What is vTorrent Coin?
Introduction
vTorrent the world’s first open-source project that the model of uTorrent with the Vtorrent Coin, one is cryptocurrency combined. It is a fully decentralized network designed to help users exchange media and files of all kinds.
The Vtorrent Coin in numbers – as of 07.12.2017
VTorrent has a market capital of $ 3,414,860 with a daily trading volume of $ 127,633. There are currently 10,815,966 vTorrent Coins in circulation. The absolute total supply is limited to 20 million. In Mine Able Coin ranking of coinmarketcap.com achieves cryptocurrency so the place 437th.
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Backgrounds of the vTorrent Coin
The vTorrent platform was launched in December 2014 and was the first time crypto currencies and Torrents together. The developer of the project is anonymous and is active in the bitcointalk.org forum under the user name vTorrent. According to his own information, he wants to expand the basic idea of the BitTorrent protocol and thus fix the weak points of the system. This primarily includes the abolition of the central server towards a decentralized closed and above all anonymous network.
How does the vTorrent platform work?
vTorrent is a fully distributed network, with no central authority controlling it. Users have free access to files and are rewarded for uploading or distributing with vTorrent Coins. The platform guarantees the anonymity of the participants. The basic idea of vTorrent is derived from the already known uTorrent system by enabling a faster download rate for individual users within the network. This is possible because everyone within the network can act as both sender and receiver. As a result, a file does not necessarily have to be downloaded from a server, which slows down the speed of too many downloads at the same time. The cryptocurrency of the vTorrent platform is the vTorrent Coin. The algorithm used is Skrypt.Mining provided. This means that proof-of-stake as well as proof-of-work is possible.
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What options does the vTorrent Coin offer?
The vTorrent platform can theoretically develop in two completely different directions. For several years now, producers and authors have been trying to protect their works from pirated material distributed via platforms such as uTorrent. With vTorrent’s decentralized network, pirates could now remain anonymous and transactions would no longer be traceable.
On the other hand, the project could also provide benefits to authors if they actively participate in the dissemination of their works via the network. More than 230 million people are estimated to use the BitTorrent network underlying vTorrent. Creators and producers could take advantage of this network to reach even more customers. The costs would be reduced to a minimum, because intermediaries are not necessary in the peer-to-peer network. Thus, the previously illegal platform would become a worldwide networked public marketplace. Users of the network could be rewarded like an affiliate system for distributing the films in high quality.
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The second option would be a lucrative business with many opportunities for all concerned. How producers and authors react to the project and whether they get involved remains to be seen.
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