P2P networks were estimated to contribute an average of 40% of all internet traffic, and BitTorrent is arguably the biggest file-sharing protocol globally. This is why it was such a big deal when the file-sharing site was bought by Justin Sun for $140 million.
It was even bigger news when a TRC-10 token was launched by Tron for Bittorrent. The BitTorrent token was a joint partnership between the BitTorrent foundation and Tron and was launched in 2019. Its main aim was to improve bandwidth availability, content delivery, and to tokenize BitTorrent using blockchain.
This sale was only 15 minutes long and needed up amassing $7.2 million for Bittorrent, making it one of the biggest token sales in the stock market.
Quick Overview Of The BitTorrent Token
After the public sale, the demand for the BitTorrent token was so high that the site got overwhelmed by the traffic. In fact, some investors couldn’t access the site for the token sale.
Currently, the statistics are at:
- 100+ million users
- 138 countries
- 22% upstream traffic
The BitTorrent token continues to be successful and it reached an all-time high in 2019 at $0.001250. One of the reasons for its success is that BitTorrent is one of the first generation Torrent sites and decentralized internet networks while Tron represents the new age decentralized internet networks.
BitTorrent was also expected to release a speed feature that would change the game and increase the adoption rate of the peer networks.
Upon its implementation, it would use financial incentives so that peers could pay to increase the speed of the downloads and increase their download queue positions.
3 Main BTT uses
The main planned features of the BTT tokens include:
- Storage platforms - this is where users will be able to pay for increased storage or receive payments for storage offered
- Content delivery system - thus the system will enable users to make payments so that they can receive their content faster and to advertise their bids.
- Proxy service - this will be for users with an unstable internet connection to pay clients for content retrieval using a URL.
The end game is to have the BitTorrent protocol as open-sourced so that third-party developers can easily create applications on this platform to meet the users’ demands.
Are There Concerns Over The BTT Tokens?
Even though BitTorrent has been in the market for a long time and is quite popular, there have been concerns about its future success.
The choice to use Tron as blockchain technology has also raised some concerns, especially after one of the senior executives resigned immediately after the Bittorrent purchase. Questions about BTTs practicality and utility remain unanswered with some members from the Bittorrent community stating it’s unlikely that users will be willing to pay for torrents.
Is BitTorrent Worth The Hype?
Well, the truth is that BitTorrent is successful and has received many positive reviews. It also has several free and open-source torrent clients to help users download files off the internet, one of them being the qbittorrent (Check out the qbittorrent review).
If you choose to invest in the BTT token, make sure you conduct intensive research so that you have enough information before making a decision.
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