Halving of BTFS Storage Rewards
Singapore
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May 28, 2024 07:53 PM Eastern Daylight Time
Singapore, May 28, 2024 –To sustain the growth and success of the BitTorrent ecosystem, BTFS is set to implement a halving on the next round of rewards for storage miners on the BTFS network. From 00:00 (UTC) June 25, 2024, the daily rewards for storage miners on the BTFS network will be halved from 15 billion BTT to 7.5 billion BTT.
The BitTorrent File System (BTFS) is a decentralized file storage system that utilizes blockchain technology and peer-to-peer transmission. It allows users to store their files across multiple nodes in a distributed manner, enhancing file security and reliability. BTFS also offers rapid file transfer and access, giving users greater convenience in managing and sharing files. By integrating key features of the BitTorrent Chain (BTTC), such as cross-chain connectivity and multichannel payment options, BTFS significantly enhances user experience.
Currently, the BTFS network is experiencing rapid growth with over 8 million nodes across the network, including more than 6 million super miners, according to BTFS SCAN. To support the efficient operations of these nodes, BTFS initiated a rewards program and has provided an aggregate of 25 trillion BTT since the launch of BTFS Mainnet in 2019.
Every two years, the BTFS rewards halving will occur causing the rewards for all storage miners across the network to be cut in half.
(Halving roadmap)
Moreover, halving will also prompt miners to improve node performance by optimizing node operation and reducing waste.
In addition, an upgrade of the official website for the BTFS technical community and the release of BTFS v3.0 Mainnet will be scheduled in sync with the halving. These developments are expected to improve the efficiency of the BTFS protocol, expand the user base, and enhance its overall functionality.
Looking ahead, BTFS is committed to continuously refining its storage rewards strategies. The goal is to expand the network of nodes participating in file storage on BTFS, providing developers with an efficient, secure, and reliable storage solution boosting both the capacity and the transaction efficiency of the BTTC network.
About BTFS
The BitTorrent File System (BTFS) is both a protocol and a web application that provides a content-addressable peer-to-peer mechanism for storing and sharing digital content in a decentralized file system, as well as a base platform for decentralized applications (Dapp). The BTFS team has been working on the latest network operations and BTT market sentiment, etc., to make a series of dynamic adjustments such as upload prices and airdrop reward schemes.
About BitTorrent
Founded with a leading peer-to-peer sharing technology standard in 2004, BitTorrent, Inc. is a consumer software company based in San Francisco. Its protocol is the largest decentralized P2P network in the world, driving 22% of upstream and 3% of downstream traffic globally.
Its flagship desktop and mobile products, BitTorrent and µTorrent, enable users to send large files over the internet, connecting legitimate third-party content providers with users. With over 100 million active users, BitTorrent products have been installed on over 1 billion devices in over 138 countries worldwide.
Since November 2018, TRON (TRX), Binance (BNB), and Bitcoin (BTC) holders have the opportunity to purchase one-year subscriptions of BitTorrent or µTorrent products, including Ads Free and Pro for Windows. Pro includes anti-virus and anti-malware screening, file converting and playability in HD. Users can visit bittorrent.com or utorrent.com to learn more.
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