It might be still new to the crypto space, but the BitTorrent token (BTT) is already recording impressive performances. This week, Bithumb, an exchange platform based in South Korea, announced the addition of the BTT token to their coin listing.
The announcement was made through the Twitter account of the Bithumb exchange. The platform declared that it would start accepting BTT deposits as from February 19. In addition, Bithumb also confirmed support for the BTT airdrop.
Lately, the BTT token has been gaining popularity across various digital exchange platforms. In January, it was listed on Binance and Bitfinex. Because BTT is based on Tron’s blockchain protocol its listing on the aforementioned exchange platforms was followed by several airdrops for TRX holders.
Besides the addition of BTT and conducting the airdrop, Bithumb will reward users who deposit their BTT on the exchange platform with extra BTT. This incentive will go on until the BTT token goes live on Bithumb.
The Binance exchange platform recently introduced trading pairs including BTT and stablecoins such as Paxos Standard, TUD and USDC. These trading pairs became available as from February 15.
As of now, BTT has a market value of $0.0001, while its daily trading volume is slightly above the $200 million marks. over the past week, its value has soared by 4.40% most of the trading activity involving BTT was done on the UPbit crypto exchange, followed by Binance.
About the BTT Token
BTT is a token based on the TRC-10 protocol, built on the Tron blockchain network. It is designed to integrate seamlessly with the BitTorrent protocol, which currently has 100 million regular users.
The primary objective of BTT is simplifying and improving the efficiency of sharing files and other resources. The BitTorrent network is made of many ‘peers’, each of which has a piece of the file to be shared. Users who have complete files are called ‘seeds.’
The BitTorrent team recently introduced a new feature called BitTorrent Speed, aimed at increasing the adoption of BTT. This feature allows users to access files faster by making BTT payments to each other. This means that seeds can earn BTT for making files available to other users on the network.
BitTorrent Speed intends to use financial incentives to optimize the allocation of resources on the BitTorrent network. It is expected to follow a bidding system, where interested parties express their interest and the seed chooses the highest bidet.