In Brief:
- BitTorrent has announced a launch of BitTorrent Chain (BTTC) and new BTT tokens.
- New BTT tokens hold a 1000:1 ratio with old BTT and create a total supply of 990,000,000,000,000 BTT tokens.
- Users will be allowed to swap their old tokens with new ones at any time in the future.
Today, World’s largest peer-to-peer network, BitTorrent announced the rollout of the BitTorrent Chain (BTTC) with its new token denomination on Dec 12, 2021. The old BTT Tokens on TRON will be redenominated into smaller units while holding the same market cap.
According to the claim BTTC is the “world’s first heterogeneous cross-chain interoperability protocol”. Also, it is more beneficial than other blockchains as it works on a proof-of-stake mechanism.
BitTorrent enables Ethereum, TRON, BSC as well as BitTorrent features including BitTorrent Speed, BitTorrent File System, DLive, and others. In the upcoming time, BitTorrent is planning to adopt more blockchain.
The company has also urged Exchanges, Wallets, developers, and partners to complete the swapping of tokens in 30 days. The BTT tokens hold a 1000:1 ratio with BTTOLD, which means the total supply of BTT tokens will be increased to 990,000,000,000,000.
The new BTT tokens will be applied to the new BitTorrent chain after the launch and token holders will be allowed to stake, transact and pay gas fees through it.
After the launch, BTTOLD and BTT will “Coexist” for some time and users will be allowed to swap their old tokens with new ones at any time in the future.
Also Read: Polygon Integrates with Aurox to Facilitate Efficient Token Swaps
BitTorrent has also revealed a reason behind BTT redenomination as BTTOLD tokens have only 990 billion tokens supply, which is not enough for existing clients. The low supply of tokens resists the network’s expansion and flexibility.
