BitTorrent Crypto Rating
![BTT-crypto-rating](https://letemspin.com/wp-content/uploads/2020/04/BTT-crypto-rating.jpg)
Unlike most cryptocurrency ratings published online, the Wise Crypto ratings have nothing to do with the current or future price of the currency. Whether or not a crypto is over or undervalued or priced today is completely irrelevant. Our research focuses on the sustainability of each project, the security, the use case, decentralisation, environmental impact, the technology, the scalability and the developers and teams behind the projects.
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BitTorrent (BTT) Rating = 70/1000
Technology (0 to 300) = 185
- Speed (0 to 50) = 40
BTT is based on the TRON platform, which is among the fastest cryptocurrencies. It can handle 2,000 transactions per second, with a new block being generated every 3 seconds. It’s quite fast compared to Bitcoin and Ethereum.
- Cost (0 to 50) = 45
BTT doesn’t charge users to transact on the platform. The platform enables content creators to link up with their audience and facilitate payment through digital currency at zero transaction fees. This makes it better as compared to other cryptocurrencies such as Bitcoin, which charges hefty transaction fees. The only issue with zero fees however is the risk of network spamming.
- Scalability (0 to 50) = 40
As mentioned above, BTT is based on TRON, which is keen on mass scalability. Tron launched the Sun Network protocol, which hopes to achieve 100X scalability. BitTorrent currently hosts 100 million users across 138 countries, pointing at its massive scalability needs should the cryptocurrency work.
- Environmental Impact (0 to 50) = 50
Unlike Bitcoin and Ethereum, which can be mined, BTT token is a TRC-10 TOKEN. The latter is a Tron-based standard that allows BitTorrent users to offer their services in exchange for the said tokens. Since it cannot be mined, it poses minimal environmental impact.
- Reliability (0 to 50) = 10
The BitTorrent platform itself is indeed reliable, with over 100 million monthly users. BTT & BitTorrent Speed claims to improve the efficiency of file-sharing among content creators. It links them up with their audience and facilitates payment through digital currency without the interference of intermediaries. This is still very much in it’s baby steps phase however.
- Decentralization (0 to 50) = 0
TRON has recently come under fire with factual claims of centralization. There have been serious claims that TRON isn’t fully decentralized. Its DPOS mechanism, which is pseudo-decentralized, is causing a problem of centralized voting. Also, it has been observed that TRON is no longer decentralized as some nodes have more than 90% of the votes with only a few voters. Thus, the vote of ordinary retail investors has failed completely. Worse, the total number of TRX in TRON is 100 billion, while the total number of votes for the super representatives is less than 8 billion, creating decentralization issues.
Security (-250 to 0) = -215
- DDoS Attacks ( -100 to 0) = -80
BitTorrent is built on the Tron blockchain, which until recently came under DDoS attack. Hackers maliciously consumed the CPU power to “mine” Tron. This puts BitTorrent at a high risk of such attacks.
- Potential for being banned (-100 to 0) = -95
BitTorrent Foundation, which is behind the BTT token, is a reputable company that has been in existence since 2001. BTT has abided by all the set cryptocurrency regulation and, therefore, faces minimal chances of being banned. Nevertheless, its mother platform, Tron, is constantly under scrutiny, which could jeopardize the future progress of BitTorrent.
The questionable decisions made by Tron and Justin Sun since purchasing BitTorrent are also a worry. Rather than focus on the legal use cases of the BitTorrent protocol (they have a number of legitimate high profile customers using the protocol) instead Tron seem to be focusing on reeling in the piracy element of Bittorrent, namely the Bittorrent and uTorrent file sharing clients. Ultimately unless they police all shared files for illegal pirate material and other illegal material (paedophile file sharing, snuff videos, etc) then they will be the target for regulators as they will be enabling illegal activities using their digital currency.
- Network Vulnerabilities ( -50 to 0) = -40
TRON, which harbors BBT, has some network vulnerabilities notably found from java-Tron. It impacts the TRON blockchain integrity, especially if valid against a Super Representative node, which is capable of producing blocks and collecting mining rewards.
The Bittorrent network itself is of course also a hotbed for fake files, virusses, trojans, phishing and the like.
Use Case (0 to 500) = 100
- Initial Main Use Case (0 to 100) = 0
BitTorrent was created with the intent of improving content distribution and bandwidth accessibility. With the help of blockchain, the intention is to make it accessible to a large number of customers ultimately. BitTorrent launched a feature called BitTorrent Speed, which aims to boost the initial adoption of BTT and serves as its primary use case. The feature also motivates seeders to seed more and “allow users to allocate resources to each other more efficiently. BitTorrent Speed is a feature that will also be integrated into future BitTorrent and μTorrent clients. This feature will enable users to advertise their bids within a swarm (the network of people connected to a single torrent, both seeders and “leechers” – aka those who download the file) and trade BTT in exchange for continued prioritized access to seeds.
The platform links content creators with their audience, consequently facilitating payment via digital currency. There are a number of issues though:
1. Tron should have used the TRX token for any legitimate BitTorrent purposes rather than create a brand new BTT token.
2. In this day of super fast broadband internet, do BitTorrent users even want or need anything faster? With 5g networks on the way soon and local internet providers improving their speeds all the time to keep up with the competition, would the BitTorrent Speed network even make a difference at all?
3. People sharing illegal material are not likely to want to be credited in any concrete form.
4. The legitimate and legal use cases of BitTorrent seem to have little or no priority at all.
5. VibraVid is supposed to be a competitor to YouTube, DailyMotion, Netflix, etc where content creators are rewarded in cryptocurrency. This actually runs on the BitTorrent platform which sounds brilliant… But you cannot pay or receive BTT on this platform, instead Tron created yet another token, BeatzCoin (BTZC). Thus once more rendering Tron useless and also this time proving BTT to be useless.
- Mainnet (0 to 200) = 100
BitTorrent (BTT) cryptocurrency is a TRC-10 cryptographic token issued by BitTorrent Inc. and Tron Foundation in 2019, based in Singapore. The token was launched on February 5, 2019, through a token sale that occurred on Binance’s new Launchpad platform. The token raised $7.2 million in less than 15 minutes, making it one of the most successful public token sales in the cryptocurrency sector.
- Other Use Cases (0 to 100) = 0
There are already other planned uses for BTT that will be implemented in the future to improve and develop the BitTorrent ecosystem. But going on history it is more likely that Tron will simply create a new token for each use case rendering all of them pointless in the end.
Crypto casinos are a valid, legitimate and active use case: there are currently no Bittorrent casinos or BTT casinos.
- Other Working Products (0 to 100) = 0
None
Core Team, Partnerships & Developers (0 to 200) = 0
- Core Team & Developers (0 to 100) = 0
The Singapore-based BitTorrent Foundation owns BitTorrent Token (BTT). Tron acquired BitTorrent Foundation in June 2018 and is, therefore, responsible for BitTorrent Token. The Tron foundation is led by Justin Sun, who has been in the news for all the wrong reasons.
- Partnerships (0 to 100) = 0
Apart from the Tron foundation partnership through acquisition, BitTorrent Foundation has also partnered with other institutions, including Coinpayments’ crypto payments gateway and GRID, among others. Any partnerships made prior to the Tron takeover are null and void as all are likely to be looking at alternatives following the acquisition.
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