- Total Contracts on BTFS exceeds 57 million
- BTFS is the first scalable decentralized storage system, as per BitTorrent Inc
Bram Cohen created BitTorrent as a peer-to-peer protocol for users to transfer files around the world. The BitTorrent Token (BTT), a TRC-10 token, was built on top of the TRON blockchain platform to extend BitTorrent’s capabilities. The token is added to BitTorrent to introduce some economics features for networking, bandwidth, and storage resources to be shared and traded. BitTorrent Speed is another feature that BitTorrent Token (BTT) provides. In this case, BTT tokens can be valuable in exchange for faster download speeds.
Contracts Created on BTFS
BitTorrent took to its official Twitter page to announce that the total number created on BTFS has exceeded 57 million. In addition to making the announcement, the tweet also provided information on using BTFS to earn BTT by providing a YouTube link in the tweet.
The BitTorrent File System (BTFS) is a next-generation file-sharing protocol that uses the TRON network and BitTorrent ecosystem. Most current public blockchain platforms are focused on computational chores, but they lack cost-effective, scalable, and high-performance file storage and sharing options. Meanwhile, centralized storage solutions have several flaws:
- Trust that is centralized
- Susceptible to censoring
- Maintenance charges are high.
- The effect of being locked in
- Fault tolerance is low.
BTFS is intended to alleviate these concerns. In addition, DApp developers will efficiently service a more significant market because of the interaction with the BitTorrent and TRON networks.
🔥Total Contracts created on #BTFS exceeded 57 million！
— BitTorrent Inc. (@BitTorrent) October 18, 2021
Looking into the future with BitTorrent Inc
BTT has achieved quite some feats in the Blockchain space as a new cryptocurrency launched in 2019.
The Ecosystem of BitTorrent Inc is as follows;
- BitTorrent Client: allows content creators to communicate with their audience and earn and spend digital currency without the use of an intermediary.
- uTorrent Client is a BitTorrent client program.
- BitTorrentSpeed uses BTT to power traditional content sharing.
- BTFS is the first decentralized storage solution that is scalable.
- DLive is a BitTorrent and TRON Foundation-powered live streaming community.
- TronTV is TRON’s video streaming platform.
Since the introduction of its Mainnet in October 2019, BTFS has reported over 75,000 nodes as an innovative solution for distributed file storage, making it one of the benchmark blockchain implementations throughout the world. BTFS will provide a next-generation decentralized storage solution to a large number of customers with this groundbreaking improvement.
With over 1 billion users, the BitTorrent Protocol is the world’s most extensive decentralized protocol. BitTorrent created and has maintained the protocol since its inception. BitTorrent and utorrent remain the most popular of the numerous implementations. TRON is the world’s most extensive decentralized environment, and BitTorrent is the world’s most significant distributed application, thanks to a strategic relationship between the BitTorrent Protocol and the TRON Protocol.
The native token, BTT, trades currently at 0.00356 USD according to the Coinmarketcap, with $105,575,782,390 in 24-hour trading volume. In the last 24 hours, BitTorrent has lost 3.20 percent. With a live market cap of $2,421,663,110 USD. It ranks at #59 with a circulating supply of 659,952,625,000 BTT coins, with no maximum limit.