In December, the BitTorrent community was abuzz with rumors of the conversion of BTT tokens to BTTC through a redenomination process and renaming announcements.
Officially, the BitTorrent Chain (BTTC) network and redenomination were launched on December 12, 2021 and the earliest crypto exchange platform to support this renewal was Binance.
What happen?
In BitTorrent’s latest tweet today, as much as 53% (over 525,000,000,000) of the 990 billion BTTOLDs have been burned.
🔥53% of 990 Billion #BTTOLD now burned!
💠With #BitTorrentChain (#BTTC) and the #BTT redenomination plan launched, the community participated in the #BTT redenomination plan and burned 525,214,890,850 #BTTOLD
How to Swap #BTTOLD: https://t.co/uU3kHOfhV6 pic.twitter.com/smOv9CErcj
- BitTorrent Inc. (@BitTorrent) February 11, 2022
For information, BTTOLD is a rename to ‘old BTT’ which is then converted to BTTC at the rate of 1 BTT = 1,000 BTTC/BTT/BTT (new).
This redenomination plan will not disrupt the current market value but the total supply of BTT tokens will increase from 990,000,000,000 to 990,000,000,000,000 at a ratio of 1: 1000,
Changes had to be made to this network because its users faced several issues: slow transactions, low block generation, and low scalability.
At the same time, through the collaboration between BitTorrent Chain and TRON, the network successfully launched a testnet with developments in the aspects of BTTC nodes and user base.
While the Tron network has become the mainnet for the BitTorrent Chain and this means it is also compatible with TRON, Ethereum, and Binance Smart Chain (BSC).
This also means, any crypto exchange platform that supports such migration will convert BTTOLD to BTTC automatically.
If the exchange platform does not support the change, investors have to convert BTTOLD to BTTC manually.
The Power of Recent Changes
BTTC is a token that follows the TRC-20 standard, while BTTOLD remains with the TRC-10 standard.
BitTorrent Chain offers a variety of cross -chain solutions, such as inter -chain value exchange through asset interoperability between Ethereum, TRON, and BSC.
Faster transaction confirmation after the implementation of the Proof of Stake (PoS) mechanism, approximately in 2-3 seconds.
Higher protection of assets per transaction.
Lower transaction charges than previous BitTorent in an estimate of less than $ 0.01.
BTTOLD Token Burning
The burning of BTTOLD has been going on since the launch of BitTorrent Chain on 12 December and in the aftermath, BTTC prices have recorded consistent price increases.
December 12 - 7,000,001,273 BTTOLD eliminated.
January 5, 2022 - 28% (279,000,000,000) of BTTOLD eliminated.
February 11, 2022 - 53% (525,000,000,000) BTTOLD eliminated.
Recent Projects
TRON DAO and BitTorrent Chain have launched the TRON Grand Hackathon 2022 and registration for the program will begin opening on February 14th.
🗓️Submissions start on February 14th, so get ready!
💰 $ 500K in prizes for blockchain entrepreneurs, developers, and designers!
🧐For more information please visit: https://t.co/xhEEt5Ry9M
- BitTorrent Inc. (@BitTorrent) February 10, 2022
It is understood the purpose of this hackathon is to encourage developers to set up and implement DeFi, GameFi, non-fungible tokens (NFT), and Web3 projects along with the establishment of strong content and entertainment communities on the TRON network and other blockchain platforms.
The BTT price does not seem to be impressed with this project because at the time of writing, this asset is trading at $ 0.000002227, down almost 4% in 24 hours.
