On May 19, the cryptocurrency exchange BHEX (formerly HBTC) launched trading of the perpetual futures BZZ/USDT. In the first day, the contract price rose from $30 to $240 at its peak.
BZZ — ERC-20 token of the decentralized data storage Ethereum Swarm. Through Swarm, users can exchange messages and files, and also host applications and websites in the decentralized network. The project operates on a BitTorrent-like principle:
- Swarm splits a file into parts and distributes it among nodes;
- the Swarm protocol creates a manifest with the addresses of the nodes that store the parts of the file;
- the user requests the manifest, downloads the file from the Swarm network and pays for the services of the nodes in the BZZ token.
Unlike Filecoin and IPFS, Swarm scales thanks to an integrated L2 solution for payments. Nodes maintain local ‘checkbooks’ — records of data exchanges with network users. When data transfer volume exceeds the limit, the node requests a check from the user for services. The debtor sends the check in a private L2 channel. The node exchanges the accumulated checks for BZZ and records the cash-out in a transaction on the Ethereum blockchain.
As of publication, the developers are testing Swarm v0.6.0 and are preparing for a 1 million BZZ airdrop. The project team plans to launch the mainnet by the end of Q2 2021. In the meantime, cryptocurrency exchanges launch futures on the price of BZZ.
As reported, Ethereum mining revenue reached $100 million.
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