BitTorrent has announced the release of their blockchain-based peer-to-peer network, BitTorrent Speed, that would offer speedy uploading and downloading, and would offer rewards based on the usage of this application. BitTorrent Speed offers maximum speed by offering rewards for seeders and in exchange of bandwidth enabling faster downloading.
BitTorrent was previously acquired by TRON and launched this new application by merging the features of both platforms. BitTorrent Speed would work using tokens based on TRON’s blockchain. Its token named BTT, would be used to operate the platform and for rewards.
The application would have an integrated walled that would be fully encrypted to ensure top-level security for the BTT assets. Justin Sun, CEO of BitTorrent and founder of TRON, was very excited and positive about the project. He stated:
TRON has completed early integration work of its two decentralized networks – TRON and BitTorrent – with the launch of BitTorrent Speed. We expect to gain amazing feedback from early users and look forward to adding features that will make the BitTorrent protocol better for millions of users.
According BitTorrent Speed whitepaper, the problem in the conventional way of how torrents worked was the imbalance between downloader and uploader swarms. Once a peer downloaded a file, there was no incentive for the individual to make the file available for other users apart from their own ethical barriers. This resulted in loss of speed and a decrease in efficiency of torrent platforms.
To cater this problem, integration of blockchain and peer-to-peer networks was brainstormed and BitTorrent Speed came into existence with BTT reward systems for uploaders.
The peers looking for local resources like bandwidth in exchange for BTT tokens would be service requesters, and the opposite, the peers offering local resources in exchange for BTTs would be the service providers on this platform with no middlemen involved.
Although the peer-to-peer platform has found a great blockchain use case for their platform, they explicitly stated that this new platform would not alter the functionality of their existing BitTorrent. BitTorrent Speed is just a platform with blockchain protocols overlayed on the existing BitTorrent protocols.
With the bull market in place, new blockchain-based applications and projects are pouring in which is indeed a positive sign for the adoption of blockchain and cryptos. Better use cases are flowing in as scams are being pushed out of the ecosystem. Alan Warms, founder of ChainFront, while talking to BlockPublisher stated:
I think the vast majority of real use cases will come where there are real incentives.
Anthony Parker, blockchain strategist and founder of Cuberoot64, also shared his views regarding the new blockchain startups entering the space:
Blockchain startups can help crypto adoption if they utilize best practice when designing dApps and look to promoting user adoption.
The acquisition of big names of centralized applications by blockchain applications is also a signal for mass adoption that might just be around the corner. With companies like Facebook, MoneyGram and BitTorrent bringing exciting use cases to the crypto/blockchain space, the interest of the general masses is gradually increasing.
The bull market serves as an icing on the cake as new startups are encouraged to make a name for themsleves and enter the space with killer use cases. Justin Sun previously stated:
We aim to bring a new audience into the blockchain community and make this powerful technology accessible within products that people are using every day.