The BitTorrent Chain is the world’s first heterogeneous cross-chain interoperability protocol, which adopts PoS (Proof-of-Stake) mechanism and leverages sidechains for the scaling of smart contracts.
In simple English, this means that the new BitTorrent chain will be compatible to operate with the public chains of Ethereum, TRON and the Binance Smart Chain. Since most blockchain currently operate in isolation from each other, this is an especially meaningful victory.
With the mainnet going live, what happens next?
As part of the mainnet launch, the supply of BTT tokens available will be altered. While maintaining the current market cap, all current BTT tokens will be redenominated and replaced with new BTTC tokens in the ratio of 1:1000.
This means that while your total holding value will remain the same, the total supply of BTTC tokens will increase to 990,000,000,000,000. In case you’re wondering, that is nine hundred ninety billion tokens overall.
Here’s how ZebPay will be support the BTTC token redenomination:
- Starting immediately, we will rename BitTorrent as BitTorrent (OLD) at all places in the app and web.
- Deposits and withdrawals of BTT will be suspended at 12 PM IST, 16th January 2022.
- All BTT trading pairs (BTT/INR, BTT/USDT) will be delisted at 12 PM IST, 17th January.
- Your BTT balance will be recovered, and you will receive the new BTTC token.
- The new BTTC token will be distributed in the ratio of 1 BTT (Old) = 1000 BTTC.
- Trading will then open for BTTC/INR and BTTC/USDT on 21st January at 12 PM IST
To start with, the BTTC token will be listed under Xpress Listing. Deposits and withdrawals shall remain disabled.
We will follow up with a separate announcement when the pairs will be converted to full listing and deposits and withdrawals will be enabled.
Why is BitTorrent redenominating their tokens?
BitTorrent is currently the world’s largest decentralized P2P network, with over 90 million using it on a daily basis.
Compare that to an effective supply of only 990 billion tokens currently in circulation.
It became inconvenient for users to keep track of transactions when every value ended in multiple decimal places. Keep in mind that a user mining BTT receives 0.00231 BTT and you can see how this becomes cumbersome.
As the BitTorrent ecosystem continues to diversify, with far more use cases, the team decided it was necessary to redenominate.
You can find more details about the BTTC mainnet launch on BitTorrent’s announcement post here.