BitTorrent accounts for 30% of all internet traffic (as at Aug 2005), it’s huge!
BitTorrent is a bit like email or Napster, it’s a protocol which runs over the internet. What does it actually do? Well it’s a sort of file sharing service. To start the process, you download what’s called a Torrent file. That file allows your torrent program to connect to what is called the swarm.
The swarm is the group of all the people currently downloading the same file. The beauty of BitTorrent is that while you’re downloading the file, other people are downloading the file from you. So when you download from other people, most of them are downloading it as well. Technically, you have two types of people in a swarm. Seeders have the whole file and so are only letting other people download, they’re not downloading themselves and Leechers who are both downloading and letter others download (uploading).
There are a stack of web sites which allow you to search for Torrents, try googling torrent search (new window). The torrent program (or client) I’d recommend is called Azureus (new window).
For tips on setting up Azereus, see the Azereus page.

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