The new token was listed as BTTC on the Binance exchange, but has been listed as BTT or BitTorrent-New on other exchanges. Exchanges re-listed the token in January. The old tokens will remain in use for some time and have been renamed as BTTOLD. The previous BTT tokens were swapped with the new tokens at a ratio of 1:1,000 and total supply increased to 990 trillion, maintaining the market capitalisation of around $665.4m at the time of writing (30 November 2022). The BTT token was redenominated as part of the BTTC launch. It enables interoperability with the Ethereum, TRON and Binance Smart Chain ( BSC) networks and plans to add support for more blockchains in the future. BTTC is a cross-chain interoperability protocol that uses the proof-of-stake ( PoS) consensus mechanism for validating transactions and sidechains to scale smart contracts. On 12 December 2021, the BitTorrent Chain (BTTC) mainnet went live. Therefore, BitTorrent Inc will deploy an ‘on-chain/off-chain exchange.’ The exchange will enable the transfer of tokens between a high-performance private ledger and the public TRON blockchain.” “Due to expected volume, direct use of the public TRON blockchain for all transactions is unfeasible. That gives uploaders the incentive to share files for longer and provide more bandwidth and storage to the network. Once their downloads are completed there is no incentive for them to continue uploading.īitTorrent Speed was introduced as an extension to the BitTorrent and µTorrent download clients, which enables downloaders to pay uploaders in BTT tokens for faster download speeds. The longer-term vision is to broaden the usage of the BitTorrent protocol far beyond current use cases by providing a distributed infrastructure platform to third-party app developers, creating the foundation for the decentralised web.”īTT acts as a transaction mechanism for the use of computing resources shared between BitTorrent clients, and provides liquidity for services in the ecosystem.īitTorrent has traditionally seen structural inefficiency, as it’s possible for users to complete file downloads before they have uploaded an equivalent volume. “The initial entry point is to introduce token-based optimisations to the existing BitTorrent protocol, providing a way for the value of shared bandwidth to be captured by network participants.
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