BitTorrent-based decentralized file system protocol announced

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Plans on developing a BitTorrent-based decentralized file system have been announced by Tron. The system will be called the InterPlanetary File System aka the IPFS and will allow users to host storage spaces on their computers for other individuals.

According to Justin Sun’s announcement, the project has been in development for a quite some time now as the testing process started a couple of days ago in late May.

According to Justin Sun’s comment, the implementation of the BitTorrent blockchain on the IPFS will provide the users much needed privacy and ability to interact with each other without the intervention of a government organization or a middleman.

The BitTorrent blockchain will also focus on “diversifying” the world’s economic profit to the people who provide it in the first place. The press release mentions a study conducted in 2018, which details how 1% of the world’s top 5,750 publicly listed companies made more than 36% of the economic revenue of that year. However, it’s hard to believe that the revenues were so concentrated.

Nevertheless, the author of the release claims that ad sales and data collection will be given back to the community in an effort to make the digital financial world much fairer.

Unfortunately, there are some discussions on how well Tron can manage the tokenization of BitTorrent, as quite a lot of coins have been emitted, and a global chain of transactions could prove to be too much for the Tron blockchain.

But the company quickly dismissed these worries as a personal vendetta against Tron from a dissatisfied ex-employee of BitTorrent, who turned out to be the former CSO in fact.

Whether or not the promises of sharing the wealth is true, the new BitTorrent system is guaranteed to provide some value in daily online interactions between the users without any unauthorized interference.

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Giorgi Mikhelidze

Georgian-born blockchain enthusiast Giorgi leverages his software development background for on point market commentary and analysis. A brief stint with Finance Makers and he's now covering crypto news for high authority websites with the tip learned from past experience, "Whenever you see people talking about the weakness of your idea, don't see it as criticism."

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