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Token burn mechanisms commonly used in cryptocurrencies like #BitTorrent ($BTTC ) to implement a deflationary model. Transaction Fee Burns ➡ A portion of the transaction fees paid by users is automatically burned, permanently removing those tokens from circulation. Periodic Token Burns ➡ The project team schedules periodic burns where a specific amount of tokens are destroyed, often based on network activity or revenue milestones. Smart Contract Triggers ➡ Certain actions within the network, such as using services or completing transactions, trigger an automatic token burn. Ecosystem Burn Programs ➡ Tokens collected through ecosystem usage, such as staking fees, file-sharing rewards, or subscriptions, are burned to sustain long-term value. Buyback and Burn ➡ The project team uses profits or revenue to buy tokens from the market and burn them, reducing the circulating supply. In BTTC's case, the transaction fees or network usage fees within the BitTorrent ecosystem might involve burning a percentage of tokens.
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Tokenomics The total supply of #BitTorrent ($BTTC ) was capped at 990 billion tokens when it was launched. The large supply is meant to ensure accessibility to all users of the BitTorrent network. BTTC has a deflationary model, where tokens may gradually be burned to decrease supply and maintain value.
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BitTorrent Speed #BitTorrent ($BTTC ) ➡ BitTorrent Speed is a feature introduced to integrate BTTC with the classic BitTorrent protocol. Users can enable BitTorrent Speed in their BitTorrent or µTorrent clients to earn BTTC as they share files or use BTTC to accelerate downloads. This incentivizes users to remain in the system longer by rewarding them with tokens for seeding. Earn BTTC by Seeding ➡ Users who upload and seed files are compensated with BTTC tokens for the bandwidth they provide to other users. Spend BTTC for Faster Downloads ➡ Downloaders can use BTTC to prioritize their position in the queue and download files more quickly.
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Use Cases for #BitTorrent ($BTTC ) Faster Download Speeds ➡ Users can pay with BTTC to prioritize their downloads. This incentivizes seeders to upload faster and provide more bandwidth, improving the overall network efficiency. Decentralized Storage ➡ Through BTTC, users can pay for decentralized storage services within the BitTorrent ecosystem, allowing them to store files in a distributed manner across multiple nodes. DLive and Other Applications ➡ BTTC can also be used in other decentralized applications (dApps) that are part of the TRON and BitTorrent ecosystems, such as DLive, a decentralized video streaming platform.
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Incentivized Ecosystem ➡ The primary goal of #BitTorrent ( $BTTC ) is to create incentives for users to contribute to the BitTorrent ecosystem by sharing files and seeding data. Instead of just relying on users’ goodwill to seed files after downloading, BTTC rewards them for continuing to share and upload files.
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