AMA with Justin Sun, CEO of BitTorrent: Summary

By August 5, 2020August 9th, 2020One Comment
AMA session with Justin Sun

Table of Contents

Namaste Tribe! We had a fun AMA session with Justin Sun, CEO of BitTorrent in WazirX Telegram group as part of Grand BTT Giveaway on Thursday, 30th July 2020. Here’s a quick summary of the session.

Q1: Is there any way to give some special privileges to BTT Holders other than faster downloads?

(by @VishalHKothari)

I’m excited to share with you guys that we are seeing more and more BTT use cases. It has become the major incentive for BTFS, the decentralized storage network. Users can now earn a profit while using BTFS. BTT is now supported by BitTorrent Speed, and users are able to get a taste of the BTT token economy in just a few simple steps. BTT is also now an indispensable part of DLive, the largest blockchain-based livestream platform in the world. Users can reward streamers with BTT as it has become the main token of the platform.

In addition, BTT Staking is also available on DLive. All users who have staked their BTT to support the platform are rewarded by DLive with 25% of its daily donation and subscription revenue. The BTT Staking rewards come from 25% of all donations and subscriptions on DLive every day. I believe that BTT will remain strong and vigorous with the help of the TRON ecosystem, and BTT holders will in return receive substantial rewards.

Q2: What was the most important aspect/view while creating BTT?

(by @subnagrale)

As the earliest distributed storage program, BitTorrent products enjoy a solid technical design. It realized the concept of more the merrier with P2P network. TRON finished the acquisition of all BitTorrent products on July 24, 2018, making BitTorrent Protocol the largest distributed application in the world. BTT is like a breath of fresh air and reinvigorated the whole BitTorrent product line, giving users the rewards they deserve before they even notice it, the token itself has become the main incentives measures of BTFS network. It’s safe to say that BTT token enriches the BitTorrent ecosystem by bringing more users and developers into the blockchain world. Now, over 1 billion users across the globe have access to the digital economy established by blockchain technology, and this is exactly why we built the BTT empire in the first place.

Q3: What made you enter crypto & what advice you have for those who are not in crypto? Where do you see BitTorrent after 5 years?

(by @Lionh3rt)

I first heard about Bitcoin in 2012 back when the token price was only a few dollars. Then I bought some. The world of Bitcoin was so enticing that I loaded up on Bitcoin with the money I freed up from my Tesla stock. Back then I had a hunch that Bitcoin will be a disruptive force to this world. For those who haven’t gotten into cryptocurrencies, I strongly recommend at least having a basic understanding of digital finance, digital economy, and digital assets. We only have this long to live, and the window of opportunity only remains open for two to three decades, so you won’t have that many windows. Better dive deep when you have the chance! The currents of time only flow forward, and the only thing we can do is to beat on, boats against the currents.

In 2020, BTT will further reinvigorate all BitTorrent products. I can’t say where BitTorrent will be in five years, nor can I give you specific data, but I do believe the BitTorrent ecosystem will bring about more products and attract more users to the world of decentralization. There is no doubt that TRON and BitTorrent will complement one another. BTFS will become THE storage infrastructure for a decentralized network. In the future, we will see more DApps working with BTFS and building the network together. Currently, the BTFS storage space mining competition is in full swing. Miners get to share a 30 million BTT prize pool every day, and the competition is open with a very low threshold. Anyone can get a taste of decentralized storage.

Q4: Partnerships are an integral component of any project’s journey. Which types of partnerships have BTT already attained and what are the plans on this front moving forward?

(by @husnulhamid1)

BTT is now available in over 60 exchanges and more than 130 countries around the world. In addition, BitTorrent boasts a comprehensive product matrix that includes BTFS, BitTorrent Speed, DLive, and TronTV.From the beginning, TRON impressed users not only with its robust public chain but also with its diverse ecosystem. Similarly, BTT will also evolve into an increasingly rich and competent ecosystem. One project particularly worth mentioning is BTFS. In addition to its enormous user base, BTFS’ mining & revenue model will no doubt set off a new trend- anybody with a computer can mine at any time. I believe that with more new mining models being introduced, more and more users will participate in this mining fiesta. BTT rewards are just at the tip of your fingers. Don’t miss out!

Q5: Will the BTT airdrop for TRX holders start in the near future? As it was a very nice way to earn BTT by holding my favorite TRX.

