The Tron Foundation used its Tweeter account to announce the launch of the BitTorrent Token this January 28th. On that day, at 7 am PST it will be available at Binance Launchpad. In this article, we tell you all you need to know.
What is BTT?
BTT will be the handle for the brand new TRC10 Tron-based token called BitTorrent Token. It’s meant to be a general purpose currency to help transactions in computing resources among BitTorrent clients and/or any other service providers and requesters. It will be the currency of the BitTorrent environment as it becomes a blockchain network.
Current BitTorrent clients will include an optional set of protocol extensions that will allow users to receive and bid for their bandwidth. That will work along with a wallet that supports BTT and a bidding engine.
It won’t be used only to incentivize longer seeding times but also for all kinds of utility cases within the BitTorrent network. General storage, computation power, resources availability such as a distributed VPN or a CDN.
As the project matures and grows, it will be used, in time, for content purchases, for tipping content producers, and for crowdfunding the creation of new projects.
The details
The initial Hard Cap will be of 7,200,000 USD. The total token supply will be of 990,000,000,000 BTT tokens of which 9% will be available for a start. The initial value is set to be 0.00012 USD. Trading pairs in BNB and TRX will also be available, but the price for those will be set only when the token is released.
Of the available BTT on the 28th, 40% will be publicly sold for BNB and the rest in TRX.
BitTorrent $BTT will be exclusively available on #BinanceLaunchpad on January 28th, 2019 7 AM (PST). Don't miss their crowdfunding, register to @Binance now! ⏰😮Learn more about $TRX session https://t.co/xdrmyC9OE3 and $BNB session https://t.co/fVJ92mkmEE pic.twitter.com/f4HE3BaqHm
— TRON Foundation (@Tronfoundation) January 17, 2019
The whole supply is scheduled to be released over the next three years.
This seed sale will be of 9% of the total supply, as stated before. The rest of the currency will be allocated in the following way:
- Private sale, 2%.
- Partnerships, 4%.
- Public sale, 6%.
- BitTorrent Airdrop, 10%
- Tron Airdrop, 10.1%.
- Tron Foundation, 20%.
- The BitTorrent Environment 19.9%
- The team, 19%.
But there’s a catch. Not everybody is invited to the party.
Users from several countries (most notably from the USA and Mainland China) won’t be allowed to partake from the sale.
Here are the interdicted countries: Afghanistan ,Albania, Belarus, Bosnia & Herzegovina, Burundi, Central African Republic, Cote d’Ivoire, Cuba, Democratic Republic of the Congo, Ethiopia,Guinea, Guinea-Bissau, Iran, Iraq, Lebanon, Liberia, Libya, Mainland China, Myanmar (Burma), North Korea, Republic of Macedonia (FYROM),Serbia, Somalia, South Sudan, Sri Lanka, Sudan, Syria, Thailand, Trinidad & Tobago, Tunisia, Uganda, Ukraine, United States of America (USA),Venezuela, Yemen, Zimbabwe.
While all the relevant and available information so far is included in this article, you can find it as well at Binance’s website in this link: https://launchpad.binance.com/details.html?projectId=25
BitTorrent is already decentralized, which is one of the reasons why it’s in line with Tron’s ambitions. And now it will become blockchain-based through the BTT token, and also by a new BitTorrent blockchain client called “BitTorrent Speed” which will be released by next quarter. It will be incredibly interesting to see how Tron’s blockchain changes the lives of a hundred million users scattered all over the world. If you are a BitTorrent user, this is a fascinating time.
Image courtesy of PixaBay.