BitTorrent (BTT)

File Sharing and Speed

BitTorrent uses its token to power BitTorrent Speed, a feature that lets users pay with BTT to get faster download speeds. Users can also earn BTT by sharing (seeding) files, helping keep the network healthy and efficient.

Decentralized Storage

BitTorrent Token supports the BitTorrent File System (BTFS), a decentralized storage system where users can store and share files securely across many computers instead of relying on a single server.

Payments and Transactions

BTT acts as a currency within the BitTorrent ecosystem and is accepted by some online merchants through payment gateways, allowing users to pay for goods and services using the token.

Network Incentives

The token creates a marketplace where users can trade computing resources like bandwidth and storage, encouraging more participation and better performance in the BitTorrent network.

Pros

• BitTorrent is decentralized, allowing peer-to-peer file sharing without a central authority.
• It rewards users with tokens for seeding and hosting files, encouraging network participation.
• It has a large user base, supporting over 100 million users and handling a significant portion of internet traffic.
• The token can be used to buy bandwidth for faster downloads and to connect content creators with their audience.
• It runs on the TRON blockchain, benefiting from blockchain features like security and transparency.
• The project has strong backing and media attention, helping with adoption and recognition.

Cons

• Some users find the system slow or inconvenient, requiring separate wallets or apps.
• The network depends on enough seeders; without incentives, some swarms may die out.
• There are concerns about partial centralization due to its association with TRON.
• Competition exists from other file-sharing platforms and blockchain projects.
• Some users report low earnings from sharing storage or bandwidth.
• The tokenomics and future development may be limited unless BitTorrent expands its blockchain features.

Founders

BitTorrent was founded by Bram Cohen and Ashwin Navin in 2004.

Leadership and Ownership

Justin Sun, founder of TRON, acquired BitTorrent in 2018 and currently serves as its CEO.

Investors in BitTorrent

BitTorrent was acquired by the Tron Foundation, which is a major investor and supporter of the project. The Tron Foundation, led by Justin Sun, helped launch the BitTorrent token (BTT) and integrated it into the BitTorrent ecosystem.

Token Distribution

• The Tron Foundation holds about 20% of the total BTT tokens.
• The BitTorrent team and its foundation hold around 19% of the tokens.
• The rest of the tokens are distributed among the community, investors, and users.

Other Investors

While specific individual investors are not publicly detailed, the project has attracted interest from various crypto investors and exchanges like Binance and KuCoin, which support trading of BTT tokens.

For more details, you can visit the official BitTorrent website or the Tron Foundation's pages.

Halal Status

BitTorrent is generally considered halal by some Islamic finance sources because it serves a real-world purpose in decentralized file sharing and storage, and it is part of a legitimate ecosystem. However, opinions may vary among scholars.

Reasoning

The token has genuine utility within the BitTorrent ecosystem, incentivizing users to share resources and participate in decentralized services. It is not inherently linked to prohibited activities, though the platform could potentially be misused, which is not unique to BitTorrent.

Summary

• BitTorrent has real utility and is part of a functioning ecosystem.
• It is not inherently haram but depends on use and interpretation.
• Some Islamic finance platforms rate it as halal or permissible with conditions.