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BTT cryptocurrency – a token for expanding the capabilities of the BitTorrent network. The coin, launched just the other day, caused a real stir. At first, it seemed that the project’s success was guaranteed - the ICO raised almost $7 billion in 15 minutes. However, this was followed by harsh criticism from many experts, which confused investors. Let's look at what the BTT cryptocurrency is, what its advantages and disadvantages are.

You can buy and exchange BitTorrent cryptocurrency on the Binance exchange.

BTT cryptocurrency - what is it?

Justin Sun, owner of the Tron Foundation says that the key purpose of the coin is to expand the functionality of the network and increase the efficiency of BitTorrent. But you can also look at this from a global point of view - the project can provide humanity with unlimited access to a full-fledged decentralized Internet.

Many have noticed that BitTorrent is not doing well right now - the download speed is dropping because the seeders do not want to distribute files, but delete torrents from the computer immediately after the download is complete. To motivate users not to leave the distribution, they came up with a new currency. Seeders will receive a certain amount of BTT for storing torrent files on their PC.

You can spend your earnings on purchasing licensed content or conducting online streams. It turns out that the system will work as follows: users who want to quickly download the desired content reward those who distribute (or create) this content. As a result, seeders and authors will increase the speed of the entire network.

BitTorrent bought the top app uTorrent quite a long time ago, and it will be the first program to officially support BTT. In the summer, it is also planned to launch the BitTorrent Speed platform, which will open up extensive functionality for coin owners. Therefore, it would be wise to start saving coins now. By the way, the developers plan not to charge commission fees on transactions.

How to mine PI?

To join the network, all you need is a mobile device with iOS or Android. The connection procedure is very simple:

Go to the AppStore or Google Play.
Search for Pi Network.
Download the application and install it on your smartphone or tablet.
Choose a registration method: using your Facebook account or phone number. We strongly recommend using the second method. If you lose access to your Facebook account, you may lose your funds.
Please indicate your country of residence and phone number.
Indicate your first name, last name and nickname.

After registration, each user receives 1 Pi to their account. The system assumes the following user ranks:

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Pioneer. Initial rank for any user. The release power will be 0.39 π/h. It can be increased to 0.49 π/h if you participate in the referral program upon registration.

Contributor. To get this rank, you need to mine the Pi for three days.

Ambassador. This rank is given to users who invite other members to join the Pi Network.

Node. Community members who have connected additional equipment to the network. This rank is still being developed and will be available later.

After completing registration, go to the application and click the 'Mine' button. It is not necessary to keep the application open, just activate the button every 24 hours and receive coins to your account.

Where to store PI?

Your PI wallet is in the app. You will have access to your private keys when the project enters the third phase.

Characteristics of cryptocurrency

Indicators of the BTT cryptocurrency at the end of February 2019:

rate - 0.00085671 $
hashing algorithm - Delegated Proof-of-Stake
maximum volume – 990 billion
website - https://www.bittorrent.com/btt/
White Paper - https://www.bittorrent.com/btt/btt-docs/BitTorrent_Token_Whitepaper.pdf
browser - https://tronscan.org/#/token/1002000
Exchanges: Binance, Kucoin, Huobi, Livecoin, Bittrex, Bitfinex and others.

The BTT token belongs to the TRON TRC-10 standard and acts as a mechanism for conducting transactions between BitTorrent clients and any other customers and service providers. The token is divided into component parts, which allows you to very accurately determine the price for services on a liquid market.

How and where to buy BTT token

You can buy/sell Bittorrent cryptocurrency in the following ways:

In cryptocurrency exchangers. For example, the Baksman service. You can purchase a BTT token using other crypto coins or fiat payment systems: Sberbank, Visa/Mastercard, Qiwi, Yandex.Money, Advcash, Payeer, etc. When purchasing: in the application you must indicate the address of the wallet to receive Bittorrent cryptocurrency, the quantity and account from which payment will be made. When selling: only an account for receiving fiat or cryptocurrency money.
Using cryptocurrency exchanges. The largest trading volume on the Binance exchange. The following currency pairs are available on this site: BTT/USDT, BTT/BTC, BTT/PAX, BTT/USDC, BTT/TUSDT, BTT/BNB. As you can see, the token is traded against all stablecoins.

Instructions on how to buy BTT on Binance:

Let's create an account. Fill out the registration form and confirm your email. Set up security settings (enable 2FA or SMS confirmation). If necessary, we go through verification (account confirmation). Please note: without verification, you can withdraw 2 BTC or the equivalent in another cryptocurrency from the exchange.
We top up the account. The crypto exchange does not work with fiat, so we purchase cryptocurrency in exchangers or on another fiat platform, for example, Exmo or Localbitcoins. Then, we transfer the cryptocurrency to the address that you will find in your account in the “Funds” - “Deposits” section.
After crediting the funds, go to the trading terminal and select a pair, for example, BTT/BTC. This means that we are buying or selling Bittorrent tokens for Bitcoins.
We create an order. The following types are available on Binance: limit (you need to specify the most acceptable price); market (execution at the current market rate); stop limit.

