What is BitTorrent token (BTT)?

Andrew Carr
| Editor:
April 8, 2024
8 min read

Decentralized storage networks store data across multiple locations or nodes. These nodes are run by individuals or organizations that share their extra disk space for a fee. The data stored on these networks is encrypted, and only the data owner holds the private encryption key, ensuring storage security.

One of the main advantages of decentralized storage networks is that they offer safeguards against censorship, thereby serving as a promising advantage for freedom of expression. Additionally, these networks provide benefits such as cost-effectiveness, data immutability, enhanced privacy, and better overall security than centralized storage solutions.

Components and Operation

Distributed storage systems primarily comprise three components: a controller, an internal datastore, and databases. The controller manages operations, the internal datastore holds data, and the databases provide scalability, partitioning capabilities, and high availability. Partitioning refers to the deaggregation and organization of data sets. 

In BitTorrent, the controller would be the software or system responsible for managing various operations within the distributed storage network. This includes tasks such as initiating file transfers, coordinating connections between peers (users sharing files), monitoring network health, handling user requests, and ensuring overall system efficiency. The controller essentially acts as the central coordinating entity that oversees the functioning of the distributed storage system.

The internal datastore in BitTorrent refers to the mechanism by which files are stored and managed within the network. This could include the files themselves, as well as metadata associated with those files, such as their names, sizes, and locations. In BitTorrent, each peer participating in a file transfer typically maintains their own copy of the file being shared, effectively distributing the storage burden across the network. 

Databases in BitTorrent play a crucial role in providing scalability and data availability within the network. These databases store and organize various types of information critical to the functioning of the network, such as peer identities, file indexes, download histories, and network topology data. 

The operation of distributed storage systems involves maintaining multiple copies of identical data across various nodes, a process known as redundancy. This redundancy enhances the reliability of the system by ensuring that data remains available even if one node fails. 

Moreover, decentralized storage systems excel in distributing both structured and unstructured data across physical servers. This makes them adaptable to a wide range of data types and uses, including those involving large volumes of data

BitTorrent Overview

BitTorrent logo. Source:

First developed and released in 2001 by Bram Cohen, BitTorrent is a popular peer-to-peer (P2P) file-sharing software based on the BitTorrent communication protocol. This protocol enables users to distribute data and electronic files over the Internet in a decentralized manner.

BitTorrent was designed to download files from multiple sources simultaneously, thus speeding up the download time, particularly for users with faster download speeds. The more popular a file is, the faster a user can download it as many people will be simultaneously downloading and uploading the data. 

Introduction to BitTorrent Token (BTT)

Building on the success of BitTorrent, the BitTorrent Token (BTT) was introduced as a TRC-10 token created on the TRON blockchain platform. The primary purpose of BTT is to enhance the capabilities of BitTorrent, introducing economic features for networking, bandwidth, and storage resources sharing and trading.

BTT offers features such as BitTorrent Speed, where users can use BTT tokens in exchange for faster download speeds. BitTorrent Speed offers both faster download speeds and BTT token rewards to users who provide tokens to uploaders. This encourages longer seeding and increased bandwidth and storage dedication to the network.

Additionally, BitTorrent has expanded into decentralized file storage through the BitTorrent File System (BTFS). BTFS is a decentralized file storage system supported by millions of BitTorrent user nodes. It aims to address issues of centralization, censorship, costs, and fault tolerance associated with traditional file storage systems. This application of BitTorrent and its token, BTT, marks an exciting development in the world of decentralized technologies and opens up new use cases for BitTorrent.

In the sections that follow, we'll delve deeper into the features and applications of BTT, and how it continues to shape the landscape of decentralized file sharing and storage.

Features and Applications of BTT

Understanding BitTorrent goes beyond knowing its origins and the concept behind it. One must delve into the features and applications that make it a unique platform in the realm of cryptocurrency. In this section, we'll explore the BitTorrent Speed feature and the implementation of the BitTorrent File System (BTFS).

