Sale of 50 billion tokens with a net of 7.1 million dollars all under a span of 15 minutes. Throwing such staggering numbers was the introduction of the BitTorrent token (BTT). BTT is a Tron TRC-10 based token. It is said that the token will be utilized on the platform for “transact in computing resources shared between BitTorrent clients and any other participating service requesters and service providers.”
BitTorrent is a decentralized peer-to-peer file sharing protocol that allows users to distribute all formats of files such as movies or music over the internet. BitTorrent was acquired by Tron last year. As soon as the acquisition was made, Tron rolled out its plan in a white paper for BTT that would be running on its blockchain. This acquisition of the peer-to-peer file-sharing network made them the largest decentralized internet ecosystem in the world
The sale of tokens happened through two separate investors’ sessions. One for those with tokes native to Tron blockchain, TRX, and the other for those with tokens native to Binance, BNB. Both of the sales started at the same time and were planned to end when the hard cap of the sale was reached or when the clock reaches 10:00 UTC on February 3. The minimum purchase amount was set at 100,000 BTT. Sale information posted on Binance’s website reported that each of the BTT tokens was valued at $0.00012 during the sales.
According to a tweet from Tron CEO and founder Justin Sun, “It is official: In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds. Meanwhile, in the Tron session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds.”
There was also a reported technical glitch in the system that occurred during the sale. The overloading of Binance Launchpad, in turn, restricted the purchase of BTT from many prospective buyers. But irrespective of this, all the sale seemed to have been gone smoothly. Zhao tweeted that “Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical”. And to maintain clear transparency with the investors, Zhao also added that “Issue experienced today was caused by the user agreement confirmation’ button caching and locking. Most of the stress tests focused on the buying process; this part was not covered thoroughly enough. The order of requests received was preserved.” He later proposed airdropping tokens to everyone who missed out on the public sale. Reports say that first of many airdrops is going to take place on February 11, at which time 10.89 billion tokens of the total circulating supply will be airdropped, and successive airdrops will happen through 2025.
BTT token is said to form a part of BitTorrents new sharing system called the BitTorrent Speed. The outlines of whitepaper mention that users will be reimbursed in BTT tokens in exchange for using their file space and bandwidth to seed content. Incentivizing the users with tokens helps to speed up the content sharing process on the platform.