Altcoin Explorer: BitTorrent Token (BTT)

BitTorrent is a brand that was well known before Satoshi Nakamoto even released his whitepaper for Bitcoin. It served as the most used P2P software …
Reading Time: 3minutesbyAshwath BalakrishnanonAugust 29, 2019&nbspAltcoin Explorer, Altcoins

BitTorrent, the first Binance Launchpad IEO, was issued to power the BitTorrent Speed network with a variety of use cases for the token listed in the whitepaper and subsequent analyses. But as pointed out by eminent crypto VC, Barry Dilbert, most utility tokens act as friction tokens that slow down efficiency and offer no real utility. In this run down, BTCManager covers the merits and demerits of the BitTorrent project.

First Major P2P File Sharing Client

BitTorrent is a brand that was well known before Satoshi Nakamoto even released his whitepaper for Bitcoin. It served as the most used P2P software and thrived due to its economic model of ‘give and receive’.

In 2018, TRON bought BitTorrent and announced their plan to integrate it into their network. This was met by criticism from the ex-CSO of BitTorrent who claimed that the TRON blockchain cannot handle the volume of transfers from BitTorrent.

As destiny would have it, the whitepaper outlined that they will deploy an on-chain token exchange with a private ledger to process BTT transactions, as TRON cannot achieve the necessary throughput to handle it.

TRON bought a company that owned the world’s largest P2P data transfer client, one that was thriving as it was, and deployed it on a blockchain with a token to create friction that never existed.

The team argues that the point of the token is to incentivize seeders and enable users to purchase network bandwidth. What they failed to understand is that the existing game theory of BitTorrent was perfect as it was – seeders keep seeding to keep the network strong, and in return when they need to leech there are adequate seeders.

With that said, another use-case of the token comes with the unveiling of BLive, BitTorrents mobile streaming service that is akin to that of the Brave browser, wherein users can tip their favorite streamers and content creators in BTT amongst other features. Whilst this does broaden the use-case for BTT, what can be said of the performance of the token on the market?

Tokenomics of BitTorrent

TRON’s plan of integrating a new incentive layer on BitTorrent can be seen as ambitious, and their intent is definitely positive. But the economics of BTT issuance renders it an asset nobody would want to hold – so what’s the point of even having the token?

BitTorrent is best compared to ERC20 tokens as they are both meant to be utility tokens built on top of a base blockchain.

Most ERC-20s like Golem (GNT), Basic Attention Token (BAT), and OmiseGo (OMG) have issued the entirety of their supply and have nil inflation. Others like ChainLink (LINK) and 0x have not and have issued 93 percent and 65 percent of their supply respectively.

BTT has issued 40 percent of its supply, with a reported supply of 212 billion tokens and a hard cap at 990 billion. The inflation rate on BTT is a mind-numbing 70.98 percent as per Messari data.

Essentially, investing in BitTorrent now means that by the time total supply has been issued, your position has been diluted to more than half of what it is today. Of the 588 cryptocurrencies and tokens for which Messari has data, BTT is at number 7 in terms of highest inflation rate.

The team and TRON Foundation will hold nearly 40 percent of supply. The public sale accounts for just 15 percent of total supply. If the Foundation and investors dump their tokens in the market to realize their returns, the minority are doomed.

Nobody in their right senses would invest with such high inflation; add the token dilution and low market float to the mix and you have an economic disaster on your hands.

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MediBloc [ERC20] Price Changed by -9.3 percent

MediBloc [ERC20] MEDX/BTC on Bithumb Singapore exchange is 0.00. The trading volume on Bithumb Singapore is 66.78. MediBloc [ERC20] …

As at 2019-08-29 average MediBloc [ERC20] price is 0.00387916 USD, 0.00000040 BTC, 0.00002250 ETH.

MediBloc [ERC20] MEDX/KRW on Upbit exchange is 0.00. The trading volume on Upbit is 129508.00.

At the same time MediBloc [ERC20] MEDX/BTC on Kryptono exchange is 0.00. The trading volume on Kryptono is 464865.00.

MediBloc [ERC20] MEDX/BTC on Bithumb Singapore exchange is 0.00. The trading volume on Bithumb Singapore is 66.78.

MediBloc [ERC20] MEDX/BSC on Bitsonic exchange is 0.08. The trading volume on Bitsonic is 20.05.

It’s noteworthy that is issued into circulation MediBloc [ERC20].

In this regard, 24 hour trading volume is 874832.99921229 USD or 90.20849867 BTC. At the same time MediBloc [ERC20] market capitalization is 13171145 USD or $1358 BTC.

