BitTorrent
Crypto Overview
Overview and Intended Utility
BitTorrent (BTTOLD) was created as a cryptocurrency token for the BitTorrent Protocol, one of the largest decentralized protocols for file sharing. The token was designed to incentivize users to share files, bandwidth, and storage space within the BitTorrent network. Users can earn BTTOLD by sharing resources and spend them to obtain faster downloads or prioritized access to content.
Business Model Analysis
The business model focuses on creating a tokenized economy around an existing file-sharing infrastructure. The model itself is transparent and does not inherently involve prohibited activities. However, the protocol can be used to share both permissible and impermissible content, as it is a neutral file-sharing technology.
Actual Utility Assessment
The token has demonstrated real-world adoption within the BitTorrent ecosystem, with millions of users having access to the token through various BitTorrent products. However, it's worth noting that in December 2021, the project migrated to a new token (BTT) on the TRON blockchain, making BTTOLD essentially deprecated.
Founder and Token Distribution Analysis
The token distribution showed significant concentration among early investors and the TRON foundation, which acquired BitTorrent in 2018. The migration to the new BTT token involved a 1:1000 conversion ratio, which was clearly communicated to holders. The development team has maintained consistent updates and improvements to the ecosystem, suggesting genuine intention to build value.
Technical Implementation
The token operates on legitimate blockchain technology, enabling actual ownership and transfer of digital assets. It's not designed as a zero-sum game but rather as a utility token for resource exchange within a functional network.
Crypto Impact
To assign a comfort level investing in BitTorrent from a halal perspective we need to determine whether it has a net positive or negative impact.
Towards this end, the table below is used to tally all the positive and negative considerations our members can think of related to BitTorrent.
If you don’t see something that should be listed, positive or negative, feel free to submit your own contribution using the button “Contribute”.
We will review your contribution for accuracy before publication.
Importantly, you can review listed contributions and vote on which one you think has the greatest impact, positive or negative.
You only have one vote per asset so use it wisely.
You can change your vote if you change your mind.