On June 30th, CEO and founder of Tron foundation, Justin Sun announced the launch of BitTorrent’s latest testnet. The new file system protocol is a distributed web platform powered by blockchain technology.
Previously, The launch of BTFS was scheduled for May 30, but due to a few reasons, there was a delay in releasing the software to users. Justin claimed that BTFS, represents the “world’s largest” decentralized storage and media sharing network. It is majorly focussed on expanding file sharing capabilities.
Moreover, Tron has the support of BitTorrent’s 15o+ million consumer base and this integration would benefit BitTorrent to shape the decentralized web where users can manage their privacy and content ownership.
Bittorrent platform claim that :
“We’re creating a platform with BTFS, BitTorrent Speed blockchain integration and the BTT utility token to let users quickly and privately interact with each other around the world without a middleman or government intervention.”
Additionally, A new version of InterPlanetary FileSystem (IFPS), BitTorrent Speed feature will be rolled out for the first time on July 8. This feature will make use of BTT to improve the speed and efficiency of the BitTorrent network.
Basically, InterPlanetary File System or IFPS is a peer-peer hypermedia protocol which utilises a distributed file system.
BitTorrent Price Analysis
Following the announcement, BitTorrent’s token, BTT surged up by over 9% in the past 24-hours.
According to coinmarketcap data, BTT token is currently trading at $0.001501 holding 34th position. In terms of BTT/BTC and BTT/TRX the price surged upto 18.24% and
15.45% with trading value 0.00000014 BTC and 0.04587157 TRX respectively.
At present, BTT holds the market cap value of $318,340,261 USD with $162,069,357 USD Volume (24h) and 212,116,500,000 BTT circulating supply.