BitTorrent (BTT) – a TRC-10 utility token – will launch the mainnet of the BitTorrent Chain (BTTC) on December twelfth. The minutes introduced in a tweet:
📌Whereas sustaining the present market capitalization, previous BTT tokens might be transformed and exchanged for the brand new ones at a ratio of 1: 1000. The entire provide is elevated to 990,000,000,000,000. pic.twitter.com/HGLCFM7KXr
– BitTorrent Inc. (@BitTorrent) December 6, 2021
“The BTTC mainnet and the BTT recalibration plan will begin on December twelfth, 2021. Whereas sustaining the present market capitalization, previous BTT tokens are recalibrated and exchanged for brand spanking new tokens at a ratio of 1: 1000. The entire provide will improve to 99,000,000,000,000. “
BitTorrent is a peer-to-peer file sharing protocol that has been round since 2001. Rainberry – the builders behind BitTorrent – launched BTT in February 2019, which helps a number of blockchain dapps and different BitTorrent capabilities. These embrace BitTorrent Velocity, BitTorrent File System, DLive, and others.
TRON and BitTorrent introduced BitTorrent Chain early final month, marking the primary entry of any community into the cross-chain area.
BTTC is an EVM-compatible interoperability protocol that’s primarily based on TRON. It should allow the switch of property between TRON, Ethereum and Binance Sensible Chain (BSC). It should additionally work with a Proof-of-Stake (PoS) consensus mechanism confirmed by numerous “Tremendous Representatives” who’ve deployed a required variety of tokens.
Whereas BTT is at the moment operated as a TRC-10 token, it’s being dismantled as a TRC-20 token on TRON and assigned to the BTTC mainnet.
The value of BTT is skyrocketing
Such bulletins have a tendency to present worth momentum a lift, and BTT is not any exception because it rallies sharply when the information is launched. The value hovered at a low of $ 0.0023 and jumped 50% to an intraday excessive of $ 0.0035, creating an extended inexperienced candle on the 1D chart.
Market capitalization additionally jumped from $ 2.2 billion to a excessive of $ 3.2 billion simply 2 hours after the announcement. That comes after one other sturdy rally from $ 1.6 billion to $ 2.2 billion in simply minutes yesterday.
On the time of writing, BTT is hovering round $ 0.0032 and has sustained a 36% achieve over the previous 24 hours.
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Based on Cryptopotato