Today is the day Tron holders will benefit from a BitTorrent Token airdrop. However, there is more to BitTorrent Token than merely being an airdrop coin. We take a look at what the project is all about.
What is BitTorrent Token?
The BitTorrent Token (BTT) was issued by the BitTorrent Foundation and is meant to allow sharing of files on the internet with the token. You can now use peer-to-peer technology to share your files. BTT will run on the Tron protocol since Tron bought the company in June 2018.
With the implementation of blockchain technology, users can ‘seed’ for longer since it will be cheaper and the download speed will increase drastically.
Read Bitmart’s blog “Tron looking at acquiring BitTorrent Inc.”
Apparently BitTorrent has more than 100 million users. During the acquisition of BitTorrent, Justin Sun, founder of Tron and now BitTorrent CEO said this will bring blockchain to hundreds of millions of users.
Mass adoption of cryptos and blockchain is the next big step and may lead the next bull run. Sun believes the project will be an enormous step towards introducing blockchain technology to the masses.
Sun has been really busy during the last year and it seems as if he is going all out to make the project a success. He also launched Project Atlas in August 2018. This will enable users to earn and spend cryptos whilst sharing files.
Watch Sun explain Project Atlas in this video. Click here.
How does file sharing on BitTorrent work?
Usually one would share a file with a number of different ‘peers’ whom each download a small piece of the file from one another. If you are downloading a movie for example, you would be downloading different parts of the movie from different users until you have the full movie. Once you have the complete movie, others can then download pieces of the movie from you and so it goes on. Once you have downloaded the full movie, the system will start ‘seeding’ which means other users are now downloading from you.
More Tron airdrops coming your way
Earlier this year, it was announced that there would be a number of monthly airdrops for Tron holders starting 11 February 2019. So this is not just a once-off airdrop. The monthly airdrops will continue until February 2025. It is said that of the 990 billion BTT tokens, 10.1% will be distributed during airdrops over this period. Also, the monthly airdrops are said to get bigger. During the first 12 airdrops, 990 million BTT tokens will be distributed. If you are holding Tron (TRX) on Binance, you will be eligible to receive 0.11 BTT for every TRX token you hold.
Here is a list of other exchanges and wallets that are participating in the monthly airdrop:
- Trust Wallet
Click here for the Tron BTT airdrop countdown that is said to take place on 11 February 2019.
Trading with BitTorrent Token
The BTT ICO took place on the Binance Launchpad on 28 January 2019 and was sold out within 15 minutes. $7 million was raised during the ICO stage. In actual fact, Binance Launchpad couldn’t handle the volume and a lot of hopefuls were shut out and prevented from buying BTT. To make up for this Sun announced a small airdrop to investors who could not buy BTT.
Currently, BTT can be bought on a number of exchanges and costs $0.000856 according to Coinmarketcap.