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BitTorrent’s early access to BitTorrent Speed leaves users with questions about rewards within app

Namrata Shukla

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Source: Pixabay

Tron’s BitTorrent [BTT] saw the announcement of its BitTorrent File System [BTFS] on May 30, however, this did not lead to any major changes in the BitTorrent Ecosystem. Following the BTFS announcement, Misha Lederman, a prominent proponent had stated that BitTorrent Speed will also see the launch soon.

According to a press release, Justin Sun the CEO of BitTorrent and Tron had stated that:

“With BitTorrent Speed, we aim to strengthen the BitTorrent protocol and then deliver more features that inspire innovation across industries.”

BitTorrent announced that it sent out invitations to a few people via email to access BitTorrent Speed. One of the Twitter user @_theperfesser reviewed BitTorrent speed for the fellow BitTorrent users. The user informed that as they registered for the early access and answered a few UI questions about the app, BitTorrent let them download the app and seed 3 torrents. The user continued:

“Been seeding them since yesterday and so far there are no BTT earnings showing, but they are seeding quite slowly. Double digit KB/s and I’m on a 77Mbps connection (up and down). Likely just aren’t files that anyone wants to download except those in the early access lol”

However, the user said emphasized more on the questions asked by the application with regards to its UI and said that “maybe the earning part was not working yet”. BitTorrent Speed rewards BTT users with BTT tokens in exchange for seeding and bandwidth, that would help them with faster download speed.

When another user asked about how much BTT one can earn and under what settings, @_theperfesser said that there was no provision of settings in the app yet. They further explained:

“Just a button that opens this dashboard in the screen shot. I seeded about 50GB worth of data and no data showed for the “my earn for seeding today” or “…over 5 days” fields. Not part of this version, I presume.”

After conducting a speed test to download a 1.06GB file that was provided by BitTorrent to find out that the test without Speed was slightly faster. However,  @_theperfesser noted that:

“these speeds did not coincide with the seemingly random speed figures shown in the dashboard. This is consistent with my assumption that this test version was UI focused and that maybe the Dashboard is just simulating the functionality for UX testing purposes.”

Source: Twitter

Source: Twitter

The users appeared unclear about how exactly they would be able to earn BTT within the application. BitTorrent might have to consider noting these doubts and clarifying before the official release.





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Bitcoin

ErisX goes all hands on deck to launch a Bitcoin Futures market

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ErisX goes all-hands on deck to launch a Bitcoin Futures market
Source: Unsplash

ErisX’s CSO, Matt Trudeau, detailed the company’s four important plans for the future, which includes launching a spot market, to secure a Bit License, DCO, and to launch a futures market.

ErisX currently has a DCM contract, which is a Derivative Contract Market that allows ErisX to run a CFTC-regulated futures exchange. However, ErisX aims to get a DCO [Derivatives Organization], which will effectively allow it to run a CFTC-regulated clearinghouse. A clearinghouse would mean that ErisX can take control of the custody of the assets and clear and settled trades.

The CSO explained the benefit of this, stating,

“There is some efficiency for firms like producers [like mining companies]; if they need to hedge their inventory or need liquidity on a spot market, they could do that conveniently on a single platform. “

Trudeau added that from the “post-trade standpoint” and “the collateral management standpoint,” ErisX would have cash, crypto, and the futures, all stored in their clearinghouse. This would boost efficiency since it would be available for all customers under a single platform. The CSO added,

“… so there is some efficiency in terms of managing collateral, if you don’t have assets on  multiple platforms, it can all be in our clearinghouse.”

Apart from the aforementioned plans, Trudeau added that the crypto-industry needs to mature more and that ErisX plans to make a significant contribution to that. He added,

“The market is professionalizing and we think that in terms of what institutions are expecting from a trading/custody experience, we will bring some of the solutions to the market and that’s really the foundational pieces that they are looking in order to build their businesses on top of us.”

Apart from ErisX, LedgerX has also received a go-sign from the CFTC to settle Bitcoin Futures in Bitcoins. Other exchanges include Intercontinental Exchange’s Bakkt and Seed CX.





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