BitTorrent Speed and Benefits

One of the standout features of the BitTorrent Token (BTT) is BitTorrent Speed. This feature lets users exchange BTT tokens for faster download speeds. It's a system that rewards users who provide tokens to uploaders, encouraging longer seeding and increased bandwidth and storage dedication to the network.

By enabling BitTorrent Speed, downloaders can automatically bid BTT to other users for faster speeds. Moreover, upon completion of a download, users can earn BTT by seeding files, effectively creating an incentivized token economy within the network. This application represents one of the major bittorrent use cases and showcases the potential for a decentralized sharing economy.

BitTorrent File System (BTFS) Implementation

In addition to BitTorrent Speed, BitTorrent has implemented BTFS, a decentralized file storage system. BTFS is supported by millions of BitTorrent user nodes and aims to address issues of centralization, censorship, costs, and fault tolerance associated with traditional file storage systems.

BTFS utilizes a Delegated Proof of Stake method on the blockchain, marking it as the first decentralized storage system for decentralized application developers. In the future, BTT will be introduced into the BTFS ecosystem to incentivize a fair and abundant file system.

The introduction of BTT into the BTFS system will allow users to earn tokens by sharing their storage space, further incentivizing participation in the network. This represents a significant step towards truly decentralized and distributed storage solutions.

In summary, the BitTorrent platform, through the implementation of BitTorrent Speed and the BitTorrent File System, offers a unique and innovative approach to decentralized file sharing and storage. By incentivizing user participation through the use of BTT, BitTorrent is pushing the boundaries of what is possible in the realm of decentralized technologies.

Redenomination of BTT

The BitTorrent Token (BTT) has recently undergone a process known as redenomination. This procedure changes the face value of a token while maintaining the overall market capitalization. The purpose of this section is to provide a clear understanding of the reasons behind the redenomination, the process undertaken, and the impact it has had on the BTT ecosystem.

Reasons for Redenomination

The decision to redenominate BTT was made by the BTT project itself, not Bitpanda, due to external factors and project specifications. The primary motive behind the redenomination was to boost the total supply of BTT and diversify the BTT ecosystem. This transition also upgraded BTT from TRC10 to TRC20, offering enhanced functionalities and compatibility with more platforms.

This move was an attempt to improve the token's market liquidity, facilitate price stability and further the adoption of BTT in the cryptocurrency market. Redenomination is a strategy often undertaken in the financial world, from stocks to cryptocurrencies, to achieve such goals.

Process and Impact on BTT Ecosystem

The old BitTorrent Tokens (BTTOLD) were redenominated and exchanged with the new BitTorrent Tokens (BTT) at a ratio of 1:1000. This means for every 1 BTTOLD, holders received 1000 new BTT.

Bitpanda, one of the platforms trading BTT, conducted the BTT redenomination automatically for users, completing the BTT migration process with trading re-enabled. All positions were adjusted and updated accordingly. This ensured a seamless transition for users, requiring minimal or no action on their part.

The impact of this redenomination on the BTT ecosystem has been substantial. The increase in supply and the transition from TRC10 to TRC20 has opened up new possibilities for BTT in terms of usage and implementation. For instance, the upgrade to TRC20 allows BTT to be used more widely in decentralized finance (DeFi) applications, paving the way for new BitTorrent use cases.

Moreover, the increased supply of tokens has made BTT more accessible to a broader range of investors and has the potential to enhance liquidity in the market. This makes BTT a more attractive option for users interested in decentralized storage solutions, a key feature of the BTT ecosystem, further explained in our article on distributed storage solutions explained.

In summary, the redenomination of BTT represents a significant milestone in the BitTorrent project's evolution. It not only enhances the functionality of the token but also expands its potential use cases, fostering a more diversified and vibrant ecosystem. It's an exciting development for those invested in BTT or considering it as part of their cryptocurrency portfolio.

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