Justin Sun Unveils New BitTorrent (BTT) Token Using Binance’s Launchpad
In a recent blog post, the TRON Foundation has unveiled a new token called BitTorrent (BTT) that will be used to enhance the world’s largest decentralized p2p protocol. The token will be issued by the BitTorrent Foundation which is established in Singapore.
Users will be able to exchange heir BT for faster downloads and accelerate the overall speed of torrents. Justin Sun commented about this new token launched:
“BitTorrent token is the first in a series of steps to support a decentralized internet. In one giant leap, the BitTorrent client can introduce blockchain to hundreds of millions of users around the world and empower a new generation of content creators with the tools to distribute their content directly to others on the web.”
Excited to unveil our new token BitTorrent $BTT and its crowdfunding on #BinanceLaunchpad!! The @BitTorrent token is the first of many steps towards achieving mass adoption of a truly decentralized internet. Come to #niTROn2019 for more info 😉 @binance https://t.co/PwQZuYRKN2
— Justin Sun (@justinsuntron) January 3, 2019
The new token features native TRC-10 compatibility and will be available to non-U.S. accounts on Binance Launchpad.
Binance Launchpad is a recently created token sale platform that allows coins to reach a new group of buyers. According to Changpeng Zhao, the CEO of Binance, Launchpad was created to help entrepreneurs launch their best projects. Binance is the largest crypto exchange in the market in terms of trading volume.
The BitTorrent Foundation and its decision to use Binance Launchpad is something very positive for both platforms. Binance Launchpad is now used by one of the most important projects in the space and the BitTorrent Foundation is able to reach more investors in the space.
BTT will be implemented into the uTorrent Classic client. Users that want to opt out will have the possibility to do so through the product’s settings.
TRON acquired BitTorrent back in 2018 in order to enhance it and add virtual currency functionalities to the platform. uTorrent is the largest decentralized platform currently working around the world.
The effect that this information had on the TRX cryptocurrency is notorious. All the top 30 virtual currencies in the market are operating in red with the exception of TRX that in the last 24 hours it registered an increase of 1.71% according to CoinMarketCap. TRX has a market capitalization of $1.35 billion and each TRX token can be purchased for $0.02.