The value of BitTorrent Token (BTT) surged by over 40% earlier as we speak following the affirmation of the BitTorrent Chain’s launch date alongside plans to predominate BTT tokens.
The token was on a monster rally between 3 PM and 4 PM propelling it again to its earlier highs earlier than it dipped on December 5.
BitTorrent mainnet launch
BitTorrent is a peer-to-peer file-sharing protocol that was based in 2001. It launched its token in February on the TRON blockchain.
Therefore, the previous BitTorrent Token (BTT) was a TRC-10 utility token and it powers a number of DApps and BitTorrent options like BitTorrent File System, BitTorrent velocity, and DLive amongst others.
BitTorrent mainnet duped BTTC was introduced early final month by TRON and BitTorrent.
The BTCC will probably be an Ethereum Virtual Machine (EVM)-compatible interoperable protocol constructed on the TRON blockchain. It will allow customers to switch belongings throughout TRON, Binance Smart Chain (BSC), and Ethereum amongst different blockchains.
The BTCC shall use the Proof-of-stake consensus mechanism that shall require a number of ‘tremendous representatives’ to stake a certain quantity of tokens.
According to an announcement made earlier as we speak by the BitTorrent group, the mainnet launch is scheduled to be on December 12, 2021.
Old BTT tokens redenomination
After the launch of the BTTC mainnet, the previous BTT tokens shall be redenominated and swapped with the brand new at a ratio of 1:1000 thus rising the entire provide of the brand new BTT tokens to 990,000,000,000,000.
📌While sustaining present market cap, previous BTT tokens will probably be redenominated and swapped with the brand new at a ratio of 1:1000. The complete provide will probably be elevated to 990,000,000,000,000. (*12*)
— BitTorrent Inc. (@BitTorrent) December 6, 2021
The new BTTC token shall be a TRC-20 token that’s mapped to the BTTC mainnet.