BitTorrent File System (BTFS) TestNet Launch Set for July 1 Reveals CEO, Justin Sun
In a tweet made out on Saturday, June 29, the CEO of TRON, Justin Sun announced the next scheduled launch. In particular, it involves the BitTorrent File System (BTFS), in which its TestNet launch is expected to occur on Monday, July 1st, 2019.
According to the tweet, the BTFS revolves around bettering current storage systems. Here’s as per Sun:
“#BTFS represents the 1st truly viable and scalable implementation of a decentralized storage system that can be used by #dapp developers. #BitTorrent #BTT.”
Here’s what a Twitter user had to say since the news went viral:
“Bahaha […] It’s the most decentralized network in the world, with the most files and most volume on the internet period (40% daily global traffic is btt). Now George Soros guys won’t be able to delete files and videos off the internet at their whim. Pretty huge deal if this is legit.”
The CEO also previously tweeted that July will be a massive month for the TRON community. As per the claims made, not only does the BTFS TestNet launch hold, but a week from this endeavor, the community will have access to BitTorrent Speed.
In addition, it has been disclosed that more revelations will be made in regard to the Power of One Lunch with Warren Buffett.
Overview of BTFS and BitTorrent Speed
BitTorrent File System (BTFS)
The BTFS is deemed a protocol and network implementation that emphasizes on peer-to-peer storage and sharing of digital content in a decentralized manner. It will be paired with the TRON ecosystem and the BitTorrent network to ensure user experience is elevated. Other components within the BTFS ecosystem will include the TronGrid Service and BTT.
This is an attempt to resolve current issues in storage, which the team deems are expensive, carries lock-in effect (traditional systems) and lack of scalability. The BTFS happens to have stemmed into existence because of the size of the BitTorrent network and the cons that could arise from not having something sound and secure.
BitTorrent Speed supposedly arose due to its network’s upload/download speed asymmetry and the time it takes for a download to commence and complete. With the BitTorrent Speed, peers will be allowed to send and receive cryptographic token incentives to send files. Hence, this feature will be embedded in BitTorrent’s native token, BTT.
As briefly mentioned, in this system, peers will act as “service requesters” and “service providers”. The former simply implies that a BTT will be exchanged in return for one’s local resources, while the latter entails exchanging local resources for BTT. To learn about BitTorrent speed, click here.