The use cases of the Tron-acquired BitTorrent have long been debated by both skeptics and proponents of the Tron ecosystem, despite the fact that BitTorrent offers a massive customer base that has proven immensely beneficial for Tron’s own adoption. While the implementation of BitTorrent on the Tron blockchain looms, Justin Sun today shared a key development regarding the same.
CEO Justin Sun, who was recently in the news for having won the opportunity to have lunch with investment mogul and crypto-skeptic Warren Buffett, made headlines again after he announced the launch of the BitTorrent File System Testnet on 1 July.
Tron’s Justin Sun has repeatedly claimed that BTFS will be the world’s largest decentralized storage and media sharing network. When Tron finally fully implements the blockchain-powered BTFS, users will be able to not only interact with other entities but, they’ll also have unlimited file sharing capabilities at their pleasure.
Justin Sun and Tron believe BitTorrent is key to decentralizing a web where the principles of privacy and content ownership are paramount. Tron hopes to utilize the P2P-sharing platform’s 150+ million strong user base to do the same, which is why Tron acquired it back in 2018.
Following the announcement, optimism was high in the Tron community. Many proponents such as Misha Lederman shared Justin Sun’s tweet, looking forward to the ocean of possibilities BTFS’s launch will afford Tron and BitTorrent users, while also reshaping the cryptocurrency space.
However, the optimism didn’t translate to BitTorrent’s price. While the token had risen substantially over the past 24 hours, it failed to rise higher in the immediate few hours of the announcement. Instead, the price of the token leveled off to post a respectable, but insignificant gain over the day. CEO Justin Sun had previously promised that BitTorrent will soon be ranked in the top 30 tokens list on CoinMarketCap. Maybe the BTFS launch could be the catalyst for the same.