BitTorrent (BTT) Wallet

BitTorrent is a decentralized peer-to-peer file-sharing protocol that allows users to exchange files and aims to contribute to the foundation of the decentralized web. It was launched in 2001 by Bram Cohen and David Harrison and later acquired by the Tron Foundation in 2018. As a result of the acquisition, the BTT token was introduced on the TRON blockchain in 2019.

BitTorrent was created as a response to the inefficient distribution networks. The BitTorrent protocol increases its efficiency by increasing the speed of downloads. That is done by allowing users to download files from multiple sources where a different piece is obtained from a different source. A person that uploads the file and shares the pieces of it is titled a “provider” and the process itself is called “seeding”. The BitTorrent providers are rewarded with BTT tokens for storing files on their computers and sharing them with requesters, users downloading the files. Such a reward system increases the incentivization which then enhances file availability and decreases download times. Buying and spending tokens also allows requesters to access extra features such as computational services and priority access.

In December 2021, BitTorrent launched the mainnet of BitTorrent Chain (BTTC), a cross-chain interoperability protocol, and implemented BTT redenomination. The redenomination increased the total supply and the BTT token can now be utilized in the BitTorrent Chain ecosystem.