Popular cryptocurrency exchange, Binance has announced a token sale for BitTorrent (BTT). Starting 28th of January, Binance LaunchPad will serve as the host for the upcoming token sale. The announcement was posted on the company’s website on January 17.
The platform’s announcement read, “Binance Launchpad will commence the BitTorrent (BTT) token sale at 2019/01/28 3:00 PM (UTC). There will be two simultaneous token sale sessions, accepting BNB and TRX respectively.”
Binance Launchpad is a platform for raising funds through token sales. The BTT token sale will allow a total supply of 990 billion tokens. With a total of 59 billion tokens allocated for the supply, are to be distributed in seperate sessions for Binance Coin (BNB) and TRX buyers.
In the BNB session, 23.76 billion BTT will be available, whereas for the TRX session 34.56 billion tokens are allocated. For users to take part in the sale, it is mandatory for them to complete the account verification process. Binance has also barred users of some countries of participating from the BTT token sale.
The first phase having around 10% of BTT tokens will be airdropped to the holders of Tron (TRX), which is scheduled to start from February 11 of this year until 2025.
In an announcement on Medium post, BitTorrent wrote:
“If you are holding TRX, you will be eligible for BTT airdrops. All official wallets relaying on TRON’s network and carrying TRX will be eligible for BTT airdrops corresponding to the amount they are holding. No minimum of TRX is required to qualify for BTT airdrops.”
The purpose of BTT Token is to speed up the process of downloads utilizing the BitTorrent client, ensuring the continuance of decentralized internet. In summer 2018, BitTorrent was acquired by TRON project.
With the launch of BTT Token, there is a start of tokenization on the TRON platform, allowing several other projects to create digital assets. TRON will be letting the creation of various crypto tokens on its platform; however, the number is on a lower side.
TRON recently held the niTROn summit in San Francisco, during which it emphasized heavily on BitTorrent token sale. Famous personalities like former pro basketball star Kobe Bryant attended the event, which the company claims the summit as a success.
There have been speculations from TRON supporters including TRX outperforming EOS and securing the position as the fourth largest cryptocurrency in 2019. It currently ranks ninth with a market cap just below $1.6 billion. Airdrops are considered a great way of increasing prices and free BTT offer the crypto to gain some momentum.