(by @sarishvaranasi)

The purpose of BTT airdrop is to let more users use BTT in BitTorrent Speed, BTFS, and BitTorrent protocol. With BTT, files can be transmitted and downloaded at a faster speed, and the decentralized community will be stronger. After 16 rounds of airdrops and vigorous discussion among BitTorrent Foundation, community developers, and other representatives, we have decided to allocate the remaining funds towards the exploration of other incentives for those who support the BTT ecosystem. For instance, there could be new user rewards for BitTorrent Speed and more BTT rewards for contributing more idle space and bandwidth. These are the benefits that BTT users truly deserve.

Q6: Can you give a high-level overview of how BTT will work on the BitTorrent platform? Will users opt-in to receive BTT for seeding or is everyone automatically receiving BTT when they seed?

(by @vickvikasyadav)

Since TRON’s acquisition of BitTorrent in 2018, TRON introduced the new TRC-10 token named BTT by scaling up BitTorrent protocol. Through the new token, TRON created a set of infrastructure for decentralized storage, accelerated the download of shared content and improved the life span of seed files.BTT can function in parallel with wallets and bidding engine and allows clients to bid and accept bids in regards to bandwidth. Users are able to directly purchase or download content from content creators with BTT and rewards livestreams with virtual gifts purchased with BTT. In addition, BTT can be used for crowdfunding and smart contract-based asset custody programs. Services like storage, computation, resource supply, content distribution, and CDN can also be purchased by users with BTT.It’s safe to say that the BTT token incentive mechanism improves users’ downloading experience and sets up a virtuous cycle. Users are encouraged to constantly share resources such as bandwidth and storage space on his/her personal device in order to produce value.

Q7: Any plans to support Indian blockchain developers to use TRON blockchain network and create DAPS which has real word use.

(by @ZigsTamang)

The first Tron virtual machine we launched in May 2018 was fully compatible with Ethereum, which is very developer-friendly. Later in August, TRON virtual machine (TVM) was officially launched and has been the most popular DApp developing platform. In 2019, we initiated the Atlas project that aims to be the biggest DApp operating system in the world. As of today, TRON public chain boasts 144 top developers on Github.
To better incentivize the developers, we have been holding regular SUN Network Developer Challenges and have hosted niTROn SUMMIT 2019, the first of our annual global blockchain gathering, which the NBA star Kobe Bryant attended.

Developers are the backbone of TRON. That’s why we will always strive to give them more support. The third SUN Network Sidechain Developer Challenge is in the pipeline. Over a hundred teams are expected to participate in this event. The prize will also be unparalleled. In the future, we will attract more developer teams to generate quality content for TRON and make our vision of the TRON ecosystem come true.

Q8: Are you planning to convert BTT to the DeFi project in the near future to increase demand & supply and any burn program?

(by @victory6834)

Not for the moment. But speaking of DeFi, we’ve got another hit project, JUST. I’ll talk a little bit about it. JUST (JST) is a decentralized stablecoin lending platform. Users can now pledge TRX on the CDP portal of JUST platform to mint USDJ, a decentralized stablecoin pegged at 1:1 to USD. The other token, JST, is used for interest payment, platform governance and other functions of the blockchain. The USDJ generated by collateralizing TRX is at users’ disposal.We can see great interest from investors in DeFi, which shows its potential in the long run.

Q9: Indians have heard only about BTC but not other virtual currencies. So how can they trust BTT and what will be your strategy to shine & rise in India?

(by @FiveFoot5)

BitTorrent has always been sitting at the core of TRON’s growth strategy. The series of projects rolled out by TRON, such as BitTorrent Speed, BTFS and DLive, have all attracted huge attention and numerous users. I always believe that the products and services with true practical value will speak for themselves and will extend their influence beyond India to the whole world.

For instance, BitTorrent File System (BTFS) breaks the monopoly of all centralized forms of file uploading and downloading. It gives freedom back to everyone, reminds us of our original motive to invent cloud storage and keeps “torrents” that used to easily go missing more secure. It provides us with a freer, faster and safer way to store files, and opens a brand-new window into a decentralized Internet.

We firmly believe that by putting BTT token into actual use cases, BitTorrent’s diverse matrix of products and applications will fully unleash the potential of BTT and bring BitTorrent closer to its users.

Q10: How would you convince the artists or media owners to bring their production to Blockchain, especially when Torrents have been associated more with piracy and illegal downloads? What advantages or benefits does BTT have compared to other offerings in the market?

