 hours, representing the most recent growth of 6.64%. The value has decreased by 13.94% during the past seven days, but it has significantly increased by 6.57% over the past thirty days.
