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BitTorrent Token - BTT

About the project:

BitTorrent Token (BTT) was launched in early 2019 by the BitTorrent Company whose owner is Justin Sun. BTT was aimed to be a Decentralized file sharing protocol via a vast peer to peer (P2P) network on the internet.

BTT was launched on the Tron Blockchain. Tron is also owned by Justin Sun. (Know more about Tron - TRX coin here)

Anyone who uses the file sharing protocol enabled by Bittorrent company can get BTT as reward or fee for participating in the network.

BitTorrent Token Logo

The following are some use cases of BTT:

• We can spend BTT for getting higher download speeds in the uTorrent or BitTorrent clients. These are open source software applications which are used for free content sharing over the internet using P2P.
• We can receive BTT for providing a piece of file which is required by another user somewhere on the internet. This is usually called as seeding in Bittorrent clients.
• DLive and BitTorrent File System are also a part of the BTT Protocol and can be used to spend or receive BTT Tokens.

(I will explain more details in next week's post "How to earn the BTT Freely". Bookmark this site if interested)

Ticker Symbol for BitTorrent Token is "BTT"

Here is a Live Chart of Trading rates for Buying and Selling BTT in Crypto Markets:

BTT-USD Rates by TradingView

Go to Next Post - Coming Soon...

Go to Previous Post - Bitcoin Cash & Bitcoin Gold

Bitcoin Cash - BCH & Bitcoin Gold - BTG

BitCoin Cash - BCH

Bitcoin Cash is a direct hard fork from Bitcoin. It was created in the year 2017.

Goals:

• The aim of Bitcoin Cash is to become a provide a transactional service which is fast and reliable

• Be a network with low transaction fee than bitcoin.

• Provide more privacy to users of Bitcoin Cash.

• Peer to peer electronic system

Ticker Symbol for Bitcoin Cash is "BCH"

Bitcoin Cash Logo

Soon after it went live, the price of each bitcoin cash coin pumped significantly and had grown very swiftly to be a dominating ALT Coin in the Crypto Markets.

One major difference and requirement for existence of BCH is that the size of each block in the Blockchain of BTC is of 1 MB. A part of the community felt this is quite low and decided to fork a new coin with increased block size so that more number of transactions can be stored in each block.

Each block in BCH network is 32 Mega Bytes in size.

In 2018, a new part of Bitcoin Cash network was introduced with name "Bitcoin SV".

Here is a Live Chart of Trading rates for Buying and Selling BCH:

BCH-USD Rates by TradingView

BitCoin Gold - BTG

Bitcoin Gold is a direct hard fork from Bitcoin. It was also created in the year 2017 (October).

Goals:

• The aim of Bitcoin Gold is to restore the independence and the decentralization factor to its original value (which was cosidered to be lost by Bitcoin gold community)
• Be a network with which coins can be mined feasibly when compared to BTC. (Know more about Mining in this article)
• Provide the chance and enable all the individuals to mine using the Graphics Processing Unit.
• Peer to peer electronic cash system

Ticker Symbol for Bitcoin Gold is "BTG"

Bitcoin Gold Logo

As we know, Bitcoin uses SHA 256 Algorithm as Proof of Work for validating the mining. Specialised ASIC hardware (mining rigs) had been manufactured and corporates built warehouses with huge investment just for mining Bitcoins.

This made hard for individual users for earning bitcoins because the mining ware houses contribute humongous Computational Power so that common man with normal computer won't stand a chance to compete with them.

Therefore, Bitcoin gold was created by modifying the Mining Algorithm from tradittional SHA 256 to "Equihash". This would make all those mining warehouses less efficient because equihash can be computed with normal GPU processing power itself thereby removing the advantage for mining corporates and restoring the true decentralization in the network.

Here is a Live Chart of Trading rates for Buying and Selling BTG:

BTG-USD Rates by TradingView

Go to Next Post - BitTorrent Token - BTT

You might also be interested in - Doge Coin

What is Bitcoin Mining ? How Does BTC Mining Work ?

Bitcoin Mining is the process through which the Bitcoin transactions will be validated or verified. This could be done by anyone who has processing power for computation (like a computer or dedicated hardware for mining).

Each transaction will have some transaction fee depending upon the transacted amount. Many transactions are put into a block and it is validated by miners. Whoever validates the block first, that miner will get the total fee of all transactions as a reward for mining the block successfully.

Then, that block is added to the Blockchain ledger. This process will continue and blocks will be mined and added to Blockchain.

Mining Rigs

In order to mine a block, a miner has to solve the cryptographic puzzle (finding a hash below the target) and that miner has to be the first one to solve the puzzle. This is known as Proof of Work (PoW).

So, one must possess enormous capacity of computational processing power and must be extremely lucky for successfully mining a BTC Block !

As we know the bitcoins hold a high market value in Cryptocurrency domain, the competition among miners to mine the block is extremely high.

Some facts about mining :

• Dedicated hardware with heavy computation power has been introduced just for the sake of bitcoin mining. These are called as Mining Rigs
• Mining concept is fundamentally based on Cryptography.
• Bitcoin Mining requires extensive computational power and electricity. Majority of the bitcoins are being mined in China.
• As of now,  for every 10 minutes, a new block is being mined and added to the bitcoin ledger blockchain.

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