The peer-to-peer torrent client BitTorrent has introduced a native token it calls BTT.
While the BitTorrent protocol created by Bram Cohen is already functioning very well, but TRON which acquired BitTorrent a few months earlier, hopes to make it even faster with the cryptocurrency extensions.
The cryptocurrency token is based on the TRON protocol, and can be exchanged between users to optimize their network speed for faster downloads through paid prioritization, according to the press release.
In short, the move is meant to incentivize users of the platform to continue to share files after they have finished downloading them.
BTT tokens feature native TRC-10 compatibility (similar to the more common ERC-20 tokens created using the Ethereum network). What this means, the tokens adhere to a technical token standard supported by the TRON blockchain.
After the acquisition in 2018, it was only a matter of time before the BitTorrent and TRON collaborated on a project.
This was revealed to be true, as the two companies were said to be working on what was initially known as 'Project Atlas'.
It was then revealed in September 208 that the token was meant to incentivize and facilitate transfers on its decentralized P2P network.
The BTT token is said to be exclusively available to non-United States accounts on cryptocurrency exchange Binance’s 'Launchpad' program. The token is also said to be distributed “selectively” through airdrops starting this January 2019.
According to BitTorrent Inc. CEO and TRON founder Justin Sun:
"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."
The move is regarded as BitTorrent’s first full-fledged move in its attempt to 'tokenize' its content sharing ecosystem.
With this broad ambition, BitTorrent stated that the BTT would first be implemented on BitTorrent’s Windows-based 'µTorrent Classic' client, reportedly the company’s most popular application. What this means, µTorrent and BitTorrent which are considered two of the most used torrent clients, are having a strong foothold in the cryptocurrency world.
As reported earlier, the BTT tokens are open for all clients and also backward compatible: the token can handle all existing torrents, and also able to talk to clients that choose to not implement it.
So it is entirely optional.
For users of µTorrent Classic for example. Those who prefer to not take part can disable it in their client.
At the official whitepaper for the BTT token, it is stated that a total of 990 billion BTT will be created.