BitTorrent

Bittorrent In-depth Report Generated by AI - For further details, please review:

https://sosovalue.com/coins/bittorrent

1)What is bittorrent (BTT)?

BitTorrent (BTT) is a TRC-20 utility token based on the blockchain that powers some of the most popular decentralized protocols and applications in the world. It tokenizes the world's largest decentralized file sharing protocol. Key applications powered by BTT include BitTorrent Speed and BitTorrent File System (BTFS), with more applications in the pipeline. BitTorrent Speed, available as a feature of BitTorrent and µTorrent Web, as well as µTorrent Classic, allows for faster download speeds and BTT token rewards. This system offers downloaders the option to provide tokens to uploaders in exchange for faster download speeds, incentivizing uploaders to seed files longer and dedicate more resources to the network. BTFS represents a decentralized file storage system, contrasting traditional file storage systems' centralization and control issues. Supported by millions of BitTorrent user nodes and operating on a blockchain with a Delegated Proof of Stake method for processing transactions, BTFS addresses limitations like censorship, higher costs, and low fault tolerance. BTT is planned to be integrated into the BTFS ecosystem to incentivize a fair and abundant file system. As of the latest update, BitTorrent's BTT token is priced at $0.000000487460 with a 24-hour trading volume of $10,755,177.80. It has experienced a recent price increase of 2.90% in the last 24 hours and 5.20% in the past 7 days. The token has a circulating supply of 950 trillion BTT, resulting in a market capitalization of $465,219,824. The all-time high price for BTT was $0.000003431340 on January 21, 2022, while its all-time low was $0.000000365368 on October 13, 2023. The fully diluted valuation (FDV) of BitTorrent (BTT) is $484,083,576, and it currently ranks #118 on CoinGecko. The community sentiment towards BitTorrent is predominantly bullish, with more than 84% of users feeling positive about it.

2)Which sector does bittorrent (BTT) belong to?

BitTorrent (BTT) belongs to the decentralized file sharing and data storage sector within the blockchain field. It has significantly impacted digital content distribution since its inception in 2004, revolutionizing file sharing through its peer-to-peer (P2P) network. BitTorrent Token (BTT) builds upon this legacy by integrating blockchain technology, creating a decentralized and transparent layer for the traditional BitTorrent protocol. This integration allows for novel incentive structures, rewarding users with BTT tokens for participating in the network, and introduces a revolutionary paradigm for content creators to monetize their work directly. The current situation in the decentralized file sharing and data storage sector is marked by a transformation from traditional data centers and cloud computing towards distributed storage systems, often utilizing blockchain technology. This shift addresses security concerns raised by major cloud providers and the risks associated with centralized data storage. Decentralized storage solutions, such as those provided by BitTorrent BTT and others, distribute files across various nodes or servers, enhancing privacy and security by reducing external control over user data. Prominent players in this sector include Filecoin, which has seen a significant increase in data providers and user adoption, and Stratos, known for its scalable, secure, and self-balanced storage solutions for decentralized applications (dApps). BitTorrent Chain (BTTC), introduced in December 2021, serves as a blockchain scaling solution within the BitTorrent ecosystem, offering cross-chain interoperability and facilitating seamless asset transfers between different blockchain networks. It operates on a proof-of-stake (PoS) consensus method, ensuring security and maintaining low transaction costs. The evolution of data storage is increasingly moving towards decentralized solutions, leveraging blockchain technology for enhanced security and efficiency. This sector's growth is driven by the need for more secure, scalable, and user-controlled data storage solutions, as evidenced by the innovations and developments from various projects. While these advancements offer significant potential, the volatile nature of the cryptocurrency market necessitates cautious investment and a clear understanding of the technology's capabilities and limitations.

3)What is tokenomics of bittorrent (includes allocation and supply schedule)?

