BitTorrent (BTT) - Tokenizing the world’s largest decentralized file sharing protocol with BTT. on Binance Launchpad




  • What is BitTorrent?

    BitTorrent is a pioneering distributed communication protocol invented by Bram Cohen in 2001. It is a
    peer-to-peer protocol which uses economic incentives to facilitate the delivery of large and highly
    demanded files around the internet, eliminating the need for a trusted central server. It is an open protocol
    that has been independently implemented dozens of times and included in software that has been
    downloaded and installed billions of times in the past 16 years. Today the protocol is in regular use on
    well over one hundred million internet-connected computing devices each month. The protocol is
    continuously updated through an open process of BitTorrent Enhancement Proposals (BEPs) moderated
    on the developer website .

    BitTorrent the protocol

    The BitTorrent protocol enables client software endpoints (“clients”) to collaborate with each other to
    enable incredibly efficient and reliable distribution of large files to multiple clients. It does this by
    attempting to make simultaneous efficient use of every client’s upload and download bandwidth to balance
    peer-to-peer content delivery across a `swarm' of cooperating clients and reduce the reliance on any single
    weak point (like the connection to a server). The key to understanding how the protocol works is to
    understand how the underlying economic incentives are implemented.
    The protocol is based on a system where files are cut into pieces and pieces are traded between multiple
    devices which are all trying to get the file at the same time. Cryptographic hashes (“infohashes”) of the
    pieces are used to verify that the pieces being shared are indeed the pieces requested. The system
    essentially implements a barter economy where individual clients collaborate based on trading pieces of a
    file they each are trying to download, with delivery bandwidth used as the deciding factor for whom to
    keep bartering with. Various mechanisms reward the most productive barter exchanges with further barter
    and punish the least productive ones by disconnecting or even banning the counterparty. Once a client has
    completed downloading a file, if it continues to upload pieces despite no longer requiring any upload in
    return, it is considered a “seed.” The default in most clients is to “seed” to other downloaders, but this
    activity is entirely altruistic and there is no economic penalty for end users switching off their BitTorrent
    client and stopping seeding. 

    BitTorrent the ecosystem

    The BitTorrent protocol has been implemented many times and there is healthy competition between
    companies maintaining different implementations as well as several very popular volunteer-maintained
    versions. As well as client software that implements the BitTorrent protocol, there are infrastructure
    providers who independently offer additional useful services (e.g. trackers which introduce peers, torrent
    sites which index metadata about files being shared and provide access to their associated torrents). This
    demonstrates how an array of cooperating distributed elements (clients) and semi-distributed elements
    (trackers, torrent sites) have been successful in maintaining a long-lived and highly robust ecosystem even
    in the presence of highly motivated attackers. We relied on many lessons learned in the BitTorrent
    ecosystem as we put together this project plan. 

    BitTorrent the company

    BitTorrent Protocol is the world’s largest decentralized protocol with over 1 billion users, far surpassing
    the second-ranked decentralized application of Bitcoin (as of October 21, 2018, Bitcoin has a total number
    of 29.44 million addresses ). BitTorrent Inc. invented and maintains the BitTorrent protocol. While there
    2
    are many implementations of BitTorrent software , BitTorrent and µTorrent (often called “utorrent”)
    3
    remain two of the most popular. In 2018, BitTorrent Protocol reached a strategic partnership with TRON
    Blockchain Protocol. The collaboration of the two makes TRON Protocol the world’s largest
    decentralized ecosystem; It also makes BitTorrent Protocol the biggest decentralized application in the
    world.
    The active usage of software managed by BitTorrent Inc. is incredibly widespread around the world.
    Software clients maintained by BitTorrent Inc. are in use today by approximately 100 million monthly
    active users in almost every country in the world with around one million new software installs every day.
    Over 160 countries have more than 10,000 users, and 23 countries have more than 1 million users. 19
    countries have more than 5% of their internet users using our software (comprising almost 60 million
    users). Furthermore, while there are other providers of BitTorrent software, BitTorrent Inc. clients
    currently account for an estimated 40% of current BitTorrent protocol activity on the public internet .

    BitTorrent and Distributed Apps

    BitTorrent Foundation has been exploring distributed applications for over a decade. We have investigated
    adaptations of the BitTorrent protocol as well as entirely novel protocols with the aim of providing
    services ranging from distributed messaging, BitTorrent-based CDN, peer-to-peer live video streaming,
    file synchronization and distributed websites.
    The incredibly exciting emergence of blockchain technologies has brought a paradigm shift in what is
    achievable, enabling collaboration between untrusted parties to be persisted over much longer periods 

