BitTorrent’s Decentralized File Sharing Protocol BTFS Launches Its Mainnet

BitTorrent’s Decentralized File Sharing Protocol BTFS Launches Its Mainnet

BitTorrent rolls out its decentralized file sharing protocol BitTorrent File System

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BitTorrent’s decentralized file sharing protocol BitTorrent File System (BTFS) has launched its mainnet. The project seeks to become what developers describe as “the world’s largest and first scalable decentralized storage system.”

According to a blog post published on Oct. 1, BTFS released various new features for the occasion and rolled out 3,000 new nodes. The post summarized: 

“As October approaches, with BTFS integrated into the world’s largest P2P network, BitTorrent, BTFS has completed its official launch of the mainnet, representing a new starting point for BTFS and a big step towards the integration of BitTorrent ecosystem.”

BTFS promises to benefit 100M BitTorrent users

BitTorrent announced BTFS at the end of May, immediately prior to its acquisition by decentralized blockchain platform Tron. The blog post explains the short-term plans for the protocol:

“This integration is expected to be completed in 2020. Meanwhile, BTFS will also be integrated with BitTorrent to benefit over 100 million users with its network services.” 

As Cointelegraph reported recently, major cryptocurrency exchange Binance announced on Sept. 30 that it is removing a batch of thirty trading pairs from its listings, including one pair with BitTorrent’s token BTT.


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BitTorrent rolls out its decentralized file sharing protocol BitTorrent File System

BitTorrent’s Token Price Spikes 600 Percent Since ICO

BitTorrent’s Token Price Spikes 600 Percent Since ICO

The price of BitTorrent’s native token BTT has hiked by over 600 percent since its recent ICO in late January, which sold under 15 minutes

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BitTorrent token’s (BTT) price has gone up over 600 percent since its initial coin offering (ICO) which sold out in minutes, according to the data from CoinMarketCap on Feb. 4.

Peer-to-peer torrent client BitTorrent, which allows users to distribute files over the Internet launched its Tron-based native token BTT in the beginning of January. BTT is purportedly part of a broader ambition to build a decentralized content distribution platform using the digital currency.

On Jan. 28, the BTT sale on the Binance Launchpad platform made headlines, netting $7.1 million dollars with the sale of 50 billion tokens in under 15 minutes. Tron CEO and founder Justin Sun officially announced then that all 23.76 billion BTT had been sold within 13 minutes and 25 seconds at a price of $0.00012 per token.

As press time, BTT is trading around $0.000885, a 629 percent price hike since the ICO and a 47 percent increase over the last 24 hours. The coin’s trading volume over the last day is around $360 million, while its total supply is 990 billion BTT.

BitTorrent token historical price chart. Source: CoinMarketCap

For the same period, the leading digital currency by market capitalization Bitcoin (BTC) has lost around three percent, the second largest coin Ripple (XRP) has gained around 3.4 percent, while Ethereum (ETH) has increased by around 2.8 percent, per data from CoinMarketCap.


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The price of BitTorrent’s native token BTT has hiked by over 600 percent since its recent ICO in late January, which sold under 15 minutes

BitTorrent’s Tron-Based BTT Token Integration Will Launch by Summer

BitTorrent’s Tron-Based BTT Token Integration Will Launch by Summer

BitTorrent Speed system, which will integrate the Tron-based BTT token into the popular µTorrent Windows client, will launch by summer

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BitTorrent’s system dubbed BitTorrent Speed, which will integrate the Tron-based BTT token into the popular µTorrent Windows client, will launch by summer. The company has confirmed this in a press release shared with Cointelegraph on Jan. 19.

BitTorrent Speed will issue cryptocurrency token rewards to users that serve content to others via the µTorrent network. The client’s users — which number more than 100 million, according to BitTorrent — will also be able to pay for faster downloads with the same tokens.

The company also announced that to all accounts that are not based in the United States, the token will only be available for purchase on the Binance Launchpad platform.

