BitTorrent Speed Wallet - Steemit Crypto Academy- S5W3 - Homework Post for @sapwood

Question 1 - What is torrenting, what is seeding in BitTorrent, how does it earn BTT rewards? Demonstrate with examples?

Torrenting has become one of the most popular methods of distributing files through the internet since its creation. It is basically a type of online data sharing that is carried out via distributed and decentralized peer-to-peer network which operates over a BitTorrent protocol that facilitates the peer-to-peer file distribution and sharing. Simply put, torrenting is basically a way in which users download and upload data or files online via a distributed and decentralized peer-to-peer network of connected computers devices with the help of a bitTorrent protocol. Unlike the regular and common way of downloading files from the internet that only requires the users to click on a download button and the file downloads to the user’s device from a centralized or single server.

Torrenting is operates differently. When it comes to torrenting by a user, the torrent which is also known as the tracker is split the file (usually large file) into smaller parts which is known as packets. The packets of smaller files are on the seeder but are distributed throughout a decentralized peer-to-peer network of computers devices or peers that are also downloading the same file. The peers that are also downloading the same file have a packet of the splitted file that is different from the rest. The torrent file that the user downloads carries out tracking to get which of the different available peers has which packet and after that, it alternates where the user is downloading the other packets of smaller files from. Each peer in the network are like a small server. This connection of peers which acts as small servers makes the whole process less heavy on the network. As more peers take part in the torrent to download the file, the faster the download.

How torrenting works

The process of torrenting starts with seeding which is basically the act in which a user makes a file (any digital file – movies, music, game, image, software etc) search on a particular website that deals with torrent files. These torrent websites are also known as indexers. The torrent file downloaded from the indexer does not contain the intended file itself, instead what the torrent file does is that it makes the torrent software locate the computers also known as seeders that are also sharing the same file.

After the file is located by the torrent software, a tracker now connects the seeders that make up the swarm in other for the file can be distributed or shared. With the help of a torrent client, the torrent trackers is connected so as to download and assemble the file on the user’s computer device and also to open torrent files. When a peer which is basically a user who has an instance of the torrent client on their computer downloads a file, it automatically shares the file at the same time without the need to wait for the entire file to be downloaded.

This means that there is no reliant on a one download source. Once the file is completely downloaded by a peer, the peer can begin to seed it. This makes the peer to become a seeder. The more seeders online seeding, the faster the download. The file becomes unavailable for download if there are no seeder available. The more seeders compared to leechers on the peer-to-peer network, the better the health of the file.

Seeding in BitTorrent

Seeding in bitTorrent is basically the act where a peer or a user shares or uploads the file with other peers in the peer-to-peer network after the download process is completed. When it comes to seeding, once the file is completely downloaded by a peer, the peer can begin to seeding the file. This makes the peer to become a seeder. The more seeders that are online seeding in the peer-to-peer network, the faster the download for other peers and also other peers can enjoy the downloading the same file as well. Seeding is important as far as bitTorrent is concerned because it not only makes the download faster, the more seeders compared to leechers on the peer-to-peer network, the better the health of the file. Also, the file becomes unavailable for download if there are no seeder available.

How does it earn BTT rewards

BTT is the native utility token of the BitTorrent that runs on the tron blockchain network. BTT is basically a tron-based token using the TRC-10 token standard that powers the BitTorrent protocol. BTT has a current price of $0.003155, market cap of $3,126,085,860, fully diluted market cap of $3,117,278,153, circulating supply of 990.00B BTT and total supply of 990,000,000,000 BTT.