Total and Maximum Token Supply: The total and maximum token supply of BTT tokens is 990 billion. As of the latest information, the circulating supply is also 990 billion BTT

Token Allocation: The allocation of BTT tokens is diversified among various stakeholders:

Public sale tokens constitute 6% of the total supply.

Private sale tokens represent 2%.

Seed sale tokens account for 9%.

Tron airdrop tokens make up 10.1%.

BitTorrent protocol airdrop tokens are 10%.

BitTorrent Team and the BitTorrent Foundation received 19%.

TRON Foundation was allocated 20%.

BitTorrent ecosystem holds 19.9%.

Partnership tokens are 4%

Token Supply Distribution and Sales:

The public sale was conducted on January 28, 2019, where 6% of the total supply was sold.

The private sale took place on November 1, 2018, with 2% of the total supply being sold.

The Tron Airdrop tokens are spread out over six years.

The BitTorrent Protocol Airdrop tokens, BitTorrent Ecosystem tokens, and Partnership tokens continue unlocking until 2028

Creation and Supply Mechanism:

BTT is a TRC-10 token and was pre-minted with a maximum supply of 990 billion tokens.

After the pre-sale, 59.8 billion BTT raised $7.2 million.

The next 1.4 billion BTT tokens have been airdropped every month from February 2019 to February 2025 to any Tron (TRX) holder, with the size of the airdrop increasing each year.

The rest of the supply is distributed among the BitTorrent team and foundation, the BitTorrent Ecosystem, and other associated partners

4)What about the team and the investors of bittorrent?

Team Composition and Key Members:

The BitTorrent team comprises nineteen people, including twelve active developers.

Prominent members include Justin Sun, the CEO, who is also the founder and CEO of TRON and BitTorrent. Justin Knoll serves as the VP of Product Management, with a history of 11 years at BitTorrent, including roles as Director of Engineering (Web) and Chief Architect. Marcus Zhao, the Head of Public Chain, previously worked as a chief data mining expert at Alibaba

History of Funding and Support:

BitTorrent was initially created and launched in 2001 by Bram Cohen. Cohen led the project until 2018, when it was acquired by the Tron Foundation. Justin Sun, a Chinese American crypto entrepreneur, founded the Tron Foundation in 2017 and serves as the CEO of both the Tron Foundation and Rainberry Inc., which manages BitTorrent.

Over the years, BitTorrent has raised nearly $43 million in Venture Capital (VC) funding, with much of this raised in the protocol's early years, before the acquisition by Tron. Following the acquisition, BitTorrent conducted an Initial Coin Offering (ICO) in January 2019, raising $7.1 million.

The project's lead investors include two Californian VC companies: Accel, a firm investing in early and growth-stage startups, and DCM Ventures, specializing in technology, mobile, consumer internet, and service sectors

Funding Rounds and Investments:

BitTorrent's total funding raised is approximately $26.4 million. This includes a private round that raised about $19.3 million at a valuation of $175 million, with a vesting period that released 8.5% at the token generation event (tge) and then 8.32% monthly.

The public round raised approximately $7.13 million at a valuation of $119 million, with 100% of the tokens unlocked

5)What is the development history of bittorrent?

List all important events and milestones in the development process of bittorrent.

July 2, 2001: The BitTorrent protocol was developed and released by Bram Cohen. It rapidly gained popularity as an easy-to-use protocol with clients available for most computing platforms and OSs

September 22, 2004: BitTorrent, Inc. was established by Bram Cohen, Ross Cohen, and Ashwin Navin. The company, which is a provider of the official version of BitTorrent, later became a part of the TRON Foundation

February 2009: BitTorrent, as a protocol, became one of the most popular methods for transferring large files like video games and digital audio. It was estimated to account for up to 70% of all global Internet traffic at this time

Development of BTT Coin: The BitTorrent development team worked on making the software more versatile, which led to the development of the BTT coin, a blockchain-powered network with a wide range of use cases

