BitTorrent (BTT) is a digital token based on a blockchain that powers some of the world’s most popular decentralized protocols and applications. BitTorrent itself is a decentralized file-sharing protocol that was developed in 2001 by computer programmer Bram Cohen. It was designed to facilitate the transfer of large computer files without a central server, and it is responsible for moving a significant percentage of the world’s internet traffic. Decentralized apps powered by BTT include BitTorrent Speed, BitTorrent File System and DLive.
BTT was launched in 2019 through an initial exchange offering (IEO) on crypto exchange Binance’s Launchpad platform in two separate sales, including one for those who paid with the token native to the Tron blockchain, TRX, and the other for those who paid with Binance’s native exchange token, BNB. Within minutes of the public sale, all 59.8 billion BTT sold out for a total of about $7.2 million. Demand was so high for the token that Binance CEO Changpeng Zhao stated
that the IEO would have taken 18 seconds if not for some technical issues on Binance’s end. All together, 962 investors participated in the sale.
Trading in BTT began to pick up in February 2021, and its price hit an all-time high of $0.013566 on April 5, 2021. After that, BTT’s price fell steadily until July 21, when it bottomed out at $0.002154. Its all-time low was $0.000138 on March 13, 2020.
How BitTorrent works
The BitTorrent peer-to-peer protocol boasts higher transmission rates than HTTP (hypertext transfer protocol) and FTP (file transfer protocol) because it is a distributed transfer protocol. BitTorrent finds users with files others want and then downloads pieces of the files from those users simultaneously, leading to higher download speeds. It has more than 100 million active users
each month in 138 countries.
Key events and management
Cohen co-founded BitTorrent Inc. in 2014. So far, the company has raised $42.9 million, according to
Crunchbase, including the ICO in 2019.
In 2018, BitTorrent was acquired by Chinese cryptocurrency company Tron, and Cohen left soon after that. He went on to launch Chia, which bills itself as an environmentally friendly cryptocurrency.
On Feb. 11, 2019, the BitTorrent Foundation initiated airdrops of BTT to TRON (TRX) holders and said it plans to continue doing so
every year on Feb. 11 until 2025.