At some point in their lives, most of the IT-savvy people had used torrent trackers to share and download files. BitTorrent is one of the popular examples of such software for Windows OS, and it has its own token since 2019 when the founder of Tron project, Justin Sun, acquired it.
So what is BTT?
BTT is a TRC-10 utility token that incentivizes certain user actions and generally expands the abilities of BitTorrent. (ЦИТАТА)
What does BTT mean, or, in other words, what does BTT stand for? It is, quite simply, “BitTorrent Token.”
Notably, this token has an obvious application: it serves as a currency in the BitTorrent ecosystem. The usefulness backs up the value of the token, so it can never go down to zero. Specifically,
- BTT can be spent to crank up the download speed (paying the users who seed a file).
- Seeders receive BTT, too.
It is a quite simple application, yet there’s a bigger vision behind it. BTT is a part of the future, fully decentralized Internet.
What does BTT mean in the today’s crypto world
(ЗЕЛЕНЫЙ БЛОК) To start earning their share of BTT as a byproduct of using one of the respective apps (BitTorrent, uTorrent Web, or uTorrent Classic among the others), a user just needs to register a wallet during the installation.
BitTorrent Speed feature will bid BTT to other users automatically from then on, for speed bonuses. Likewise, no extra action is required to earn BTT: it is done by passively seeding files.
All of the torrent clients that support BTT are free to download, with the choice to subscribe to one of the Premium packages. For example, no-ads version subscription costs $4.95 per year at the moment, which is a ridiculously low price.
What does BTT mean for other torrent clients? Is it going to eventually replace free open-source ones? Not likely. Tokenomics brings in financial transactions into software while the idea of free software is exactly to keep any form of money out of it.
Nonetheless, the position of BTT and tokenomics in general will only strengthen in time. Most of the human social activity is done on the Internet nowadays. The reflection of social usefulness and popularity is money. Thus, all of the apps that involve social interactions can be tokenized for the benefit of both producers of value (they are encouraged and rewarded) and consumers (they get higher quality content/services).
What does BTT stand for, long-term
The idea to tokenize human interactions over the web is not new; it’s been mentioned in countless anti-utopia movies and writings. Black Mirror is one prominent example.
Being able to directly monetize attention is a logical continuation of social media development. People always acknowledged that there is value in “likes” and readily bought them for money. It has been done for the marketing purposes or to improve one’s self esteem. Tokenization of web services better reflects financial reality. It is a way to derive profit from activities that were usually free before. In case with BTT, it’s seeding files and providing higher download speeds to leeches that is rewarded.
Another huge bonus is the ability to carry over the value acquired in one product to another. If you cease trading on Binance, for example, you can sell all the accumulated BNB (Binance tokens) for the tokens of another exchange of your choice for respective bonuses.
Asking what does BTT stand for, there is no doubt that it aims to be more than a torrent client token. We may witness it becoming one of the major tokens of Tron blockchain, used across the apps we already know and the ones that are being developed right now.
The organization behind BitTorrent once attempted to launch a texting and voice call app. Perhaps, they will release a tokenized messenger! As we said, any social app can be tokenized.
What is BTT coin’s stats today?
At the time of writing, April 2021, here is how the coin performs so far:
What is BTT’s price?
April’s low was at about $0.007 while a bit earlier BTT hit it’s all time high: $0.012.
Back in January it didn’t seem much with its $0.0003 per token price.
What is BTT coin total supply?
It’s fixed at 990 billion coins. Tron token (TRX) holders receive BTT airdrops. The airdrops will go on until February 2025. Most of the coins are already in circulation.
ℹ It implies that the BTT will be worth more in time, despite the current uncertain fluctuations.
What is BTT coin market capitalization?
About $5 billion, ranking #29 on CoinMarketCap. There are hundreds of strong Ethereum-based tokens plus the independent ones like Stellar or Ripple, and BTT still confidently holds the top 30 position. It is another indicator of its significance.
If you’ve been wondering, ‘What is BTT token’s use will be when I stop using my BitTorrent or any of its ecosystem products?’ there is absolute freedom of choice: trade it on any of the exchange platforms. Binance, for example, is one of the exchanges that trade BTT. Through exchanges, you can pour the BTT earnings into any other decentralized app or turn them into cash.
The sweet detail is that BTT is immediately tradable in your Trustee Wallet in BTT/BTC, BTT/ETH and other pairs. Or you can store BTT in the Trustee Wallet.
Leave a Reply