By
Bhushan Akolkar
May 14th, 2024
Binance Launchpad, the exclusive token launch platform of cryptocurrency exchange Binance, is launching the token sale of BitTorrent (BTT) on January 28, 2019, at 3 p.m. UTC.
This launch follows the platform’s announcement earlier this month about its launch of new blockchain projects.
As they said from the company, as a part of their continued support for transformative crypto and blockchain projects worldwide, Binance Launchpad will be helping BitTorrent to launch BTT, not only by providing a launch platform but also by offering a full advisory service.
Binance Research, the institutional-grade research division of Binance for blockchain projects, has now a new research report on BTT.
Many internet users today are familiar with the BitTorrent peer-to-peer protocol invented by Bram Cohen that powers the torrent clients used around the world. The addition of the BTT token extends the familiar protocol to create a token-based economy for networking, bandwidth, and storage resources on the existing Bittorrent network, thus providing a way for network participants to capture the value of sharing bandwidth and storage.
Users of torrent clients are familiar with challenges such as slow downloads and files that become unavailable over time. By creating incentives for users to share, the token will enable faster download speeds and better swarm longevity for the entire network.
The token sale for BTT is being conducted in advance of BitTorrent’s plan to launch BitTorrent Speed, a new solution that connects and rewards users with BTT for sharing files in a peer-to-peer network, this summer.
TRON-Based Tokens Making the Top 10 Crypto
Tron, a decentralized app platform looking to rival Ethereum, has leaped higher over the last 24 hours, adding more than 10% and making the top 10 cryptocurrency worth more than $2 billion in total for the first time since August.
According to @CoinMarketCap, #TRON ranked 7th, the price of #TRX is $0.02990, market value reached $1.993B which exceeded that of #LTC and #XLM. Go #TRON. $TRX pic.twitter.com/V6gloK32bS
— H.E. Justin Sun 孙宇晨 (@justinsuntron) January 27, 2019
The Tron price has now passed both Litecoin and Stellar after a strong few months to take the seventh spot in the rankings of world’s biggest cryptocurrencies by market capitalization, according to CoinMarketCap, which tracks most major digital tokens.
The sale will begin at 3 pm (UTC) and will take place in two sessions where investors can invest with either TRX or BNB. The two sessions will occur in this format:
TRX Session – 35,640,000,000 BTT (60% of the public sale)
BNB Session – 23,760,000,000 BTT (40% of the public sale)
As Justin Sun indicates in the tweet below, the BitTorrent Token (BTT) goes on sale on January 28th on Binance Launchpad:
BitTorrent $BTT will be exclusively available on #BinanceLaunchpad on Jan. 28th, 2019 at 7 AM PST! 👉 $TRX session https://t.co/3c1SSfFuDv 👉 $BNB session https://t.co/rrp2F3kbCC pic.twitter.com/lJ7t0I58xa
— H.E. Justin Sun 孙宇晨 (@justinsuntron) January 17, 2019
In both cases, there is a limit of $20,000 that any single investor can make with either token. The minimum amount, however, is 100,000 BTT and a single BTT token is worth about $0.000177. While the sale is supposed to last till February 3rd, it could be terminated early if the hard cap is reached before then. Once tokens are paid for, they will be distributed within 15 days and there will be an additional BTT token airdrop on February 11, 2019.
Here is what the TRON developers’ documentation has to say about the two types of token that operate on the TRON platform:
“TRC-10 is a technical token standard supported by TRON blockchain natively, without the TRON Virtual Machine (TVM). TRC-20 is a technical standard used for smart contracts on the TRON blockchain for implementing tokens with the TRON Virtual Machine (TVM). It is fully compatible to ERC-20.”
What is a BitTorrent Protocol?
BitTorrent is “a communication protocol for peer-to-peer file sharing (P2P) which is used to distribute data and electronic files over the Internet.” Sending or receiving files is done via a BitTorrent client, i.e. a program that implements this protocol, that is running on an internet-connected computer.
Designed in 2001 by American computer programmer Bram Cohen, the BitTorrent protocol can be used to reduce the server and network impact of distributing large files.
Rather than downloading a file from a single source server, the BitTorrent protocol allows users to join a ‘swarm’ of hosts to upload to/download from each other simultaneously. Using the BitTorrent protocol, several basic computers, such as home computers, can replace large servers while efficiently distributing files to many recipients.