BitTorrent Chain (BTTC) And How It Is Used In Data Sharing
What is BitTorrent Chain (BTTC) and how does it work? BitTorrent Chain is a network that is used to share a file or data besides it allows the users to buy and sell bandwidth in exchange for the BitTorrent Chain Token (BTTC). It is pertinent to mention that the platform was not initially based on blockchain technology. BTTC is a TRC-10 token which is said to be a standard for the tokens established on the TRON network.
Besides, the BitTorrent Chain Token is known as the centerpiece of the enhanced business model backed by an incentivization system where the users get rewarded with BTTC for sharing their data, files, and bandwidth. It means the users can get the payments in the form of a BTTC token.
Pertinently, the BitTorrent Chain creates a solid ecosystem for file sharing so that users can pay to boost their download speed. The entire market is based on the peer-to-peer model. The users with excess bandwidth are allowed to sell it to other users in an order to make a passive income.
While the network has become even more decentralized ever since the acquisition and considering the addition of BTTC to the business model of the BitTorrent Chain, the network has become the largest decentralized peer-to-peer communications protocol.
How Does BitTorrent Chain Work?
BitTorrent Chain connects users from across the globe into a single system in an order to share files, data, and bandwidth. It is pertinent to mention that the software is being processed by two kinds of participants — seeders and peers.
Notably, the seeders are those who download the file and share it with the participants on other networks, known as peers. Since the file is downloaded in parts from multiple Seeders, the peers are enabled to download the files from more than one seeder. With this, the downloading becomes faster.
In the meanwhile, the users on the network are also enabled to pay for the bandwidth and can download at a fast speed with BTTC tokens, paid to the other peers in the network that proposes their excess bandwidth. Likewise,
the supplicants are the participants of the network who buy more bandwidth while the providers share their extended bandwidth in return for the BTTC. This is how the users achieve greater download speeds and enjoy downloading and sharing files without waiting for a long time.
Besides, the supplicants may also ask for extra storage of data and files. In such cases, the network makes sure that large data is shared efficiently in parts from multiple providers. The project is said to be decentralized in nature, however, the system is not based on blockchain technology.
What is the history of BitTorrent Chain?
It may be recalled that the BitTorrent Chain was initially launched in 2001 by Bram Cohen and David Harrison. It was launched to create the largest peer-to-peer platform to enable the efficient sharing of data and files.
Both Bram and David took care of the network for nearly two decades and after that Justin Sun acquired the BitTorrent Chain through TRON Foundation in 2018.
Notably, the TRON Foundation is the same foundation that created the TRON network and TRX cryptocurrency. It kept the original team and the business model of BitTorrent and added the BTTC token as the primary payment method. Later in 2019, the TRON Foundation held an initial coin offering where 6 percent of the total supply was issued and sold for a deal of over $7 million.
What makes the BitTorrent Chain unique?
BitTorrent Chain is said to be unique in the field of cryptocurrencies considering its peer-to-peer file-sharing platform which was launched almost 10 years before the introduction of Bitcoin. The BitTorrent Chain aims to change the way people used to download and store large files and other data.
The system is decentralized because of its peer-to-peer network. It consists of the users’ computers, where some of the computers act as seeders, and some of them are said to be peers. Ever since the acquisition by the TRON Foundation, the development team added some new features to the BitTorrent Chain system.
These included the BTTC and BitTorrent Chain Speed. It may be noted that the BitTorrent Chain also proposes several other services in the premium account. These include VPN and browsing without an advertisement.
How is BitTorrent Chain Network secured?
The BitTorrent Chain is one of the secured networks because of its encryption which includes the securing of the system with a message stream encryption, protocol encryption, and protocol header encryption. With the encryption of the software, the system makes sure that the users are given privacy and confidentiality.
On the other hand, the TRON network is secured through the Delegated Proof-of-Stake protocol which is said to be a variation of the old PoS consensus mechanism which was developed to make sure that there would be no rollbacks in the system during the staking of TRX in an order to secure the network.
How to Use BitTorrent Chain?
BitTorrent Chain is used to store large files and share data and files within a peer-to-peer model of operation where the whole network depends on the participants of the network, which include the peers, seeders, providers, and supplicants. You just have to use the BTTC to purchase more bandwidth and you can achieve faster downloads. With the help of the network, you can even download large media files, including movies, and TV series among others.
BTTC token is used as the primary payment method, however, it is bought and sold in the market of cryptocurrencies in an order to acquire a profit on the basis of the trading of BTTC. The network participants like providers are allowed to earn the BTTC by sharing and selling the excess bandwidth to the supplicants via the BitTorrent Chain Speed app.
How to choose a BitTorrent Chain Wallet?
Being a TRC-10 token, the BTTC can be easily stored in any of the official TRON wallets. These wallets can be TRON Web extension, TRON Android Wallet, or TRON iOS Wallet. The BTTC may also be stored in other wallets but you have to ensure that they support the TRON network. The type of wallet you choose would likely depend on the volume of BTTC that you want to store and what you want to do with it.
There are several types of wallets and these are hardware wallets or cold wallets like Ledger or Trezor, Software wallets, custodial and non-custodial wallets, online wallets, web wallets, and Kriptomat among others. Therefore, you just have to decide on the basis of your requirements.
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