Bittorrent Speed Launch's Today; How Will It Impact The Entire Blockchain Industry

  • First version available for only windows users, others devices in pipeline
  • Early users rewarded with ten BTT balance, Justin Knoll clarifies on running out of BTT
  • Wallet with support for more coins including TRC10, TRC 20 and others in Roadmap

BitTorrent has launched its downloads optimization software, BitTorrent Speed which will now be integrated into all new downloads of its µTorrent Classic Windows client.

Earlier this year, BitTorrent was launched with its native Tron blockchain-based BTT token. The idea has been to develop a tokenized content platform that would enable users to optimize their network speed and offer faster downloads.

“Just a year ago, BitTorrentSpeed was only an idea,” said Tron founder and BitTorrent CEO Justin Sun and now on June 8th during the AMA, he announced its first version that is available only for Windows users to play around with. It will be further extended to other devices in the future.

https://www.youtube.com/watch?v=rgPcYCr-ZNY

BitTorrent Speed & BTT Token

During the AMA, VP of Product, Justin Knoll clarified that a user can completely run out of BTT in the client “but unlikely to see that with this early build.” He shares at this stage one is “more likely” to see increased torrent download speeds and a “balance that approximately stays the same.”

Even if one runs out of BTT, Knoll said, they can fund the wallet though its built-in exchange while the other way is through seeding for a long period of time. But this early also means, the product is “still evolving” and working on getting a larger user base.

https://youtu.be/rgPcYCr-ZNY

As for the earning aspect, it depends on a variety of factors including demand for the file, how many seeds are available and how many users are bidding for that file among others.

Knoll also shared that all the early users are rewarded with an initial ten BTT balance to get started and create some sort of supply for people to bid with their tokens and experience faster downloads. There is also a limit in the BitTorrent protocol for the number of uploads or downloads.

Wallet with Support for More Coins in Roadmap

According to the BitTorrent website, users will be rewarded with BTT in exchange for bandwidth and seeding. And the longer one seed files, the more tokens they earn while the more BTT one is willing to spend, the faster the downloads.

A wallet is also launched to manage BTT tokens in the encrypted wallet and to send and receive them with a simple click.

Knoll further stated that the BitTorrent speed wallet that will be able to store other types of coins is part of the roadmap for future release. For now, the wallet us limited to BTT and TRX but ultimately, they want to add support for other TRC 10 and TRC 20 tokens among other coins.

Back in July 2018, Tron acquired BitTorrent in an undisclosed amount and since has been working the two decentralized networks. Together BitTorrent and µTorrent clients, the “largest decentralized P2P network in the world,” boasts of over 100 million active users. Reportedly, they have installation across 1 billion devices, where downstream traffic accounts for 3% and 22% by upstream traffic globally.

This launch, Sun said is important for not only the company also for the entire blockchain industry as it will introduce the concept of cryptocurrency to new users, potentially increasing the number of users in the blockchain.

Some effect of this launch can be seen on TRX – 10th largest cryptocurrency – that is up by 2.27 percent while trading at $0.0345. As for BitTorrent – ranked 36th, it is in the red by 5.30 percent at $0.00132.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

AnTy
AnTy
AnTy has been involved in the crypto space full-time for over two years now. Before her blockchain beginnings, she worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,486FansLike
2,795FollowersFollow
4,267FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

IRS to Revise Form 1040 to Make it Harder for Traders to Escape Crypto Tax Obligation

The Internal Revenue Service is planning to change the 2020 tax form and make sure all taxpayers report about their cryptocurrency transactions. The standard 1040...

China State-Owned Media Covers Crypto as 2020’s Best Performing Assets Driven by DeFi & Weak Dollar

In an unusual coordinated report on Friday, several Chinese state-owned media covered cryptocurrencies, calling them the best-performing assets of 2020. The country’s top broadcaster, China...

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today