The Tron Foundation announced the launch of the BitTorrent Chain (BTTC) cross-chain solution mainnet on December 12, 2021, and the denomination of the native BTT token. The asset price 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 uses 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).
Simultaneously with the launch of the mainnet, the native BTT token will be denominated in a ratio of 1: 1000. The total supply of coins on the network will increase from 990 billion to 990 trillion.
Among the main use cases for the asset:
- the opportunity to become a validator;
- deposit for staking;
- participating in community governance;
- payment for gas in BTTC.
The old token will be renamed BTTOLD, and the assets will coexist for some time, freely exchanging among themselves.
BTTOLD will retain its original uses:
- payment for storage of files in the BTFS system;
- acceleration of downloading on the BitTorrent protocol.
The decision to dramatically increase the supply of coins in the project 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 team also noted that current BTTs are inconvenient in calculations, when they often have to use insignificant numbers with a large number of decimal places. For example, the standard mining reward for a user is 0.00231 BTT.
The new tokens will be released on the TRON mainnet on the 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, the rate has corrected to $ 0.003.
Tron project founder Justin Sun announced the launch of BTTC in September 2021, the testnet went live on October 30.
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