Halving intends to enhance functionality and optimize node performance by introducing BTFS v3.0 Mainnet
Date: May 28, 2024, SingaporeIn order to ensure the continued expansion and prosperity of the BitTorrent ecosystem, BTFS intends to reduce the subsequent round of rewards for storage miners on the BTFS network by half. The daily rewards for storage miners on the BTFS network will be reduced by half from 15 billion BTT to 7.5 billion BTT as of 00:00 (UTC) on June 25, 2024.
The BitTorrent File System (BTFS) is a peer-to-peer transmission and blockchain technology-based decentralized file storage system. This technology enables users to distribute their files across numerous nodes, thereby augmenting the security and dependability of the files.
BTFS additionally provides expedited file access and transmission, enhancing users’ file management and collaboration efficiency. BTFS substantially improves the user experience by incorporating primary characteristics of the BitTorrent Chain (BTTC), including multichannel payment options and cross-chain connectivity.
The BTFS network is undergoing a period of substantial expansion, as evidenced by the presence of more than 8 million nodes and over 6 million super miners, as reported by BTFS SCAN. To facilitate the streamlined functioning of these nodes, BTFS implemented a rewards initiative and has contributed 25 trillion BTT since the inception of BTFS Mainnet in 2019.
The BTFS rewards halving will occur every two years, resulting in a diminution of the rewards for all storage miners on the network.
Moreover, miners will be motivated to optimize node operation and reduce waste to enhance node performance due to halving.
Furthermore, the BTFS v3.0 Mainnet release and an upgrade to the official website for the BTFS technical community will be coordinated with the halving. These advancements are anticipated to increase the BTFS protocol’s user base, optimize its performance, and augment its overall functionality.
With an eye toward the future, BTFS is dedicated to enhancing its storage rewards strategies continuously. The objective is to augment the node network engaged in file storage on BTFS, thereby furnishing developers with a dependable, secure, and efficient storage solution that enhances the BTTC network’s capacity and transaction efficiency.
Regarding BTFS
The BitTorrent File System (BTFS) is a foundational infrastructure for decentralized applications (Dapps) and a content-addressable peer-to-peer mechanism for storing and sharing digital content. It is both a protocol and a web application. In light of the most recent network operations and BTT market sentiment, among other factors, the BTFS team has been adjusting dynamic features like airdrop reward schemes and upload prices.
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Established in 2004 with a pioneering peer-to-peer sharing technology standard, BitTorrent, Inc. is a San Francisco-based consumer software corporation. The largest decentralized P2P network worldwide operates under its protocol, which accounts for 22% of upstream and 3% of downstream traffic worldwide.
BitTorrent and µTorrent, the company’s premier desktop and mobile applications, facilitate the transmission of sizable files via the internet by connecting users with authorized third-party content providers. BitTorrent products boast a global user base exceeding 100 million and have been deployed on over one billion devices spanning more than 138 countries.
Since November 2018, holders of Bitcoin (BTC), TRON (TRX), and Binance (BNB) have been granted the option to acquire one-year subscriptions to BitTorrent or µTorrent products, which encompass Ads Free and Pro for Windows. Anti-virus and anti-malware protection, file conversion, and HD playback are all included in Pro. For further information, users may visit bittorrent.com or utorrent.com.
