BitTorrent Token Surges as Mainnet Launch Date Gets Confirmed
Following news that the mainnet of its own BitTorrent Chain would be released on December 12, along with a redenomination of all circulating tokens, the file-sharing token BitTorrent (BTT) rocketed higher on the crypto market today.
BTT was trading at USD 0.003947 at the time of writing (10:00 UTC), up 67 percent in the last 24 hours. BTT is now the second-best performing token among the top 100 cryptocurrencies in terms of market capitalization, behind only the game-like decentralised finance (DeFi) token SPELL.
Today’s price rises were accompanied by a substantial increase in trading volumes across exchanges. BTT’s 24-hour trading volume was USD 2.6 billion as of press time, more than doubling from USD 712 million the day before.
The most active exchange for trading the cryptocurrency was Upbit, which was followed by Binance.
The new BitTorrent Chain, abbreviated BTTC, will become a “heterogeneous cross-chain interoperability protocol” that uses numerous sidechains for greater smart contract scalability, according to a release from BitTorrent Inc., the firm behind the coin.
The new blockchain will use the Proof-of-Stake consensus process and is expected to support Ethereum (ETH), Tron (TRX), and Binance Smart Chain (BSC), with other chains to be added in the future.
At the same time, the release said that existing BTT tokens will be exchangeable for new ones at a 1:1000 ratio commencing on the same day. As a result, the total supply of tokens will be raised from 990 billion to 990 trillion, but the market capitalization would stay the same.
BitTorrent Inc. states that once the new mainnet is up and running, use cases for its BTT token will include staking for rewards, participation in protocol governance, and payment of gas costs for token transfers on the BTTC blockchain.
According to CoinGecko, BTT is the 51st most valuable crypto asset at press time, with a total market capitalization of USD 3.465 billion.
The coin, which was originally established on the Tron blockchain, is meant to be used as a reward for users of the file-sharing programmes BitTorrent and Torrent, such as payment in exchange for quicker download speeds amongst users.
BitTorrent Inc., the business behind the two software clients listed, is a US-based corporation that was created in 2004. BitTorrent / Torrent is a popular peer-to-peer network for decentralised file-sharing that is still in use today. According to the company, it has a global user base of more than 90 million individuals.