Tron’s BitTorrent announces BitTorrent File System [BTFS] protocol; bear market welcomes development

Tron [TRX] and BitTorrent [BTT] ecosystems experienced a pump after the BitTorrent File System [BTFS] was announced recently. On May 30, BTT announced a system that would allow its users to receive and host storage on personal computers with anyone around the world; it can even be used for businesses. BTFS, which is a variant of the open-source Interplanetary system [IPFS] protocol, is expected to be implemented by 2020.

The Chief Executive Officer of Tron and BitTorrent, Justin Sun, said that BTFS would carry the Foundation’s aim of making the internet decentralized and connect people from all over “to share in the wealth of web commerce”. He added,

“We’re creating a platform with BTFS, BitTorrent Speed blockchain integration and the BTT utility token to let users quickly and privately interact with each other around the world without a middleman or government intervention.”

The Foundation quoted a study from McKinsey Global Institute from 2018 to establish that public and private companies with a revenue of $1 billion, and the top 1% of those companies acquire 36% of all economic profit. With BTFS, the Foundation aims to “create a scenario where some of those profits, from ads sales, data collection and other means, are shared with the people who opt into big companies’ business models”.

The plan of the Foundation was to leverage BTT’s active user base, which is around 100 million, along with with more than 1,000 Tron full nodes, 27 Super Representative nodes, and global TronGrid nodes. The mainnet launch is scheduled for public access only by Q3 2019, and would also be used to power Tron DApps.

Despite the hype around the BTFS protocol, the market appeared to be unaffected by the announcement. Tron [TRX] slipped on the CoinMarketCap list to the 12th position and reported a fall of 11.15% over the day. As for BitTorrent [BTT], it also slipped to the 31st position and noted a fall of 11.37% over the day.

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