    than is practical in the BitTorrent ecosystem. But while many new decentralized protocol proposals are
    suggesting ambitious technical paths forward, almost all are silent on how to address the enormous
    marketing challenge of building critical mass which is a crucial technical necessity for all distributed
    systems. Even the few projects which are introducing a cryptographic token to existing user bases have no
    experience in the suBTTle art of designing a protocol which effectively balances many economic interests
    at scale. We seek to combine the critical mass of the existing BitTorrent ecosystem, protocol engineering
    expertise from BitTorrent Foundation and new capabilities introduced by blockchains as pioneered by
    platforms like TRON.
    By integrating blockchain technologies to provide a reliable and scalable mechanism to store and
    exchange value, we can enable new decentralized applications to be bootstrapped on top of our existing
    ecosystem. We believe that expanding the BitTorrent ecosystem in combination with blockchain
    technologies will enable developers of decentralized apps to build on top of it, and help BitTorrent address
    a universe of exciting new opportunities. We believe that BitTorrent is by far the closest to being able to
    introduce the infrastructure to support the coming Decentralized Web and the economy to support it. 

    A Giant Leap in File-Sharing

    BitTorrent (BTT) allows content creators to connect with their audience, earn and spend digital currency without a middleman. By connecting the BitTorrent peer-to-peer network to the TRON blockchain, we offer a new experience to over 100M+ users.


    BitTorrent (BTT) the token that enables blockchain mass adoption

    A TRC-10 utility token based on the TRON blockchain to foster faster speed on the world’s largest decentralized application.

    BitTorrent (BTT) powers BitTorrent Speed

    BitTorrent Speed enhances the BitTorrent protocol for all users and all torrent clients. BitTorrent (BTT) tokens can be bid in exchange for faster downloads. Tokens will be stored in a built-in wallet and can be exchanged for TRON (TRX) tokens through a decentralized exchange.

    Blockchain

    BTT Applications will be supported by active BitTorrent users who number in the tens of millions each
    day. To minimize the opportunities for fraud, BTT Applications will provide service in small increments
    then wait for payment to be confirmed before more service is provided. This will require transactions to
    be handled at a granular level and confirmed in a matter of seconds, and ideally in less than a second.
    Furthermore, even our most conservative estimates of capacity requirements anticipate dozens of
    transactions per second. With these needs in mind it is clear that existing public blockchains will not be
    able to support on-chain processing and settlement any time soon. 

    User Controls

    We plan to introduce features like BitTorrent Speed and BTT transactional support into BitTorrent and
    μTorrent clients in a phased way to allow us to iterate towards the clearest possible user education journey
    and thus to optimize end-user participation. Participation in the BTT transactions is required to be both
    fully disclosed and optional for end users.

    BitTorrent Wallets

    As part of the rollout of new BitTorrent and μTorrent software that can participate in the BTT applications
    we will be distributing integrated cryptocurrency wallets to all users. As we will be distributing these
    wallets on a large scale to mass market end users, and not necessarily to cryptocurrency enthusiasts, we
    will need to pay close attention to simplicity and usability.
    Bootstrapping: The first available BTT application will be the BitTorrent Speed feature which will be
    unproven at the outset. Given new service requester services will take time to become prevalent at any
    scale, we may additionally pursue a strategy to pre-seed the market with promotional quantities of BTT. 

    Use Case Diversification for BTT: The introduction of BTT wallets on the scale anticipated by this project
    may create opportunities for new uses for the token that are wholly unrelated to BitTorrent technology.
    We expect that many millions of users will be able to accumulate small quantities of BTT that may not
    have material value until they are aggregated by service providers. That is to say that users who may
    accumulate only a small amount of BTT from providing services will look for ways to spend that token
    that go beyond their need for incentivizing seeding. In due course we expect to evangelize this new
    capability and explore partnerships that can accelerate merchant acceptance of this new type of
    micropayment mechanism. This will be particularly advantageous to merchants who want to aggregate
    and use tokens to pay for infrastructure services to support their ongoing services.
    We expect to be able to establish an economy as characterized in Figure 5 where BTT are introduced into
    the economy primarily by distributed app developers, are then traded between service requesters and
    service providers within and beyond the BitTorrent ecosystem, and may ultimately aggregate in
    commercially significant pools at some service providers who may be part of the BitTorrent ecosystem or
    may not. At this point of the cycle the BTT will be returned via the open market to new service requesters
    who would like to exchange them for distributed infrastructure services provided by BitTorrent users. 

    dentity: BitTorrent as a protocol has never provided any type of identity service that goes beyond
    identifying a client on a particular IP + port number. That is to say that BitTorrent essentially identifies
    instances of software running on machines rather than people. This is analogous to the identity framework
    behind cryptocurrencies. If you have access to the cryptographic token wallet software that stores a token
    then it is generally assumed that it is your token. With the implementation of BTT we expect to follow a
    very similar approach to identity and expect to tie BTT tightly to a participating piece of client software.
    Beyond the possibility of placing a password on that wallet, we do not currently anticipate that the BTT
    project will directly give rise to the need for any additional new layer of identity management in
    BitTorrent. 

    Links:

    Website:https://www.bittorrent.com/btt...

