On Sunday, June 30, 2019 – Justin Sun, founder of TRON and current CEO of BitTorrent excited his followers with a killer tweet concerning BitTorrent. He stated that BitTorrent File System (BTFS) will be launched on Testnet today on July 1st, 2019 (PDT). The price of BitTorrent began scoring higher while other altcoins are struggling to move up.
BTT Scores Over 10% Higher
BitTorrent (BTT) is currently ranking as the 34th largest cryptocurrency with 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. At the time of reporting, the token is currently valuing the market cap of $320,834,138 which reflects the biggest boom influenced by Sun’s tweet during the weekend.
According to Sun’s tweet, BTFS/ BitTorrent File System is both a ‘protocol and network implementation’ that assist in a decentralized file system – such as acting as a peer-to-peer mechanism for storing, content-addressable, and sharing digital content.
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 pic.twitter.com/OzRVFUOYfB
— Justin Sun (@justinsuntron) July 1, 2019
This new file sharing protocol is reportedly a distributed web platform backed by revolutionary blockchain tech which aims at rewarding users with BTT token every time user share files – besides that, it also enables faster downloads of such files. Moreover, a tweet from BitTorent Inc., broke out on June 28, claims that BitTorrent Speed will be the first major use case of blockchain. It continued;
#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 pic.twitter.com/G5eug1Eghz
— BitTorrent Inc. (@BitTorrent) June 28, 2019
At the same time, crypto community can also observe the price surge in TRON – although it still figured with negative remark it has noticeably jumped from 12th spot on June 30 to 11th spot on July 1, 2019.
BTT’s file sharing system is no separate from TRX’s vision – TRON acquired BTT in the year 2019 for more than $100 million. Sun is aiming to scale BTT speed as the world’s fastest tool across social media, search engines and other computer cloud products such as Amazon Web services.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Tabassum is a full-time content writer at Coingape. Her passion lies in writing and delivering apt information to users. Currently, she does not hold any form of cryptocurrencies. Follow her on Twitter at @Tabassumnaiz and reach out to her at Tabassum[at]coingape.com