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BITTORRENT/BTT

  • Summary
  • Prospect
  • Overview
  • Project Fundamental
  • Team
  • Community and Popularity
  • Adjustable

Project Overview

Background

The BitTorrent Pear-to-Pear Protocol, also known as BT Download, was invented by Bram Cohen and has made significant contributions to global download field of peer-to-peer Torrent Files and file transfer downloads. There are a large number of network participants in the Shared Ecology of Bandwidth, Resource Storage and Other Services of BitTorrent network, however, the problems of download speed and rare file sources are no stranger to experienced users, even if this technology has been around for many years, unstable download speeds and access to rare and high-quality resources are still the biggest problems. When no Torrent Files contributed, or everyone closes the upload channel after the download is complete, the latecomer still needs to go through the process of bitterness, thus causing a poor experience. In response to this problem, BitTorrent has realized that without effective incentives, it would be difficult to stimulate producers and defenders to make long-term contributions in providing resources and sustaining the flow. In this regard, the introduction of the token economic system has become a choice. With the addition of incentive mechanisms, it provides a new way of interconnecting value for ecological participants. The endurance of high-quality provenance pools and the optimization of the speed of the whole network are also expected to be strengthened.

In July 2018, San Francisco-based BitTorrent Inc was acquired by the TRON Foundation at a price of $140 million. At the beginning of 2019, the BitTorrent Foundation announced the issuance of BTT tokens. The entry point of BTT tokens intends to try best not to make any change as much as possible to increase the incentive level based on the original BitTorrent. In this way, C-end consumer users can attract Torrent File suppliers by offering rewards or adding token rewards, and as the number increases, faster and more stable download speeds will be also supported. However, BTT is not mandatory for all C-side users. For users who are accustomed to the free mode, they are not forced to participate in the payment model, instead, they can also become potential gainers by sharing resources. And there will always be a demand for advanced users to “purchase priority for no waiting with tokens”. As the number of owners of complete files increases, the number of sources grows, and free users will share this bonus. In theory, the introduction of incentive mechanism will make resources more flexible in the whole network and establish a win-win situation.

However, this model has similarities with the accelerated downloading of paying users in many Internet download products. The main difference is that the pricing power is returned to the users. The more precious, scarce, and valuable resources make it easier to gain true “premium” in the “auction” among users. As mentioned in the white paper, provision of decentralized infrastructure platforms, SDKs, etc., to third-party application developers may also appear in future corporate planning. In addition to participants who share personal content and web resources, Application Extension Developers will be also motivated to produce corresponding values.

From January 28th to February 3rd, BTT will launch crowdfunding on the Launchpad of Binance, Mainstream exchanges at home and abroad have started TRX's airdrop on BTT since February 11th as the first project of the LAUNCHPAD program of Binance, and the first ecoapplied currency of TRON. The emergence of BTT shows its great ambition.

From January 28th to February 3rd, BTT will launch crowdfunding on the Launchpad of Binance, Mainstream exchanges at home and abroad have started TRX's airdrop on BTT since February 11th as the first project of the LAUNCHPAD program of Binance, and the first ecoapplied currency of TRON. The emergence of BTT shows its great ambition.


Prospect

Trend outlook

Although the white paper has made a slight mention of its plans to transform infrastructure in the future, the most reasonable interpretation of BitTorrent tokens is still the combination of the BitTorrent network and the token economy. According to the white paper, the biggest pain point of BitTorrent is that the downloader has no motivation to continue to produce Torrent Files after obtaining the complete file. BTT will encourage users to provide services such as Torrent and file hosting in exchange for BTT. The function is named BitTorrent Speed and is expected to be launched in Q2 in 2019. The downloader can gain the speed increase in the file transmission by paying the token, and the Torrent provider and the custodian party will obtain the corresponding income.

