Decentralizing The Internet One Torrent At A Time
BitTorrent, the peer-to-peer file sharing platform, has launched a new cryptocurrency on the Tron blockchain, a move which Justin Sun suggests is a first step in building a decentralized internet.
In collaboration with the Tron foundation, the BitTorrent foundation has revealed its new whitepaper for BitTorrent Token (BTT), a project aiming to create an economy around the usage of storage, networking and bandwidth of computers on the decentralized peer-to-peer platform.
In the long-term, the project hopes to grow beyond the file-sharing platform which has been used by governments, entertainment giants and universities into a larger-scale infrastructure that will allow consumers to create value from their spare resources.
Justin Sun, founder of TRON and new CEO of BitTorrent, explained, “BitTorrent token is the first in a series of steps to support a decentralized internet,” adding, “In one giant leap, the BitTorrent client can introduce blockchain to hundreds of millions of users around the world and empower a new generation of content creators with the tools to distribute their content directly to others on the web.”
The token will be available to non-U.S. citizens exclusively on Binance’s new token sale platform, LaunchPad.
How will BitTorrent Token work?
For those unfamiliar with BitTorrent, it is a peer-to-peer file sharing platform wherein users can download fragments of files from multiple sources. The process encourages those who have downloaded a file (swarms) to remain online in order to contribute to the health of that file, ensuring it remains available for others to download. This process is called ‘seeding.’
The problem arises, however, when users leave a swarm well before they contribute as much bandwidth as they have consumed, impacting the health of the file for future downloaders.