Long-awaited BitTorrent token now available on Freewallet
Freewallet is glad to announce that BitTorrent token is finally available on Freewallet. You can store, deposit, send, receive and exchange BTT on Freewallet: Crypto Wallet.
What is the BitTorrent token?
At the end of 2018, the Tron foundation acquired BitTorrent, the p2p file-sharing software. The client is used by millions of people to share and download massive files. As a result of Tron’s acquisition, users providing their resources for fast file distribution will be awarded with BitTorrent tokens.
The BitTorrent token is a TRC-10 token running on the Tron blockchain. The total supply of BTT is 990 bln. The tokens will be distributed as follows:
- 20% – TRON Foundation
- 19.9% – BitTorrent Ecosystem
- 19% – Team
- 10.1% – TRON Airdrop, or allocation for holders of Tron’s cryptocurrency
- 10% – BitTorrent Airdrop, or allocation for BitTorrent client users for client install and onboarding
- 9% – Seed investors
- 6% – Public sale
- 4% – Partnerships
- 2% – Private sale
On January 28th Tron performed a successful crowdsale of BTT. The hype was so big that exchanges hosting the crowdsale crashed. The sale was completed in less than 18 minutes, with a total 59.4 bln of tokens traded.
10% of all tokens will be airdropped for all TRX holders each month until 2025. Freewallet has already supported two previous BTT airdrops and deposited BitTorrent tokens to Freewallet customers holding TRX for the both airdrops. Stay tuned for more announcements about coming airdrops.
The new data sharing economy
According to Justing Sun – the head of Tron Foundation, BitTorrent users are not motivated enough to share files after they have finished downloading them. Files accumulate on a desktop and take up more and more space on your hard drive, but you don’t have any real incentives to share them. The fewer people distributing the file – the slower the download speed.
Previously this was regulated by download/upload ratio. For example, users had to have a positive (at least 1:1) ratio, otherwise they weren’t able to download more files. Also, the higher your rate was – the more perks and benefits you could get. However, this practice worked only in small torrent communities. The common user didn’t have to worry about the rate, having access to all files he wanted. BitTorrent tokens are here to fix this system, rewarding seeders with digital currency.
With BTT, a downloader can pay for more bandwidth to upload a file faster. With the prospect of payment, file hosts are highly motivated to store more files and share them, providing faster speed.
How BitTorrent token works
To provide this opportunity, BitTorrent will launch a special feature dubbed BitTorrent Speed in the second quarter of 2019. According to the official website, BitTorrent Speed will be available on uTorrent and BitTorrent clients after the release. The feature will automatically bid BTT to seeders for faster speed.
After successfully downloading them, you’d better keep your files on your computer and share them with others, so you can automatically earn cryptocurrency. The network doesn’t take any fees, tokens are designed to reward users.
The wallet for BitTorrent tokens
If you are looking for a wallet to store your BTT, you can try Freewallet: Crypto Wallet. At Freewallet you can:
- Store and manage your BitTorrent tokens with other 100+ cryptocurrencies in a single app.
- Manage BTT where you prefer – on iOS, Android or the web.
- Check your balance and the price right in the wallet in USD or other fiat currencies.
- Transfer your BitTorrent tokens to other Freewallet users for free.
- Exchange your BitTorrent tokens to BTC, ETH, TRX and other 100+ coins not leaving the wallet
- Just sign up with Facebook, Google account, email or mobile phone and start using Freewallet: Crypto Wallet in a minute.
If you have questions about BitTorrent token or need any assistance please contact our support team.