Wait! Don't @ me yet. I am aware that… • Private trackers enforce ratio requirements • You can use BTC/ETH (I’ll argue later it’s not equivalent) • BitTorrent was acquired • Projects are working on this I’ll cover private trackers and BTC/ETH. This isn’t about projects
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Private trackers enforce centralized upload ratios. Tokenized BitTorrent decentralizes and improves on this: • Tokens are portable between trackers • Token rates can be negotiated based on demand. Private trackers manually adjust requirements when current ratio is too hard
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Tokenizing BitTorrent introduces global and decentralized upload ratio-like incentives even if you can’t cash out to fiat Even without a profit motive, global upload incentive means you can benefit everywhere and you don’t lose big if OiNK or http://what.cd is shut down
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Fitting network payments to user incentives is hard! By using a token instead of ETH/BTC, the protocol designer can experiment in early phases and decentralize proportional to risk tolerance. A BitTorrent token fork is reasonable, BTC not. Big reason to consider tokens IMO
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Building decentralized protocols is hard. Historically, file sharing businesses are hard to profit from. I think the fat protocol paradigm is a strong argument for tokenizing BitTorrent, specifically. Launching a protocol isn’t just tech. Network effects require marketing.
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As mentioned, using a token instead of BTC lets you hedge risk while experimenting by keeping the possibility of a fork open You can also use a token to incrementally experiment w/ incentives. Start with a closed network token you can’t cash out then support fiat exchange later
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PayPal scaled past network effects by giving $5 to every invited user. Decentralization liberates, right? Tokens provide a low cost alternative that let you try things like tokenizing BitTorrent and overcoming network effects without $100M in VC funding
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Yeah, you can fork a tokenized protocol and add Ethereum or Bitcoin. Who is footing the marketing bill for bootstrapping your hostile yet philanthropic fork? It’s not about greed driving protocols, it just doesn’t cost $0 to get users.
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I intentionally didn’t cover a few topics: • Scaling blockchains • Decentralized identity and Sybil resistance • Fraud resistance These are what crypto companies will spend years building. I just wanted to share the vision for tokens I think others might be missing
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Is you enjoyed this thread, I also have a blog post on tokenizing BitTorrent.
The post goes into more detail while this thread clarifies and expands on some things I didn’t cover in the post.
Thanks for reading!https://medium.com/@jbackus/what-if-bittorrent-had-a-token-13d62a590aa7 …Show this thread
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This could be extremely popular... and it would likely attract massive negative regulatory attention to crypto. Maybe we should let the "sound money" use case play out a bit more before trying to tokenize piracy...
Thanks. Twitter will use this to make your timeline better. UndoUndo
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