Decentralization and networked operations had worked hand in hand even before the advent of cryptocurrency.
Torrenting for example had been around since the 2000s with Bit Torrent created by Bram Cohen in 2001 as a networked file downloading process such that users no longer have to download from one source but rather from a distributed file system.
Good day Beautiful Steemians, I am @hadassah26, welcome to another week of the Steemit Crypto Academy season 5. Today I will be treating the topic BitTorrent Speed Wallet by professor @sapwood.
"(1) What is torrenting, what is seeding in BitTorrent, how does it earn BTT rewards? Demonstrate with examples?"
Torrenting is the process where a file is shared amongst a network of computers such that such that downloading is no longer from a single server but from a network of computers.
This way the file is not seated on a single "cloud" server but rather a distributed network and so downloading involves getting bits and pieces of that file from around the network in a way such that on assembly the complete file is saved on the downloading computer.
This idea was widely accepted amongst internet users as it sometimes increases the speed of download, more it helped reduce the risk of cramping down on some "classified" files which could have been gotten down by only taking down a single server, and more it gave access to more files which only a single server may not have been able to afford.
Now the distributed network of torrenting is basically all computers connected to the torrent site, automatically creating a network. So when ever one computer is downloading a file, after downloading it "seeds" which is that computer providing access to other computers reaching a file or that computer owning that file and giving a piece of that file to other computers.
Major Torrenting sites include Bittorrent, PirateBay, Utorrent, YTS, RARBG, etc.
In 2018, BitTorrent partnered with Tron to produce the Bit Torrent Token (BTT). Now BitTorrent users can earn tokens for seeding for the network or pay BitTorrent tokens to have more seeders hence faster downloads.
What is Seeding?
Seeding is sharing back files downloaded from a torrent with other users. The idea is to give back what one took, hence after downloading a file a user is expected to keep his server running so as to allow other access that file continuing the flow of information on the network. Not enabling seeding on ones torrent server is referred to as leaching as it is seen as one collecting a file and being greedy with it.
On the BitTorrent network, seeding is lucrative as users are paid for seeding in Bit Torrent Token. They can now swap their token for other crpto coins or transfer their tokens to exchanges to sell it for fiat currency.
How to earn BTT rewards
As discussed above, BTT (BitTorrent Token) is earned by allowing ones computer seed after downloading a file. This means the more one downloads from the BitTorrent network, the more they earn
Example of earning BTT rewards using BitTorrent
For example on downloading the BTT speed wallet and downloading the tutorial video and turning on the seeding button, we have now earned about 0.015930 BTT which reflects in our wallet as shown below:
"(2) Download and install BitTorrent Speed Wallet? Restore it in TronLink Wallet? How do you secure the private keys of BitTorrent Speed Wallet?"
To download and install the BitTorrent Speed Wallet, first we have to go to the BitTorrent Web, then download the web app
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We go through the installation wizard as shown below:
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We can now launch the BitTorrent web and download our first Torrent tutorial video as shown below:
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We can now skip the introductory to registering our email and having a successful registration.
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We can now create our wallet as shown below by registering our email and confirming the recovery phrase:
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Our wallet is now good to go.
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To restore it on our tronlink wallet, we click on "Recovery Information", reveal our Private Key and copy it to our Tron link wallet:
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"(3) Transfer BTT from an Exchange to BitTorrent Speed Wallet? How do your transfer on-chain BTT to in-app BTT & vice versa? Demonstrate with real examples? Include relevant screenshots?"
To transfer BTT from an external exchange, we first open our external exchange, here I will be using the Binance exchange:
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I go to my Binance Spot Wallet and select BTT coins.
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I click on "Withdraw" and I am directed to the withdrawal page:
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I no go to my Tronlink where I had linked my BitTorrent Speed wallet to copy my BTT address:
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I now go back to my Binance and paste the BTT address on the withdrawal address on my Binance and click on withdraw.
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We can see that the sent BTT has arrived in our BTT speed wallet
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To transfer BTT onchain to inapp and inapp to onchain, it is
To transfer BTT from onchain to inapp, we simply click on the dropdown button on our BTT onchain coin on the BTT speed wallet, we now put in the amount of BTT we wish to transfer, seeing that it is already set to "Transfer to Inapp"
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We click "Transfer" and we click on the proceeding popup boxes:
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To Transfer BTT from inapp to Onchain, click on the drop down box on our BTT inapp token and the type in the amount of BTT we wish to transfer to onchain since it is already set to "Onchain".
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we do not have enough BTT on our inapp so we cannot proceed.
"(4)How do you Create and/or Add Torrent? How do you seed it? Demonstrate with real examples?"
To Add a Torrent to our BitTorrent web, First we search for the Torrent file we want to download as shown below:
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We are then redirected to the Google search engine where we can now select the site we want to download the Torrent file from.
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Selecting the Torrent file from the designated site, we can now click on "Get Torrent" and connect our BitTorrent web to the Torrent from the designated site.
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On our BitTorrent web, we can now click on "Add" torrent to downloads.
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The Torrent file starts downloading immediately, and completes within minutes.
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To seed downloaded files, turning on the Seeding Button as shown below, Our downloaded Torrent files are automatically set to seed as far our internet connection is turned on.
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What is more than better access to files from the internet and more earning from downloading and seeding them.
The BitTorrent service is a great innovation and more its collaboration with Tron to provide the BitTorrent Token makes it even better.
Thanks to professor @sapwood for this wonderful exposure and teachings.