What are the BitTorrent project and the BTT token?

History

In 2001, BitTorrent was created by developer Bram Cohen. The protocol is designed to accelerate the installation and download of large files from the Internet.

In 2018, 17 years after its creation, BitTorrent was fully acquired by the blockchain company Tron, which integrated the native token BTT into the platform.  

Financial background

BitTorrent Inc was acquired by blockchain company Tron in 2018 for $120 million, and soon after Tron integrated its own cryptocurrency, BitTorrent (BTT), into the platform. The BTT token's initial coin offering (ICO) took place in January 2019, raising $7.2 million from retail investors and several investment funds. 

According to the analytical resource Crunchbase, BitTorrent (BTT) has conducted several funding rounds, raising a total of $42.9 million.

BitTorrent financing details (Crunchbase)

Key features of the project

BTT is a utility token based on the Tron blockchain.

BTT holders can use the token within the protocol, and earn coins for uploading and sharing files through BitTorrent. Additionally, the token is used by various third-party systems such as BitTorrent Speed and BitTorrent File System. On these platforms, BTT serves as a means of payment for premium features and subscriptions. 

BTT was designed to provide support to users of the BitTorrent platform, with the most exceptional content creators being rewarded regularly for the quality and quantity of their content.

BTT cryptocurrency

Here are some characteristics of the BTT token:

■ Standard: TRC20 token;

■ Market capitalization: $685 million;

■ Maximum supply: 990 trillion;

■ Circulating supply: 951 trillion;

■ Average daily trading volume: $15 million;

■ All-time high – $0.00000255;

■ All-time low – $0.00000061.

BTT is presented on several cryptocurrency exchanges, including WhiteBIT, Mexc, OKX, Gate, KuCoin, and others. Additionally, the coin is available on the BSC and Ethereum networks, allowing it to be purchased on decentralized platforms such as Pancake Swap and Uniswap.

Interesting facts

● Initially, BTT was created as a TRC10 standard token. This is a template standard that any user may employ to create their own coin on Tron, simply by entering the name, amount of coins, and paying the fee. So, BTT was created for just $10.

● On December 12, 2021, the BTT token was redenominated and migrated to a new contract, with old tokens exchanged for new ones at a ratio of 1:1000. A special bridge was deployed to transfer tokens from one network to another. To differentiate between the old and new tokens, the old asset was given the name BTTOLD.

● Taking into account the price charts of the old token and factoring in the redenomination, the highest price for BTT was reached on April 5, 2021, at $0.000013. At that time, the project's market capitalization reached $7 billion.

● BTT is the first cryptocurrency to be integrated into data storage devices, such as Seagate hard drives.