Binance Launchpad to offer BitTorrent (BTT) Crypto Token for a Decentralized Internet

Binance Launchpad to offer BitTorrent (BTT) Crypto Token for a Decentralized Internet

BitTorrent, creator of a popular peer-to-peer protocol, set to launch its crypto token called BitTorrent (BTT) to realize the vision to make internet decentralized.

The BitTorrent protocol is a major peer-to-peer decentralized file sharing protocol and launched in 2001. The protocol allows users to upload and share content by seeding using BitTorrent clients.

BitTorrent Foundation will issue BitTorrent (BTT) crypto token. The basic premise behind BTT crypto token is to enhance network speed by allowing BitTorrent users to exchange BTT tokens, thereby increasing the overall torrent network speeds and longer seeding periods.

BitTorrent token, BTT, is TRC-10 compatible token. Binance Launchpad, the token sale platform by leading digital asset and cryptocurrency exchange Binance, will help offer and make BTT crypto token available to non-U.S. users/accounts.

TRC-10 is a technical token standard supported by TRON blockchain natively and works without the TRON Virtual Machine (TVM). Windows-based µTorrent Classic client will implement BitTorrent (BTT) token with an option to opt out of token ecosystem still maintaining the compatibility with BitTorrent protocol, according to the announcement.

Executive Opinion

TRON founder and CEO of BitTorrent, Justin Sun, said, "BitTorrent token is the first in a series of steps to support a decentralized internet. In one giant leap, the BitTorrent client can introduce blockchain to hundreds of millions of users around the world and empower a new generation of content creators with the tools to distribute their content directly to others on the web."

Binance CEO and Founder, Changpeng Zhao ('CZ'), said, "We created Launchpad to help entrepreneurs launch their best projects and bring more use cases to the industry. BitTorrent is a decentralized project by nature, with a large user base, that is now adding a new token economy to their use case. Through Launchpad, BitTorrent will have greater access to resources across the Binance ecosystem. This will be a case study for existing projects."

In 2018, TRON acquired BitTorrent to enhance and add virtual currency functionalities to the platform. Considering the popularity torrent protocols and large size of decentralized P2P torrent networks which drives 22% of upstream and 3% of downstream traffic globally, the price of BTT may skyrocket in future if most of the 100 million BitTorrent users in 138 countries agree to opt for BTT token.

The BitTorrent (BTT) token whitepaper is available here.

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Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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