BitTorrent’s New Product to Enable Faster Downloads by Using BTT Token is Under Development
Peer-to-peer file sharing company, BitTorrent has announced a new product called BitTorrent Speed that is currently under development and will “enable faster downloads on the utorrent Classic Clients,” by using its native token BTT.
Speed was first introduced in February 2019, that according to the website, is the largest blockchain application, powered by BitTorrent (BTT). It is expected to be released in quarter 2 of this year.
— BitTorrent Inc. (@BitTorrent) April 24, 2019
This Dapp rewards the BitTorrent users with BTT in exchange for seeding and bandwidth. As for how BTT will work in this dapp, the company outlines a three step process that will provide over 100 million of its users to be a part of the tokenized decentralized internet and further support the content creators all across the world from their torrent client.
Per step first, the utorrent client, by default will be updated automatically to include a BitTorrent Speed link that is available in the navigation menu. One can open the dapp to check their balance and activity at any time as well.
Moreover, it automatically bids BTT to other users for faster speeds which means the downloading experience of the bidding user will be even “faster than before.” In the last step, in order to earn BTT, you have to let the file seed even after it finishes downloading as the longer you seed, the more tokens you can earn.
Attracting The BitTorrent’s 100+ Million Users
Just recently, in order to entice the BitTorrent users, even more, Justin Sun, the founder of Tron and CEO of BitTorrent announced the launch of a Tron sidechain to create an incentive structure. This payment network sidechain will process thousands of microtransactions that will be later settled on the main Tron blockchain.
This layer-two scaling solution on Tron for dapps is called Sun Network that is set to release in 2019. This payment network will allow the TRC10 token on the Tron blockchain, BTT to be used by the users either to reward the file sharing or for faster downloads.
On the price front, BTT is currently trading at $0.000675 with 24-hours gains of 0.28 percent. The 46th largest cryptocurrency by market cap of $143 million is also green in the BTC market but registering red in the TRX market by 2.43 percent.
According to the data provided by Coinmarketcap, BTT is managing the daily trading volume of $105 million. Last year in summer, Sun had acquired BitTorrent in a deal of $140 million
and currently, BTT is listed on just over 40 exchanges with a total of 100 active markets.