BitTorrent (BTTC) Chain
The initial BitTorrent decentralized platform accounted for 35% of internet traffic in 2004. However, user numbers have fallen considerably over the past decade, and monetizing the project profitably has become difficult.
The slump resulted in its acquisition in 2018. The resulting period has seen it collaborate with Tron Foundation in effort to incorporate crypto into BitTorrent and unveil the BitTorrent Chain.
Definition of BitTorrent Chain
This blockchain scaling solution offers cross-chain service between various blockchains. It seeks to offer a cheaper, faster, and scalable platform for Web3 developers.
The network can be utilized to link digital assets between blockchains and allow developers to develop apps on the network.
BTTC vs BitTorrent
Despite people assuming that BTTC and BitTorrent are similar, they are not. Due to the misinformation concerning the subject, proper understanding is necessary.
BTTC remains the original peer-to-peer file-sharing platform. On the other hand, BitTorrent Chain refers to a blockchain that links other blockchains together.
How the BitTorrent Chain Functions
The BitTorrent architecture contains three layers that operate its primary function of linking assets between blockchains. They include:
- Validator layer: It validates BTTC blocks and listens to and communicates events across blockchains.
- Roots contracts layer: It comprises smart contracts utilized for token mapping, staking, and funding transactions on major blockchains.
- BTTC layer: It ensures quick, inexpensive transactions and supports mapped assets from the roots contracts layer.
An example of how it functions for a user to bridge Ether from the Ethereum blockchain on the BTTC blockchain is shown below:
- A user deposits crypto into a BTTC smart contract on the root contract layer. ETH is deposited on Ethereum.
- After the deposit, a transaction is activated and broadcasted to the validator layer.
- After validation, the BTTC core layer generates the respective ETH amount on the BTTC blockchain.
- When the assets were to retreat in the contrary direction, the BTTC-ETH token burned before the release of the original ETH on the Ethereum blockchain.
The Benefits of Utilizing BitTorrent Chain
BitTorrent Chain has several advantages, including:
- Quick transactions
- Crosschain compatibility
- High throughput
- High versatility
- Low fees
BitTorrent Token, Explained
It is a TRC-20 token, a fungible token issued on the Tron blockchain to implement in decentralized applications (DApps) and smart contracts in the BitTorrent ecosystem. It is the native token of the BTTC network and is utilized to pay transaction fees, making it critical for powering the blockchain.
This token is utilized across several BitTorrent DApps and integrates into the original BitTorrent peer-to-peer network. BitTorrent speed enables users to realize quicker speeds and BTT token rewards.
How to Purchase BTT
The common steps involved entail:
- Registering an account on a reputable exchange. On should offer a government ID and pass Know Your Customer (KYC) checks
- Depositing funds into the account.
- Using the funds to purchase or trade for BTT on the exchange platform.
- Withdrawing BTT will store it in the selected crypto wallet.
How to Utilize BitTorrent Chain
One can begin using the BTTC directly on the project’s website.
- From here, one can launch the web app and link their crypto wallet.
- Next, one can select the bridge, stake, or convert their assets.
- One can bridge a token and verify the transaction in one’s wallet.
- One should link their wallet and verify the BTTC amount they want to stake.
Is BTT an Excellent Investment?
The BTT token’s unveiling happened in 2019 and has amassed a robust user base. It has become a top 100 crypto, mostly with a market cap of more than $1B.
Deciding if BTT is a perfect investment is based on one’s investment goals and strategies. The decision is also based on a careful BTTC technical assessment of the BitTorrent Token history.
The Future of BitTorrent Chain in Crypto
As the DeFi and blockchain ecosystem keeps evolving, the role of BTTC in linking and scaling becomes more critical. The BTTC’s innovative approach and partnership with the Tron Foundation make it essential to the industry’s future.
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