MediBloc [ERC20] average change within 24 hour is -9.3 against USD, -4.76 against BTC, -1.32 against ETH. Weekly report: -17.13 against USD, -13.04 against BTC, -10.36 against ETH. Monthly report: -26.2 against USD, -27.27 against BTC, -10.31 against ETH.

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“Ethereum Is A Technological Dead End” That Will Ultimately “Die”: Samson Mow, CSO Blockstream

Last week, Vitalik Buterin, the co-founder of Ethereum expressed his concerns about Ethereum’s scalability saying this issue could lead to increased …
“Ethereum Is A Technological Dead End” That Will Ultimately “Die”_ Samson Mow, CSO Blockstream

Last week, Vitalik Buterin, the co-founder of Ethereum expressed his concerns about Ethereum’s scalability saying this issue could lead to increased transaction fees and therefore discourage corporate clients. The scalability issue only seems to be escalating as per data from Etherscan.io which shows that Ethereum network utilization has reached the critical 90% mark.

This revelation prompted Samson Mow, CSO of Blockstream to lambast Ethereum blockchain, referring to it as a “technological dead end”.

Ethereum Is A Technological Dead End – Mow

It is patently clear Mow has been an ardent critic of the Ethereum blockchain. In the past, he has referred to ethereum as a “science fair project” with minimal use cases and he has also said ethereum is “centralized AF”. The Blockstream CSO is now referring to ethereum as a “technological dead-end” due to its almost full network. Mow goes ahead to say that with continued use, Ethereum is doomed to inevitably die. He asserted:

“Ethereum is a technological dead end. The more it’s used, the faster it dies. Fortunately, USDT is also available on the #LiquidNetwork which is more scalable and later will allow Lightning Networks to be created for assets like Tether.”

Buterin responded to Mow stating that other blockchains like bitcoin are facing scalability issues as well, not just Ethereum. He explained:

“You do realize that Bitcoin is also “almost full” in exactly the same way ethereum is, right?”

Liquid Network, according to Buterin is a centralized system. He criticized Liquid Network by making a reference to Tim Swanson, head of market intelligence at Clearmatics. Clearmatics is a blockchain fintech company that has close ties with Ethereum Foundation and has been working on developing scalability solutions since its inception in 2015.

“I’m sure @ofnumbers will be glad to hear about your support of permissioned consortium chains!”

Despite Mow being a firm critic of ethereum, a recent draft sent to SEC shows he has invested in an ethereum token, ERC20 proposed by INX Limited. This has since sparked off harsh criticism from the community with some referring to Mow as a hypocrite.

The Culprit: Controversial Stablecoin Tether

According to a report published by Bloomberg, the jamming of the ethereum network is due to the US dollar-pegged stablecoin, Tether. In 2017, the cause of ethereum’s capacity congestion was attributed to an application developed on top of ethereum’s blockchain, CryptoKitties. At present, however, Tether is exerting 17.5 times more pressure on ethereum blockchain than CryptoKitties did back then.

Notably, close to 40% of all the Tether in circulation runs on the ethereum blockchain. Due to this clogging, Tether parted with $260,000 in the past month as fees for miners verifying transactions on Ethereum’s ledger, as per data by Ethgasstation data researcher.

ETH 2.0, The Panacea For Ethereum’s Scalability Woes – Or Not

Ethereum network is focused on ETH 2.0 (Serenity) upgrade which, for all intents and purposes, will fix Ethereum’s persistent scalability issue. This ambitious update is slated for some time in 2020 and will introduce a proof-of-stake consensus mechanism and sharding as scalability solutions.

Be that as it may, some developers have no trust on this upcoming upgrade being a full-proof solution to ethereum’s scaling drawback. Case in point, Jeff Dorman, chief investment officer at Arca, a cryptocurrency asset manager based in Los Angeles. Dorman told Bloomberg that this ethereum upgrade is “not a guarantee” and therefore wise to keep off any development operations on the network until the upgrade is fully implemented and proves successful:

“So the biggest implication today is simply that developers may be incentivized to wait until this transition happens before fully committing to building on ethereum. Tether isn’t helping.”

The ETH 2.0 update expected in the near-future is designed to fix the scalability issue currently experienced by the network. If it does not fix this issue as planned, a good number of developers and customers could flee the blockchain.

What’s Your Thought On This?, Let Us Know In the Comment Section Below.


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Ethereum is a Technological Dead End, Says Samson Mow

Controversial bitcoin maximalist Samson Mow described Ethereum as “a technological dead-end” after the digital ledger project ran out of capacity.
bitcoin, ethereumAltcoins

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davitbabayan| Aug 27, 2019 | 15:41


Controversial bitcoin maximalist Samson Mow described Ethereum as “a technological dead-end” after the digital ledger project ran out of capacity.


