Justin Sun Goes Live to Discuss BTT
Justin Sun, the Founder and CEO of TRON Foundation, recently went live with Justin Knoll, the Project Atlas Lead, to discuss BTT.
For those of you who don’t know what BTT is, it is BitTorrent’s own cryptocurrency—a TRC-10 utility token which is based on the TRON blockchain. It helps foster faster downloads, file availability and content creation.
As per the BTT whitepaper:
“TRON Foundation and BitTorrent Foundation are introducing a new cryptographic token called BTT along with an extended version of the BitTorrent protocol in order to create a token-based economy around the usage of networking, bandwidth and storage on hundreds of millions of computers on the internet. Our initial entry point is to introduce token-based optimizations to the existing BitTorrent protocol providing a way for the value of sharing bandwidth and storage to be captured by network participants beyond the point at which the current protocol no longer values it. Our longer-term vision is to broaden the usage of BitTorrent far beyond current use cases to provide a distributed infrastructure platform to third party app developers and to enable consumers to continuously distill small amounts of value from their devices by allowing others to make use of their spare resources.”
Giving a gist of how things would go about in the project, the team said:
“The first step in our project will create a market-driven mechanism to enable consumers to collaborate to optimize and prolong the lifespan of existing BitTorrent swarms. Using additional extensions to BitTorrent we will subsequently open up opportunities for distributed app developers to launch new apps making use of infrastructure provided by existing BitTorrent clients which already constitute a distributed networked storage platform of unprecedented scale. These new apps will be able to offer incentives (BTT) to users in return for access to cost effective platform resources comprised of an incredibly broad collection of already-deployed network endpoints. The position of these endpoints at the very edge of the Internet will have the additional appeal to developers of being extremely difficult for net-neutrality adversaries to interdict. Finally, the ability of consumers to capture the value of their contributed computing resources within a cryptographic token will give rise to a completely new transactional mechanism for internet consumers that is distinct from either their attention or their credit card.”
Explaining the project in more technical terms, the whitepaper said:
“We will extend the BitTorrent protocol and introduce a new TRON TRC-10 cryptographic token called BitTorrent (BTT) in order to implement a distributed infrastructure services economy. Within this economy, end users may offer infrastructure services in small increments in return for tokens, with a blockchain solution for a store of value and medium of exchange that will scale to meet the expected demand.”
Adding to it:
“To speed adoption we will launch a feature called BitTorrent Speed to optimize the operation of BitTorrent within the existing ecosystem. The introduction of this feature will solve problems within BitTorrent as well as prove the effectiveness of using blockchain-based rewards for provision of infrastructure services in small increments across a very large installed base. We will address challenges around rolling out distributed ledger-based transaction processing with low latency on a very large scale. Finally, we will generalize the services offered by BitTorrent clients and make them available to external application developers as a platform on top of which future decentralized apps can be launched.”
Continuing with it:
“In the following subsections we will first outline the BitTorrent (BTT) cryptographic tokens around which we plan to build a new economy. Second we present the blockchain technology on top of which transaction processing will operate. Third we outline the proposed approach to optimize the existing BitTorrent protocol called BitTorrent Speed. Fourth, we will describe how BitTorrent Speed will be operationalized with BitTorrent (BTT) tokens. Fifth, we will discuss the generalization of BitTorrent (BTT) Services and describe some of the first decentralized applications being built on it.”