- 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
![Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Ethereum/Ethereum_Coins_31_03_XtraSmall.jpg)
Ethereum has lost its “ultra” sound money status, faces key rectangle resistance hurdle
Ethereum is up 0.5% on Thursday following a recent analysis showing that the top altcoin lost its "ultra" sound money narrative. Meanwhile, ETH ETFs recorded net inflows for the first time after nine days of consecutive outflows.
![Solana bears dominate market as SunPump has potentially led to less demand for SOL](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Solana/Solana_Crypto_31_XtraSmall.jpg)
Solana bears dominate market as SunPump has potentially led to less demand for SOL
Solana is down 2.5% on Thursday following bearish signals across its funding rate and total fees captured. SOL's weak performance could also be linked to the declining traction seen in its meme coin generation platform Pump.fun.
![AI tokens see narrow gains as Wall Street banks raise price targets on NVDA](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/PEPE/PEPE_coin_2_XtraSmall.jpg)
AI tokens see narrow gains as Wall Street banks raise price targets on NVDA
AI tokens NEAR, ICP, RENDER and TAO briefly traded in the green on Thursday following Wall Street banks' positivity toward Nvidia's earnings report. While a correction followed, these tokens could rally if NVDA meets expectations.
![XRP back above $0.57 even as Ripple traders take $8 million in profits](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/cryptos_XtraSmall.jpg)
XRP back above $0.57 even as Ripple traders take $8 million in profits
Ripple (XRP) traders have consistently taken profits on their holdings in the last two weeks, per Santiment data. Once again, traders have grabbed $8.36 million in profit so far on Thursday. Typically, profit-taking negatively influences the asset as it increases the selling pressure.
![Bitcoin: Will BTC continue its ongoing decline?](https://editorial.fxstreet.com/images/Markets/Currencies/Digital%20Currencies/Bitcoin/bitcoin_5_XtraSmall.jpg)
Bitcoin: Will BTC continue its ongoing decline?
Bitcoin (BTC) trades above $59,000 on Friday, but it has lost 7.5% this week so far after being rejected around the daily resistance of $65,000. The decline is supported by lower demand from the US spot Bitcoin ETFs, which registered a net outflow of $103.8 million, falling Bitcoin's Coinbase Premium Index, and a spike in Network Realized Profit/Loss. However, some investors seem to be taking the chance to buy BTC amid this price dip, as shown by the Exchange Netflow data.
![Moneta Markets review 2024: All you need to know](https://editorial.fxstreet.com/images/IT/Testing/Review/FXSBadgeCertifiedBackg_XtraSmall.png)
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.