Everything you need to know about Binance's TRON-based BitTorrent Token (BTT)

This article contains everything you need to know about Binance's upcoming audience regarding the BitTorrent Token (BTT), which is a native TRON token (ie TRC-10 standard) intended to be used for styling purposes. "transactions for the provision of different services in BitTorrent."

The BitTorrent protocol

BitTorrent is "a communication protocol for peer-to-peer file sharing (P2P), used to distribute data and electronic files over the Internet". Sending or receiving files is via a BitTorrent client, which is a program that implements this protocol, running on a computer connected to the Internet.

Here's how Wikipedia describes the BitTorrent protocol, developed in 2001 by American programmer Bram Cohen:

"The BitTorrent protocol can be used to reduce the impact of large file distribution on the network and server." Rather than downloading a file from a single source server, the BitTorrent protocol allows users to join a "group" of hosts to load / download from each The protocol is an alternative to the old single-source and multi-source data distribution technique to mirror, and can work effectively on networks to Reduced bandwidth BitTorrent protocol allows many legacy computers, such as home computers, to replace large servers, and this lower bandwidth usage also helps to prevent peak internet traffic. a given area, while maintaining higher Internet speeds for all users in general, whether or not they use the pro tocole BitTorrent download a file first creates a small torrent descriptor file that they distribute by conventional means (Web, email, etc.). Check that the file itself is available via a BitTorrent node serving as a seed. Those who own the torrent descriptor file can give it to their own BitTorrent nodes, which – acting as peers or blood donors – download it by connecting to the seed and / or other peers …

The file being dispensed is divided into segments called parts. When each peer receives a new piece of the file, it becomes a source (of that piece) for other peers, which prevents the original seed from sending it to each computer or user wishing to obtain a copy . With BitTorrent, the distribution task of the file is shared by those who want it. it is quite possible for the seed to send a single copy of the file itself and eventually distribute it to an unlimited number of peers. Each piece is protected by a cryptographic hash contained in the torrent descriptor. This ensures that any change to the part can be reliably detected and thus prevents accidental and malicious modifications of all parts received on other nodes. If a node begins with an authentic copy of the torrent descriptor, it can verify the authenticity of the entire file it receives. "

BitTorrent clients

The two most popular BitTorrent customers outside China are "BitTorrent" and "uTorrent", both of which are currently owned and managed by BitTorrent Inc., based in San Francisco, founded in 2004 and acquired by the Foundation last year. TRON, along with Justin Sun, confirmed this acquisition in a letter to the TRON community published in TRON's Medium blog on July 24, 2018. Here is what the CEO of TRON said in this letter about the BitTorrent protocol and BitTorrent Inc. :

"This is the first decentralized Internet protocol with a large-scale global application, and even today the BitTorrent protocol retains its status as the largest decentralized protocol in the world, once transmitting 40% of the daily Internet traffic. BitTorrent has created and shaped the protocol, with 70% of BitTorrent users using the product. The company wants to decentralize the Web by further promoting and developing the BitTorrent protocol …

With this acquisition, BitTorrent and TRON will join forces, with the US TRON team merging with the BitTorrent team. BitTorrent has a world-clbad technical talent and solid experience in decentralized protocol technology. By combining the robust capabilities of both teams, the TRON ecosystem technology will reach a whole new level. "

Tokens based on TRON

Here is what the TRON developer documentation says about the two types of tokens running on the TRON platform:

"TRC-10 is a TRon blockchain-supported technical token standard natively, without the TRON virtual machine (TVM) TRC-20 is a technical standard used for intelligent contracts on the TRON blockchain for tokens with TRON virtual machine (TVM) It is fully compatible with ERC-20. "

The BitTorrent token (BTT)

This is how the BitTorrent Token White Paper presents this TRC-10 token:

"TRON Foundation and BitTorrent Foundation introduce a new cryptographic token called BTT as well as an extended version of the BitTorrent protocol to create a token-based economy around the use of networks, bandwidth and storage on hundreds of millions of computers on the Internet.

And here's what Binance's research report on BTT technology has to say about the motivation for introducing this new token and its short and long-term goals:

"By introducing the BitTorrent token (BTT), BitTorrent will provide a distributed infrastructure platform to third-party application developers that allows consumers to continually contribute small amounts of value to their devices by enabling others to use their unused resources.

