BitTorrent Speed Wallet- Steemit Crypto Academy- S5W3- Homework Post for @sapwood
Hello, steemians. This is season 5 week 3 and I'll be doing the advanced task assigned by crypto professor @sapwood
Homework Tasks
(2) Download and install BitTorrent Speed Wallet? Restore it in TronLink Wallet? How do you secure the private keys of BitTorrent Speed Wallet?
(3) Transfer BTT from an Exchange to BitTorrent Speed Wallet? How do your transfer on-chain BTT to in-app BTT & vice versa? Demonstrate with real examples? Include relevant screenshots?
(4)How do you Create and/or Add Torrent? How do you seed it? Demonstrate with real examples?
)1.What is torrenting, what is seeding in BitTorrent, how does it earn BTT rewards? Demonstrate with examples?
Torrenting is one of the most popular p2p files sharing systems which involves downloading and uploading of files through a Bittorrent network instead of having to use a central server. It involves the downloading of shared files by users across a network.
Torrenting doesn't depend on a central server for the storage of its files, it has to break down files shared across the network into bits and pieces which can then be moved from uploaders to downloaders via a torrent client.
In essence, in torrenting, files are going to be downloaded from other peers/seeders across through a torrent network. Peers can operate as both uploaders and downloaders here. Through this, a user can download from several devices at once.
what is seeding in Bittorrent
Seeding is the act of offering up a file for others (peers) on a network to download. Therefore a peer who already has a file and offers it up for others on the network to download is regarded as a seeder on the network while the file available for seeding is referred to as a seed. If you're seeding, you're allowing others to download and install pieces of that file directly from your computer using a BitTorrent application.
The act of seeding is very important in a BitTorrent network as it's the basis on which it's built upon. If no one ever seeded, no torrent would survive. Before anyone ever becomes a seeder, they're initially recognized as a peer as the file downloads and in a situation when a file has too many peers and not enough seeders, the file would perform poorly and would take a longer time to download. This puts forward the importance of active participation in a torrent network as a seeder.
how does it earn BTT rewards?
As pointed out above, in a network with many peers and not enough seeders the seeds or file shared in the network would perform poorly therefore BitTorrent incentivizes users by rewarding them with BTT tokens whenever a seeded torrent file finishes downloading. This way the number of seeders in the network would increase and so also will the speed of downloads.
Peers who intend to increase the speed of their downloads can also decide to pay BTT in exchange for a faster download rate. The BTT paid in this regard indirectly constitutes the rewards used to incentivize seeders.
2. Download and install BitTorrent Speed Wallet? Restore it in TronLink Wallet? How do you secure the private keys of BitTorrent Speed Wallet?
Downloading and installing BitTorrent speed wallet..
To download the Bittorrent speed wallet we can find the installation link at BitTorrent official website. Once you open up the site look for the option Free Download and click on it.
You'll be ushered to the next interface and the download should begin automatically. It is required to save the download folder before the download continues.
Once the download has been completed, run the btweb.installer.exe file to begin the installation process. Once the installer.exe file has been run, the BitTorrent installation wizard will pop up to guide you on the installation process. Click next to proceed.
)
The wizard will bring forth the end-user license agreement stated, users can go through this and when satisfied with the policies click on Next and Accept where necessary to continue.
The BitTorrent client would get installed after this and once the installation finishes it would open up on your main browser. If it doesn't do this, then you can search for it in your downloads folder and manually open it up.
For first time users, you'll be required to select the first-time users option as well as your language preference. Once that is done, click on download tutorial torrent in the next interface. The tutorial torrent video would be instantly downloaded and a brief walkthrough of how to navigate the platform would be displayed
Next, click on the BitTorrent speed to get to the bittorrent speed site.
You'll be redirected to another page and the terms of service would pop up. Again click accept once you're satisfied with the terms of service listed.
A welcome message would show up, you can click skip to breeze through these messages.
To get the full speed experience, users can choose to sign up and provide their mail for verification. The option to skip this process also exists.
New users are given some BTT tokens to guarantee a good user experience while torrenting. To claim the rewards, all you have to do is complete the captcha and prove youre not a robot. Once this is done, you'll be ushered to the bittorrent speed page and now we can set up our wallet by clicking on create under the pop message.
In the next interface, you'd have to create a wallet password. On which is strong enough and store it securely to avoid losing access to your wallet. Once the password has been set up, the recovery phase for your account will be presented to you. You are expected to write these key phrase and store it somewhere safe also as you will be required to enter it again for confirmation in the next interface.
Once the recovery phase has been confirmed the wallet will be created successfully as seen in the image above.
Restoring with Tronlink wallet
To restore BitTorrent with tronlink wallet, I'm going to make use of the tronlink extension which can be gotten from the chrome web store here.