The difference with SkyDrive mode is that it may face possible review attack. The decentralization and network size of the BitTorrent protocol allow content providers to worry about malicious deletion of their data and content by centralized organizations. At the same time, the performance and mass download processing of BitTorrent have also been verified in the past few years. Currently, the officially announced token related information is as follows:

 According to official data, the total supply of BTT will be 990,000,000,000 (99 billion) BTT. Among them, 59.4 billion BTT will be sold (6% of the total token supply), with a Hard Cap of 7 million 200 thousand dollars. The token will be allocated as follows:

●Public placement share accounts for 7% of the total supply

●Private placement share accounts for 2% of the total supply.

●Financing share in Torrent round accounts for 9% of the total supply.

●TRON air-drop share accounts for 10.1% of the total supply, which will be distributed in stages in the next six years.

●BitTorrent's agreed air-drop share accounts for 10% of the total supply.

●The share of the Team and the BitTorrent Foundation account for 19% of the total supply.

●TRON Foundation share accounts for 19% of the total supply.

●Share of BitTorrent ecosystem accounts for 19.9% of the total supply.

●Share of partners accounts for 4% of the total supply .


source

The total amount of 990 billion tokens is quite amazing, and the total valuation of BTT will also reach 100 million US dollars. However, the concept of total valuation is not meaningful in the short term, and short-term fluctuations are more strongly related to liquidity and expectations. After the official announcement, 10.1% of BTT will be drooped to TRON and finished it in 2022, which will be finished in 2022. We have observed TRON's futures trading data. Currently, the difference between SpotMEX futures and spot (negative premium) is 37. if not considering other premiums, it means that the cost of receiving airdrops is about $0.00134 (premium* bitcoin price). The public placement price of the BTT is $0.00012. If TRON is held only to receive the airdrop, it is obviously more costly than directly participating in the public placement. And if the investors just want to hold TRON, then sell the holding TRON, therefore, holding more TRON on the futures can achieve arbitrage.

Despite of airdrops  and viewing from the perspective of crowd funding, since Q2 in 2018, he participation of crowd funding 1c0 has gradually cooled down and till now, nobody even mentions it. Although BTT meets the minimum standard of "project qualification is good and has the potential to be listed on large exchanges". On the premise of the current bear market, the real participation fever needs to be observed after the opening of crowd funding on January 28. In addition, Binance Launchpad has made great works on information disclosure, KYC and personal quotas, published private placement information, unlocked rules and produced release legends, set a cap of 20,000 USD per capita, and banned participants from many countries, including mainland China and the United States. However, as participants from Japan and South Korea are not prohibited. Without considering the interference of factors such as proxy investment, if BTT has high popularity on Binance Launchpad, the main funds of retail private investors participating in crowd funding will mainly come from Japan and South Korea.


In summary, for domestic users, it is not recommended to participate through the mode of high-risky proxy investment. If it is optimistic in short-term and medium-term, and the market sentiment has stabilized, and the price of the currency has remained stable between 0.7 and 1.5 times after its listing on exchanges, few amount attempt is recommended, so as to avoid rising under the initial fluctuations in the opening period, and respond to the release of liquidity and feedback from all parties on the project. It is more prudent to wait after early fluctuations of the project and the expected smoothness of the project, and choose whether to make medium and long-term investment according to the actual results of the project Q2.

Long-term uncertainty is strong, although the initial circulation supply is small (9.97%), and the cost $0.0001774 of 2% of the private placement is higher than that of public replacement, but within a year, it will reach nearly 35% selling pressure of Circulating Stock.

Rating Overview

Rating summary: Bbb

• BitTorrent users can choose not to upgrade and follow the previous Token-free protocol. According to the white paper, the BitTorrent protocol itself will not be amended as possible. To pay for faster Torrent download by BTT is an exploration of incentive mechanism based on BitTorrent protocol. Most of Torrent functions can be used free of charge, how to change the payment habits of the original users and accept the way of BTT is a difficult problem to be solved in the initial stage.

•  The team is experienced in building and maintaining distributed networks. And it has established good user base, with a certain amount of technical precipitation and accumulation.

• The cooperation of BitTorrent and TRON will test the performance of TRON network. In response to outside doubts about throughput and carrying capacity, TRON has officially responded that BitTorrent would deploy on-chain/off-chain swap protocol to solve the problems.

• The supply of initial circulation is only 9.97%. In the first year, it will reach nearly 35% circulation volume.

