- BitTorrent Chain (BTTC) is a blockchain solution that provides better cross-chain compatibility.
- BTTC enables fast and cheap transactions across different blockchain networks.
- It supports creating a wide range of decentralized applications (dApps).
BitTorrent has introduced the blockchain scaling solution BitTorrent Chain (BTTC). This blockchain enables cross-chain compatibility with fast transactions. Also, it supports scalable Web3 development. This proof-of-stake layer-2 chain solves existing scalability issues.
Earlier, the BitTorrent network was often used for peer-to-peer (P2P) file sharing. It enables users to distribute data over the internet in a decentralized way. In 2018, Justin Sun and the Tron Foundation acquired BitTorrent to launch the BitTorrent Chain (BTTC).
BTTC is a scalable platform for Web3 developers. It helps in bridging digital assets between blockchains. Also, it allows developers to build applications on the network.
How BitTorrent Chain (BTTC) Work
BitTorrent Chain is a blockchain scaling solution that enables cross-chain service between various blockchains. Also, it addresses the limitations of traditional blockchain networks.
BTTC enhances interoperability between blockchains such as TRON, Ethereum, and Binance Smart Chain (BSC). It supports the development of various decentralized applications (dApps).
The BTTC architecture comprises the root contracts, validators, and the BitTorrent Chain layer. The root contracts layer includes smart contracts for staking, token mapping, and funding transactions on major blockchains like Tron and Ethereum.
The validator layer helps validate BTTC blocks and listens to and communicates events across blockchains. Then, the BTTC layer is the core block-producing layer that facilitates cheap transactions. It supports mapped assets from the root contracts layer.
The top use cases for BitTorrent Chain include decentralized exchanges (DEXs), decentralized finance (DeFi), gaming, and non-fungible token (NFT) facilitation. BTTC powers different cross-chain DeFi applications to allow users to access various financial services without relying on a single blockchain.
BitTorrent Chain (BTTC) Ecosystem
The BitTorrent Chain (BTTC) ecosystem is a comprehensive blockchain solution that enhances interoperability and scalability. Here are the key components that make up the BTTC ecosystem:
- BitTorrent Bridge
The BTTC Bridge is the backbone of the BitTorrent ecosystem. It facilitates liquidity movement across EVM chains. Currently, it supports three chains: TRON, Ethereum, and the BNB Smart Chain.
It supports mainstream and meme tokens, enhancing their interoperability. There are plans to expand to more chains.
- BitTorrent Chain Convertor
The BitTorrent Chain Converter is a tool that enables the 1:1 conversion of tokens across supported chains. This feature leverages BTTC’s architecture to facilitate seamless token swaps.
Its supported tokens are BTT, TRX, JST, and more. BitTorrent Chain converter allows users to move assets effortlessly between different blockchain networks.
- BitTorrent Token (BTT)
BitTorrent Token (BTT) is the native cryptocurrency of the BTTC ecosystem. This token is used to make transactions within the network.
Also, the BTT token helps in staking to earn rewards. Token holders can validate transactions and add new blocks to the blockchain. Also, users earn extra BTT tokens for torrenting and streaming content.
Also, token holders can participate in the governance of the network. BTT token encourages active engagement and contribution to the ecosystem.
- BitTorrent Wallet
BTTC supports the BitTorrent Wallet service. It allows users to quickly check their assets on BTTC without adding all the individual tokens to their wallets. BitTorrent Chain does not need a specialized wallet to transact on the chain.
- BitTorrent File System (BTFS)
BitTorrent File System stores the data or files on the BitTorrent network. The space is rented. The user pays the space provider for BTTC tokens. In this manner, space can be offered and secured with the help of the token on the network.
How BitTorrent Chain (BTTC) Is Different From BitTorrent
Many people often get confused between both BitTorrent Chain and BitTorrent. BTTC blockchain is different from the P2P file-sharing platform BitTorrent. However, both are owned and maintained by the Tron Foundation.
The original BitTorrent protocol has revolutionized file sharing. It allows users to share large files efficiently without relying on a central server. Then, the BitTorrent Chain moved further by integrating blockchain technology with the original protocol.
This integration enhances the capabilities of the traditional BitTorrent network. It provides benefits such as increased security, reduced costs, and improved efficiency. By leveraging blockchain technology, the BTTC network ensures that data and transactions are transparent and immutable.
Benefits Of Using BitTorrent Chain
Below, you can check the top benefits of the BTTC blockchain:
- Cross-Chain Compatibility
BTTC enables seamless interoperability between different blockchains. It allows assets and data to move freely across networks. BitTorrent Chain supports chains like Ethereum, TRON, and Binance Smart Chain.
- Fast and Cheap Transactions
Blocks are produced every 2 seconds for instantaneous BTTC transaction speed. The block speed also makes it capable of handling up to 7,000 transactions per second (TPS).
In this way, BTTC reduces transaction costs and improves transaction speed. The average transaction fee is less than $0.01.
- Scalable Web3 Development
BTTC supports the development of scalable dApps. It provides developers with the tools and infrastructure to build next-generation blockchain applications.
Future Of BitTorrent Chain
BitTorrent Chain is successful in seamless asset transfers across various blockchain networks. Now, the future of this blockchain network is looking promising.
It is expected to continue developing with new partnerships and feature additions. More dApps like BitTorrent Chain Speed are expected to be added. Readers are encouraged to explore and engage with BTTC to experience its benefits firsthand.
Disclaimer
The information available in this article is for general informational purposes only. It does not constitute professional advice on any specific blockchain technology. Readers should conduct their own research before making any decisions based on the content of this article.
