BTFS Announces Halving Storage Rewards
To maintain the growth and success of the BitTorrent (BTT) ecosystem, BTFS will implement half in the next round of rewards for storage miners. According to BitTorrent Inc., starting at 00:00 on June 25, 2024 (UTC), daily rewards for storage miners on the BTFS network will be halved from 15 billion BTT to 7.5 billion BTT.
Understanding BTFS
BTFS (BitTorrent File System) is a decentralized file storage system that utilizes blockchain technology and peer-to-peer transmission. This allows users to store files across multiple nodes in a distributed manner, improving file security and stability. BTFS also provides fast file transfer and access, giving users greater convenience in managing and sharing files. BTFS significantly improves user experience by integrating key features of BitTorrent Chain (BTTC) such as cross-chain connectivity and multi-channel payment options.
Current network status and growth
According to BTFS SCAN, the BTFS network is currently experiencing rapid growth with over 8 million nodes across the network, including over 6 million super miners. To support the efficient operation of these nodes, BTFS has launched a rewards program and has given away a total of 25 trillion BTT since the launch of the BTFS mainnet in 2019.
Every two years, BTFS rewards are halved, halving the rewards for all storage miners across the network. This halving mechanism aims to maintain the long-term growth and stability of the BTFS network.
Effects of Half Life
Cutting it in half will allow miners to optimize node operations and reduce waste, thus improving node performance. Additionally, in line with the halving, the BTFS technology community official website will be upgraded and the BTFS v3.0.0 mainnet will be released. These developments are expected to improve the efficiency of the BTFS protocol, expand its user base, and improve its overall functionality.
Future Plans
Going forward, BTFS is committed to continuously improving our storage compensation strategy. 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, and increasing both the capacity and transaction efficiency of the BTTC network.
Introduction to BTFS
The BitTorrent File System (BTFS) is a protocol and web application that provides a content-addressable peer-to-peer mechanism for storing and sharing digital content in a distributed file system. decentralized application (DApp). The BTFS team has been studying the latest network operations and BTT market sentiment, among other things, to make a series of dynamic adjustments such as upload price and airdrop reward system.
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