BitTorrent Launches Mainnet for Decentralized File Sharing Protocol

  • BitTorrent has officially launched the mainnet for its decentralized filesharing protocol BTFS.
  • Protocol seeks to become the world's largest and first scalable decentralized storage system. 

BitTorrent has officially launched the mainnet for its BTFS protocol which will allow for decentralized file sharing.

BitTorrent Mainnet Launch

According to a blog post published Oct. 1, BitTorrent File System (BTFS) seeks to become the “world’s largest and first scalable decentralized storage system.” In preparation for the launch of its mainnet, BitTorrent has released new features for the protocol in addition to activating more than 3,000 new nodes. 

Among the new features added in the launch is the ability for users to import an existing TRON private key, seed phrase or generate a seed phrase to initialize BTFS nodes “in a secure and convenient way.” Following the key’s generation, users are then able to upload, transfer or download files. 

BTFS outlined the advantages of using its protocols over a competitor platform such as EOS, citing lower prices and increased reliability, 

Unlike other platforms like EOS where storing 1 MB data might cost over $150, it’s very cheap to store files on BTFS, which significantly lowers the storage and maintenance cost.

The press release calls the launch a “new starting point” for the decentralized filesharing protocol and a “big step” towards integration into the existing BitTorrent ecosystem, which constitutes the world’s largest P2P network. 

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Ripple CEO: 'You Don’t Want to Use BTC at Starbucks'

On Thursday (January 23), Brad Garlinghouse, the CEO of Ripple, told the Wallet Street Journal (WSJ) that Bitcoin is not a good means of payment because BTC transactions take too long.

The Ripple CEO's comments were made during his talk with Phillipa Leighton-Jones (Editorial Director for Innovation) at a Ripple-sponsored event (organized by the WSJ) called "Ripple Panel: Changing the Finance Industry From Within" held alongside this year's World Economic Forum Meeting in Davos, Switzerland.

Although we don't yet have a full transcript of this interview, we do know about two of the things he talked about thanks to tweets by Asheesh Birla, SVP of Product at Ripple, who was at this event.

First, it seems that although the Ripple CEO likes Bitcoin as a store of value, he does not see (at least, as of now) as a viable means of payment. The example he gave was paying for a cup of coffee at Starbucks. He believes that BTC transactions take so long to confirm that by the time you have finished paying for your coffee, "it'll be cold." 

Second, within the next 12 months, he sees several companies in the crypto space holding initial public offerings (IPOs) and he wants Ripple to be "on the leading side" since this is "a natural evolution" for Ripple, which raised $200 million via a Series C funding round (which valued the company at $10 billion) last month. 

On Wednesday (January 22), Ripple published the "Q4 2019 XRP Markets Report", which is a quarterly report that allows Ripple to "voluntarily provide transparency and regular updates on the company’s views on the state of the XRP market, including quarterly programmatic and institutional sales updates, relevant XRP-related announcements such as Xpring and RippleNet partnerships and commentary on previous quarter market developments." 

In Q4 2019, Ripple's total XRP sales were down just over 80% compared to the preceding quarter ($13.08 million vs. $66.24 million). Ripple "continued the pause of programmatic sales" (to crypto exchanges), and focused exclusively on over-the-counter (OTC) sales to "a few strategic partners, who are building XRP utility and liquidity in strategic regions including EMEA and Asia."

Featured Image Credit: Photo via Pixabay.com