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Singapore – August 16, 2024 – Recent reports from Cointelegraph and CryptoRank have shed light on BitTorrent Chain (BTTC) and its critical role within the BitTorrent ecosystem. These analyses highlight BTTC’s innovations, its essential contributions to various BitTorrent products, and its evolving position in the broader blockchain landscape.
BTTC is a cornerstone of the BitTorrent ecosystem, supporting the original BitTorrent torrent tracker, the Bittorrent File System (BTFS), and the DLive streaming platform. Its role extends beyond simple infrastructure; it functions as a multi-layered cross-chain protocol that provides seamless asset interoperability between Ethereum, TRON, and BNB Chain. This capability sets BTTC apart from traditional single-chain solutions, providing a high-throughput, scalable platform that addresses critical blockchain scalability and integration challenges.
Cointelegraph’s recent report titled “BitTorrent Chain’s Major Advances in H1 2024: Unlocking Tron’s Potential” highlights BTTC’s architectural prowess, featuring a multi-chain Proof-of-Stake (PoS) model and EVM-compatible sidechains derived from Tendermint software. This setup enables BTTC to achieve high throughput, low block times, and minimal transaction costs. The platform’s sophisticated bridging mechanism, which includes a classic lock-and-mint model, facilitates asset transfers across TRON, Ethereum, and BNB Chain, with support for over 75 token mappings. Additionally, relay services enhance the user experience by providing faster withdrawals and reducing transaction fees.
CryptoRank’s report named “State of the BitTorrent Channel H1 2024” complements this by detailing the broad utility of the $BTT token. Beyond its use for gas fees, $BTT facilitates faster file distribution, rewards validators, supports BTFS storage payments, and serves various functions within the BitTorrent ecosystem, including as collateral on JustLend DAO and as a perpetual asset on SUN.io. It even holds legal tender status in Dominica. Despite changing dynamics with the rise of cloud storage and streaming services, BitTorrent remains a significant player with over 170 million active users and substantial annual revenue.
The first half of 2024 has seen several major milestones for BTTC. According to CryptoRank, these include listings on major exchanges like Bitfinex, Mercado Bitcoin, and Bitci Borsa, an official partnership with HTX DAO, and an integration with DEXTools. These achievements reflect BTTC’s continued evolution and ability to adapt to emerging trends, such as decentralized physical infrastructure networks (DePINs) and potential Bitcoin integrations.
Both reports highlight BTTC’s strategic importance in improving the interoperability and scaling of blockchain solutions. The platform not only facilitates seamless transfers of common assets across multiple blockchains, but also serves as a solid foundation for Web3 applications. As BTTC continues to expand its ecosystem and integrate with new blockchain technologies, it is poised to play a critical role in shaping the future of blockchain scalability and cross-chain interactions.
About BitTorrent Chain
BitTorrent Chain (BTTC) is the world’s first heterogeneous cross-chain interoperability protocol that adopts the Proof-of-Stake (PoS) mechanism and leverages sidechains for smart contract scaling. It now enables interoperability with Ethereum, TRON, and BNB Chain public chains. Fully compatible with EVM, BitTorrent Chain facilitates seamless asset transfer between major public chains. The BTT governance token, also known as BTTOLD on the TRON protocol, was granted statutory status as a permissioned digital currency and medium of exchange in the Commonwealth of Dominica on October 7, 2022.
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