BitTorrent Creator to Enter the Bitcoin Space!

Bitcoin and BitTorrent are two revolutionary technologies from different eras that share few similarities. Both are decentralized peer-to-peer networks that revolutionized their respective sectors. Following the success of BitTorrent, its creator Bram Cohen has announced his plans to explore the Bitcoin industry.

Bram Cohen is already familiar with cryptocurrencies as he has been involved in the sphere for some time. He is now on the verge of turning his interest into a full-time preoccupation as he starts work on a new cryptocurrency.

According to reports, Bram Cohen will be developing his own cryptocurrency that addresses various challenges currently faced by the Bitcoin network. He believes that Bitcoin in its current form is “wasteful” while suggesting an alternative method for creating a more sustainable and scalable cryptocurrency platform.

Bram Cohen was quoted by TorretFreak, a tech magazine saying,

“My proposal isn’t really to do something to Bitcoin. It really has to be a new currency. I am going to make a cryptocurrency company. That’s my plan. “

His cryptocurrency solution could be based on Proofs of Space and Proofs of Time, which is quite different from the Proof of Work and Proof of Stake algorithms that are currently in use. Cohen has also presented a paper in this regard at the Stanford Blockchain Conference.

He has also mentioned the benefits of storage based cryptocurrency, which includes a solution for concerns about the 51% attack on Bitcoin network. While speaking about the nature of Bitcoin network in relation to 51% attack, he said,

“Sometimes people have this misapprehension that Bitcoin is a democracy. No Bitcoin is not a democracy; it’s called a 51% attack for a reason. That’s not a majority vote, that’s not how Bitcoin works.”

We can expect Cohen to start his work on the new cryptocurrency in the next few months, once he fulfills certain commitments towards BitTorrent Inc.

The cryptocurrency revolution has picked up the pace in recent months. The sector, which was so far led by Bitcoin and Ethereum has plenty of players working on various alternative blockchain solutions. Most of these solutions are designed to solve specific problems, overcoming the drawbacks of the existing platforms. Cohen’s new cryptocurrency will also be one such solution.

Ref: TorrentFreak | StealThisShow |  Image: NewsBTC

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Luke Cage fans on Netflix had to go without their usual daily fix for a while last week, following a massive DDoS attack on the internet. While the DDoS attacks can be considered as acceptable risks for an internet based business, a combination of Bitcoin and BitTorrent presents itself as a huge threat to services like Netflix.

Since Bitcoin gained popularity, it was considered as an ideal method for micropayments. The low transmission cost advantage which Bitcoin had in the early days gradually wore off due to increased network usage and lack of scaling. Now a solution in the form of Lightning Network is at sight. As Bitcoin Core prepares to introduce SegWit in the next update, Lightning network for micropayments may soon become a reality. With Lightning network, streaming sites can have an open payments channel for each customer allowing them to automatically pay for what they watch. A combination of Lightning and Torrent streaming services may soon give Netflix a run for their money.

 Is BitTorrent Better than Netflix

The BitTorrent network has a huge customer base which goes many folds higher than that of Netflix, which makes it easy to access to a majority of internet savvy population cross the world. In addition, the use of BitTorrent network is prevalent across the world whereas the reach of Netflix is not as extensive.

With a customer base already primed and ready to use torrent streaming services, any BitTorrent based video streaming service with digital micropayments can readily capture a huge chunk of Netflix’s customers. Not to mention fresh customers who may have eventually joined Netflix. There are a couple of micropayments enabled, BitTorrent based streaming sites in the works and expected to be launched soon. It is just a matter of time before the shift in on-demand video streaming industry takes place.

Challenges Faced by BitTorrent-Based Streaming Services

So far it is clear that the right combination of Bitcoin and BitTorrent can give Netflix a tough competition. However, it may be a bit challenging for such platforms to get the required permissions and licensing from the producers of movies and TV shows right away as they still have to build a reputation in the industry. Netflix scores high in this criteria at the moment.

Ref: Medium |VentureBeat | Image: Netflix
The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of NewsBTC

OpenBazaar, the decentralized marketplace has spread across 183 countries. The announcement was made earlier yesterday by the company on its Twitter channel. The project, started small in a hackathon has now become an international product fueling global e-commerce, in a decentralized fashion.