Risk summary: Medium

•As a case of distributed network application, BitTorrent is well suited. TRON regards it as the first major push on its ecosystem.

• Bram Cohen, former CEO of BitTorrent, said on Twitter that he no longer had any relationship with BitTorrent. Simon Morris, a former employee, also expressed doubts about the performance of the TRON network. TRON has made official response accordingly. At present, Sun Yuchen has decided to become the new CEO of BitTorrent, and it is expected that he may possess absolute discourse power. However, to this regard, BitTorrent may also exert excessive efforts in marketing.

• BTT carries out crowd funding on the Laaunchpad platform of Binance, and limits 20,000 USD form participants. The concentration of chips released completely in the early stage without locked position is reasonable.

• BTT has the potential to be listed on mainstream exchanges.

A. Project Fundamental

Overview

BitTorrent is a peer-to-peer distributed communication protocol invented by Bram Cohen in 2001. It can eliminate the need for central server when transferring large and demanding files over the Internet. It has been widely used in the past 16 years. Each user can find the file he wants to download based on his own needs, and use bandwidth as his own chip. However, the user can choose to turn off the default setting, that is, once the client completes the full download of the file, the motivation to continue uploading will be diminished (lack of reward for contributing Torrent files). Based on this pain point, BTT has been introduced as excitation.

According to the description of the white paper, the core scenarios of BTT can be summarized as follows: 

• Current BitTorrent clients will deploy backward compatible extensions associated with BTT tokens and bidding engines. If users select updating, the client will add built-in wallet to the BTT. Then if users select charging mode when uploading the Torrent files, the client can get the benefits of the BTT users who are willing to pay.

• In addition to bandwidth, BTT will be started in service use cases such as storage, computing, resource provisioning, content distribution CDN in the future.

• BTT tokens will be coupled with Trx in terms of purchasing content and rewarding live broadcasting.

According to official data, BitTorrent's DAU is about 25 million and MAU is about 100 million people. As the core function of the initial version, the incentive design of BitTorrent Peer-to-Peer Torrent Pool is in the late stage of testing.

The two clients are BitTorrent and uTorrent. For users who do not choose to upgrade, the business and the software will continue to work normally, users can also choose the original paid service. It can be seen from the official website that the difference between the original service and the BTT service are mainly the initiative, the different levels of legal token, and even automatic achievement of speed increase and some additional characteristics, while BTT is mainly for the bidding engine among users.

As for the development of Dapp in BTT, it is too early to say that it is not too competitive compared to the public chains with certain accumulations. The technical details, mathematical formulas, mechanisms, etc. involved in the official website white paper are mainly related to the implementation details of the incentives, which will not be further explored here.




Summary

TRON's early positioning was biased towards pan-entertainment, and the combination with BitTorrent helped its layout of the content sector. And the characteristics of the BitTorrent distributed network also maintained the natural coupling with the industry. However, it should be noted that the overall functionality of BitTorrent is actually very high, and the BitTorrent Speed TM incentives for tokenization are more icing on the cake than creating new ones. One of the words repeatedly emphasized in the white paper is that “it will not change the way the current agreement works”. Instead of making mandatory update requests for existing users, it allows users to choose whether to use clients that integrate new features. It can be seen that although BitTorrent is currently acquired, it does not change its attitude not being a monopolist of the collaborative system.

Conclusion

The conversion of BitTorrent Aboriginal users has faced great challenges. The biggest competitor of BTT is BitTorrent itself. If all the needs of the original network are still stable, the incentives are not so attractive, the demand for the new extended bidding model will shrink and weaken the BTT expectations. On the other hand, if the model is expected to develop into a dominate application in the industry, then its drainage of increments will be of great significance.

DimensionDetailsTotal PointsPoints
PositionIntegrated solution based on BitTorrent 1513
Competitive advantagesGood first-mover advantage and past accumulation 54
NecessityStrong demand, high token coupling degree.1511

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B. Team

Overview

Core Team Members:

According to the information of core team members disclosed in Binance Research Report:

The team includes several BitTorrent employees, and some core members of the TRON team also hold key positions in the team.