Users of BitTorrent can earn rewards by actively becoming seeders by taking part in seeding on BitTorrent peer-to-peer network. Once a peer or a user completes the download of the desired torrent file, the peer can become a seeder by seeding or uploading the file so that other peers can enjoy the downloading the same file as well and also helping in the overall health of the file. When a peer decides to take part in seeding, the BitTorrent client can begin to earn BTT rewards based on the seeding. This BTT rewards is a way of encouraging peers to become actively become seeders. The longer and more actively a user is seeding torrents, the chance of earning more BTT tokens. However, there are various factors that affect BTT earning such as network connection and demand for the file. The more torrent seeded or shared by a user, the higher the chance of earning more BTT tokens rewards.

Question 2 - Download and install BitTorrent Speed Wallet? Restore it in TronLink Wallet? How do you secure the private keys of BitTorrent Speed Wallet?

Downloading and installing BitTorrent Speed Wallet

To demonstrate how to download and install the BitTorrent speed wallet, first we have to visit the official website at https://www.bittorrent.com/token/bittorrent-speed

Next, on the bittorrent speed webpage, click on the free download.

Screenshot of BitTorrent Speed

The download will begin and the file will be downloaded to your selected download folder on your device.

After the download is completed, select the file in the downloaded folder on your device and double-click to begin the installation process.

On the installer interface, click on next

Continue by clicking on next

Read the License agreement and click on next

Next, you can decide to install the optional SpyHunter and Avax free antivirus offer or not. For me, I declined the offer

The installation will begin installing the Speed wallet in your computer.

After the installation is completed, click on finish to exit the window.

The installation of the BitTorrent Speed Wallet is done and the BitTorrent Speed Wallet is installed on your computer.

After the installation is completed, open the installed application. The application will automatically open on your default browser as BitTorrent web.

Select your preferred language and click on yes

On the Next page, click on add tutorial torrent to add the torrent file

After that, click on the BitTorrent Speed tab

Next, read and accept the terms

Next, click on continue to proceed to the next phase

Next, input your email address and confirm the email address

Next, click on the check box and select send verification email

Check your email for confirmation and proceed with verification

Click on the verification link in your email to complete the verification. Close the page and go back to the BitTorrent Speed web page

After successful verification, click on next,

Next, click on create to begin the wallet creation

In the create wallet page, input strong password and confirm the password, Click on continue

Next is the recovery phrase. Write down the 12 word seed phrase in their right order and keep it safe

Next, confirm the recovery phrase by selecting the correct phrases in their right order and click on confirm

After that, select I’m not a robot

The BitTorrent Speed wallet has been successfully created.

Restoring in TronLink Wallet

To demonstrate how to restore the BitTorrent speed wallet in tronlink wallet, we have to go back to the BitTorrent speed wallet interface and click on Recovery Information

Enter your password to proceed and click on continue

Read the risk warning and tick on the check box to accept the I understand the risk involved and click on reveal to reveal the secret information

Your recovery phrase and private key will be revealed. Choose any one and copy either the recovery phase or the private key. For simplicity and ease, I chose to copy the private key

After that, open your Tronlink wallet

Select restore for the BitTorrent speed wallet restoration in tronlink wallet

Input your desired name for the wallet and click on continue

Since I copied the private key, I selected private key option

Paste the private key copied from BitTorrent Speed wallet and click on continue

Done, BitTorrent Speed wallet has been successfully restored in Tronlink wallet.

Securing the private keys of BitTorrent Speed Wallet

As far as blockchain and cryptocurrency is concerned, the security of a wallet is extremely important. Non-custodial wallets has made it possible for users to have full control of their wallet by providing the private key, giving the users full control of their wallet and assets. The BitTorrent Speed Wallet is a secure wallet that provides users with the private key as well as the recovery phrase, giving users full control of their BitTorrent Speed Wallet. With the private key secured, the user have full ownership of the wallet and their assets are secured.

