BitTorrent, the industry leader in peer-to-peer (P2P) file sharing with over 100 million customers worldwide will be launching BitTorrent Speed along with the Tron-based BTT token this summer. BitTorrent Speed is poised to be the world’s largest blockchain application, enabling ultra-fast uploading and downloading of files.
While BitTorrent speed and BTT are expected to launch this summer, user accounts based in the United States will not have access to BitTorrent Speed along with BTT’s utility.
However, US citizens will be able to purchase the BTT token from the Binance Launch platform and later speculate on its price by trading BTT on crypto exchanges.
How Will BitTorrent Speed Work?
BitTorrent Speed’s software will connect and reward users with BitTorrent (BTT) tokens when they serve content to others via the popular µTorrent network by continuously uploading (seeding) the contents files. The longer a user uploads (seeds) files, the more BTT tokens they’ll receive.
Also, users downloading the files will be able to pay the content sharers (uploaders/seeders) with BTT tokens to receive faster download speeds. Therefore, users are incentivized to seed their files for longer periods of time and users downloading content benefit from faster speeds.
Essentially, BitTorrent Speed is revolutionizing peer-to-peer file sharing with blockchain technology through token incentivization with the Tron-based BTT token.
This is the first project of its kind and has real potential, as BitTorrent already serves more than 100 million users worldwide, which is why BitTorrent Speed will become the largest blockchain application in the world.
Moreover, the new tokenized features being implemented by BitTorrent Speed are backward-compatible with previous versions of µTorrent and will not affect users who choose not to or can’t participate in the innovative feature because they’re from the United States.
Currently, the revolutionary blockchain application is undergoing extensive testing on the network to provide users with a seamless and reliable experience, according to Justin Knoll, head of BitTorrent Speed development.
Adding to this, Knoll said:
“When users gain access to BitTorrent Speed, they will be blown away by the improvements we’ve made to the client they know and love today.”
BitTorrent and TRON: Building a Decentralized Content Distribution Platform
BitTorrent is a peer-to-peer (P2P) communication protocol for the sharing of files over a distributed online network. The BitTorrent network is actually similar to Bitcoin or other decentralized cryptocurrencies because they both support the decentralized sharing and storing of information without a single point of authority.
Last year, Justin Sun, the CEO of TRON, purchased BitTorrent and is now carrying out his plan to create a decentralized content distribution platform using cryptocurrency. This is a part of TRON’s mission to create a decentralized internet and free worldwide content entertainment ecosystem.
While the BitTorrent Speed project looks very promising, there are some people who don’t believe Tron’s network is capable of managing the transactional volume of the BitTorrent network. For instance, these views are shared by former chief strategy officer at BitTorrent, Simon Morris.
However, in response to Morris’ claims, a Tron spokesperson spoke out saying:
“Morris appears to have little insight into BitTorrent operational plans since his departure. Actions and execution will prove louder than the words of a disgruntled former employee.”
Do you think Tron will be able to handle the transactional volume required to tokenize the BitTorrent network? Let us know what you think in the comment section below.
