What is vTorrent (VTR)
Although the BitTorrent ecosystem has remained a popular method in the sharing of files, it is still plagued with problems ranging from slow download speeds to censorship issues. Centralized distribution services that cater to content creators also suffer when it comes to revenue issues and artistic control. vTorrent tends to confront these problems head on by combining the BitTorrent system with the blockchain.
Problems and Solutions
The digital age has completely changed the way media is consumed. Movies, music, and books have become more readily accessible; however, many issues have arisen with the method in which this information is distributed that has yet to fully be solved.
Availability, for example, still suffers even over the stretch of providers such as Netflix, Hulu, and Amazon Prime due to licensing costs and other blockades. On the other side, BitTorrent is frequently victim to censorship attacks, slow download speeds, and failure of incentives for users. Content creators who choose to share their content through systems such as Spotify also suffer, as they are often hit with high revenue costs and remain subject to algorithms employed by the sites which can often hurt their exposure.
vTorrent intends to not just solve some of these problems, but all of them. It will begin by offering a decentralized client based on BitTorrent built on open source code. It will provide a peer-to-peer sharing platform that will be secure and private.
It will introduce the Paid Streaming and Downloading Feature (PSD) as an incentive for users to reward the seeds that they are interested in. Seeding costs will be significantly reduced and thanks to the security of the platform, there will more opportunity to access content. PSD will also enable streaming which will solve several issues in the BitTorrent model and allow users to reward fast streams. The decentralized nature will also offer resist censorship attacks.
Since vTorrent is offering an open source code, it will be able to truly revolutionize the way digital media is distributed by allowing and encouraging third party distributors to take on its model. vTorrent hopes to be the beginning of an entire shift away from the current centralized distribution system that will put the power back into the hands of content creators and consumers.
The vTorrent currency, VTR, will be used on the platform to pay for exchanges of content and downloading content. VTR is a Proof-of-Stake currency meaning that users will also be eligible to make up to 5% in interest every year based on the amount of VTR they hold in their wallet. The platform will also offer an on-board currency trader to allow the buying and selling of VTR without needing an external market.
The methods and availability of media has changed drastically in the digital age, but there are still several problems such as expensive fees required by middlemen and censorship threats that hold content back. vTorrent intends on revolutionarily changing the way we exchange and experience digital content in a better way.