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.
— Justin Sun (@justinsuntron) July 9, 2019
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.
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.