As the global technology landscape has evolved over the years, issues related to illegal data distribution and individual privacy have come to the fore. In this regard, there are numerous studies showing that most of the legacy networks in place today have been continuously shady Data exchange/distribution Practices that have compromised sensitive information of millions of their customers.
That’s when social media giant Facebook was fined a mammoth sum a couple of years ago $550 million for a series of violations related to the Illinois Biometric Information Privacy Act, legislation that requires businesses to obtain explicit consent from consumers before sharing biometric information – such as B. their facial recognition data – can collect and share about their users.
Blockchain is the answer to today’s content distribution dilemma
With the advent of blockchain – which can be viewed in its simplest sense as a digitally distributed, public ledger existing over a network – more and more people are beginning to realize that they no longer need to be at the mercy of various mainstream companies when trying to share their personal digital content in a secure way.
In this regard, BitTorrent is a blockchain-based data sharing ecosystem rooted in the ethos of transparency and decentralization, resulting in no single entity being in control of the platform. In fact, Ethereum co-founder Vitalik Buterin recognized the platform’s immense technological offering back in 2014, with the Russian-Canadian programmer even admitting that his idea for Ethereum was partially inspired by BitTorrent’s novel P2P framework. He was recently quoted on this subject saying:
“Like BitTorrent in the way data is distributed, but how blockchains are secured in it, how consensus is secured, that’s exactly what I was thinking about when I first started looking into the problem of blockchain data in 2014. Getting sharding to work. I hope that this idea can now spread further!”
Tesla CEO Elon Musk did a similar thing repeatedly criticized modern streaming services that claim to be extremely limited in their overall design and operational efficiency, leading to a need for more decentralized alternatives – this is where BitTorrent comes in, offering users a platform that is tailor-made for the seamless distribution of large-scale services is data.
A closer look at what BitTorrent brings to the table
From the outside, most public blockchains in existence today are plagued with a variety of functional issues related to low transaction throughput rates, high migration costs, sky-high transaction fees, poor interoperability between chains, lack of scalability, etc. Putting things into perspective, Ethereum, widely regarded as the leading blockchain network that exists today, currently has a TPS rate of only 15-30 transactions. Additionally, the platform’s gas fees have continued to remain extremely high (between $20 and $40) over the past few years, making the ecosystem unusable for smaller retailers.
On the other hand, BitTorrent has a future-proof design supports up to 7,000 transactions per second and enables intelligent contract migrations that can be facilitated at the push of a button. Additionally, the average transaction fee on the network was found to be under the $0.01 mark, making the ecosystem one of the most cost-effective blockchains on the market today.
Finally, studies have shown that the average time it takes to complete a transaction within the BitTorrent network is 3 seconds. In comparison, Confirmation times related to other prominent projects like Avalanche, Ethereum, Bitcoin, Cardano turned out to be 1 minute, 5 minutes, 40 minutes and 10 minutes respectively. As if that wasn’t enough, a highly underrated aspect of BitTorrent is that it boasts a high level of inter-ecosystem operability, with the project enabling seamless cross-chain transactions between networks like TRON, Ethereum, and Binance Smart Chain (BSC). allows. – something not many other platforms can boast of.
It is a well-known fact that currently six major multinational companies – namely Disney, National Amusements, TimeWarner, Comcast, NewsCorp and Sony – control a majority of global media/entertainment performance. In view of such rapid global data centralization, it is therefore obvious that more and more people are looking for decentralized alternatives (like BitTorrent) to not only share their digital data transparently, but also in a highly democratized manner.