BitTorrent: from P2P file sharing to IEO

1 min read

BitTorrent; BTT

How it all started

It all started with P2P networking. After the fall of Napster, the P2P movement needed a new hero. And in 2001, Bram Cohen created one. BitTorrent is a protocol allowing peers on a P2P network to directly connect without the use of central index server.

BitTorrent started out as a decentralized file sharing service. Rather than downloading large files from a single centralized source, peers connect with other peers to download smaller amounts from each peer. This decentralized system made P2P sharing easier and reduced the amount of bandwidth.

What happened then?

In its subsequent years, BitTorrent built a large user-base, though its system experienced flaws. One issue is that after most users download a file, they stop seeding it. Another issue is that files that aren’t downloaded for a long time don’t get seeded and because of that, they need a long time to download.

tron airdrops

In June 2018, a blockchain startup Tron seized the opportunity to fix these flaws by purchasing and tokenizing BitTorrent.

Tron and BitTorrent in mission to decentralize Internet

Soon after, Tron and BitTorrent introduced a new cryptographic token called BTT. According to their website, they wanted to “create a token-based economy around the usage of networking, bandwidth and storage on hundreds of millions of computers on the internet.“

This means that current BitTorrent clients have an additional set of protocol extensions that allow them to bid on bandwith, receive bids for their bandwidth, and get rewarded.

What’s interesting is that BitTorrent chose to use IEO instead of ICO as a fundraising method, and on January 28th, they held an IEO through Binance LaunchPad.

Power of airdrop distribution

BitTorrent also used the power of airdrop marketing. Their first airdrop of 10,890,000,000 BTT was on February 12th. Twelve months later, 11,880,000,000 BTT was offered to the TRX holders. And on January 13th, Justin Sun, CEO of Tron Foundation, gave away a $20m free cash airdrop to celebrate BitTorrent Airdrop (BTT) & USDT-TRON success.

Beside Binance, KuCoin, Huobi Wallet and OKEx announced they would support the BTT airdrop. Other exchanges, like Koinex and WazirX, also supported BTT token as an airdrop.

As a result, 50 billion BitTorrent tokens were sold in less than 15 minutes, netting more than 17 million. BitTorrent distributed tokens in two sessions –  one for Binance coin (BNB), and the other for the buyers using Tron (TRX).

What about BitTorrent today?

When Tron acquired BitTorrent, it wasn’t taken with much enthusiasm. But, despite its underestimation, Tron managed to successfuly launch the BTT token, which is already listed on major exchanges. Plus, Tron is distributing more and more airdrops, and they are in the mission of decentralizing Internet. One thing is sure: BitTorrent is making its mark in the crypto-sphere.

BiTottent; BTT

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