The crypto market is currently seeing amazing growth, finding fresh footholds in online retail, service, hospitality, travel, and entertainment industries. One of the most notable crypto industries is the online gambling world, where a number of casino providers, like Vegas Casino offer a full range of betting entertainment games from their sites, accepting Bitcoin in place of fiat currency.
Digital currency seems to fit hand in glove with all forms of online business. The speed of the internet has only fed the voracity of the instant gratification demands of its consumers. This has made way for the need of fast transactional solutions that operate without the cost or delay of middlemen. The best solutions can only be found in blockchain technology.
BitTorrent is a digital tech company that have a unique take on the way consumers download files and distribute them to their peers over the internet. It is unlike all other P2P digital sharing applications that you have used in the past. Instead, it is engineered specifically for for high speed delivery, and ease of use.
The nature of the application offers you the ability to start sharing files before they have been fully downloaded. Because the torrent files are broken up into smaller chunks (bits), you can start sharing those with your peers before the entire sum of content is fully retrieved on your end. It also means that you can start watching/viewing content before it is fully downloaded.
BitTorrent Web boasts on their site that you can binge watch the internet and play files right away. It emphasises speed in all its aspects. For this reason, any payment platform that would be put into place for future transactional purposes would need to live up to the pace of the platform and complement its service delivery promises.
In June of 2018, Tron acquired BitTorrent for $140 million. Their intent has been to introduce blockchain payment methods to the platform to stream line its service to its 100 million user base. As such, the company is reportedly launching its own digital currency, called BitTorrent Token (BTT). The currency will be based on Tron’s originalTRX Tokens.
HOW CRYPTO WILL BENEFIT THE SHARING SITE
Tron aim to develop a P2P software ecosystem that will allow users to truly own their own data. The Tron platform will provide content creators with necessary means to distribute their files to others on the web and take payment in Tokens, which will provide instant gratification of receipt. Similarly, BTT tokens can be used to send payment in real time to content creators for files that they share.
As stated before, the nature of blockchain transactions is perfectly suited to this high speed tech industry. They are compatible for a number of reasons, including:
Speed: Blockchain transactions are completed and verified within minutes, at most. Being an in house token, even more special protocols can be instituted to ensure a faster verification process.
Safety: The safety involved in using multi-layer encrypted hash codes is second to none. Blockchain verification ensures that no currency doubling is possible and therefore protects sellers from fraud. Once a block transaction is formed, it cannot be reversed, which means that once you have received payment, it cannot be undone by the payer. Torrent data is therefore secure and has no chance of being stolen.
Discretion: Unlike centralised payment methods,blockchain transaction do not need tremendous amounts of your private information in order to be processed.This means that BitTorrent consumers will be less likely to fall victim to identity fraud. This also streamlines each payment transaction, as fewer protocols need to be put in place.
THE KNOCK ON EFFECT FOR BITCOIN
The questions surrounding the idea of yet another privatised blockchain are very pertinent. With so many cryptocurrencies becoming available on various platforms, it is bound to create confusion. We do understand though, why such a massive platform might need its own coinage, as the market cap on pre-existing currencies may not be sufficient for the amount of trade that will result from such a digital giant.
On the whole, the embrace of blockchain technology by such a popular digital platform can only have a positive influence on the concept of cryptocurrency. In a world where the industry has come under immense scrutiny, having a big internet giant come on board by supporting and implementing the concept, can only promote the usage of decentralised currency in the long run. As a result, we may see a knock on effect which will positively bolster the buying of other popular e-currencies.
Naturally, leading names such as Bitcoin will get a look in first. This coinage is far more versatile than most and can be used on a wide variety of platforms. This should see prominent Bitcoin industries rise. All of this news is very good for Vegas Casino, who offer a Bitcoin-first approach to online gambling. The more consumers on the Bitcoin bandwagon, the more players we get and the better experience we can offer to our clients.
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