MembersBackground
Justin KnollWorked at BitTorrent for 11 years, served as chief architect
Pavel Lagutin Served as Senior Product Manager at Upwork
Sun Yuchen BitTorrent CEO, Tron founder and CEO.
Cong LiServed as developer community leader, worked at Google
Utkarsh Khokhar Engineering Lead, joined in February, 2018
SteveSilotiCore engineer joined BitTorrent in 2014
Robert McDonaldEngineer joined BitTorrent in 2016.
Francisco De La CruzCore engineer joined BitTorrent in 2013.

Justin Knoll: During his 11-year tenure at BitTorrent, he served as Chief Architect. As a core member of BTT's domestic and overseas announcements, Justin Knoll was responsible for project details and Q&A.

Other core members have published LinkedIn information and Github personal links, and the information is complete and verifiable. Many of them have worked in BitTorrent for many years.

In addition, other investment institutions, consultants, etc., did not disclose relevant information.



Summary

From above information, we know that there are many members working for BitTorrent among existing members of the project. It is an experienced team and not newly built. The running-in experience of these members is relatively stable, and they have enough technical accumulation. In addition, the TRON team has added staff to some core positions, such as the developer community.

Conclusion

The former BitTorrent team technical development members + some members of TRON team  have  worked together  to form the current BTT team, the cooperation between the two in the development, publicity PR, operation and other levels is the focus of follow-up.


DimensionDetailsTotal PointsPoints
Executive TeamThe team has rich experience in trading systems and entrepreneurship.3029
Investors and advisorsCore members have good experience and integration in technology precipitation 53
Institution investorsUnpublished investors outside the TRON Foundation 53

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C. Community and Popularity

Overview

1、Social media and community

62 thousand and 900 people follow up the project on Twitter, 450 thousand on Facebook. The frequency of tweets is high and the interactive data is excellent. In the near future, the rules will be announced at the niTROn conference, and the attention from fans of foreign countries will be improved. The community is dominated by the English telegrams community, and the community is highly active.

2、PR

Based on Twitter and Facebook, assisted by YouTube and other content distribution platforms, it focuses on the BTT's Binance Launchpad release rules and the exchange's airdrop support related announcements recently.

3、Google Trends

Using BitTorrent and BTT as keywords, the trend is as follows. It can be seen that the BitTorrent data is good and stable, maintaining a high level of popularity throughout the world, and the word - BTT shows an upward trend during the period from December 2018 to January 2019, which is in line with the current situation.




Summary

Near the crowd funding period, related social media and community popularity of BitTorrent are on the rise. The community is mainly based on overseas members, they mainly consult related matters such as airdrops.

Conclusion

The popularityof BitTorrent social media is also good before launching BTT. Especially Facebook, from the community atmosphere observation, in addition to the currency inventory users, there are also some BitTorrent users, they follow the TT project because of curiosity.

DimensionDetailsTotal PointsPoints
Social Media and Search TrendsHigh attention, general search index, good interaction.55
CommunityHigh attention and high activity 108
PR EventsRich PR activities 53

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D. Adjustables

Overview

According to the disclosure information, the project will start construction of client API, wallet, bidding engine, and related tools starting from the Q3 stage in 2018. Then on this basis, the navigation page, seed client function, encryption and encrypted signature in wallet will be optimized in Q4 2018. It is expected that functions such as on-chain/off-chain interaction, wallet UI testing, seed source framework, etc., will be completed in Q1 2019. The full version of the wallet and open testing to early user groups will be performed in Q2 2019. The support for TRX and TPC-10 and 20 tokens will be realized in Q3 2019.

For TRON, the content segment will be combined with products such as BitTorrentNow.

Summary

The project started development and promotion in Q3 in 2018, and it is now in the stage from Demo to testing. While coding, because the follow-up cycle is relatively short, is not included and will be followed up based on data for more than three months in the first quarter of 2019.

Conclusion

Based on the audience and user accumulation of BitTorrent, it is a relatively mature protocol and product. According to the progress of disclosure, it is being promoted at the level of integration of BTT wallets and improvement of functions on and off the chain. It is expected that it will be able to observe the actual results of the project by participating in early user testing in Q2 2019.