    Twitter:https://twitter.com/BitTorrent

    Telegram:https://t.me/BTTBitTorrent

    White paper:http://bit.ly/2RUhLng

    Facebook:http://facebook.com/bittorrent

    Blog:http://blog.bittorrent.com/?ut...



  • BitTorrent Speed to Strengthen BitTorrent Protocol, Connect users with (BTT) tokens

    We are proud to announce the expected release for BitTorrent Speed and our new crypto token, planned to be widely available by summer. BitTorrent Speed, software that connects and rewards users with BitTorrent (BTT) tokens, will be available on the popular µTorrent Classic Windows client and will create the world’s largest blockchain application for speedy uploading and downloading of files.

    “With BitTorrent Speed, we aim to strengthen the BitTorrent protocol and then deliver more features that inspire innovation across industries,” said Justin Sun, founder of TRON and CEO of BitTorrent. “More than 100 million users soon will have the opportunity to be part of a boundary-free internet that supports personal privacy and connection around the world.”

    With BitTorrent Speed, the BitTorrent protocol client will be able to receive tokens for “seeding” files for longer periods. With tokenized incentivization for seeding files, download speeds on peer-to-peer networks can get faster and become more readily available.

    BitTorrent Speed is undergoing extensive testing on the network to make it as seamless and reliable to users as the current client, according to Justin Knoll, head of BitTorrent Speed development.

    “When users gain access to BitTorrent Speed, they will be blown away by the improvements we’ve made to the client they know and love today,” Knoll said.

    BTTBinance Launchpad, the token sale platform, by leading cryptocurrency exchange Binance on January 28th, 2019, 7 AM PST.

    The new tokenized features are backward-compatible with previous versions and will not affect users’ ability to download or seed. BitTorrent Speed will become available on other BitTorrent clients by late 2019.



  • BitTorrent Foundation unveils more details regarding BitTorrent (BTT) airdrops for TRON (TRX) holders.

    On February 11th, 2019, BitTorrent Foundation will initiate its first airdrop of BitTorrent (BTT) to TRON (TRX) holders. The snapshot will be taken when TRON’s block height reaches 6.6 million*. Based on this snapshot, BitTorrent Foundation will initiate its first airdrop of 10,890,000,000 BitTorrent (BTT), corresponding to 1.1% of total circulating supply.

    Over the next 12 months following this initial airdrop, 11,880,000,000 BTT will be offered to TRX holders, corresponding to 1.2% of total supply. In 2020, the BitTorrent Foundation will airdrop 12,870,000,000 BTT, corresponding to 1.3% of the total circulating supply, and over the next six years, the percentage airdropped will increase by 0.1% per year, reaching 1.7% in 2025.

    To reward TRON’s long-time TRX holders, the BitTorrent Foundation also plans to airdrop additional 99,990,000,000 BTT, during online and offline events, corresponding to 10.1% of the total circulating supply.

    Airdrops will follow a 1:1 ratio rule. If you are holding 1 TRX, you will be eligible to receive 1 BTT. All official wallets relaying on TRON’s network and carrying TRX will be eligible for BTT airdrops corresponding to the amount they are holding. No minimum of TRX is required to qualify for BTT airdrops.

    Airdrops will be automatically distributed to the TRON (TRX) holders, regardless of whether TRX are frozen. Exchanges supporting the airdrops will be announced on BitTorrent (BTT) official website and BitTorrent’s official Twitter,Blog, and Medium account.

    BitTorrent (BTT) airdrop timeline:

    • February 11, 2019

    Initial airdrop of 10,890,000,000 BTT

    • March 11, 2019 — February 11, 2020

    Amount of BTT airdropped on the 11th of each month: 990,000,000

    • March 11, 2020 — February 11, 2021

    Amount of BTT airdropped on the 11th of each month: 1,072,500,000

    • March 11, 2021 — February 11, 2022

    Amount of BTT airdropped on the 11th of each month: 1,155,000,000

    • March 11, 2022 — February 11, 2023

    Amount of BTT airdropped on the 11th of each month: 1,237,500,000

    • March 11, 2023 — February 11, 2024

    Amount of BTT airdropped on the 11th of each month: 1,320,000,000

    • March 11, 2024 — February 11, 2025

    Amount of BTT airdropped on the 11th of each month: 1,402,500,000

    BitTorrent Foundation reserves the rights to change these terms at any time in its sole discretion. BitTorrent Foundation recommends all exchanges to initiate BitTorrent (BTT) airdrops on February 11th, 2019, and BitTorrent BTT trading on February 12th, 2019.

    BitTorrent Foundation

    January 20th, 2019.

    *TRON blockchain’s activity, including block height can be monitored here.

    Please visit BitTorrent (BTT) official website for more information about BTT airdrops and announcements.

    Please visit TRON official website for more information about the exchanges and official wallets supporting TRON (TRX).

    For general questions, please email [email protected]

    For technical questions, please email [email protected]



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