The OpenBazaar platform has achieved the remarkable success of becoming a global product in less than a month of its launch. The platform was opened for public on the 4th of this month. There has been no turning back for the platform since then.

openbazaar-twitter

While OpenBazaar accepts the only bitcoin as the currency on its platform, its model is unique compared to other bitcoin-only sites that are available on the deep web. OpenBazaar can be better explained as a blend of eBay and BitTorrent that uses bitcoin for transactions. In order to use OpenBazaar, both buyers and merchants have to download and install the OpenBazaar application on their desktop. Once they have the software installed and running, they can create their accounts on the start buying and selling on the platform. Open Bazaar is a complete peer to peer platform that operates without interference from any company or government.

At the same time, there are no fees or additional charges for listing the products, selling and buying on the platform. However, in the case of disputes, OpenBazaar users can make use of moderators for resolving the disputes, in such cases, fees will be payable to the moderator involved in dispute resolution. The platform is able to operate on a zero fee model mainly due to its usage of bitcoin as the mode of transaction. Bitcoin being an open source, decentralized peer to peer transaction protocol is free to integrate and even the transactions happening over the Bitcoin protocol do not carry any transaction fee, except for a small fraction charged by the miners for enabling the transactions.

OpenBazaar was created by Brian Hoffman along with fellow contributors. the project itself is a fork of the DarkMarket project created by Amir Taaki, which was presented at the Toronto Bitcoin Hackathon in 2014. Based out of Washington DC, the project has already raised $1 million in seed funding from Andreessen Horowitz, Union Square Ventures, and William Mougayar.

For those who are new to OpenBazaar, a lot of independent developers and enthusiasts have created documentation and user manuals, most of which are freely available. There are also communities built around the e-commerce platform on Facebook, Reddit and other social media platforms where both buyers and sellers can interact with the OpenBazaar community as well as each other.

By using bitcoin and blockchain technology, OpenBazaar has changed the face of e-commerce, making it easy to use and accessible to everyone irrespective of geographical boundaries. With increased adoption of the digital currency technology, we can expect the boundaries that separate nations to disappear sooner than later.

Ref: OpenBazaar Image Courtesy of NewsBTC All Rights Reserved

Internet in its current form has been around for decades now. While the bandwidth has definitely increased and with rapid improvements in technology, data costs have gone down drastically. However, deep down the framework on the internet remains mostly unchanged. The increased dependence and familiarity of internet among individuals, organizations and governments has made it an irreplaceable piece of technology of the modern day which one can’t imagine surviving without.

Even though the internet is getting better each passing day, the average overall internet experience across the world leaves a lot to be desired. It is mainly because even the applications are becoming overly process and data intensive. The data storage and transfer protocols currently has a lot of room for improvement and there is one player who intends to optimize it with a new protocol. The new protocol makes use of technology similar to the one used by bitcoin.

The InterPlanetary File System (IPFS) is the new decentralized hypermedia distribution protocol that optimizes the way data/media is stored on the internet. According to the website, the InterPlanetary File System distributes all the files across the network and makes it accessible to all computers connected to the network at the same time. Created by InterPlanetary Network, the InterPlanetary File System works similar to BitTorrent where one single file can be shared between a number of computers.

The shared files over the network are arranged in block structure similar to that of the bitcoin blockchain. The content is linked using hash key like referencer, that can be used to access them from client computers. InterPlanatery File System can be installed on the computer using the binary files available on the website and join the network. Detailed instructions are available on the website. The InterPlanetary File System protocol can be used to build distributed applications on versioned file systems that can be accessed over the network.

ALSO READ: MegaNet — Kim Dotcom’s Decentralized Internet Powered by Smartphones

Disclaimer: The author doesn’t endorse or approve piracy in any form and the content of the article is meant to be a depiction of reality.

Almost all millennials out there on the internet have used BitTorrent at least once in their life, maybe to illegally download the latest song or to download the latest version of Ubuntu for their desktop which is perfectly legal. Free content on torrents made it worth worshipping. Unfortunately, it may not go on like that for long. Thanks to bitcoin and the latest article on BitTorrent and bitcoin which I read recently.

It saddens me to consider the possibility, but it is a valid commentary which we have to accept. The author in the article expresses his views about have paid torrents that accepts payment in bitcoin to allow downloads. I have my reasons to fear that any move to introduce payments for torrents may put an end to one of the few channels that offer unrestricted information (I am not talking about pirated movies, games or software).

BitTorrent protocol is one of the most successful peer-to peer protocols which can be run by almost any system connected to the internet. There is no money involved for sharing content, but only bandwidth shared by other users. Most of the users sharing bandwidth are users by themselves making it work like barter system and none of them so far have had any complaints with it.