MAIN CHARACTERISTICS

Existing BitTorrent clients will implement an optional set of backward-compatible protocol extensions that allow them to bid for and receive bandwidth offerings, working in tandem with a cryptocurrency wallet and an auction engine.

The project plans to use the BTT in more utility cases than current bandwidth sharing, expanding access to more services, including general storage, computing and availability of resources.

The token will initially be used in BitTorrent clients as payment in exchange for upstream bandwidth request. The use will be extended to additional features such as the purchase of content, the switchover of live streaming artists and crowdfunding for the creation of new works. "

BitTorrent Speed

The BTT white paper explains why it is necessary to encourage BitTorrent users to continue making a file available to other users once the download has been downloaded:

"As previously observed, BitTorrent swarms suffer from structural inefficiencies that lead to frequent premature deterioration or even death of swarms.Because of the asymmetry of bandwidth, the complete download of the files well before that." A counterpart has been able to download an equivalent amount of bytes By downloading the complete file to the file, there is no longer sufficient economic motivation to continue making it accessible to other downloaders ("seeding" As a result, people leaving swarms without contributing as much to the bandwidth they used, many BitTorrent swarms do not do it for as long as they could otherwise …

BitTorrent Speed ​​is a feature that will be integrated with future BitTorrent and μTorrent clients and will allow users to advertise their offerings in a swarm and negotiate a BTT in exchange for continued priority seed access. The expected result is that peers choose to sow longer, which improves swarm longevity and speeds download speeds for all participants.

On Thursday, January 17th, BitTorrent Inc. announced its intention to make BitTorrent Speed ​​"available by the summer on the famous client μTorrent Clbadic Windows". He also said that "BitTorrent Speed ​​will be available on other BitTorrent customers by the end of 2019."

Token allocation BTT

The following table in Binance shows how the BTT token will be allocated:

Public sale of BTT chips on the Binance launcher

On Thursday, January 3, 2019, the cryptographic center Binance announced its own platform for launching chips, called "Binance Launchpad". This platform provides for "at least one new token launch each month in 2019, starting with BitTorrent and Fetch.AI".

Yesterday (January 17th), Justin Sun, Founder and CEO of TRON FoundatioN, tweeted about the upcoming public sale of BTT Tokens on Binance Launchpad:

BitTorrent $ BTT will be exclusively available on #BinanceLaunchpad January 28, 2019 at 7 am PST! ? $ TRX session https://t.co/3c1SSfFuDv $ BNB session https://t.co/rrp2F3kbCC pic.twitter.com/lJ7t0I58xa

– Justin Sun (@justinsuntron) January 17, 2019

Then, earlier in the day, Binance tweeted that all the details regarding the public sale of BTT chips on Binance Launch were finally available:

Discover all the details of the #Binance Launchpad dirty token of BitTorrent (BTT) in our new blog post!

Read here https: //t.co/lfbiZaMvEr pic.twitter.com/YRMVaYnKiS

– Binance (@binance) January 18, 2019

Here is what now know Binance's blog on this topic:

• The public sale of BitTorrent Token takes place exclusively on Binance Launchpad on January 28, from 15:00 UTC.
• "The sale of BitTorrent chips will take place in two simultaneous sessions: one for purchases using Binance Coin (BNB) and another for purchases using TRON (TRX)."
• "During the BNB session, 23.76 billion BTT are for sale, while participants in the TRX session can get a total of 35.64 billion BTT."
• "BTT will be sold on a first-come, first-served basis."
• "Each BTT token will cost 0.00012 USD, although the exact prices in BNB and TRX will be fixed on 28th January." (Private and token selling price: $ 0,000177)
• "Each participant can get up to 20,000 USD of BTT."
• Total amount of chips: 990,000,000,000 BTT
• Schedule: The public sale ends when the ceiling closes (the equivalent of $ 7,200,000) is reached or at 3:00 pm CT on February 3rd.
• Distribution of chips: Within 15 days of the end of the sale.
• Residents of the United States and 35 other countries are not able to participate in the sale of chips on the Binance platform.

"BitTorrent Speed" Image courtesy of BitTorrent Inc., Camembert courtesy of Binance.