For the security of BitTorrent Speed Wallet private key,

• Ensure to save the private key offline
• Adhere to the risk warning when revealing the private information on BitTorrent Speed Wallet
• The user should write down the private key on a sheet of paper or print the private key on a paper and keep it in a safe and secure place.
• After writing down or printing the private key on a paper, make multiple copies and keep them in different secure locations (different geographical locations might be a better option)
• Do not expose the private key around strangers
• Don’t take photos of the private key
• Don’t send your private key to anyone
• Never input your private key on any website

Question 3 - Transfer BTT from an Exchange to BitTorrent Speed Wallet? How do your transfer on-chain BTT to in-app BTT & vice versa?

To demonstrate how to transfer BTT from an exchange to BitTorrent Speed wallet, I will be making use of Huobi exchange to withdraw BTT

On the Huobi exchange, go to the BTT that you have in your asset and click on withdraw

Input the correct address of your BitTorrent Speed wallet and input the amount of BTT you want to withdraw. For me, I have 2100 BTT tokens, so I decided to withdraw all

Huobi exchange has a minimum withdrawal of 2100 BTT and 100 BTT as withdrawal fee, which means that I will receive 2000 BTT in my BitTorrent Speed wallet

Confirm the withdrawal details to proceed with the withdrawal

Once the withdrawal is completed, the BTT should arrive in your BitTorrent Speed wallet. Click on refresh. For me, 2000 BTT tokens reflected in my BitTorrent Speed wallet.

Transferring BTT to BTT-in App

Transferring BTT on chain to BTT-in App or BTT-in App to BTT on chain is a straight forward process on the BitTorrent Speed wallet interface.

To do this, on the BitTorrent Speed wallet interface, click on the BTT on-chain to expand input section

Input the amount of BTT on-chain you want to transfer to BTT-in app. The amount must be atleast 1 BTT on-chain. For me, I transferred 1000 BTT on-chain

Click on send to proceed with the transfer transaction

On the send confirmation pop up, click on send to execute the transfer transaction

The transaction will be pending, click on done

You can check the history tab to check the status.

The BTT on-chain has been transferred to my BTT-in app and the amount has reflected in my wallet

Transferring BTT-in App to BTT on-chain

To do this, the process is similar to the previous transfer. On the BitTorrent Speed wallet interface, click on the BTT in-app to expand input section

Input the amount of the in app BTT you desire to transfer and convert to the to on-chain BTT . The amount must be atleast 1000 BTT in-app. For me, I transferred 1000 BTT-in app. Click on send to proceed with the transfer transaction

On the send confirmation pop up, click on send to execute the transfer transaction

The transaction will be pending, click on done

You can check the history tab to check the status.

Question 4 - How do you Create and/or Add Torrent? How do you seed it?

Creating torrent

To demonstrate how to create and add torrent and seed it, I will be making use of the BitTorrent web interface.

To do this, launch the BitTorrent web installed in your computer. On the BitTorrent web interface, click on Torrents

On the Torrents dashboard interface, select create torrent

On your computer device, select the file you want to create torrent with

On the next page, you can change the save torrent location or leave the default.

For seeding, tick the check box for seeding when torrent is created.

Click on create torrent to create the torrent file.

The torrent has been created.

Adding torrent

To add torrent, select add torrent from your computer

Click on browse to browse the different folders on your computer for the torrent file to add

Select the desired torrent file you want to add from your computer and click add

The torrent has been added.

For seeding, ensure to toggle on the seeding button

All screenshots are from my BitTorrent Speed Wallet, BitTorrent Web, Tronlink wallet, Huobi Account

Conclusion

When it comes to the tron ecosystem, the BitTorrent is one of the top protocols and ecosystems that operates on the tron network. BitTorrent remains one of the top protocols for peer-to-peer file sharing and distribution and with the addition of BTT, it has become even more powerful and robust in rewarding users who take part in seeding of downloaded torrents in BTT tokens. The BitTorrent Speed wallet is an amazing and secure wallet for holding tron based assets. With the Speed wallet, users can perform many transactions and utilize the BTT in the BitTorrent ecosystem. The BitTorrent interface makes it easy for users to create or add torrents as well as download torrents.