BTT Token Surges 40% After BitTorrent Chain Mainnet Launch Announcement

The Tron Foundation announced that on December 12, 2021, the BitTorrent Chain (BTTC) mainnet would launch and the native token BTT would be denominated. The asset’s price rose by more than 40%.

According to the statement, the BTTC protocol uses the Proof-of-Stake consensus algorithm and sidechains to scale contracts. It provides interaction with public blockchains Ethereum, TRON and Binance Smart Chain (BSC).

Concurrently with the mainnet launch, the denomination of the native token BTT will occur at a ratio of 1:1000. The total supply in the network will increase from 990 billion to 990 trillion.

Among the main use cases for the asset:

• the ability to become a validator;
• deposits for staking;
• participation in community governance;
• payment of gas in BTTC.

The old token will be renamed BTTOLD, and the assets will coexist for some time, freely exchanging with one another.

BTTOLD will retain its original use cases:

• payment for file storage in the BTFS system;
• BTFS mining;
• accelerating downloads on the BitTorrent protocol.

The decision to dramatically increase the token supply in the project was explained as necessary to serve more than 90 million active BitTorrent users, with a user base of more than 2 billion torrent clients in the network. The number of existing tokens per client is less than 500, which could lead to a shortage.

Also, the team noted that the current BTT is inconvenient for calculations, often requiring very small numbers with many decimal places. For example, the standard mining reward for a user is 0.00231 BTT.

The new tokens will be issued on the TRON mainnet on the TRC-20 protocol, whereas the old ones used TRC-10.

In response to the announcement, the price of BTT rose about 43% in less than an hour — from around $0.0025 to $0.00345. At the time of writing, the rate had retraced to about $0.003.

Back in September 2021, Tron founder Justin Sun announced the launch of BTTC, with the test network going live on October 30.

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