BitTorrent, a leading software firm around the globe with over 100 million monthly users, continues to be the center of attention in the Tron community. The firm is noted to be the biggest acquisitions of Tron Foundation, as the use case of it was recognized even by Satoshi Nakamoto, the creator of Bitcoin.
The project is currently in the spotlight of the entire cryptocurrency community because of the BitTorrent token [BTT], a TRC10 token, introduced as an incentive mechanism for the BitTorrent community. The main agenda of the incentive mechanism is to increase the speed of the network and lengthen the lifespan of the swarms. The token will also be rewarded to users for seeding files and adding more resources to the ecosystem.
Justin Sun, the CEO and Founder of Tron Foundation said:
“With BitTorrent Speed, we aim to strengthen the BitTorrent protocol and then deliver more features that inspire innovation across industries. More than 100 million users soon will have the opportunity to be part of a boundary-free internet that supports personal privacy and connection around the world.”
Binance, a leading cryptocurrency exchange platform around the world, announced that their new platform, Binance Launchpad will be taking care of the crowdfunding round of the token. Earlier today, the platform released a research report on the project, with the latest information pertaining to the token allocation, collected for the research dated to be January 15, 2019.
According to the report, there will be a total of 990 billion tokens and over 2% of the total BitTorrent tokens were sold in a Private sale on the first day of November 2018. Tron Airdrop is allocated 10.1% of the total supply, wherein the token will be distributed in a course of six years. The BitTorrent Protocol Airdrop, on the hand, is set to be 10% of the total token supply.
The research also specifies that the Tron Foundation has received 20% of the issued tokens, whereas, the BitTorrent team is allocated with over 19% of the total BitTorrent supply.
Yoni Assia, CEO of eToro said:
“This is BIG, an ICO for @BitTorrent with 100M users and nice concept for token economics – lead by @Tronfoundation who bought @BitTorrent and partnering with @binance . I promised myself I wont invest in any ICOs for a while, but its interesting… smart move from $TRX.”
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