Launch of BTTC Mainnet and BTT Redenomination Plan
BitTorrent Chain (BTTC) is the first heterogeneous cross-chain interoperability protocol, based on the Proof-of-Stake (PoS) mechanism and leveraging sidechains for smart contract scaling. It now supports interoperability with the public chains of Ethereum, TRON, and BSC.
Hey Bitsians,
The mainnet of BitTorrent Chain will soon be live!
BitTorrent Chain (BTTC) is the first heterogeneous cross-chain interoperability protocol, based on the Proof-of-Stake (PoS) mechanism and leveraging sidechains for smart contract scaling. It now supports interoperability with the public chains of Ethereum, TRON, and BSC, with more chains to follow.
The old BTT tokens will be redenominated and swapped with the new BTT tokens ($BTTC) at a 1:1000 ratio while maintaining their current market cap. The total supply of BTT tokens will be increased from 990,000,000,000 to 990,000,000,000,000.
The new BTT tokens will be applied in the BitTorrent Chain ecosystem which is coming live soon. The major use cases are as follows:
- Becoming a validator on the BTTC network
- Staking on BTTC to gain rewards
- Participating in the governance of the BTTC community
- Paying for gas fees as a native token of BTTC.
Here's what BitTorrent Inc. has to say about some important questions around the entire BTTC Mainnet launch and BTT Redenomination Plan:
- Why Do We Redenominate BTT?
Founded in 2004, the BitTorrent project is currently the world’s largest decentralized peer-to-peer network with over 90 million active users and a total installed base of over 2 billion Torrent clients. However, as an integral part of the BitTorrent ecosystem, BTTOLD has a total supply of only 990 billion tokens, with an average of 11,000 tokens per active user, and an average of less than 500 tokens per client.
Another reason is that the BTTOLD tokens, obtained by users in various use cases adopting BTTOLD, are shown as numbers with a lot of decimal places (e.g. the number of a user’s mining reward is 0.00231 BTT), which will bring inconveniences to the subsequent collection of assets and the exchange of tokens. As BTTC mainnet arrives, the BTT ecosystem will be more diversified with expanded use cases. It is therefore necessary to redenominate BTTOLD.
- On BTT Redenomination
To redenominate BTTOLD, the total supply of the tokens will be increased from 990,000,000,000 to 990,000,000,000,000 at a ratio of 1:1,000, with the market cap unchanged. The BTT tokens will be upgraded from TRC10 to TRC20, and the new BTT will be issued as TRC20 tokens on the TRON mainnet and mapped to the BTTC mainnet.
The new BTT will be upgraded to a TRC20 token with the contract address TAFjULxiVgT4qWk6UZwjqwZXTSaGaqnVp4
If you currently hold BTT on PocketBits, click here to know more.