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The Tron Foundation announced the launch of the BitTorrent Chain (BTTC) a cross-chain mainnet on Dec 12, 2021, as a result, the BTT token has increased by more than 40%.
🚀BitTorrent Chain (#BTTC) Mainnet will be launched on Dec 12, 2021!
📢At the same time, BTT Redenomination Plan will be implemented at 1:1,000 with the market cap unchanged. The new #BTT will be issued as #TRC20 tokens on the #TRON mainnet and mapped to the #BTTC Mainnet. https://t.co/OconFdFdf6
— TRON Foundation (@Tronfoundation) December 6, 2021
According to the statement, the BTTC protocol will use a Proof-of-Stake consensus algorithm and sidechains to scale contracts. It provides interoperability with the public blockchains Ethereum, TRON, and Binance Smart Chain (BSC).
According to the developer community of BitTorrent, the mainnet of BTTC is to be launched on December 12, 2021 (SGT) with BTT redenomination implemented.
Exchanges, wallets, developers and other partners can complete the redenomination and swap within 30 days (before January 12, 2022). While maintaining its current market cap, the old BTT tokens will be redenominated and swapped with the new BTT tokens at a ratio of 1:1000.
Meanwhile, the total supply of BTT tokens will be increased from 990,000,000,000 to 990,000,000,000,000. The new tokens after redenomination are referred to as BTT, while the old ones are renamed as BTTOLD (BTTOLD stands for the old BTT tokens thereafter).
The new BTT tokens will be applied in the BitTorrent Chain ecosystem which is coming live soon. The major use cases are as follows:
- becoming a validator on the BTTC network
- staking on BTTC to gain rewards;
- participating in the governance of the BTTC community
- paying for gas fees as a native token of BTTC.
The old token will be renamed BTTOLD, BTTOLD tokens will maintain their original use cases before being swapped to BTT, including:
- payment for storage of files in the BTFS system;
- BTFS mining;
- increasing download speed of BitTorrent Protocol on BitTorrent Speed.
The decision to dramatically increase the supply of coins was explained by the need to serve more than 90 million active BitTorrent users with an installed base of torrent clients in the network of more than 2 billion. The number of existing tokens per client is less than 500 units, which may cause a shortage.
The new tokens will be released on the TRON main net as TRC-20 protocol, while the old ones used TRC-10.
Amid the announcement, BTT soared approximately 43% in less than an hour, from around $0.0025 to $0.00345. At the time of writing, BTT is trading at $0.0029.
Tron project, Justin Sun, announced the launch of BTTC in September 2021, the test network started on October 30.