Everything you want to know about BTT
POLONIEX & BitTorrent AMAThe Following content are the recap of the Polo Chat between Shelley Wu, the VP of Poloniex Global Business & Marketing and Justin Knoll, the Head of Product and Engineering of BitTorrent. The discussion is about “Everything you want to know about BTT” on Sep 27, 2020.Question 1Shelley：Hello, BTT, how‘s the performance of BTT recently on Poloniex？BTT: Poloniex has 1,578,344 BTT holders as of last weekend (September 20). The transaction volume in the past 14 days was 2,207,727 US dollars. We have confidence that Poloniex users still like BTT.Shelley: Sounds great!Question 2Shelley: What is the relationship between BTFS and BTT?BTT: BTFS stands for BitTorrent File System. It is a protocol and network application which provides a content-addressable peer-to-peer mechanism for storing and sharing digital content in a decentralized file system. BTT is a TRC10 token built on the TRON. It is used as an universal cryptocurrency for sharing computer resources between BitTorrent users. BTFS users can immediately obtain BTT by simply running a BTFS node. BTT is used as a decentralized token and can be traded freely on Poloniex, Huobi, Binance, OKEx and many other exchanges.Question 3Shelley: Is there anyway to give some special privileges to BTT Holders other than faster downloads?BTT: I’m excited to share with you guys that we are seeing more and more BTT use cases. It has become the major incentives for BTFS, the decentralized storage network. Users can now earn while using BTFS. BTT is now supported by BitTorrent Speed, and users are able to get a taste of the BTT token economy in just a few simple steps. BTT is also now an indispensable part of DLive, the largest blockchain-based livestream platform in the world. Users can reward streamers with BTT as it has become the main token of the platform. I believe that BTT will remain strong and vigorous with the help of the TRON ecosystem.Question 4Shelley: What was the most important aspect/view while creating $BTT?BTT: As one of the earliest distributed applications, BitTorrent has a proven, solid technical design. It was one of the first demonstrations of a highly scalable peer-to-peer network. TRON closed the acquisition of BitTorrent on July 24, 2018, making BitTorrent Protocol the largest distributed application in the world. BTT has been like a breath of fresh air and reinvigorated the whole BitTorrent product line, giving users the rewards they deserve for contributing. The token itself has become the main incentive of the BTFS network. It’s safe to say that BTT token enriches the BitTorrent ecosystem by bringing more users and developers into the blockchain world. Now, BitTorrent users across the globe have access to the digital economy established by blockchain technology, and this is exactly why we introduced BTT.Question 5Shelley: Partnerships are an integral component of any project’s journey. Which types of partnerships have $BTT already attained and what are the plans on this front moving forward?BTT: BTT is now available in over 60 exchanges and more than 130 countries around the world. In addition, BitTorrent boasts a comprehensive product matrix that includes BTFS, BitTorrent Speed, DLive, and TronTV. From the beginning, TRON impressed users not only with its robust public chain, but also with its diverse ecosystem. BTT will also evolve into an increasingly rich and competent ecosystem. One project particularly worth mentioning is BTFS. In addition to its enormous user base, BTFS’ mining & revenue model will no doubt set off a new trend — anybody with a computer can mine at any time. I believe that with more new mining models being introduced, more and more users will participate in this ecosystem. BTT rewards are within reach. Don’t miss out!Question 6Shelley: Can you give a high-level overview of how BTT will work on the BitTorrent platform? Will users opt-in to receive BTT for seeding or is everyone automatically receiving BTT when they seed?BTT: Since TRON’s acquisition of BitTorrent in 2018, TRON introduced the new TRC-10 token named BTT for adding incentives to the bittorrent protocol. Through the new token, TRON created an infrastructure for decentralized storage, accelerated the download of shared content, and improved the life span of seeded files. BTT functions in parallel with wallets and the bidding engine, which allows clients to bid and accept bids in exchange for bandwidth. Users are able to directly download and reward livestreams with virtual gifts purchased with BTT. In the future, BTT can be used for crowdfunding and smart contract-based asset custody programs. Services like storage, computation, resource supply, content distribution, and CDN could also be purchased by users with BTT. It’s safe to say that the BTT token incentive mechanism improves users’ downloading experience and sets up a virtuous cycle. Users are encouraged to constantly share resources such as bandwidth and storage space on his/her personal device in order to produce value.Question 7Shelley: How would you convince Renters to choose to store their content on BTFS? What advantages or benefits does BTT have compared to other offerings in the market?BTT: You have every reason to choose us. In terms of BTFS, first of all, we provide reliable service: BTFS uses a decentralized service provider to control the server, leaving no room for any disruptions on the stored files from local interruptions or denial-of-service attacks. Second, BTFS charges a lower price: it’s very cheap to store files on BTFS, which significantly lowers the storage and maintenance