BitTorrent has disclosed details of several exciting upgrades on its platform. The peer-to-peer platform has revealed details of acquiring blockchain streaming service DLive.tv.
Once the acquisition is complete, the entire BitTorrent platform will be transferred to a single ecosystem called BitTorrent X. CEO Justin Sun, furthermore, confirmed this announcement as well as other upgrades in a series of tweets.
Major @BitTorrent Announcement!
(1/8) @BitTorrent today announced the acquisition of live streaming platform, @OfficialDLive and plans to migrate all BitTorrent related services to one unified ecosystem named BitTorrent X powered by #BTT.
— Justin Sun🌞 (@justinsuntron) October 22, 2020
The creation of BitTorrent X marks a huge transformation for the P2P platform. The platform will no longer be just a P2P software company but a “conglomerate of decentralized technology.” Features like secure storage, content distribution, and data protocols will be available on the new BitTorrent X platform.
Details on BitTorrent
Since its inception, the P2P platform functioned as a data transferring protocol. BitTorrent was quite successful and amassed over two billion active users in a short time. Interestingly, it also had a few institutional-grade users like social media giant Facebook, Twitter, and Blizzard. According to reports, the P2P platform also played a huge role in designing Bitcoin and is also a huge supporter of decentralization.
In 2018, Sun acquired the platform amidst several resentments. At least five top employees at that time resigned, claiming foul play during the acquisition as the reason for their resignation. Sun was, however, unperturbed and intends to take the P2P platform to the top. With this in mind, he has been on the lookout for ways to improve the adoption of the P2P platform by creating more use cases for BTT as well as ensuring the mass adoption of cryptocurrency and blockchain in general.
BitTorrent X is a step in the right direction to achieving this. It would not only serve as a one-stop-shop for all things related to data sharing, but it would also facilitate next-generation decentralized data storage.
BitTorrent X and decentralized storage
To facilitate secure data storage, the platform launched its BTFS (BitTorrent File System). Both BTFS and the newly acquired DLive will be united as one. The unified platform will be known as BitTorrent X. This is a major step in creating a completely decentralized internet.
Many schools of thought believe that the proposed BitTorrent X ecosystem will bring a new twist to decentralized data storage. Billions of users will allow storage on their devices to be used and also earn income in the process. With this system, issues of outage or downtime will be eliminated. Users all over the globe will also be able to store, stream, and share their content on the internet.
More details about the proposed BitTorrent X will be released shortly.
As of the time of writing, BTT was trading at $0.00033113, with a market cap of $217,150,927 and a 24-hour trading volume of $76,209,407.
Find out more about the P2P platform on the Altcoin Buzz YouTube channel.