Ethereum Struggles With Congestion Again

The network utilization of Ether, Ethereum’s native asset, soared above 90 percent, according to data provided by Etherscan.io. The surge, according to Ethereum co-founder Vitalik Buterin, could prompt transactions costs to increase, making it expensive for corporate users. The comments indirectly referred to Tether Limited, a Hong Kong-incorporated firm that issues its stablecoins atop the Ethereum blockchain.

The past month saw Tether paying $26,000 in fees to miners whose machines process transactions on Ethereum’s ledger. Data researcher Ethgasstation noted that the Hong Kong firm ended up jamming the network, a reminiscent of how CryptoKitties – an app launched on the Ethereum’s blockchain – did the same back in 2017. Only this time, Tether’s impact on the blockchain was 17.5 times higher than that of CryptoKitties.

Mowing-Mowing

Mow, who has been an adamant critic of Ethereum, took to his Twitter profile to reiterate his distaste of the world’s second-largest blockchain project. Saying it is a dead-end technologically, Mow forecasted that Ethereum would die one day because of its own growth. Excerpts:

Ethereum is a technological dead end. The more it’s used, the faster it dies. Fortunately, USDT is also available on the #LiquidNetwork which is more scalable and later will allow Lightning Networks to be created for assets like Tether.

The latest comments made to Mow’s extended record of Ethereum-shaming. As a chief strategy officer of Blockstream, he has called the Buterin’s blockchain project with a string of demeaning names, including “the most impractical thing in existence,” a “science fair project,” and “centralized AF.”

Personally I don’t think Ethereum is a competitor. It’s a science fair project. Cool concept. Little real world use. https://t.co/cJ7OYP3EV6

— Samson Mow (@Excellion) June 19, 2016

The blockchain bigwig also said that he wishes “ill on Ethereum,” which has “no future.”

Meanwhile, the #2 cryptocurrency is taking steps towards improving its network capacity issues. The blockchain, which currently relies on a proof-of-work mechanism, is looking to switch to more basic approaches known as staking and sharding, which will reduce the network’s burden.

Three years ago on this day, #Ethereum hard forked to recover funds taken from them in the DAO hack and @eth_classic was born. Never forget that $ETH is centralized AF. 🍻🎉 pic.twitter.com/8lWsp2ssF1

— Samson Mow (@Excellion) July 21, 2019

Jeff Dorman, chief investment officer at Arca, a Los Angeles-based asset manager, nevertheless believes that Ethereum still cannot guarantee that its scalability solutions would eventually work. It is, therefore, prompting developers to take their projects on other blockchains.

So the biggest implication today is simply that developers may be incentivized to wait until this transition happens before fully committing to building on Ethereum,” Dorman told Bloomberg. “Tether isn’t helping.

The Boos, Meanwhile

Mow’s latest criticism for Ethereum, meanwhile, has attracted further criticism from the community. People have questioned the blockchain strategist about his allegiance to an ETH-backed startup called INX Limited, for which he allegedly took 100,000 ERC20 tokens as an advisory fee.

Wait, I’m confused, why would you advise inx who is building on eth, if you are being honest about your opinion? Why is inx not on liquid?

— The Crypto Lark (@TheCryptoLark) August 27, 2019

Mow has not responded to those questions yet.

What do you make of Mow’s latest Ethereum comments? Add your thoughts below!


Images via Shutterstock, Twitter @TheCryptoLark, @Excellion

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MediBloc [ERC20] Price Changed by -4.2 percent

As at 2019-08-26 average MediBloc [ERC20] price is 0.00425811 USD, 0.00000042 BTC, 0.00002295 ETH. In this regard, 24 hour trading volume is …

As at 2019-08-26 average MediBloc [ERC20] price is 0.00425811 USD, 0.00000042 BTC, 0.00002295 ETH.

In this regard, 24 hour trading volume is 1088176.41371840 USD or 107.33261794 BTC. At the same time MediBloc [ERC20] market capitalization is 14457816 USD or $1426 BTC.

MediBloc [ERC20] average change within 24 hour is -4.2 against USD, -4.55 against BTC, -2.01 against ETH. Weekly report: 3.99 against USD, 7.69 against BTC, 9.86 against ETH. Monthly report: -20.76 against USD, -21.82 against BTC, -6.14 against ETH.

It’s noteworthy that is issued into circulation MediBloc [ERC20].

MediBloc [ERC20] MEDX/BSC on Bitsonic exchange is 0.08. The trading volume on Bitsonic is 3.38.

At the same time MediBloc [ERC20] MEDX/BTC on Kryptono exchange is 0.00. The trading volume on Kryptono is 555113.00.

MediBloc [ERC20] MEDX/BTC on Bithumb Singapore exchange is 0.00. The trading volume on Bithumb Singapore is 108.50.

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