BitTorrent’s use case and tokenization have been long debated by Tron skeptics. As BitTorrent heads for full-scale implementation on the Tron blockchain by the end of 2020, CEO of Tron Foundation, Justin Sun affirmed the launch of BitTorrent File System Testnet for July 1st.
BTFS, touted as the “world’s largest” decentralized storage and media sharing network, is focussed on expanding file sharing capabilities. Tron’s incorporating the blockchain-powered BTFS will enable users on its platform to interact with other individuals and businesses.
BitTorrent File System (#BTFS), will launch on Testnet in 2 days, 1st of July, 2019 (PDT). #BTFS represents the 1st truly viable and scalable implementation of a decentralized storage system that can be used by #dapp developers. #BitTorrent #BTT pic.twitter.com/bndYsRIuah
— Justin Sun (@justinsuntron) June 30, 2019
BitTorrent began testing internally in late May. Tron had acquired the P2P sharing platform for a sum of $140 million in 2018. Tron has significant leverage of BitTorrent’s 15o+ million consumer base and this integration would substantially help BitTorrent to shape the decentralized web where users hold the strings in terms of privacy and content ownership.
Sun had previously noted,
“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.”
Following the announcement, BitTorrent’s token, BTT was up by over 9% in the past 24-hours even as it was ranked well below 30th position by market cap in the cryptocurrency ladder. BTT managed to enter in the top 30 crypto list of CMC for a brief period, however, slid back soon after.