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Bittorent token (BTT), together with Binance coin (BNB) and Bitcoin (BTC) trading went live on Binance, one of world’s largest and most popular crypto exchange, which has an exclusive agreement with Tron’s Justin Sun, on 31th of January at 10 UTC.
BitTorrent, the company acquired by Tron, has seen great success in the public sale of its BTT Tokens. The company raised millions of dollars in a matter of minutes, despite the fact that some technical difficulties took place. The news has been published on Twitter by Tron CEO Justin Sun.
Now if we look at the time Binance began trading the digital asset, BTT has been jumping and switching between 88% and 77% value rise just over an few hours in the time of writing.
As at the time of writing, BTT is trading at 0.000548 against Bitcoin (BTC) on Binance Exchange.
— Justin Sun (@justinsuntron) January 31, 2019
The first session allowed users to purchase BTT tokens using BNB at a pegged price of 0.00001824 BNB. In other words, 1 BNB was equal to 54,824.56 BTT. This session sold out a total of 23.76 billion BTT and it was completed in 13 minutes and 25 seconds.
In the second session, users were able to buy BTT with TRX (1 TRX = 223.58 BTT). During this session, there was a minimum buying requirement of 100,000 BTT and a maximum one of 166,666,666. The session was completed in 14 minutes and 41 seconds, selling all availabl 35.64 billion BTT.
In total, the ICO sold 59.4 billion BTT which is equal to $7,128,000.
According to the project’s official website, BTT tokens can be bid in exchange for quicker downloads on BitTorrent. Think FastPass at Disney World. Though why this feature requires its own token instead of simply using bitcoin or Tron isn’t clear.
Justin Sun revealed that the BTT airdrop for TRX token owners is going to be available on Coinsuper:
— Justin Sun (@justinsuntron) January 29, 2019
For better or worse, Justin Sun has a reputation for being an absolute master of hype. Sun’s marketing savvy has been on full display over the past few weeks as Tron has been gearing up for the launch of the new BitTorrent Token (BTT).
The highlight of the marketing blitz came at mid-January’s niTRON 2019 conference, where Sun shared a stage with basketball legend and venture capitalist Kobe Bryant. He also confirmed BitTorrent (BTT) giveaway for those whose orders were not processed during token sale
At the same time, the BitTorrent Token launch has come under criticism from former long-time BitTorrent chief strategy officer Simon Morris and others. Conceding that Sun has “a very nice personality from a marketing point of view,” Morris generated a lot of headlines with his claims that Sun “doesn’t have a technical bone in his body” and that the Tron network was completely incapable of handling the huge transaction throughput required of BitTorrent’s 100 million active monthly users.
Tron [TRX]’s march towards mainstream adoption has been boosted by multiple update announcements and shout-outs by several luminaries in the cryptocurrency space. At a time when the entire industry has come under attack by the bear, Tron has been rising slowly but surely, piping other cryptocurrencies to claim the 8th position on the charts.
The latest news from the Tron stables is that of the BitTorrent token [BTT] public sale which was conducted successfully on January 28. The airdrop was also assisted by Binance with Changpeng Zhao, the Chief Executive Officer of Binance commending the process as well as the short time that it took to conclude. Justin Sun had tweeted:
“It is official: 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. #BTT $BTT #BitTorrent #TRON”
Concerns Regarding Participations
Also worth mentioning, that this rate is 600% higher than that available during the token sale event. However, happy owners of BTT still didn’t the coins and thus cannot participate in the current trading.
Concerns emerged from users who attempted but failed to participate in the ICO. Apparently, because of the large demand, not all users saw their orders executed.
This was confirmed by Changpeng Zhao, CEO at Binance, who explained the issues in a tweet:
Full transparency. The issue experienced today was caused by the "user agreement confirmation" button caching/locking. Most of the stress tests focused on the buy process, this part was not covered thoroughly enough. The order of requests received was preserved.
— CZ Binance (@cz_binance) January 28, 2019
CZ later elucidated on the problem by confirming that the public sale glitch had occurred due to the “user agreement confirmation” button caching/locking. He even admitted that the earlier stress tests on the platform had focused on the buy process while the button was not covered thoroughly enough. At the same time, he confirmed that the order of requests was fully preserved. CZ also added that the process does not need a redo as suggested by some “bear cries”.
One of the other major takeaways from the sale was the camaraderie between Tron and Binance, majorly focused on the Justin Sun-Changpeng Zhao dynamic. This was highlighted when CZ announced:
“Due to overwhelming demands, Tron team generously agreed to do a small airdrop for people who tried to place orders, but was not successful in buying. Exact numbers will be published soon.”
Anticipation for the BTT token sale led the price of TRX to rise by 134% in a bear market. This was due to the expectation that BitTorrent will be the first and one of the largest applications of a distributed app powered by a crypto project.
The token sale did not deviate from this claim. As a result, the expectations are set very high from this point forward. Now that the money is in, it is time for the BTT and Tron team to deliver a great product.