Last year, Justin Sun's Tron Foundation purchased the world's leading Torrent network BitTorrent, after which the firm has announced some upgrades for the platform. Presently, web-based cryptocurrency TRON TRX declared its plans to build a decentralized file system, the InterPlanetary File System (IPFS), known as BitTorrent File System which was released this week.
As per the press release, BitTorrent File System (BTTS) is a new variant of the above mentioned IPFS software which enables users to receive and host storage on their computers with other individuals and businesses. The internal testing of new software has begun since the last few days. Justin Sun who is the Founder of Tron and also the CEO of BitTorrent described the recent development:
“We’re creating a platform with BTFS, BitTorrent Speed blockchain integration and the BTT utility token to let users quickly and privately interact with each other around the world without a middleman or government intervention.”
One of the reports quotes an unspecified 2018 study which was carried out by McKinsey Global Institute which reportedly ensures that from 5,750 of the biggest public and private firms in the world with revenue of $1 billion or more found that the top 1% of the firms captured 36% of the economic profit.
Just because of decentralization, which is happening right now, Justin Sun confirmed that the situation can become better. In the case of a decentralized internet, the profits which are being collected from ads sales, data collection and other means, can be shared and given back to people who selected big companies' business models.
Currently, the release of the public beta version of the BitTorrent's decentralized social media app is to be made on Q2 2019, this simply means that it will launch in June 2019.
But in January, Simon Morris, who is the former chief officer at BitTorrent stated that the firm will not be able to manage all the transaction volume needed to tokenize BitTorrent. In response, one of the Tron Spokesperson refused this accusation.