Highlights
- The BTTC Mainnet and BTT Redenomination Plan launch on Dec 12, 2021
- The current market cap remains
- Request to complete swap within 30 days
- The BTT tokens will be upgraded from TRC10 to TRC20.
- The new tokens will be issued as TRC20 tokens on the TRON mainnet and will also be mapped to the BTTC mainnet.
BitTorrent Inc tweeted that the planned Mainnet and redenomination plan will be launched on the 12th of December 2021. The old BTT tokens will be redenominated and swapped with the new ones. The swap ratio will be 1:1000, and this will result in the total supply increasing to 990,000,000,000,000. However, the current market cap will not change. The old tokens will be referred to as BTTOLD, and the new ones will be called BTT. After the mainnet launch, both the old and new tokens will coexist for a while, and users can swap the old for the new at any time. Exchanges that do not support the new token can continue to support BTTOLD exchanges. The old tone will retain their original use cases until they are swapped for the new.
The new BTT tokens will have multiple uses in the BTTC ecosystem, such as; becoming a validator, staking to gain rewards, and participating in community governance and gas fees within the BTTC community.
BitTorrent advises all exchanges, wallets, developers, and other partners to complete the redenomination and swap within 30 days of the launch, which is before January 12, 2022.
Redenomination
BitTorrent explains on their blog that the old token has a limited total supply of only 990 billion tokens. The average number of tokens per active user is only 11,000 tokens. This causes a lot of practical problems for users. One of the main problems is that the values of the token with a large number of decimal places cause issues with token exchanges and asset collection. The redenomination exercise increases the use cases of the token while also eliminating the old token’s inherent problems.
Swap Methods
There are two methods offered for the swap.
Auto swap: If you use exchanges that support the redenomination, the swap will be automatic and there will be no action required.
By Hand: You can also withdraw BTTOLD to any decentralized wallet such as the TronLink wallet and swap the token through the BTTC app website if redenomination is unsupported by the exchange.
For more details on swapping on the website, read the steps on the blog post.
About BitTorrent
BitTorrent is a peer-to-peer sharing platform founded in 2004. It enables people to send large files over the internet easily. The BitTorrent protocol drives 22% of upstream and 3% of downstream traffic globally. You can visit bittorrent.com or utorrent.com to learn more about BitTorrent. Holders of TRON (TRX), Binance (BNB), and Bitcoin (BTC) can purchase BitTorrent subscriptions.