DimensionDetailsTotal PointsPoints
Fulfillment trackingAccording to the information disclosed, the performance of the contract is now on schedule21
Github AuditN/A3N/A
ProgressIt is now in the Demo stage, and will develop to Open Testing Phase of Core Functions in Q2 2019. 51

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Rating Metrics

First dimensionSecond dimensionThird dimensionDetailsJudgementPoints
ProjectPosition 15%Position 15% Public chainIntegrated solution based on BitTorrent 13
Competitive advantages 5%First mover 2%First moverGood first-mover advantage and past accumulation 2
Innovative 3%Lots of innovation2
Necessity 15%Is it Pain point 5% Strong demandStrong demand, high token coupling degree.4
Token incentive 10%Has token incentive mechanism 7
TeamExecutive Team 30%Team profile and project matchLevel of Match is Very highThe team has rich experience in trading systems and entrepreneurship.10
Software development experience 10%Led a blockchain project 10
Operation expertience 5% Has experience 5
Other industry resources 5%Relatively resourceful4
Investors and advisors 5%Level of influence 3%N/ACore members have good experience and integration in technology precipitation N/A
Relativity 2%N/A3
Institution investors 5%Institution investors 5%Unpublished investors outside the TRON Foundation Unpublished investors outside the TRON Foundation 3
Community and popularitySocial Media and Search Trends 5%Popularity 1%HighHigh attention, general search index, good interaction.1
Interactivity 2%Low2
Search popularity 2%High2
Community 10%Popularity 3%HighHigh attention and high activity 3
Interactivity 7%Medium5
PR Events 5%PR Events 5%Lots of PR eventsRich PR activities 3
AdjustablesFulfillment tracking 2%Fulfillment tracking 2%On scheduleAccording to the information disclosed, the performance of the contract is now on schedule1
Github Audit 3%Github Audit 3%ExcellentN/AN/A
Progress 5%Progress 5%Has a testnet It is now in the Demo stage, and will develop to Open Testing Phase of Core Functions in Q2 2019. 1
Total points Total81.9
RatingRatingBbb

Risk Metrics

First dimensionSecond dimensionThird dimensionDetailsPoints
TransparencyBasic informationWhitepaperHas whitepaper1
Social media and communication channelsHas many communication channels including Youtube, forum, reddit, developers community etc.
2
GithubOpen source1
Core teamTeam’s recordsVerifiable and detailed (Linkin or IT orange channels)1
Full-time or part-timeAll employees are full-time1
Operation timeMore than 1 year1
Has an physical entity?Yes1
Change of teamNo changes 0
AuthenticityTeam members’ experienceTeam members’ experienceInformation is authentic 1
Industry resourcesIndustry resources Industry resource is authentic 1
PopularityPopularity Authentic popularity 1
Marketing and PRMarketing and PR No exaggeration in Marketing and PR 0
Fundraising and complianceFundraising roundsRatio of price in each roundRatio is reasonable1
Ratio of the total funding in each roundRatio is reasonable1
Lock-up Team lock-upLock-up period is reasonable1
Investor lock-upNo lock-up-1
Budget disclosureBudget disclosureNo budget disclosure0
Additional issuanceAdditional issuanceAdditional issuance within a reasonable range1
Fund supervisionFund supervision No fund supervision1
ComplianceRegulationLow policy risk1
KYCReasonable KYC1
AdjustableEstimated market capEstimated Market capHigh-3
Total Points14
Overall ratingMedium

Rating Description

Rating Time:
28 Jan 2019
Project Source:
DPRating rating team actively selects and makes a rating
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Details

Token Symbol
BTT
Crowdfunding Price
0.00012 USD
Total Supply
990000000000
Circulation Supply
N/A
Crowdfunding Start Time
28 Jan, 2019
Crowdfunding End Time
03 Feb, 2019
Exchange
Binance,Upbit,Huobi,Gate.io,Bithumb,OKEx,Kucoin,Bitfinex
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