BitTorrent Token (BTT) Seeks Buyers on Binance Launchpad
Binance has scheduled BTT selling sessions for January 28, accepting TRX and BNB for the new asset.
BitTorrent Token (BTT) is preparing for its launch through what resembles an initial coin offerings (ICO) crowdsale, Binance announced. This time, the asset is based on the TRON (TRX) network and is among the first prominent TRON-based tokens.
Binance Launchpad is a platform for token sales that aims at accelerating projects vetted for quality. The BTT sale will involve a small part of the total supply of 990 billion tokens. A total of 54 billion will be sold, distributed in separate sessions for TRX and Binance Coin (BNB) buyers.
In the BNB session, 23.76 billion BTT will be available, while the number for the TRX session is set at 35.64 billion. Sales of the new asset depend on account verification as Binance has become one of the exchanges performing strict trader monitoring. Besides requiring account verification, Binance has banned the residents of some countries from the BTT token sale, including US-based investors.
Around 10% of BTT tokens will be airdropped in a phase-out schedule taking as long as six years:
The use case behind the BTT token is to speed up downloads by using the already well-known BitTorrent client, thus ensuring the continuation of a decentralized Internet. BitTorrent was acquired by the TRON project in the summer of 2018.
“Initially, BTT holders will be able to trade tokens for faster downloads. In the BitTorrent network, a file can be downloaded very fast when many connected users have a copy of the file, and typically a large movie file can be downloaded in minutes if many users have a copy,” IT and blockchain expert Giulio Prisco explained in a recent blog post.
The launch of the BTT token is the beginning of tokenization on the TRON platform, where many other projects may create additional digital assets. TRON also allows for the creation of various types of tokens, but the number is still relatively low.
Following the news of the upcoming BTT sale, TRX prices inched up slightly, adding 2.23% in the past day to stabilize at around $0.025. The asset has seen its price stagnate despite the network’s growth.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.