BitTorrent (BTT): Halving of BTFS Storage Rewards

BTFS
Announces
Halving
of
Storage
Rewards

To
sustain
the
growth
and
success
of
the
BitTorrent
(BTT)
ecosystem,
BTFS
is
set
to
implement
a
halving
on
the
next
round
of
rewards
for
storage
miners.
According
to

BitTorrent
Inc.,
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.

Understanding
BTFS

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.

Current
Network
Status
and
Growth

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.
This
halving
mechanism
aims
to
sustain
the
long-term
growth
and
stability
of
the
BTFS
network.

Impact
of
Halving

The
halving
will
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
v3.0.0
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.

Future
Plans

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,
among
other
factors,
to
make
a
series
of
dynamic
adjustments
such
as
upload
prices
and
airdrop
reward
schemes.

Image
source:
Shutterstock

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