Recently, Justin Sun, founder of TRON and current CEO of BitTorrent made it known via a tweet that BitTorrent File System (BTFS) will be launched on Testnet today on July 1st, 2019 (PDT). Following this tweet, the price of BitTorrent began scoring higher. This is despite the deep bear market altcoins has been thrown.
BTT Gained 10% in 24 Hours
According to the CoinMarketCap, BitTorrent (BTT) currently stands at the 34th position on the list of the largest cryptocurrency. The coin also recorded a gain of over 10.60 percent change within the past 24 hours. Subsequently, it is popping up as the best performing altcoin among the largest 35 cryptocurrencies on the graph of Coinmarketcap. The token’s current market cap stands at over $300million.
Going by Sun’s tweet, BTFS/ BitTorrent File System is both a ‘network and protocol implementation’ which helps in a decentralized file system – such as acting as a peer-to-peer mechanism for storing, content-addressable, and sharing digital content.
The tweet read:
“BitTorrent File System (#BTFS), will launch on Testnet tomorrow, 1st of July, 2019 (PDT). #BTFS is both a protocol and network implementation that provides a content-addressable, peer-to-peer mechanism for storing and sharing digital content in a decentralized file system. #BTT”
Reportedly, this new file sharing protocol is a distributed web platform which is backed by revolutionary blockchain tech which aims at rewarding users with BTT token every time user share files. This is besides the fact that it enhances a faster download of such files.
According to an official tweet from BitTorent Inc., BitTorrent Speed will be the first major use case of blockchain. The tweet stated:
“BitTorrentSpeed will be the first major use case of blockchain by introducing the concept of #cryptocurrency to 100 million users. It is important for us to educate our users on $BTT and how it will power faster downloads. #BTT”