Justin Knoll, the Project lead of Project Atlas – An integration of Tron and BitTorrent, spoke about the use case of the newly introduced BitTorrent token. He also elucidated on the application of the protocol in the recent Tron BitTorrent livestream on Twitter.
BitTorrent token was introduced by the Tron Foundation and the BitTorrent team as an incentive mechanism for the BitTorrent community. Users will be incentivized with BTT for seeding files and resources on the BitTorrent platform. Justin Knoll started by providing an insight into the incentive mechanism. He said:
“Yeah, so the users will be able to seed in their client and then when other people are uploading to them they’ll be able to accumulate more BTT and so we wanted to make it so that we used a different token so that we address this giant potential market without having to give all those people TRX.”
He went on to say that the reason TRX was not chosen and BTT was created was because they wanted to protect the existing TRX holders “without diluting it”. He went on to say that the BTT token is connected the network’s utility of seeding and downloading the files. Justin Knoll further elucidated about the utility of the BTT token and its protocol application, stating that the BitTorrent protocol is historically viewed as an auction. He said:
“[…] where you’re auctioning your upstream bandwidth like your computer’s ability to upload files to other users on the basis of bids that they make to you by uploading to you. so they send you sort of bits of their bandwidth and then you send them your bandwidth”
Knoll added that the “historical problem” with the BitTorrent protocol was the absence of a built-in protocol. He stated the team wanted to provide that, creating a real fixed “like tangible incentive” for seeding. Knoll further stated that as users continue to upload for other users, those users, in turn, would reward them with BTT tokens. He added:
“the historical problem with the BitTorrent protocol has been that, that makes sense while you’re downloading the file because I need pieces from you you need pieces for me once you’re done downloading the file you can seed but there’s no built-in incentive to do so and it’s a testament to the the strength of the BitTorrent community that even without that instead of there still are a lot of people that seed”
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