Rajarshi Mitra
Independent Analyst
- 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."
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
SEC doubles down on TRON's Justin Sun lawsuit dismissing claims over jurisdiction
The SEC says it has jurisdiction to bring Justin Sun to court as he traveled extensively to the US. Sun asked to dismiss the suit, arguing that the SEC was targeting actions taken outside the US.
XRP fails to break past $0.50, posting 20% weekly losses
XRP trades range-bound below $0.50 for a sixth consecutive day, accumulating 20% losses in the last seven days. Ripple is expected to file its response to the SEC’s remedies-related opening brief by April 22.
ImmutableX extends recovery despite $69 million IMX token unlock
ImmutableX unlocked 34.19 million IMX tokens worth over $69 million early on Friday. IMX circulating supply increased over 2% following the unlock. The Layer 2 blockchain token’s price added nearly 3% to its value on April 19.
Bitcoin Weekly Forecast: BTC post-halving rally could be partially priced in Premium
Bitcoin price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?