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
Tronâ€™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 â€˜seedâ€™ 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 this month with Justin Sun stating:
â€œBTFS is a continuing step in our mission to create a decentralized internet that allows everyone to share in the wealth of web commerce. Weâ€™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.â€�
The clear aim here is to decentralize content sharing and eliminate the profit hungry â€˜middlemenâ€™ like YouTube and Facebook. To further promote the launch an AMA has been scheduled for later today:
â€œTo celebrate the launch of #BitTorrentSpeed with the $BTT wallet, our CEO @justinsuntron will be hosting a live AMA with our VP of Product, Justin Knoll to answer any questions from the community.â€�
To celebrate the launch of #BitTorrentSpeed with the $BTT wallet, our CEO @justinsuntron will be hosting a live AMA with our VP of Product, Justin Knoll to answer any questions from the community. Join us on July 8, 2019 6PM PDT! $BTT #BTT https://t.co/H4u1TEBwem pic.twitter.com/TExsvqzb5L
— BitTorrent Inc. (@BitTorrent) July 4, 2019
Tron has one of the best PR machines in the industry and it is that constant stream of publicity which is driving todayâ€™s fomo for TRX and BTT which are among the top performing crypto assets at the moment.
Image from Shutterstock
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