BitTorrent was built by Bram Cohen in 2001. BitTorrent is a peer-to-peer (P2P) file-sharing protocol that enables the distribution of large amounts of data across the internet. It allows users to download files by connecting directly to other users who have the files, rather than relying on a central server. This decentralized approach makes it highly efficient for sharing large files, as the download process is spread across multiple sources.
Journey Since Inception
BitTorrent quickly gained popularity in its early years (2001-2004) as an efficient method for sharing large files like movies, music, and software. Its decentralized nature made it resilient to censorship and server failures, which further fueled its adoption. During this time, BitTorrent became a prominent name in file-sharing, though it was also associated with piracy. The narrative took a new turn in 2018 when the TRON Foundation, led by Justin Sun, acquired BitTorrent. This acquisition marked the beginning of a new era for BitTorrent, integrating it with blockchain technology. In 2019, BitTorrent launched its native cryptocurrency, BitTorrent Token (BTT), on the TRON blockchain.
The launch of BTT was a strategic move to address BitTorrent’s monetization issues by creating an economy around its file-sharing protocol. By rewarding users with BTT for their contributions to the network — such as seeding files and providing bandwidth — BitTorrent could enhance its functionality and incentivize participation. The journey continued in 2021 with the launch of the BitTorrent Chain (BTTC) by TRON DAO and BitTorrent.
BTTC, introduced on September 15, 2021, is a scalable cross-chain protocol designed to enable interoperability between blockchains such as Ethereum, TRON, and BNB Chain. Utilizing a Proof of Stake (PoS) consensus mechanism and Ethereum Virtual Machine (EVM) compatibility, BTTC has expanded its DeFi capabilities by integrating with projects like Sushi, SpookySwap, and Kyberswap, and plans to include others such as Pyth.network, QuickSwap, and Graph. This expansion facilitates seamless asset transfers across blockchains, enhancing the connectivity and scalability of the DeFi ecosystem.
Current Dynamics
Today, BitTorrent remains one of the largest and most popular P2P file-sharing protocols, with over 2 billion users worldwide. The integration of BTT has transformed the platform into a decentralized ecosystem that leverages blockchain technology for more efficient and incentivized file-sharing.
- BitTorrent Speed: This feature allows users to pay with BTT to increase their download speed, creating a market-driven incentive structure within the network.
- BitTorrent File System (BTFS): A decentralized file storage system built on top of BitTorrent, BTFS aims to create a distributed storage network that offers high-speed and cost-effective storage solutions.
- Partnerships and Ecosystem Growth: BitTorrent has significantly expanded its ecosystem through key partnerships, starting with the integration of its native BitTorrent Token (BTT) into CoinPayments’ crypto gateway, allowing users to pay for BitTorrent and µTorrent Pro subscriptions using BTT. This move, part of the broader “Project Atlas” initiative, aims to tokenize BitTorrent’s content-sharing platform, with plans to fully integrate BTT into its products. Additionally, BitTorrent partnered with The FADER to distribute its magazine digitally via BitTorrent Bundle, marking a groundbreaking shift in digital content distribution and reaching millions of users worldwide.
Future Predictions
In February, Justin Sun announced plans to integrate TRON’s tokens, including BTT, into the Bitcoin network through Bitcoin Layer 2 solutions. This expansion aims to connect various token types within TRON, like USDT and TRX, to the Bitcoin network using cross-chain technology. BitTorrent is likely to further integrate blockchain technology, expanding its use cases beyond file-sharing and storage. This could include more DeFi applications, NFT marketplaces, and decentralized content distribution networks.
As concerns around data privacy and centralization grow, BitTorrent could position itself as a leader in decentralized file-sharing, offering enhanced privacy features and tools.
However, there could also be regulatory challenges ahead. Recently, BitTorrent Token (BTT) was at the center of a significant legal battle between the Tron blockchain and the U.S. SEC, which has accused Tron and BTT of violating securities laws. Tron challenged the SEC’s authority, arguing that its regulatory reach does not extend to their global activities and that their classification as securities is misguided. The lawsuit also involves allegations of wash trading by Tron founder Justin Sun and undisclosed promotions by celebrities, with potential far-reaching consequences for crypto regulation and the industry’s future.
BTT Price Forecast
Currently, BTT is priced at 0.067499 USD; and with a market cap of $806 million and a circulating supply of 97.8%. However, there is much to hope for. So what may the future hold for BTT?
In 2024, BitTorrent (BTT) experienced a volatile price trajectory, with a notable bearish trend in Q3 2023, hitting its lowest support level of $0.00000038 by mid-September. However, a resurgence of buyers in December led to a sharp price increase, fueled by optimism surrounding the TRON blockchain’s milestone of 200 million users. Despite briefly testing a peak resistance level, the token faced subsequent pullbacks and fluctuated around lower support levels.
Looking forward, a critical threshold for BTT is reclaiming $0.00000116, which could pave the way for higher gains in 2024. If downward pressures persist, the token might revisit its lowest support levels. Long-term forecasts suggest modest growth, with BTT potentially averaging $0.000009 by 2032 and $0.00001 by 2034. Trading volume remained low throughout most of the period, with sporadic spikes reflecting temporary investor interest, while technical indicators like the Awesome Oscillator and On-Balance Volume suggested ongoing bearish market sentiment.
Author: Makinde Adeniyi
The editorial team at #DisruptionBanking has taken all precautions to ensure that no persons or organisations have been adversely affected or offered any sort of financial advice in this article. This article is most definitely not financial advice.
