Since the inception of the blockchain and cryptocurrency ecosystem, decentralized data storage has been bookmarked as a crucial component of this ecosystem.
The BitTorrent File System (BTFS), over time, has created a name for itself as a leader in the decentralized storage ecosystem. Currently, the decentralized storage space is estimated to be valued at around $46.1 billion. It is also expected to experience about 21.9% growth every year. All of these points, furthermore, assert that the importance of a reliable and secure data storage system cannot be over-emphasized.
The BitTorrent File System (BTFS) is built on decentralized technology and facilitates the storage and secure sharing of data. The BTFS system is powered by the IPFS, the open-source Interplanetary File System protocol. The IPFS is a trailblazer in the decentralized digital data storage ecosystem.
The four components of BTFS
BitTorrent File System (BTFS) is made up of several top names in the blockchain and crypto sphere, namely; TRON Network, BitTorrent network, BitTorrent token, and the TronGrid service. Together, these platforms will help grow the BitTorrent File System (BTFS).
All four platforms have unique functions on BTFS. TRON serves as the blockchain platform that facilitates the creation of dApps, etc., all of which will be stored on BTFS. Next, BitTorrent provides this technology to its over 100 million users, subsequently creating awareness for the storage platform. TronGrid, on the other hand, functions as the link combining all these separate factions into a single BTFS ecosystem. Lastly, the BTT token powers the entire BTFS ecosystem, serving as a reward token to active users on the platform.
Cloud storage and BTFS
The current cloud storage system comes with a lot of shortcomings. Issues like centralization, high price, low privacy, easily breached low-fault tolerance, lock-in effect, etc. BTFS will subsequently bring much-needed improvements to the cloud storage industry.
TRON CEO Justin Sun, in a series of tweets, explained in detail the solution BTFS will bring to the data storage ecosystem. One major detail is that the decentralized nature of BTFS eliminates the likelihood of downtime or shutdown. Simply put, data on the decentralized storage system will be available 24/7.
Thoughts on @BitTorrent a.k.a #BTT
(1/11) @BitTorrent is arguably the most disruptive tech in the brief history of data itself and changed the internet since its start. It’s fitting that for so long, the face of #P2P technology, #BTT, has been unapologetically peerless.
— Justin Sun🌞 (@justinsuntron) October 13, 2020
TRON has employed the system on its network. BTFS is expected to improve TRON’s operations and currently serves as the official storage for the Network. Apart from TRON, DLive also makes use of the decentralized storage system. The content-sharing platform DLive was one of the foremost to join the BTFS ecosystem. Plans are also in place to incorporate more blockchain platforms.
At the time of writing, BTFS boasts of approximately 300,000 monthly users. This includes about 20,000 storage hosts, over 1,000 TRON full nodes, and 27 Super Representative nodes.
Earn passive income using BTFS
Over 200,000 people can now earn income passively by using BTFS. Though the DeFi space is currently yielding huge returns, it comes with a fair amount of risks. This, however, cannot be said of BTFS as anyone can securely and easily earn passively on the platform.
To make use of BTFS, users need to download and install the app. They then will be able to add and remove files. Users will furthermore be able to deposit BTT tokens and also encrypt and decrypt their files. The storage systems act as a strong foundation for building dApps. It is cheaper, easily accessible, and boasts of better encryption.
Like other conventional cloud storage platforms, BTFS users also need to pay a monthly fee to use the service. This fee is paid exclusively in BTT tokens and is subsequently remitted to active users on the network. 23 BTT is charged per Gigabyte on the network every month. This is approximately $0.80/month. BTFS hosts earn up to 7,680 BTT per Terabyte (TB), amounting to about $2.64/TB/month.
How to become a BTFS host
To provide storage for BTFS, interested persons should first download and install the app. After this, they just need to specify the amount of space they plan to contribute. The application immediately calculates the estimated earning of the host per month.
Currently, the number of active users on BTFS is increasing, resulting in an increase in demand for hosts. This shows that a long-term stream of passive income is a sure thing for hosts on the platform.
At the time of writing, BitTorrent was trading at $0.00034772, with a market cap of $228,326,099 and a 24-hour trading volume of $83,188,367 on CoinGecko.
Find out more about BitTorrent and Tron on the Altcoin Buzz YouTube Channel.