How BitTorrent Chain is advancing blockchain interoperability

2024-08-23 07:17:33 Primitive Reading

The need for seamless asset transfers across different networks has long challenged the blockchain landscape. The BitTorrent Chain (BTTC) attempts to provide a scalable, high-throughput, and low-fee interoperability layer between Tron and Ethereum Virtual Machine (EVM)-based chains. Cointelegraph Research recently released a report that explores BTTC as an interoperability layer and surveys the broader BitTorrent ecosystem.

BitTorrent’s evolution: From P2P file sharing to blockchain innovation

Launched in 2001, BitTorrent was a game-changer in the world of peer-to-peer (P2P) file sharing and accounted for one-third of all internet traffic within a few years of its initial release. However, as the internet evolved, the limitations of BitTorrent’s incentive structure became apparent and led to a decline in BitTorrent’s usage.

In 2018, the acquisition of BitTorrent by Tron marked the beginning of a new chapter. Tron expanded BitTorrent’s scope beyond file sharing by integrating blockchain technology. This led to the creation of new systems such as the BitTorrent Filesystem (BTFS) and, more recently, the BitTorrent Chain (BTTC). The BitTorrent (BTT) token is the utility token for each of the networks.

BitTorrent Filesystem

BTFS is a decentralized file storage system that rewards users with BTT tokens for long-term file storage. It addresses the limitations of the original BitTorrent protocol, which relied heavily on altruism. The original protocol often succumbed to the tragedy of the commons — when individuals prioritize their own interests over the needs of the whole — and users would cease seeding files after their downloads were complete. BTFS, on the other hand, motivates miners to maintain files over extended periods with BTT token rewards as an incentive.

Over eight million storage miners are currently active on the network, and more than six pebibytes of data have been stored. The successful implementation of BTFS laid the groundwork for further blockchain integration in the BitTorrent ecosystem and the development of BTTC.

BitTorrent Chain: Bridging blockchain networks

BTTC was created to address the need for seamless asset transfers between different blockchain networks. It is designed as a scalable interoperability layer that connects Tron and EVM-based chains. Leveraging a network of proof-of-stake sidechains derived from Cosmos’ Tendermint software stack, BTTC achieves high transaction throughput and low fees. Validators stake BTT on Tron, and slashing conditions are applied to ensure the integrity of the network.

BTTC facilitates asset transfers across different chains, including Tron, Ethereum and the BNB Smart Chain. It employs a lock-and-mint model for these transfers, where tokens are locked on one chain and minted on BTTC. The network processes approximately 7,000 transactions per second with a block time of three seconds. Average gas fees are below $0.01. Security and reliability are maintained by 12 active validators, supported by over 6,200 stakers (figure 1).

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