Wednesday, October 4, 2023

BitTorrent File System Reigns


Since its beginnings, decentralized data storage has been a critical component of the blockchain and cryptocurrency ecosystem.

BTFS has established itself as a leader in the decentralized storage ecosystem. Currently, decentralized storage is valued at $46.1 billion. It is also predicted to increase at a rate of 21.9 percent annually. Moreover, these considerations underscore the significance of a trustworthy and secure data storage system.

The decentralized BitTorrent File System (BTFS) allows data storage and secure sharing. The open-source Interplanetary File System protocol powers BTFS. The IPFS is a decentralized digital data storage pioneer.

The four components of BTFS are TRON Network, BitTorrent Network, BitTorrent Token, and TronGrid service. These platforms will help the BitTorrent File System grow (BTFS).

BTFS has functions for all four platforms. TRON is the blockchain platform that allows for the construction of dApps, which are then stored on BTFS. BitTorrent then makes this technology available to its 100 million users, promoting the storage platform. TronGrid, on the other hand, is the glue that holds the BTFS ecosystem together. Finally, the BTT token powers the entire BTFS ecosystem and rewards active users.

Cloud and BTFS

The existing cloud storage infrastructure has many flaws: centralization, high cost, low privacy, low fault tolerance, lock-in impact, etc. BTFS will thereby boost the cloud storage business.

TRON CEO Justin Sun detailed the BTFS solution in a series of tweets. The decentralized structure of BTFS precludes the possibility of outage or shutdown. In a nutshell, data stored on a decentralized storage system is accessible.

TRON has implemented the system. BTFS is TRON’s official storage and will improve TRON’s operations. DLive, like TRON, uses a decentralized storage mechanism. DLive was one of the first to join the BTFS ecosystem. There are also plans to add other blockchain systems.

BTFS now has around 300,000 monthly users. There are about 20,000 storage hosts, 1000 TRON complete nodes, and 27 Super Representative nodes.

Make money using BTFS

BTFS now allows over 200,000 people to earn passive income. Though the DeFi market is currently booming, it is not without risk. On BTFS, however, everyone can earn passively and securely.

BTFS requires the user to download and install the program. They can then add and remove files. Users can also deposit BTT tokens and encrypt and decode files. Storage systems are a solid foundation for dApps. It’s cheaper, easier to use, and has superior security.

Users of BTFS, like other cloud storage providers, must pay a monthly subscription. This charge is paid in BTT tokens and remitted to active network users. Every month, the network charges 23 BTT per GB. That’s about $0.80/month. BTFS hosts can earn up to 7,680 BTT per TB, or $2.64/TB/month.

Hosting BTFS

To store BTFS, users must first download and install the program. Then they merely need to specify how much space they will provide. The software calculates the host’s monthly earnings instantly.

As the number of active BTFS users grows, so does the need for hosts. This shows that hosts on the network should expect a steady supply of passive money.

BitTorrent had a market valuation of $228,326,099 and a 24-hour trading volume of $83,188,367 at writing.


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