23.76 Billion BTT Tokens Sold in 13 Minutes and 25 Seconds

23.76 Billion BTT Tokens Sold in 13 Minutes and 25 Seconds

The BitTorrent token (BTT) sale on Binance’s exclusive token launch platform, Binance Launchpad, saw the sale of 23.76 billion BTT in just 13 minutes and 25 seconds!

Also Read: BitTorrent to Soon Accept BTT for Pro Features

According to Binance’s official blog post about the event:

“In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds. Meanwhile, in the TRON session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds.”

The blog started with:

“Binance Launchpad, the exclusive token launch platform of Binance, has completed the sale of BitTorrent (BTT) tokens, which began on January 28, 2019, at exactly 3:00 PM UTC. The token sale ran in two simultaneous sessions: one for purchases using Binance Coin (BNB) and another for purchases using TRON (TRX), both of which were concluded quickly.”

Talking about the cost of the tokens:

“At the time of the sale, one BTT is priced at 0.00001824 BNB or 0.00447261 TRX. In other words, 1 BNB can buy 54,824.56 BTT, while 1 TRX can buy 223.58 BTT. Participants were able to purchase between 100,000 BTT (the minimum amount eligible for purchase) and 166,666,666 BTT (the maximum amount).”

Giving the audience a background to BTT:

“BitTorrent is a TRON-affiliated blockchain project for peer-to-peer file sharing, empowering a new generation of content creators with the tools to distribute their content directly to others on the web. BitTorrent’s new BTT token will allow BitTorrent peers to incentivize activities that lead to better file sharing, like using faster networks and enabling longer seeding periods. BitTorrent currently has 100 million monthly active users (MAU) across 138 countries.”

For those who don’t know what BTT is, here’s what their whitepaper has to say:

“TRON Foundation and BitTorrent Foundation are introducing a new cryptographic token called BTT along with an extended version of the BitTorrent protocol in order to create a token-based economy around the usage of networking, bandwidth and storage on hundreds of millions of computers on the internet. Our initial entry point is to introduce token-based optimizations to the existing BitTorrent protocol providing a way for the value of sharing bandwidth and storage to be captured by network participants beyond the point at which the current protocol no longer values it. Our longer-term vision is to broaden the usage of BitTorrent far beyond current use cases to provide a distributed infrastructure platform to third party app developers and to enable consumers to continuously distill small amounts of value from their devices by allowing others to make use of their spare resources.”

Giving a gist of how things would go about in the project, the whitepaper said:

“The first step in our project will create a market-driven mechanism to enable consumers to collaborate to optimize and prolong the lifespan of existing BitTorrent swarms. Using additional extensions to BitTorrent we will subsequently open up opportunities for distributed app developers to launch new apps making use of infrastructure provided by existing BitTorrent clients which already constitute a distributed networked storage platform of unprecedented scale. These new apps will be able to offer incentives (BTT) to users in return for access to cost effective platform resources comprised of an incredibly broad collection of already-deployed network endpoints. The position of these endpoints at the very edge of the Internet will have the additional appeal to developers of being extremely difficult for net-neutrality adversaries to interdict. Finally, the ability of consumers to capture the value of their contributed computing resources within a cryptographic token will give rise to a completely new transactional mechanism for internet consumers that is distinct from either their attention or their credit card.”

Explaining the project in more technical terms, the whitepaper said:

“We will extend the BitTorrent protocol and introduce a new TRON TRC-10 cryptographic token called BitTorrent (BTT) in order to implement a distributed infrastructure services economy. Within this economy, end users may offer infrastructure services in small increments in return for tokens, with a blockchain solution for a store of value and medium of exchange that will scale to meet the expected demand.”

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.