BitTorrent [New]
Crypto Overview
Understanding BitTorrent Token (BTT)
BitTorrent Token (BTT) is the native cryptocurrency of the BitTorrent Chain (BTTC), a decentralized peer-to-peer file-sharing and content distribution protocol. The token was initially launched on TRON but migrated to its own chain in December 2021. BTT serves as the foundation for tokenizing the world's largest decentralized file-sharing protocol.
Intended Utility
The primary purpose of BTT is to incentivize participants in the BitTorrent ecosystem. Users can spend BTT to increase download speeds, access premium features, and compensate content creators. The token also serves as the native currency for BTTC's DeFi ecosystem and cross-chain transactions.
Actual Usage and Adoption
The BitTorrent protocol claims over 100 million monthly active users globally. However, on-chain data suggests that most BTT transactions are related to trading rather than its intended file-sharing utility. The token's integration with the BitTorrent Speed feature, which should be its primary use case, shows limited adoption.
Token Distribution and Governance
The token distribution raises some concerns. A significant portion of BTT tokens is controlled by the TRON foundation and BitTorrent foundation. The redenomination of BTT in 2021 (1:1000 ratio) and subsequent migration to BTTC created some confusion in the market.
Development Activity
The project maintains active development, with regular updates to the BTTC ecosystem. However, most development focuses on DeFi features rather than improving the core file-sharing utility.
Crypto Impact
To assign a comfort level investing in BitTorrent [New] 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 [New].
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.