The BitTorrent token (BTT) which is one of the key highlights in the next few weeks amongst crypto fans around the world, has released major announcements.
The BTT token will be a TRC-10 standard token and will be utilized for the peer to peer file exchange services in the ecosystem of BitTorrent. As it will be a TRC-10 token, it will be supported by Tron’s blockchain and not the Tron Virtual Machine (TVM).
The tokens will initially be used as a payment option for requesting upstreaming bandwidth. It will, later on, be used for purchasing content, tipping live streaming performers, and crowdfunding the creation of new works. In other words, it will change the way the peer to peer sharing of BitTorrent functions, by adding the token for incentivization purposes.
As witnessed before, users on the BitTorrent network usually disallow ‘sharing of their downloaded files. However with a feature called BitTorrent Speed users will be able to advertise their bids, within a swarm to trade BTT in exchange for continued access to downloading their shared files. Hence leading to an incentivized manner of encouraging users to share their files. The feature will roll out by summer of 2019 on µTorrent Classic Windows client while it will be available on other BitTorrent clients by late 2019.
Public Sale of BTT
Binance which has announced the BTT token as the first token on its launchpad disclosed BTT tokens public sales details on its blog.
The token public sale will be available on Binance Launchpad on January 28th 15:00 UTC. It will be available through Binance (BNB) tokens and another using Tron (TRX) tokens. There will be 23.76 billion BTT for sale for BNB tokens, while there will be 25.64 billion for TRX tokens. Each token will cost US$ 0.00012 on a first come, first serve basis. Each participant will be restricted to $20,000 worth of BTT. The total token supply is 990,000,000,000 BTT. T
With a token supply of 990,000,000,000 BTT, it may seem to be quite many to go around. However with the influence of Binance, BitTorrent and Tron these tokens could be bought in a matter of hours.
The public sale ends when the hard cap is reached or after a week at 15:00 UTC on February 3rd. The only case in point that has been negative is the list of 36 countries which includes the United States which won’t be able to participate in the public token sale.
The BTT public sale could define the entry of cryptocurrency’s mass adoption and also lead to new methods of public sales instead of Initial Coin Offerings (ICO).
Image Source – KoinAlert
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