Sometimes things that look like a rabbit seem to go at the pace of a snail and you are there sitting and wondering the about the paradoxical situation that is unfolding before your eyes. It would be sheer amazement. You might be wondering what I am alluding to and to what purpose is such cryptic language being employed. Well, to that my friends, I say that the matter of discussion is of such a nature that cryptic language is warranted (pun not intended).
How BitTorrent works
The topic of our discussion is BitTorrent and its coin BTT. For those unfamiliar with BitTorrent, it is a kind of a communication network for peer-to-peer file sharing (P2P), which enables its users to distribute data and electronic files over the Internet in a decentralized manner. To send or receive files, a person uses a BitTorrent client on their Internet-connected computer. A BitTorrent client is a computer program that implements the BitTorrent protocol. It has been estimated that the BitTorrent client has been responsible for 2.46% of the total downstream internet traffic in the world and 27.58% of upstream traffic. That is a lot! (Although it goes without saying that most of the files being transferred through this method are pirated content but that is a discussion for another time)
This may seem like a good setup but the collaboration between parties cannot be for a much longer period of time which gives it’s the sharing network certain limitations. To make their communication better, BitTorrentInc is trying to equip blockchain technology to allow collaborations between untrusted parties for a longer duration. Furthermore, it has an advantage over other crypto-networks by already having established the necessary ecosystem to integrate blockchain technology into the BitTorrent protocol. This going to achieve two things for the file sharing protocol; the first has been already mentioned that longer period of collaboration would be there and the second would be to open up a new borderless economy in exchanging value for computing resources on a global scale.
Now for hyping it up so much, most people would be surprised if I say that it only has a current value of $0.03934, as at the time of writing this article. But as stated at the beginning, we can see the snail still moving forward. The BTT coin has huge trading volume of $342,334,539 with the live market cap of $2,590,736,121. That’s a lot. It may have not shown spectacular performance in the previous week with currently having a downward trajectory but this coin has shown quite a bit of resilience in the market, with the lowest value of $0.0038 and the highest being $0.0043. It is being quite overlooked even though it is ranked at 56 on the CoinMarketCap database. People may be hesitant about this, but it does seem like an inevitable increase shall slowly come from the endeavors of the dark rabbit, BitTorrent Inc.