BitTorrent’s Latest BTFS Testnet Launch announced by Tron CEO Justin Sun

Tron founder and CEO, Justin Sun has announced the launch of BitTorrent’s latest testnet. This new file system protocol is a distributed web platform powered by blockchain technology.

Referred to as the world’s largest blockchain application for speedy uploading and downloading of files, the crypto-based system rewards users with BitTorrent BTT tokens in exchange for sharing files.

Last year, Sun acquired BitTorrent for over $100 million. Currently, BitTorrent has a reported user base of 100 million and drives 22 percent of upstream and 3 percent of downstream traffic.

On July 1st, Sun announced the launch of BitTorrent File System (BTFS) testnet stating that they build the testnet in a “very short amount of time” and now looking for community’s feedback.

We were able to build a testnet in a very short amount of time and we are excited to recieve the community’s support and feedback! In the future, #BTFS will be integrated with #TRON blockchain and #BTT ecosystem. #TRX $TRX $BTT #BitTorrent https://t.co/stuwooJKhD

— Justin Sun (@justinsuntron) July 2, 2019

BTFS, Sun said represents the first viable and scalable implementation of a decentralized storage system that can be used by decentralized applications (DApp) developers.

“[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.”

Meanwhile, BitTorrent Speed that is aimed to strengthen the BitTorrent protocol and further deliver more features to inspire more innovation across industries will be available on July 8th.

Just last week, Tron mainnet officially released Odyssey-v3.6. Tron also announced a $20 million TRX buyback plan.

However, the price of BTT is still in red following the broad market that is imitating Bitcoin’s drop. At the time of writing, at 34th rank BitTorrent token has been trading at $0.00129 with 24 hours loss of 10.53 percent.

Tron (TRX), in the meantime, is down by 5.85 percent trading at $0.0304 while sitting at 10th spot with a market cap of $2 billion.