Earlier today Binance hosted the highly anticipated BitTorrent (BTT) token sale on their launchpad. Unfortunately, due to the high demand not everybody was able to participate in the sale which lasted only a few minutes. The token sale ran in two simultaneous sessions, one for BNB holders and another for TRX holders, both sessions sold out in roughly 14 minutes.
According to Binance’s token sale results, 59.4 billion BTT were sold in the two sessions. The total circulating supply for the BTT tokens is 990 billion so the tokens sold only represent a small fraction of the total supply (6%). The BTT will be distributed within 15 days of the closure of the token sale so we can expect the listing of the token on exchanges shortly after.
Due to the high demand not everybody was able to place an order and purchase BTT tokens. Binance’z CEO Changpeng Zhao clarified the cause of the issues on twitter:
In response to the launchpad fail, Tron’s CEO Justin Sun, is considering working with BitTorrent to try and give away BTT tokens to everyone who participated in the token sale but wasn’t able to acquire any tokens. He said on twitter:
The good news is, there are still plenty of chances to get a hold of BTT tokens through future airdrops. Last week Binance announced the BitTorrent (BTT) airdrop. The program is meant for Tron (TRX) holders and offers them BTT tokens at a ratio of 1 TRX for 0.11 BTT.
To participate in the airdrop you must own TRX on Binance, which will take a snapshot of balances every month on the 11th day of each month and distribute the rewards. The first airdrop will occur on February 11th so there is plenty time to load up on TRX if one is interested in participating.
For those of you out of the loop, the BitTorrent Token (BTT) will be used to reward those who see content on torrent networks owned by BitTorrent – that includes uTorrent. After Tron acquired BitTorrent back in July, the two have been working together to develop a token to be used on their massive network.
The reason for the massive hype is because BTT will be used for the largest network ever integrating with a cryptocurrency token. According to TorrentFreak, BitTorrent traffic is responsible for over 22% of all upstream traffic in the world. A token with a use case in such a large network is bound to have some serious value and market cap.
Furthermore, as Crypto Tone highlights on twitter even Satoshi briefly mentioned that for a token to have value they must be used in a large network such as BitTorrent.
The massive hype regarding BTT is completely justified. The BitTorrent token sale is the first major crypto event in 2019 which is setting up the new year to a great start.
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