While Bitcoin and the majority of cryptocurrencies have been quietly consolidating over the weekend some are spiking today. Tron is among them as TRX regains its top ten spot as the launch day for BitTorrent Speed has finally arrived. BitTorrent Token is the other big mover.
FOMO For Tron and BTT
Tron’s TRX token has made 10 percent over the past 24 hours, surging from $0.0321 (287 satoshis) to $0.0353 (309 sats). The move has increased TRX market cap to $2.35 billion as it moves further ahead of Cardano, which has been knocked out of the top ten again.
Daily volume has pumped from $580 million to over $800 million as fomo escalates on BitTorrent Speed beta launch day. The BTT token has also performed well today, pumping just over 10 percent to hit 13 satoshis. Volume surged from $40 million to almost $100 million.
BitTorrent Speed Launch
Today is the day that the BT team launch BitTorrent Speed. The system rewards BitTorrent users with BTT in exchange for seeding and bandwidth, theoretically enabling faster downloads. Users downloading files will pay the content shares with BTT tokens to receive faster download speeds. This way users are incentivized to upload or ‘seed’ files for an extended period, while those downloading benefit from the faster speeds.
According to the website there are over 100 million BitTorrent users which can now share in this tokenized decentralized internet.
BitTorrent Speed is a variant of the InterPlanetary FileSystem (IPFS) protocol, an open-source online file system that can be used to make a decentralized web-based hard drive, effectively merging BitTorrent and the blockchain. The testnet launch of BFTS (BitTorrent File System) went live earlier