As per Justin Sun, who is the creative mind and CEO behind TRX, TRON the event, branded as BTT by those who developed it, was deemed a massive win after generating such a hefty sum in record time. raise millions of dollars Taking place on Launchpad, a dedicated platform for token offerings, the BitTorrent token sale concluded with over 59 billion tokens snapped up. operated by Binance The token sale was meticulously orchestrated into two segments: the first catered to investors purchasing BTT through Binance Coin (BNB), while the second was directed at those using TRX to acquire BTT.
In the aftermath, a recount by Sun showed that a remarkable 35.64 billion tokens had changed hands in the TRX-BTT section, with the overall event moving a whopping 23.76 billion tokens in merely 13 minutes. confirmation The tokens carried a price tag of $0.00012 each and within a quarter-hour span, the entire stock had been claimed, eventually raking in $7.2 million.
BND-BTT sale.
Expressing his delight, Justin Sun commented, 'Our crowdfunding campaign on Binance Launchpad was a whirlwind success, wrapping up in under 15 minutes with an overwhelming reception, setting the stage for the launch of BitTorrent Speed in the coming quarter. BTT will be pivotal in motivating BitTorrent users to engage in sharing and seeding media on this platform.'
The acquisition by Justin Sun and TRON last summer catapulted TRON to become the preeminent decentralized exchange globally after BitTorrent became a part of its network. Though whispers of Sun's intent to acquire started in 2017, it wasn't until January 2018 that a formal notice of intent was laid down.
BitTorrent was acquired The buzz around a new way to tokenize file sharing began making the rounds in September 2018. However,
this innovative system, heralded earlier this month, is gearing for a launch later in the calendar year. BitTorrent Speed Despite the excitement surrounding the BitTorrent token sale, concerns arose regarding whether the TRON blockchain could handle the immense transaction load required for daily operations on BitTorrent's networks.
Skepticism Amid the BitTorrent Sale
In a candid conversation with BreakerMag, former BitTorrent Chief Strategy Officer Simon Morris expressed concerns that the token integration strategy—aimed at speeding up downloads—might throttle the network pace by an estimated 40%.
Morris critiqued the transaction volume capabilities of the TRON blockchain for being insufficient to service BitTorrent, revealing that under his management, it took hundreds of transactions just to initialize.
The BTT token will forge a crucial link in the chain of BitTorrent's reinvention through BitTorrent Speed, which is detailed in the official white paper.
Integrating BTT into BitTorrent
According to this documentation, users can earn BTT tokens in return for sharing their online bandwidth and storage space—a venture that's intended to make the peer-to-peer sharing experience more robust. Even with the immense success drawn by this initiative, the sale wasn't without hitches. The influx of activity on Binance Launchpad put a strain on the system, leaving some eager investors in a lurch. 'Both phases wrapped up. Took about 18 minutes due to system constraints; under normal conditions, it would have taken mere seconds. The demand was off the charts,' stated Binance head Changpeng Zhao.
In a public tweet, Sun assured those missing out that there's hope in the form of airdrops. Binance's CEO Changpeng Zhao confirmed this approach would come to fruition, although the finer points are yet to be laid out.
Based out of the UK, Jimmy has been keeping tabs on blockchain revolutions for years, and he dreams of its transformative power to level the global financial playing field. explained .
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