cost. Next is decentralization: BTFS provides a more flexible storage service while guaranteeing file security by safeguarding users’ data in a decentralized way. Most importantly, by introducing the BTT token economy, BTFS will incentivize users to share more storage space and retrieve more files, boosting greater value exchange of stored files in the network ecosystem. BTFS also includes encryption methods and file-repair technologies. In particular, stored files have over 99.9999% availability as they are shared and distributed to multiple reputable hosts on BTFS.In addition, BTFS is super user-friendly. You can join BTFS and become a Host or a Renter in just a few steps. Hosts can customize payout frequency, storage price, bandwidth price, bandwidth upper limit, maximum storage length and maximum storage capacity. Renters can customize file storage length, replication factor and maximum price point. These basic features will give users an initial impression of BTFS and further insights on decentralized storage systems.We’ve talked a lot about the advantages of BTT. It is now listed on over 60 digital currency exchanges and used in over 130 countries. It has also gained momentum from the support of various products in the BitTorrent ecosystem. Join BitTorrent now and you’re at the starting point of earning BTT.Question 8Shelley: What is the future for BitTorrent like? What’s your ultimate goal for BitTorrent?BTT: The vision of BitTorrent is to build a data-sharing protocol and file storage network that is stronger, more affordable, safer, and more open, laying a foundation for the next generation Internet. BitTorrent also aspires to provide fast, free, and safe data exchange, reduce the cost of data transfer and storage, and to disrupt outdated information transmission mechanisms.Meanwhile, I have high hopes for the combination of blockchain technologies and BitTorrent products and am looking forward to the results. The BitTorrent ecosystem is a place where a lot of the potential has yet to be unleashed.Question 9Shelley: How will BitTorrent benefit from the DeFi bull market?BTT: Mainly through cooperation with the lending platform JUST in the TRON ecosystem. Recently we announced the in-depth strategic partnership between BitTorrent and JUST. Apart from being staked for mining JST, BTT will also be one of the designated collateral tokens on JUST and in TRON DeFi ecosystem.On top of that, BTT will be one of the first tokens accepted on JustSwap, indicating that JUST will have millions of potential users from BitTorrent. The cooperation will lay a solid foundation for BitTorrent’s entry into the DeFi market. Considering the impressive performance of JUST since its launch, the cooperation between the two will be the strongest in the TRON ecosystem. With the synergy between the two, I believe BitTorrent will bring the greatest benefits to users and demonstrate its potential to the market.Question 10Shelley: I can see a very bright future of BTT through my research, but would you please explain how everyone can see this future in simple words?BTT: I’m excited to share with you guys that we are seeing more and more BTT use cases. BTT is like a breath of fresh air that reinvigorates the whole BitTorrent ecosystem, giving users the rewards they deserve.First of all, BTT has become the major incentive for BTFS, the decentralized storage network. Users can now earn profit while using BTFS. On top of this, as I mentioned before, we have launched BTFS storage space mining competition. Also, BTT is now supported by BitTorrent Speed, and users are able to get a taste of the BTT token economy in just a few simple steps. BTT is also now an indispensable part of DLive, the largest blockchain-based livestream platform in the world. Users can reward streamers with BTT as it has become the main token of the platform. More importantly, BTT will soon become the official staking asset for JUST. This marks a milestone in BitTorrent’s exploration of the DeFi sphere and unveils the collaboration between BitTorrent and JUST in building the best-ever DeFi project.It’s safe to say that BTT token enriches the BitTorrent ecosystem by bringing more users and developers into the blockchain world. Now, users across the globe have access to the digital economy established by blockchain technology, and this is exactly why we created BTT. I believe that BTT will remain strong and vigorous with the help of TRON ecosystem, and BTT holders will in return receive substantial rewards.Question 11Shelley: What will DeFi market be like in the future? What changes will it bring & how is JUST Network going to participate?BTT: DeFi has been booming for a while now. In this respect, JUST has its long-term plan in the pipeline. Powered by the TRON Network, JUST aims to build the next generation of DeFi on the TRON network and provide users with one-stop financial solutions. In terms of the underlying infrastructure, JUST is built on the TRON network, which is one of the few that adopts DPOS consensus mechanism, supports smart contracts, and is fully compatible with Ethereum. All these advantages make it a natural fit for swift DeFi onboarding and development.From the financial standpoint, TRON has lower rates and less congestion, providing an ideal pledge and liquidity management environment. JUST will base itself on the users’ needs for DeFi finance and will pay close attention to multi-collateral lending, liquid mining, autonomy, stablecoin, decentralized lending and other derivative scenarios, delivering the best service possible to its users.
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