(by @vipul19)

You have every reason to choose us. In terms of BTFS, first of all, we provide reliable service: BTFS uses a decentralized service provider to control the server, leaving no room for any disruptions on the stored files from local interruptions or denial-of-service attacks. Second, BTFS charges a lower price: unlike other platforms like EOS where storing 1 MB data might cost over $150, it’s very cheap to store files on BTFS, which significantly lowers the storage and maintenance cost. Next is decentralization: BTFS provides a more flexible storage service while guaranteeing file security by safeguarding users’ data in a decentralized way. Most importantly, by introducing the BTT token economy, BTFS will incentivize users to share more storage space and retrieve more files, boosting greater value exchange of stored files in the network ecosystem. Not to mention its supreme level of security. BTFS adopts state-of-the-art encryption methods and file-repair technologies, which guarantees file confidentiality and security. In particular, stored files have over 99.9999% availability as they are sharded and distributed to multiple reputable hosts on BTFS.

In addition, BTFS is super user-friendly. You can join BTFS and become a Host or a Renter in just a few steps. Hosts can customize payout frequency, storage price, bandwidth price, bandwidth upper limit, maximum storage length and maximum storage capacity. Renters can customize file storage length, replication factor and maximum price point. These basic features will give users an initial impression of BTFS and further insights on decentralized storage systems.

We’ve talked a lot about the advantages of BTT. It is now listed on over 60 digital currency exchanges and used in over 130 countries. It has also gained huge growth momentum from the support of various products in the BitTorrent ecosystem. Join BitTorrent now and you’re at the starting point of earning BTT.

Question from WazirX Telegram group members:

Q11: The BTFS mining project is all the rage these days. How can general users take part and what would we earn out of it?

Right, BTFS’ storage space mining competition has been on for two weeks. Every day we distribute 30 million BTT to nearly 7000 users. The participation threshold is also very low, as a common Dual-Core 2 GB PC can start mining right away. Hosts who contribute over 100 MiB added storage per day will be eligible for mining rewards.

Following this, we will also launch BTT mining programs based on node repair, node reputation, storage verification, CDN storage, etc. More information will be released soon, you may stay tuned.

Besides, miners can also earn BTT through storing files, at a default return rate of 7680 BTT/TB/month. The upcoming new Host UI will also allow users to offer their own price based on the default price. In the future, BTFS will become a free trade market for Hosts and Renters, where miners can also get their own rewards. We’ve released many written and video tutorials to help newcomers learn to use BTFS. Don’t hesitate to come and earn BTT in BTFS!

Q12: TRONZ privacy protocol was mentioned in the TRON 4.0 global release a while ago. And what does launching the privacy protocol mean to TRON and the blockchain industry as a whole?

Release of TRON 4.0 and TRONZ privacy protocol marks another milestone for the domestically developed and IP-based blockchain technology. TRONZ privacy protocol makes anonymous transaction possible, hiding information of the sender, receiver and the amount of transactions. Such a protocol diversifies features on the TRON network, marking a significant milestone for the TRON ecosystem. TRONZ privacy protocol will become a benchmark in the history of shielded smart contract, impossible to surpass or replicate. It perfectly meets people’s demands for privacy protection in a decentralized internet, addressing a century-long concern once and for good. It is a leap in the history of mankind. Moving forward, the TRON privacy team will always keep user privacy at heart and continue to commit itself to users’ demands and technological innovation, and stay focused on the technology of privacy protection, paving the way for future development of the blockchain industry.

Q13: What is the future for BitTorrent like? What’s your ultimate goal for BitTorrent?

The vision of BitTorrent is to build a data-sharing protocol and file storage network that is stronger, more affordable, safer, and more open, laying a foundation for the next generation Internet. BitTorrent also aspires to provide fast, free, and safe data exchange, reduce the cost of data transfer and storage, and to disrupt outdated information transmission mechanisms.

Meanwhile, I have high hopes for the combination of blockchain technologies and BitTorrent products and am looking forward to the results. The BitTorrent ecosystem is a place where a lot of the potential has yet to be unleashed.

Enjoyed the AMA session? Share this with your friends!

Participate in the Indian Crypto Movement. Share:

One Comment

Let us know what you think

Highest Trader Kaun Marathon for SNX/USDT

WazirX Newsletter

Did you know?

WazirX Newsletter subscribers get news in advance.

  • 📖 Knowledge, tips, updates, news, contests
  • 📩 One email per week
  • 🤞🏻 No spamming, we promise