Upon downloading the tronlink extension, click on the restore option to restore the Bittorrent speed wallet to tronlink extension. You'd be required to name this wallet to which I've chosen the name 'Bittorren3'.
The options to import account include the mnemonic phrase, private key and Keystore options. I'm already familiar with the mnemonic key of the BitTorrent wallet which was the 12 seed key phrase we were asked to store earlier so ill select this option and proceed to enter the mnemonic key.
Once mnemonics have been inputted correctly, a list of accounts will come up and then we select the account. Once that is done the BTT wallet will have been added to the tronlink extension as shown below.
How to secure the private keys of BitTorrent speed waller
The storage of private keys in the crypto space is a very important aspect to consider. If these keys are not stored securely and manage to fall into the wrong hands this can spell disaster for your accounts. As the crypto professor @sapwood would always say, not your keys, not your account. So if you lose access to your private keys in any way you can kiss your assets goodbye.
One secure way to store these keys is to print them out on two pieces of paper, for example six part of the mnemonic phrase can be printed out on one piece of paper, the other half on another which would then be laminated and stored separately in a secure location. Its not a very good idea to store these keys online as possession can easily be lost this way.
You can also make use of a hardware device with no internet connection, a harddrive, floppy disk etc and store these keys in them.
3. Transfer BTT from an Exchange to BitTorrent Speed Wallet? How do your transfer on-chain BTT to in-app BTT & vice versa? Demonstrate with real examples? Include relevant screenshots?
To demonstrate this task, ill be making a transaction between my verified binance wallet and the Bittorrent speed wallet.
Firstly I log in to my binance and navigate to the spot wallet section. I have about 4717 BTT in my wallet. Next, I access the BTT asset and click on withdrawals
To continue, the details of the recipient address, the network and the amount to be sent would have to be filled in. The address to fill is the tronlink restored Bittorrent address. I'm going to be sending a total of 2000 BTT and once the necessary details have been filled, click confirm.
As displayed the network fee cost 31BTT which means a total of 1969 BTT would be sent. Transaction confirmation below
The BTT transferred should show up in our linked tronlink wallet as well as in the On chain BitTorrent speed wallet as indicated below. The sum of 1969 BTT shows up in both places
How to transfer on-chain BTT to in-app BTT & vice versa
In transferring from onchain to in-app. Its important to note that the BTT transaction done earlier will show up on-chain. To transfer to in-app, go to your BitTorrent speed wallet and click on the on-chain BTT.
In the drop-down amount box, enter the amount of BTT you intend to transfer in-app and click on send
A confirmation message will pop up stating the amount you intend to send. Click on send. The transaction will be processed and in a few minutes the BTT transferred would reflect in the in-app balances.
However, although the amount sent had been deducted as confirmed by the block explorer the tokens haven't been reflected in-app. I tried sending another 1000 BTT but still the same problem and the transaction status displayed failed in transaction history but displays success on the block explorer.
The minimum amount to transfer from in-app to on-chain is 1000BTT and I've tried sending 1700 BTT in-app which didn't reflect as explained above. Therefore ill go ahead to write the steps to make this transfer instead
To transfer BTT in app to On-chain is the same steps but in reverse order. Firstly, navigate to the in-app balance and click on it. In the amount window, enter the amount of BTT you intend to transfer on-chain and click send.
After clicking on the send option, a message will appear informing you of the amount you are about to send. Click send to confirm. If all goes well, after a few minutes, the sent BTT should show up On-chain
4. How do you Create and/or Add Torrent? How do you seed it?
To create torrent. Access the Bittorrent web previously installed and click on the create torrent icon. In the next interface, you are required to search for and select the file/folder you intend to create torrent with. Once file has been selected, click on select.
)
Next, select the location to save the torrent file. I've selected downloads as my preferred directory, then tick the start seeding when created option to seed the file and create torrent.
After a while, the created torrent will show up among our torrents and will begin seeding as long as you're connected to the internet as shown in the image above.
There are two ways to add torrent using the BitTorrent web, firstly you can either drag and drop files unto the highlighted location or you can click on the add torrent button.
Next, click browse and select the file you want to add as torrent then click on the add torrent option afterward.
Conclusion
This weeks' lecture is one I've always wanted to understand. I usually get confused whenever I hear torrent files or whenever someone tells me to get my software using torrent.
Bittorrent encourages peer-to-peer transfer and is a very easy way to transfer and receive files across users. Much thanks to the crypto professor @sapwood for making this term clear and concise for the students of the academy.
10% of my earnings are delegated as goodwill to @sapwood to help regain club 5050 status. Keep up the good work
all images are gotten from Bittorrent web and speed wallet unless otherwise stated
Nice article keep it up
Best video course if you want to learn trading or thinking to launch own coin
👇
Crypto quantum leap