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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38% of Crypto Exchanges Interact With High-Risk Entities in 25% or More of Their Transactions

Leading cryptoasset data provider CryptoCompare has published an updated version of its cryptocurrency Exchange Benchmark. The report details that 38% of crypto exchanges interact with high-risk entities in 25% or more of their transactions.

According to CryptoCompare’s Exchange Benchmark, interactions with high-risk entities are considered when the cryptoasset data provider is raking exchanges. These interactions are measured according to CipherTrace’s Interaction Risk Score, which profiles transactional risk by “deanonymizing risky entities and illicit activities to identify criminal sources of funds and money laundering exposure.”

CryptoCompare then scores exchanges according to the percentage of transactions conducted with entities deemed high-risk. These include criminals, darknet markets and vendors, gambling projects, malware operators, cryptocurrency mixers, ransomware operators, and OFAC sanctions addresses.

The benchmark details that addresses with up to 25% of transactions conducted with these entities receive some points, but those above said mark receive none. Notably, 38% of cryptoasset exchanges were above it.

Data shared in the report detailed that Top-Tier cryptoasset exchanges, those graded AA to B in the report, interact less with these entities, while Lower-Tier exchanges, those rated C-E, interacted more. While both AA-related exchanges, Coinbase and Gemini, had no interactions with high-risk entities, some of the exchanges with A, BB, and B ratings did.

As CryptoGlobe reported, the Exchange Benchmark also revealed Top-Tier exchanges are gaining market share against Lower-Tier exchanges. It details that top-tier exchanges accounted for 32% of the global volumes in Q4 2019, while in the first quarter of this year they accounted for 36%.

In the second quarter of 2020, the Top-Tier exchanges already accounted for 40% of the global trading volume. In June these exchanges got to a 46% market share. Lower-Tier Exchanges, have seen their share of the space’s total trading volume drop from 68% to 60% in the last three quarters.

Featured image via Pixabay.