Crypto BitTorrent (BTT) will reportedly launch its mainnet tomorrow, December 12. In addition, the BTT developer plans to redenominate the token into smaller fractions with a ratio of 1:1,000, with the market cap unchanged. This way, the BTT token will be upgraded from TRC10 to TRC20. The new BTT will be issued as TRC20 on the TRON mainnet and mapped to the BTTC mainnet.
The plan was announced via Twitter and the redenomination decision means that the total BTT supply will increase from the current total BTT supply of 990,000,000,000 to 990,000,000,000,000. The new tokens after redenomination will be referred to as BTT, while the old ones will be renamed as BTTOLD , and both will coexist for some time. Holders will be able to swap BTTOLD for BTT via two approaches: on exchanges or swap manually on the BTTC app website.
BitTorrent was founded in 2004 and is currently the world’s largest decentralized peer-to-peer network, with over 90 million active users and over 2 billion Torrent clients. It’s the world’s first heterogeneous cross-chain interoperability protocol, which adopts PoS (Proof-of-Stake) mechanism and leverages sidechains for the scaling of smart contracts.
Rainberry, the developer behind BitTorrent, launched BTT in February 2019, which supports several blockchain dApps and other BitTorrent features. These include BitTorrent Speed, BitTorrent File System, DLive and more.
Previously, TRON and BitTorrent had announced the launch of BitTorrent Chain early last month, which marked the first entry into cross-chain. BTTC is an EVM-compatible interoperability protocol built on top of TRON. This will enable asset transfers between TRON, Ethereum and Binance Smart Chain (BSC).With this announcement, the price of the BTT cryptocurrency skyrocketed. According to CoinGecko, where it is ranked number 55, BTT’s price increased by 12.1% in the last 7 days. According to CoinMarketCap BitTorrent price today is US$0.003284, with a 24-hour trading volume of US$741,420,869. It is currently number 48 in the website’s ranking with a market cap of US$3,250,694,408.
