industry

On July 2, 2001, Bram Cohen announced the operational status of his program, BitTorrent, on a mailing list for peer-to-peer network developers. BitTorrent revolutionized file sharing by segmenting files into smaller pieces, allowing users to download from multiple sources simultaneously and share already downloaded data, which improved download speeds as file popularity increased. Unlike earlier peer-to-peer networks, BitTorrent did not have a built-in catalog, relying on external websites for users to locate torrents. The first major torrent catalog, Suprnova, emerged in 2002, followed by The Pirate Bay in 2003, making the protocol widely accessible. By 2004, BitTorrent accounted for nearly a third of all internet traffic. In 2004, Cohen founded BitTorrent Inc., which acquired the client µTorrent in 2006. The company launched the BitTorrent Entertainment Network in 2007, but it closed in 2008 due to competition from free pirated content. BitTorrent Inc. later explored various technologies but struggled to establish a sustainable business model. The protocol evolved with decentralization features like the distributed hash table (DHT) and magnet links. In 2018, BitTorrent was acquired by the blockchain project TRON for an estimated 0 million. BitTorrent Inc. claims around 54 million active users per month, with additional users on independent clients. Despite a decline in torrent traffic from its peak, the network has been experiencing growth, attributed to rising streaming costs and fragmented content availability.