The much anticipated sale of the BitTorrent token (BTT), came and went in a flash. The sale of nearly 59 billion tokens took just a matter of 15 minutes to be completed, bringing in a windfall of $7.1 million for the Binance Launchpad platform that initiated the sale.
BitTorrent is a global protocol for users to share and distribute files with the help of the internet. With a reported network of 100 million users worldwide, BTT is expected to grow rapidly.
Each BitTorrent user wishing to make use of their BTT token would have to have possession of a small amount of TRON, which could in turn lead to a boost in TRX token sales.
The sale, which began on Jan.28, to quote sources, “exactly at 3:00 PM UTC,” was open to users for buying BTT from two simultaneous sessions, by either using Binance Coin (BNB) or by TRON (TRX).
BTT is a based on the TRC-10 token protocol, and is designed to allow “BitTorrent peers to incentivize activities that lead to better file sharing, like using faster networks and enabling longer seeding periods.”
The initial circulating supply is just 9% of the total token supply, with each BTT priced at nearly $0.00012 USD.
The total BTT that will ever be in circulation is capped at 990 billion.
In a tweet, CEO of TRON, was gushing on about the combined token sales of BNB and TRX.
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. #BTT $BTT #BitTorrent #TRON https://t.co/C1dqxRkO2l
— Justin Sun (@justinsuntron) January 28, 2019
CEO and founder of Binance, Changpeng Zhao, was quick to say that the sales would have ended sooner had it not been for technical issues on Binance’s Launchpad platform.
Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.
— CZ Binance (@cz_binance) January 28, 2019
TRON’s price, however, failed to rise up and continued to be down by 5% in the past 24 hour period, trading at $.027 at the time of writing.
The entire crypto market is currently exhibiting a bullish trend, which experts predict is just another phase.