- The huge popularity of BitTorrent is helping the coin gain traction.
- It is simple to use and stake.
- The Tron network collaboration may help it grow.
- The growth of BTT has been phenomenal.
- The BTT coin enables speedy downloads and uploads.
- It does not support smart contracts, as of now.
- Over 50% of BTT is being held by the BTT partners, TRON foundation and seed investors- which is risk-prone.
With time, the number of crypto tokens hitting the market keeps growing. Some of these crypto coins have been developed with specific plans and there are others that are backed by an already well-known technology or service. The BitTorrent Coin belongs to the latter league.
Basics of the BitTorrent Token
BitTorrent Coin is one of the underrated coins with huge potentials, as per the views of the crypto sector experts. It was developed by the Tron foundation. As of now, it can be found in a handful of crypto exchanges. As is clear from the name, the coin is named after a very popular peer-to-peer network service used by billions of web users. Tron Foundation had purchased BitTorrent and they launched this coin in 2019 with the desire to capitalize on the popularity. Called BTT, the coin is made using the TRC10 protocol. The total supply of BTT is 990 billion. However, as per plan, more coins will get unlocked by the BitTorrent Foundation in 2028.
BTT’s ICO took place in 2019 and it managed to raise 101 million ZAR. It was followed by a private sale worth 281 million ZAR. The BTT is classified as a TRC10 token and so lacks smart contract functionality.
The BitTorrent Blockchain network supports fast download. The BitTorrent coin has shown rapid growth trends in recent times, making the experts upbeat about its future prospects. As per the data obtained from the WazirX crypto exchange, it has grown over 2500 percent in the last 1 year.
The unique features of BitTorrent Coin
BTT cannot be mined and that is a key difference with other crypto coins. However, users can stake BTTs. By staking, they will get a certain percentage of revenue per annum. BTT tokens obtained from BitTorrent can be staked using DLive, a unique video, and streaming platform. The latter rewards audiences and content creators by using a rewards system. There is nothing like a commissioning fee.
The BTT ecosystem enables the users to act as service providers or seekers. So, it is much like an incentive-based system adhering to the platform dynamics. The transactions occur when the requester contacts the service provider with a bid. This triggers a payment channel and the transaction begins on a ledger. The process verifies legitimacy until it is completed.
BTT’s main purpose is utilizing and incentivizing the BitTorrent protocol. The users will get tokens for using infrastructure services like file hosting and sharing. The idea of tokenizing the BitTorrent protocol is novel. As BTT will not remain limited only to the torrenting community, the company is exploring merchant integration options and ways to enhance its utility. The BitTorrent ecosystem will get boosted with BitTorrent Speed feature for smooth functioning.
Staking BTT-what you need to do?
While you can choose to keep the BTT tokens in your crypto wallets, doing so will not fetch you any reward. When you stake the BTT, you help in growing the TRON ecosystem. To stake BTT, you can resort to using a DApp browser like TronLink, GuildChat. If you prefer using a desktop, try using the TronLink browser extension. You may create a wallet or import an existing crypto wallet. After this is done, you can visit the DLive website. Then, link your wallet with TronLink for beginning staking.
There are 3 options- Stake In, Stake Out and Claim Reward. The token staking process is simple and it requires a few minutes. Once staking is done and you get the confirmation, you can check the stake status. The reward claiming process is done under the same page used for staking BTTs. While rewards can be claimed every day, it is prudent to do that at intervals. This will ensure a good amount of TRX or energy is there.
What are the future prospects of BTT?
BTT is getting popular and there is no denying the huge userbase of BitTorrent. So, it is quite likely the crypto coin will get support from larger networks. While BTT price is soaring in 2021, the experts and analysts are unsure what is leading to the price hike. You also need to think about the business model’s legitimacy. The P2P model led to the piracy boom, paving way for the digital content copyright acts. So, using BTT people can be sharing data online that is actually copyright protected! This can lead to legal hassles. So, investing in BTT is something you should do after a proper assessment of all factors.