- 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

Dogecoin Price Forecast: DOGE whale transactions fell by more than 70%; bearish move ahead
Dogecoin (DOGE) continues to trade down around $0.24 after falling more than 7% in the previous week. The technical outlook suggests a further correction as DOGE’s momentum indicators reflect bearish divergences

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP are headed for further drops
Bitcoin's (BTC) price continues to edge down, trading below $96,000 on Monday after declining the previous week. Ethereum (ETH) and Ripple (XRP) prices followed BTC's footsteps, declined more than 7% the previous week, and traded below their key support level, hinting at further correction.

XRP sees gains ahead of Depository Receipts launch, Brad Garlinghouse set to join White House crypto council
Ripple's XRP gained 4% on Friday following reports that investment firms Receipts Depository Corp and Digital Wealth Partners plan to launch XRP Depository Receipts in the United States.

Ethereum Price Forecast: ETH could hit $1,200 as Trump announces plans for reciprocal tariffs next week
Ethereum declined 4% on Friday following United States (US) President Donald Trump's plan to announce reciprocal tariffs on several countries next week.

Bitcoin: BTC shows weakness, bears aiming for $90,000 mark
Bitcoin price hovers around $97,000 on Friday after losing nearly 5% in the last three days. CryptoQuant weekly report shows that activity on the Bitcoin network has declined to its lowest level in a year.

The Best Brokers of the Year
SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.