After the order is executed, the received BTT tokens can be viewed in the “Funds” - “Balance” section.

Description of the project, history of creation

BitTorrent began in 2001, when developer Bram Cohen created a previously unused protocol designed for distributed information exchange. His program became the first in the world of torrent trackers, and to this day remains the most popular peer-to-peer network on the planet. Since 2004, a US company engaged in the development and support of the network has been named similarly.

Although there are now thousands of torrent trackers, the technology itself does not change. Large files are divided into small pieces and transmitted as separate fragments over the network, after which they are combined back into one whole. Any client, downloading pieces, automatically forwards them to others. Example: if there is a single video file of 100 GB in size and there are 100 peers on the network, then each of them only needs to download 1 GB to become a seed, gaining access to the entire file. In this way, it is possible to maintain enormous network throughput even with very low powers.

As you know, scalability is one of the main problems of blockchain. Therefore, it is not surprising that people came up with the idea to combine these two technologies to serve a good cause. BitTorrent protocols now cover up to 40% of all Internet traffic on the planet, and every day up to 200 million people use programs from this company. Unable to resist such a tasty morsel, the Tron Foundation bought BitTorrent for $127 million.

Having acquired the world's largest p2p network, Tron employees decided to implement it into their Blockchain. This is how the BTT cryptocurrency was formed.

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Features of cryptocurrency, technical implementation

The BitTorrent project evolved in light of three key ideas/issues:

There are many untapped opportunities for using the decentralized BitTorrent protocol, and the market is now ready to accept useful innovations in this regard.
Today, the protocol shows limited effectiveness due to leaving seeds, which are not incentivized to remain in the distribution.
Many app users, including BitTorrent, are reluctant to pay fiat currency for virtual items. As a result, information monopolies suffer.

The developers plan to expand and improve BitTorrent by combining the protocol with the equally promising Blockchain technology. The result will be a decentralized network that allows app creators to directly reward users and allow them to use those rewards to interact with authors and publishers directly, without involving fiat currency.

To speed up the implementation of new functionality, it is planned to start by eliminating the current shortcomings of BitTorrent. This will stimulate interest in the underlying technology and introduce a wide range of users to the existence of the new BTT token and the economics surrounding it.

In parallel, work will be carried out with third-party developers to implement the API and marketplace into distributed services in the same infrastructure.

Advantages and disadvantages

The clear advantages of the BTT token stand out:

Significant improvement and expansion of the functionality of programs running on the BitTorrent protocol. Ecosystem development.
Implementation of a generalized approach, making it easy for third-party application developers to implement new functionality.
Incentivizing seeders to share downloaded materials, which ultimately benefits the entire system.
No commission fees.
Sufficiently detailed technical documentation and a clear vision of the further development plan.

However, critics have also identified a number of disadvantages that could ruin the whole situation.:

There are no full guarantees that the update will speed up and simplify the operation of the network. One former BitTorrent employee, Simon Morris, believes that Tron does not have sufficient technical capabilities to achieve its goal.
When Tron bought BitTorrent, people began quitting en masse from the second company. Including, Bram Cohen also left - he moved to China and is creating his own cryptocurrency. The employees who resigned explained their actions by saying that they did not trust the new managers.
The project is so large-scale that it will require a Blockchain throughput of at least 500-1000 transactions per second. Therefore, if the blockchain turns out to be too slow and heavy, the BitTorrent network will simply freeze.
A pump is possible - the developers saved 40 percent of all coins for themselves.
Too aggressive marketing. The BTT cryptocurrency is being wildly promoted, inviting Hollywood stars to appear in videos. Advertising posts constantly appear on social networks, and it is obvious that those who post them have little connection with cryptocurrencies.

In this regard, a point of view has emerged that BTT is a regular hype, with the help of which TRON owners want to make money from novice investors.

Advantages and disadvantages of the Kyber Network

PROS:

The idea and approach to its implementation are generally very good. They will promote cryptocurrencies as means of payment, as was originally intended. Instant transfers, absolute reliability and the absence of an intermediary in the form of traditional exchanges can leave the latter without work;
Team. The project recruited people with extensive experience in the industry, most of whom had successful launches of crypto projects behind them;
Cyber Network is the second project where Vitalik Buterin acts as an advisor. His second brainchild is Omise GO tokens, which after the ICO increased their capitalization by 37 times in just two months;
The KNC token not only circulates on the Cyber network, but also generates profit by being invested in reserve funds or held in accounts in hopes of increasing in value due to the burning of unused tokens at the end of the settlement cycle.

CONS:

The solution to creating reserves to support liquidity will require serious capital, especially when the number of instruments traded on the site reaches the designed value. Holding reserves for unpopular tokens will freeze serious capital with relatively low profitability;
The final stage of the development of the project “Trade between cryptocurrency ecosystems” will take a long time, if it can be implemented in principle, and this will require even more funds;
The work of the Cyber network is slower than that of its closest competitor “0x”, and therefore it will be difficult to switch users who are comfortable working with “0x”