All BitTorrent-TRON Tokens Sold Within 15 Minutes

The BitTorrent token sale on the Binance Launchpad came to an end yesterday, netting $7.1 million dollars with the sale of 50 billion tokens in under 15 minutes. The cryptocurrency exchange announced the conclusion of the sale in an official blog post published on their website.

BitTorrent is a protocol for peer-to-peer file sharing, allowing users to distribute files such as music or videos over the internet.

As it says in the blog post, “BitTorrent is a TRON-affiliated blockchain project for peer-to-peer file sharing, empowering a new generation of content creators with the tools to distribute their content directly to others on the web.” It continues to say, “BitTorrent’s new BTT token will allow BitTorrent peers to incentivize activities that lead to better file sharing, like using faster networks and enabling longer seeding periods.”

The BTT token is based on a TRON TRC-10 token and it will be used on the platform in order to “transact in computing resources shared between BitTorrent clients and any other participating service requesters and service providers.”

The BitTorrent tokens were sold in two simultaneous sessions on Binance Launchpad, one for buyers using Binance’s native token known as Binance Coin and other for buyers using TRON. according to the sales data Binance posted on their website, each token was priced at $0.00012.

The founder and CEO of TRON Justin Sun took to Twitter to say, “It is official: In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds. Meanwhile, in the Tron session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds.”

Changpeng Zhao (CZ) is the well-known founder and CEO of Binance and has said that the sale would have finished a lot earlier but thanks to technical issues surfacing on the Launchpad website, it was postponed. Yesterday, CZ took to Twitter to announce that “both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.”

BitTorrent Speed is the system which will implement the TRON-based BTT token in the popular µTorrent Windows client, will purportedly launch by Summer.

In terms of price, TRON is the eighth largest cryptocurrency according to CoinMarketCap with a price of $0.0268 following a 4.32 percent decrease over the past 24 hours. The market cap for TRON is $1,786,686,257.

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