The BitTorrent team has recently announced the launch of BitTorrent Speed, a decentralized app (dapp) that will be launched in the second half of the year. This new dapp will be used to provide an avenue that will reward users that seed in exchange for BTT tokens.
Seeding, in case you do not know, is when you make an upload of the torrent files you have on your computer. You just leave the program open and it uploads the files to other users in a P2P manner after you finished your own download. This way, the bandwidth is transmitted from your computer to another.
According to the official announcement, the users will be able to use the platform in order to get rewards from their seeding practices.
We are making giant leaps with #BitTorrentSpeed and we are thrilled to give you a chance to join our early access group! Visit our website, sign up and get a chance to use the largest DApp, enabling blockchain mass adoption & introducing $BTT to 100M users!https://t.co/Jm4TPrlYtU
— Justin Sun (@justinsuntron) February 21, 2019
Justin Sun, the CEO of BitTorrent since the company was bought last year, has recently announced that the early access to the dapp has already started and that the users who are interested in participating can do it now instead of waiting for the official release. To join the team of beta testers, a user has to go to the official site and sign up for the chance to use the dapp.
No reports on how many users will actually be selected for this phase of the testing have been released so far.
About BitTorrent Speed
This new product called BitTorrent Speed will be the largest decentralized app that will put the 100 million users of the old BitTorrent services on a P2P file sharing platform. Basically, this software will be used to provide rewards for the users who spend their bandwidth seeding files which are uploaded to other P2P users.
The company has also affirmed that content creators will have their content supported by this torrent client and that the long-term vision of the company is to create a structure that will let the content creators post their products directly in there and receive money for this.
According to the official reports, the whole software will have its economy based in the new BTT tokens and will help to monetize the P2P sharing industry.
By default, the uTorrent client being used by many people will be automatically updated to BitTorrent Speed as soon as the software is launched. It will initially work just like the other version, but you will be able to use BTT tokens in order to get higher speeds to download products. This will enable the paying users to get faster downloads.
Finally, when you download the files, you can simply let them seed in order to make money yourself and receive BTT tokens, too. The more you seed, the more you will get.
While the idea will help to monetize the industry, there some concerns in the community that people will be transforming piracy into a business (as many sites actually already do) and less into a community of people sharing content and files for their own good will.
- Source: First Appeared Here
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