As a basic unit in the BTFS system, a node can serve as a host or a renter. The two roles are not mutually exclusive, so a node can be both a host and renter. The revenue of a node comes from two parts: storage and airdrops.
BTT is the currency circulated in BTFS 2.0, which is based on BTTC (BitTorrent Chain). To make futures interaction more scalable, WBTT, the BRC20-based token that can be warped 1:1 with BTT, is adopted in futures. The two tokens are equal in value and interchangeable.
The storage process starts with the renter storing files. After the renter selects the files they would like to store, a price contact would be requested, and the amount of WBTT needed for storage in BTFS would be calculated. When the renter confirms the storage, the system will randomly select N (N can be appointed by the renter) nodes as hosts from eligible nodes based on the current network. The renter transmits the file to the host. Upon receiving the complete file, the host needs to send a receipt to the network. After the receipt is approved, the renter will send the storage fee (WBTT) to the host in the form of a cheque. The process ends when the host receives the cheque. The host can cash out WBTT in the renter's Vault contract with the cheque received.
- node：A node is a BTFS network builder who provides storage services and maintenance of the whole network, commonly understood as a miner.
- Cheque：A cheque is a WBTT voucher issued through the storage service; it allows users to cash out WBTT via the vault contract.
- renter：A renter is in need of decentralized storage services to store files in BTFS.
- host：A host has spare hard drive storage and sufficient bandwidth to provide file storage services.
- Vault：A vault is an on-chain smart contract used for managing a node's assets on the blockchain and cashing cheques.
The nodes receive rewards for providing storage services for the network. In addition, the system will give nodes a certain amount of airdrops based on the size, time, validity of the stored files among other factors. The airdrop rewards are issued every 7 days and need to be claimed by nodes themselves.
*BTFS2.0 airdrop rules may change at any time, the specific airdrop time to be determined.
Updated 7 months ago