Guides to Blockchain Related Apps
2. BitTorrent P2P Protocol
BitTorrent started off as a non-blockchain based communication protocol freeware written in Python, created for peer-to-peer (P2P) sharing, transferring and distributing of electronic files and data via the internet. BitTorrent reduces the reliance of a middle server and any single weak point for online file transfers. It was developed by Bram Cohen and first revealed in a public message board in year 2001.
BitTorrent quickly became popular as one of the most common P2P protocols used by millions of users especially to transfer large files such as video files and songs. Eventually in September 2004, Bram Cohen and Ashwin Navin founded BitTorrent Inc. The company raised millions of dollars in funding and was reportedly able to make millions more through advertising. Unfortunately in the later years, BitTorrent Inc. encountered difficulties and never really took off financially.
The BitTorrent file transfer process starts with a “Tracker” user finding and hosting information of active computers that are trying to share data. BitTorrent users can then get the desired .torrent files from the hosting “Tracker” and use it with a BitTorrent client to download the files that they are interested in. Once a user completed 100% download of the targeted files, he/she becomes a “Seeder” and can upload files to other users seeking to download the same files.
Tron's Acquisition of BitTorrent
Cryptocurrency startup, Tron, led by its energetic founder, Justin Sun eventually acquired BitTorrent Inc. in 2018 and Bram Cohen left the company. Justin Sun and his team aim to improve on the existing BitTorrent protocol by integrating it into the Tron blockchain network, encouraging and allowing users to earn a new Tron-based TRC10 cryptocurrency token, called BTT, as reward for seeding files.
The Tron team believed that a decentralized platform that allows consumers to share files and be rewarded directly, safely and securely with decentralized cryptocurrency coins (that have real monetary value) for their participations and contributions, will greatly boost the utilization of BitTorrent’s protocol and its new decentralized network.