• Users will be earning crypto for sharing their hard drive space with Tron. 
  • BitTorrent has reported a current user base of more than 100 million.

The launch of BitTorrent's latest testnet has been announced by the CEO of Tron, Justin Sun. Tron said that the new file system protocol which is a distributed web platform that's powered by the blockchain technology is all set for a July 1st launch. In exchange for sharing files and enabling faster downloads, the crypto-based system rewards users with the BitTorrent (BTT) token.

This platform was referred to as "the world's largest blockchain application for speedy uploading and downloading of files." BitTorrent has reported a current user base of more than 100 million and claims that the customer platform presently drives 22% of upstream and 3% of downstream traffic as people share videos, film, audio and other digital files. 

BitTorrent Speed, which is a variant of the InterPlanetary FileSystem (IPFS) protocol, merges BitTorrent and the blockchain and will be available on July 8th. Sun said:

"With BitTorrent Speed, we aim to strengthen the BitTorrent protocol and then deliver more features that inspire innovation across industries." 

Last year, BitTorrent was bought by Tron for more than $100 million. The file system of BitTorrent is supposed to be an aspect of Tron's vision to have borderless internet where privacy and ownership are not controlled by corporate middlemen but the users themselves. 

The Tron ecosystem is expected to be expanded with this new platform as users will be earning crypto for sharing their hard drive space with Tron. As the user base increases, the main goal is to up the BitTorrent Speed to become a universal platform containing aspects of social media ranging from Facebook, Instagram to search engine functions like Google and cloud computing products like Amazon. 

According to an announcement: 

"[BitTorrent File System] BTFS Mainnet will be launched for public access and will power all TRON decentralized applications that require a decentralized storage network. Preliminary developer tools will be available and a few outstanding popular DApps built by the community will be running on the platform, including the upcoming TronMovie and BitTorrent Pix."

Sun added:

"BTFS represents the first truly viable and scalable implementation of a decentralized storage system that can be used by DApp developers."

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Bitcoin market update: BCH/USD sellers catalyze the breakdown under $220

The crypto market is bleeding across the board. Major cryptos like Bitcoin and Ethereum fall overnight while Bitcoin Cash engaged the reverse gear during Wednesday’s European session. From an opening price of $226.97, BCH ascended to an intraday high of $227.76. 

More Bitcoin Cash News

IOTA price analysis: IOT/USD loses ground, moves within the recent channel

IOTA, the 17th largest digital asset with the current market value of $745 million, has been moving in a tight range recently. The coin has lost 1.8% of its value on a day-to-day basis amid global sell-off on the cryptocurrency market.

More IOTA News

Ethereum price prediction: ETH/USD collapses below $170.00 – Confluence Detector

ETH/USD surrounded $170.00 support amid massive sell-off on the global cryptocurrency market. ETH, the second digital coin has lost over 4% of its value in recent 24 hours to trade at $167.00 by press time.

More Ethereum News

Facebook’s Libra could be regulated by the SEC: The US Congress draft bill reveals

Facebook is yet to find a regulatory breakthrough for its proposed digital project, Libra. However, if the United States Congress goes ahead with the proposal to draft a bill describing stablecoins, Libra could quickly fall under the wings of the Securities and Exchange Commission.

More Libra News


Bitcoin Weekly Forecast: Nothing to crow about

Bitcoin (BTC) attempted a recovery above $8,400 and resumed the decline into the end of the week.

Read the weekly forecast