BitTorrent is a peer-to-peer (P2P) communication protocol for online file sharing, and the eponymous company that maintains it. The BitTorrent network is similar to Bitcoin in structure, as they both support decentralized sharing of information and lack a single point of authority.

Earlier this month, Cointelegraph reported on the launch of the BTT token. The project is reportedly part of BitTorrent’s broader ambition to create a decentralized content distribution platform using cryptocurrency.

Former chief strategy officer at BitTorrent, Simon Morris, claimed in a recent interview that Tron will not be able to manage the transaction volume needed to tokenize BitTorrent.

In response to Morris’ claims, a Tron spokesperson told Cointelegraph in private comments:

„Morris appears to have little insight into BitTorrent operational plans since his departure. Actions and execution will prove louder than the words of a disgruntled former employee.“


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BitTorrent Speed system, which will integrate the Tron-based BTT token into the popular µTorrent Windows client, will launch by summer

Ex-BitTorrent Exec Says There’s ‘No Way’ Tron Will Manage BitTorrent’s Token

Ex-BitTorrent Exec Says There’s ‘No Way’ Tron Will Manage BitTorrent’s Token

Tron won’t be able to manage the transaction volume needed to tokenize BitTorrent, according to Simon Morris, former chief strategy officer at BitTorrent

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According to Simon Morris, former chief strategy officer at BitTorrent, Tron will not be able to manage the transaction volume needed to tokenize BitTorrent. Blockchain news website BreakerMag published its interview with Morris on Jan. 11.

According to the interview, Morris noted that when he worked at BitTorrent, he and his team discovered that bringing a token and automated auctions to prioritize download queues could increase the speed of the network by up to 40 percent.

Nevertheless, Morris reportedly stated that there’s “no way” the Tron blockchain could handle the transaction volume that such a system would require. According to him, his team needed hundreds of transactions per second just to get started. He added:

“You hear all the bulls**t out there, oh, this does 10,000 transactions a second. It’s all crap. We were going to melt TRON. Literally destroy it.”

Further, BreakerMag reports that, according to Morris, there is little reason to believe the other claims about BitTorrent’s Tron-based token, BTT. As Morris allegedly described Tron:

“It’s basically a marketing machine layered on a very thin veneer of technology.”

Explaining his point of view, he reportedly told the news outlet that Justin Sun is very strong at marketing but that he “doesn’t have a technical bone in his body.” Furthermore, he added:

“But the approach that bothered me was, the very sort of Trumpian approach — if you get caught in a lie, the answer is you double down on the lie. [It was] the endless doubling down on lies that made me think it wasn’t going to be a fit.”

Morris left BitTorrent in July last year, reportedly after concluding that he would not be able to develop any trust in relationships with Tron executives. BreakerMag reports that when Morris confronted Sun about Tron’s allegedly plagiarized code and white paper, Sun replied:

“We have come to consensus that this did not happen. And we have moved on.”

Morris reportedly suspects that Tron will manage BitTorrent transactions on a central server and, as he says, pretend it is Tron-based. According to BreakerMag, Morris expects the efficiency of BitTorrent will increase as predicted, but he doesn’t expect this system to be Tron-based. Still, he reportedly noted, this centralization could make this system less reliable.

A Tron spokesperson told Cointelegraph in private comments today that „Morris appears to have little insight into BitTorrent operational plans since his departure,“ adding:

„Actions and execution will prove louder than the words of a disgruntled former employee.“

As Cointelegraph recently reported, BitTorrent has launched a native token, BitTorrent (BTT), based on the TRON protocol.
News recently broke that Tron has hired a former United States Securities and Exchange Commission (SEC) supervisory attorney as its first chief compliance officer.


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Tron won’t be able to manage the transaction volume needed to tokenize BitTorrent, according to Simon Morris, former chief strategy officer at BitTorrent