If it's based on BitTorrent, then surely that means that anybody who has the content that you want to see (or who advertises that they have the content you want to see...) will be able to see your IP address? Like how the movie industry can catch people who are sharing movies on BitTorrent?
Obviously, an attacker wwould probably need to use a separate BitTorrent client to do this, because I'm sure the IP addresses won't be displayed in the app itself, but that seems like it could potentially be possible.
I really hope I'm wrong on this, because other than that seemingly-big privacy flaw, this seems pretty great otherwise.