BitTorrent Inc. was first registered in 2004 by Bram Cohen who developed BitTorrent protocol. The project is working within the jurisdiction of United States.
BitTorrent is a well-known software company providing P2P tech solutions for file sharing. The company has 2 extremely popular products: BitTorrent and uTorrent with millions of users. uTorrent was bought in 2006 to eliminate the main competitor who had the larger user base. The interface of both products is identical, moreover, from the 6th BitTorrent version the open source was changed to uTorrent source code.
There were various attempts to monetize the protocol and improve the projects which have up to 25% of the world’s Internet traffic. The team needed to refresh and to bring something new to the existing platforms to use its main advantages even more efficiently. In 2017 the company was bought by marketing genius Justin Sun who started the development of BitTorrent blockchain platform.
BitTorrent (BTT) is a platform based on TRON blockchain. BitTorrent is built on P2P protocol that uses economic stimulus for facilitation of the file distribution that is extremely needed in the Internet. This eliminates the need for reliable central server. BitTorrent aims to bring innovations and revolutionize file distribution with the help of blockchain solutions and token system. The protocol works in a system that divides the files by segments and shares them to users who try to get them at the same time.
The main goal of BitTorrent team is to make the blockchain technology more accessible and easy to use. After the integration of blockchain in existing decentralized ecosystem BitTorrent developers can deploy subsequent strategies aimed at community improvement, gaming and entertainment sectors and other media and content verticals.
The working process of the system is the following: the participants of peer-to-peer system find each other with the help of BitTorrent mechanism using “.torrent” info hash through the search of the nodes in DHT. Then, two new plug-ins start working. The first one is bid announce - it starts the biddings similar to auctions: the downloading “peers” send the requests to uploading “seeds” with the prices for the needed files. Next goes the agreement or reject. The second is bad scrape - this is a kind of a list where the services providers see the requests in info hash.
The key features of the platform: existing BitTorrent clients will provide the additional set of compatible plug-ins; the project is planning to make an extensive use of BTT currency for lots of service cases expanding the access to a large number of additional options; at the beginning, BitTorrent token will be used in the platform clients in exchange for requests for extra capacity, and then its use will be enhanced to additional services like content purchasing, broadcasting, crowdfunding and many more.
BTT tokens based on TRON TRC-10 will be used as a universal mechanism for transactions in calculating resources used between BitTorrent clients and other participating customers and service providers. BTT token will be the main currency of transactions for services provided. The implementation of this token broadens the protocol creating the entire economy of resources based on BTT token and provides the participants with the ability to evaluate the sharing and storage systems.
Torrent clients users are familiar with such problems as slow download speed and unavailable files. Creating the stimulus for file sharing token would improve whole network in general.
There is a number of services that will be paid for with BTT tokens:
-Decentralized content delivery service. This service fits mass content distribution perfectly. Especially with the presence of various types of fraudsters;
-Decentralized storage service. This is the data storage with the help of such service providers for predetermined price that satisfies both the parties. This service can be very helpful for remote backing up and private data sharing between small groups;
-Decentralized proxy service. This proxy service provides users with ability to search the content with URL. The system is pretty similar to well-known TOR.
-Crowdfunding. Providing smart contracts that allow fans to accumulate the BTT contributions to fund the creation of new projects and products;
The main idea of the project is to make a contact between content creators and users, to get and spend cryptocurrency within one platform. With the help of BitTorrent P2P net and TRON blockchain tech, this project aims to provide hundreds of millions users with new experience of Torrent using.
The protocol is optimized with BitTorrent Speed tech while TRON blockchain provides file shares with high productivity.
As BitTorrent is being the world largest decentralized ecosystem since 2001, the platform has huge advantage over other comparable content ecosystems based on blockchain. Having control over the greater part of BitTorrent protocol around the world, the platform’s clients connect to a large user base.