Now the founder of JoyStream, Bedeho Mender seems to have come up with this not so wonderful idea of monetizing the BitTorrent. Incidentally, JoyStream itself is a BitTorrent client which Bedeho is trying to monetize by allowing peer-to-peer bitcoin payments in return for bandwidth or content. While the idea behind it seems to be sound and may work in developed countries, there are still places around the world with slow internet connections and access to global content is mostly through torrents. Be it eBooks or software.

Some of these may amount to piracy, but in dire circumstances in places where the price of a book (mostly published by international publishers) or a software is more than a person’s average monthly income it is unavoidable. Of course, unless these companies come up with affordable versions for these regions. There are few publishers who have different low priced editions targeted to particular geographies, not everyone is following suit.

We will have to just wait to see how it pans out for JoyStream and BitTorrent community.

In order to encourage torrent seeding on its platform, a BitTorrent client called JoyStream is venturing into rewarding its users with bitcoin. For now, it is on alpha release for a limited time for users who have signed up on the Bitcoin Testnet.

The company was founded by Dr. Bedeho Mender who sought to improve the levels of bandwidth contribution and the lack of incentives for content providers known as seeders in the original BitTorrent client. Micropayments to torrent seeders could be made using bitcoin.

Bitcoin Payments for Torrents

This will require leechers or those who download torrents to pay seeders or those who host in bitcoin. With that, seeders can be able to charge higher fees for premium or high-quality content.

“I think the seeding market is very close to a perfectly competitive market, which means that seeders will compete the price down to the marginal cost of supplying the content, which is quite low,” Mender said. “Getting to that sort of situation does, however, take some time, and in the initial stages the first seeders will be able to charge somewhat monopolistic prices. This is temporary, and will give people an incentive to go through the trouble of preparing content and creating torrent files. It is hard to come up with an exact number, but I think the very low monthly prices of VPNs could be taken as an indication of how cheap bandwidth really is.”

With these incentives, leechers might also have the option to pick faster download speeds and pay additional costs to those seeders who support that. This could increase activity in the network and lead to more downloads for the platform.

“The alpha release will be on Testnet, where everyone can try it out without risking any of their bitcoins, after that the goal is to get to a stable and secure version running on Mainnet with real bitcoins,” Mender added.

FrostWire BTC Tips 1

A BitTorrent client developer has integrated a donation mechanism into an experimental build that will allow users to donate bitcoin to sharer of a torrent, according to a report published by Torrent Freak.

It’s not only limited to bitcoin, either. Litecoin, dogecoin, and PayPal are other options, too. The developer, FrostWire, hopes the move will allow content creators like musical artists and small-time developers to monetize their content by allowing downloaders to tip them right from the client.

The integration could also help developers of more popular free software (see Ubuntu and other Linux distros) fund their distribution via torrents.

“We believe piracy is best fought by giving consumers the options of getting legal content, and we want to build solutions that use this technology to empower content creators no matter how big or small they are,” said Angel Leon of FrostWire. “We want them to try BitTorrent as an alternative, an additional channel. We think it will be easier to convince more and more artists to join us with the new possibilities.”

“Putting it bluntly, Bitcoin and BitTorrent integration give us the tools to create the P2P equivalents of iTunes and Netflix, which are centralized venues which work great for big content but not so much for the little guys who have to jump through many hoops to get in,” Leon said.

Continue reading BitTorrent Client FrostWire Integrates Bitcoin Donations

FrostWire Logo

BitTorrent client developers at FrostWire are looking to add a touch of pizazz to their software that could start a movement amongst other BitTorrent client developers.

See, FrostWire is looking to integrate bitcoin into their software, essentially allowing users to send and receive bitcoin donations by displaying a bitcoin icon by the transfer which then opens up a bitcoin client or bitcoin wallet service online.

“The idea is to let users enter an optional Bitcoin address and suggested donation amount along with the torrent they’re about to create on FrostWire,” said Angel Leon, who is part of the FrostWire project.

The purpose? To show appreciation to and support content creators, who might otherwise not be inclined to share their work as a torrent.

FrostWire has reportedly proposed the idea to other BitTorrent developers who have “responded positively”, and will soon submit a BitTorrent Enhancement Proposal, which upon approval, could officially include bitcoin metadata as an official part of the BitTorrent protocol.

Future plans for FrostWire include incorporating an actual bitcoin wallet in their software, eliminating the need to open a client or online wallet service. (via TorrentFreak)