Tron To Build BitTorrent-Powered IPFS Version Of Decentralized File Network
Tron (TRX) blockchain, which was founded by Justin Sun, has revealed plans to build a BitTorrent-powered variant of decentralized file network, dubbed Inter Planetary File System (IPFS).
The initiative of Tron, whose decentralized, web centered native crypto currency is TRX, was shared with Cointelegraph.
According to the media announcement, the BitTorrent File System (BTFS) is a version of the above said open source IPFS software and will “allow users to receive and host storage on their computers with other individuals and businesses.”
By the end of last month, internal trial of the BTFS protocol started. Regarding the initiative, Sun, who took over BitTorrent last June, said as follows:
“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 press release points to an undated research carried out last year by McKinsey Global Institute, which supposedly says that “5,750 of the world’s largest private and public companies with revenue of $1 billion or more found that the top 1 percent of those companies captured 36 percent of the economic profit.”
The announcement, on the contrary, asserts:
“A decentralized internet would create a scenario where some of those profits, from ads sales, data collection and other means, are shared back to people who opt in to big companies’ business models.”
Back in March, BitTorrent had stated that it will unveil the public beta version of its decentralized social media app BitTorrent Live in Q2 2019.
In January, Simon Morris, former chief strategy officer at BitTorrent, stated that Tron will not be able to administer the trading volume required to tokenize BitTorrent. Tron spokesperson replied that “actions and execution will prove louder than the words of a disgruntled former employee.”