Tron Foundation's Involvement: The BitTorrent coin was developed by the Tron Foundation and BitTorrent foundation, aiming to develop an advanced transactional network to encourage network contribution in computing and content creation. The network continued to use the original "seed" and "peer" model but introduced dapp development opportunities and financial transactions

Launch of BTT Coin with the Tron Platform: The BTT coin, a TRC-10 token, was issued with the Tron platform. The BitTorrent Speed feature was introduced to incentivize users to offer their bandwidth for faster downloads within the new system

Initial Services on the Platform: The platform initially launched three services: a content delivery service powered by BTT coin transactions, a decentralized storage service for data backup and sharing, and a decentralized proxy service for content retrieval by URL

6)What is the progress and future roadmap of it?

The BitTorrent project does not have a formal roadmap. However, the team occasionally informs the public about their plans through social media or other channels.

For 2020, the plans included completing BTT integration, launching BitTorrent integration, achieving high uptime in the BTFS network, launching BTFS Host WebUI integrated into BitTorrent and uTorrent clients, and setting up automated testing for all BTFS components.

Future predictions for the BTT coin are optimistic, with rumors of potential cooperation with major companies like Netflix, Amazon, and Spotify in 2021 In the past year, BitTorrent has seen several updates and developments:

Launch of New Versions and Mainnet Releases: BitTorrent released new versions of BTFS Gateway and BTFS, including version 2.2 and version 2.3.2-Gordon Mainnet.

Community Engagement: The team held Ask Me Anything (AMA) sessions on Discord and giveaways.

Technological Advances: Updates were made to BTFS Storage3 and the Retrieval Gateway, along with the development of various BTFS versions and mainnet releases.

Token-Related Activities: There were token burns, airdrops, and listings on various exchanges like Hoo and Bitget.

Promotional Activities: BitTorrent conducted live streams on YouTube and organized NFT badge events for BTFS 2.0 Testnet

7)List all important links related to it.

Official Website: BitTorrent Token (BTT) Official Page

Documentation and Technical Resources:

Whitepaper

Blockchain Explorer

BitTorrent Products:

BitTorrent Token

BitTorrent Speed

BitTorrent File System

Remote Access Service:

BitTorrent Remote

Social Media Channels:

Facebook

Twitter

Instagram

Discord

8)Bullishness index for this token from the perspective of token valuation and future potential from Chatgpt 4

Current Valuation and Price Predictions:

2023: The minimum cost of BitTorrent is expected to be around $0.000002, with a maximum level reaching the same value. The average trading price is anticipated to be around $0.000002. However, different sources provide varied projections for 2023, with predictions ranging from a potential decline to $0.00000006 to a possible average of $0.000000716

2024 - 2032: The projections for subsequent years suggest a gradual increase in the value of BTT. By 2024, the average price might be around $0.00000104, and by 2025, it could fluctuate between $0.00000109 and $0.00000157. The trend continues with higher estimates for each subsequent year, reaching an anticipated average trading price of $0.00000465 in 2030, with potential maximum peaks at $0.000067 in 2032

Expert Analysis and Future Prospects:

Market Sentiment: As of late 2023, there were mixed signals with some indications of bearish sentiment and others bullish. This reflects the inherent uncertainty and volatility in cryptocurrency markets

Influence of BitTorrent Projects: Projects such as BitTorrent Web, BitTorrent Classic, and BitTorrent Android are expected to contribute positively to the momentum of BTT. Their success and user adoption could play a significant role in determining future price performance

Investment Potential: Despite the bullish trajectory projected by some experts, it's important to recognize the inherent volatility of BitTorrent and cryptocurrencies in general. Strategic risk assessment and careful consideration are advised before investing

Market Dynamics: The forecasts for BTT's price show a mix of gradual uptrends and potential declines. The long-term viability of BTT's growth is contingent on several factors, including market competition, regulatory changes, and its ability to overcome psychological resistance barriers