Tron Foundation Shares New BitTorrent-Based IPFS Variant Decentralized File System Protocol
Tron Foundation Announces New BitTorrent-Based IPFS Variant Decentralized File System Protocol
Ever since Justin Sun’s Tron Foundation bought BitTorrent, the largest torrent network in the world, the company has announced several upgrades for the platform. The newest one is a decentralized file system, the InterPlanetary File System (IPFS), called BitTorrent File System (BTFS), which was unveiled this week.
According to the press release sent out to the media, the new variant will allow the users to receive and host storage both on their individual or business computers. The protocol is already being tested by the company, which started testing in late May.
The founder of the Tron Foundation, Justin Sun, who is also the new CEO of BitTorrent since the acquisition, has affirmed that the new project will be integrated with BitTorrent Speed and with the BTT token, so that the users can interact in a fast and private way around the world without the interference of any government of middlemen.
Along with the report, the release cites a study made by the McKinsey Global Institute last year. The study affirms that from the 5,750 of the largest companies in the world, the top 1% had 36% of all the profit.
With the help of the decentralization that is happening right now, Justin Sun affirmed that the situation could change for the better. Some of these profits, independently on whether they come from data collection, ads or any other source, can be shared and given back to the community instead of centralized around some few companies.
At the moment, the release of the public beta version of BitTorrent’s decentralized social media app is to be made on Q2 2019, meaning that the release will happen next month.
There are, however, some doubts about that. Simon Morris, a former executive at BitTorrent, affirmed that the company would not be able to manage all the transaction volume needed in order to tokenize the network. Official Tron spokesmen denied this allegation, though.