The cryptocurrency market is flooded with new projects almost every day. As the market reached new heights in 2021, innovation became a key selling point for many existing and new projects. BitTorrent Chain (BTTC) is one of the existing projects that recently underwent major changes to its architecture in order to keep up with the new trends in the market.
What is BitTorrent Chain?
The network is a fully decentralized peer-to-peer file-sharing platform. The BitTorrent Chain recently went live bringing new innovation into the network. It is regarded to be the world’s first heterogenous cross-chain interoperable platform. It has employed the Proof-of-Stake consensus mechanism from the old Proof-of-Work consensus to improve the transaction speed and efficiency. Moreover, it will also be employing sidechains to improve the workings of the network. Currently, the chain offers full interoperability with three of the major blockchains namely Binance Smart Chain, Tron, and Ethereum, and more blockchains are expected to be added soon to broaden the scope of the network. As the new mainnet chain is now live, the old BTT token will be redenominated to increase its supply.
BitTorrent is the world’s largest peer-to-peer network and the less supply of the old tokens has posed various challenges to the growth of the network which is why the old tokens will be swapped for the new BTT tokens at a ratio of 1:1000 which will significantly increase the supply of the token – to 99 trillion.
Binance’s listing of BTTC
As BitTorrent Chain’s redenomination plan came into effect, Binance has been one of the first exchanges to have listed the new BTTC token. This shows the support of one of the largest crypto exchanges for the network’s redenomination. Trading of the new BTTC token went live on Binance yesterday. The available spot pairs on the exchange are currently BTTC/USDT, BTTC/USDC and BTTC/TRY. Moreover, all BTT trades will slowly be suspended.
Currently, BTT and BTTC tokens are expected to co-exist for a while till the swapping is completed. Afterwards, the BTTC token will come into full play and its complete power will be unleashed. The BitTorrent Chain has brought significant changes to the leading p2p filesharing network and it is expected to surge upwards once the network comes into full effect. At the time of writing, the BTTC token is trading hands at $0.00000205 apiece.
