Singapore, SINGAPORE – Using Binance Launchpad, the token launch platform of Binance, completed the much-hyped token sale of BitTorrent (BTT) yesterday. Keen investors chipped in using Binance Coin (BNB) or TRON (TRX) and it was claimed that the sale was completed in record time according to a statement from Binance’s blog post.
In the BNB session, all 23.76 billion BTT were sold to token sale participants in just a little more than 13 minutes. Meanwhile, in the TRX session, all 35.64 billion BTT were sold within approximately 15 minutes. And if not for minor technical difficulties, it would have completed much sooner.
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
This was restated in a tweet by Tron CEO and founder Justin Sun, who has been receiving criticism for milking it with marketing but little true tech to show for his product. There are detractors who have been circulating rumours that he holds a good majority of TRX in circulation and needs various avenues to cash out. And that his market makers are doing most of the manicuring that you see on those very healthy charts of late.
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
Regardless, each BTT is priced at 0.00001824 BNB or 0.00447261 TRX. Participants were able to purchase between the minimum amount of 100,000 BTT and the maximum of 166,666,666 BTT. US$7.1 million was raised for this new TRC-10 token.
BitTorrent is, of course, the peer-to-peer file sharing platform that has recently entered into a strategic partnership with TRON. Their joint aim is:
“empowering a new generation of content creators with the tools to distribute their content directly to others on the web”.
While there are detractors of TRX claiming that this is merely reinventing the wheel and further incentivising illegal content sharing given the notoriety of Bram Cohen’s peer-to-peer protocol, not to mention the slew of copyright infringement notices received.
It has been envisioned that BTT will allow BitTorrent peers to incentivise activities that lead to better file sharing, like using faster networks and enabling longer seeding periods. BitTorrent currently has 100 million monthly active users (MAU) across 138 countries. Look out for BitTorrent Speed come summer with BTT as the currency of choice.