BitTorrent token sale, which was launched on Binance’s Launchpad a few days ago, saw a sale of 50 billion BTT tokens raising 7 million USD in less than 15 minutes. This is a great feat keeping in mind crypto is going through a bear market. Bitcoin and most of the altcoins have lost anywhere between 70% – 95% of their market cap.

BitTorrent and Project Atlas

BitTorrent is a popular protocol for peer-to-peer file sharing. It enables users to share music, videos, and other files on the internet. BitTorrent runs the popular µTorrent client on Windows to facilitate and manage torrent seeding and downloading. The company which has a user base of 100 million spread across 138 countries was recently acquired by Tron. Post the acquisition, they started Project Atlas which eventually resulted in the BTT token sale.

“Project Atlas is the foundation for a new way of content distribution. To start, the product will feature faster downloads, more seeds, no mining, and backward compatibility. It is adapted to the world we live in today: mobile, connected, and transparent. We aim to eventually empower all content creators and their communities by eliminating the middleman and enabling content creators to distribute directly to users.”, Justin Sun, the CEO of Tron said in an interview.

BTT was developed on Tron blockchain as a TRC-10 utility token. With this, Tron is trying to compete with Ethereum’s platform. Ethereum has been by far the choice of developers to build distributed apps or DApps. But Tron aims to disrupt the market by providing a high-throughput, high-scalability and high-availability environment. Tron claims to have a capacity to process 2000 transactions per second while Ethereum is still at 25 transactions in a second.

Token Sale on Binance Launchpad

Binance revealed that the BTT tokens were sold in two simultaneous sessions and the process lasted for 15 minutes. The first session was for buyers using Binance Coin (BNB), Binance’s native coin. The second session is for buyers using Tron (TRX). The BTT tokens were priced at 0.00012 USD each.

BTT tokens were sold on Binance in two simultaneous sessions. “It is official: In the BNB session, all 23.76 billion BTT were sold to token sale participants within 13 minutes and 25 seconds. Meanwhile, in the TRON session, all 35.64 billion BTT were sold within 14 minutes and 41 seconds.”, Justin Sun tweeted.

Sale price for 1 BTT was 0.00001824 BNB or 0.00447261 TRX. A minimum contribution of 100,000 BTT (1.824 BNB or 447.261 TRX) or 12 USD was required. The maximum or the cap was 166,666,666 BTT (3,039.999 BNB or 745,434.997 TRX) or 20,000 USD. They raised an estimated 7.2 million US Dollars. This will go down in the history as one of the fastest token sales or ICOs.

Technical Issues Result in BTT Compensation

The time of 15 minutes was due to a technical error. “Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.”, Binance CEO Changpeng Zhao said. He later clarified the exact issue in the interest of transparency. He went on to say:

”The issue experienced today was caused by the ‘user agreement confirmation’ button caching/locking. Most of the stress tests focused on the buy process, this part was not covered thoroughly enough. The order of requests received was preserved.

As a result of this problem where many people were upset because they were not able to get any BTT tokens, Justin Sun announced that they will receive 5000 BTT for free as a thank you for their support of Tron.

#BitTorrent (#BTT) has completed an airdrop of 5,000 $BTT to all users that were eligible but unsuccessful in purchasing BTT on @binance Launchpad. #TRON #TRX $TRX https://t.co/eT3YJ0Q4RJ

— Justin Sun (@justinsuntron) January 30, 2019

Conclusion

Anticipation for the BTT token sale led the price of TRX to rise by 134% in a bear market. This was due to the expectation that BitTorrent will be the first and one of the largest applications of a distributed app powered by a crypto project. The token sale did not deviate from this claim. As a result, the expectations are set very high from this point forward. Now that the money is in, it is time for the BTT and Tron team to deliver a great product. 

Ledger Giveaway on January 31st

The ledger giveaway ends January 31st at approximately 22:00 EST. All you have to do is follow Tron Spark on Twitter and Retweet this Tweet:

To celebrate BTT ICO, Tron Spark is having a Ledger Nano S Giveaway! Simply follow us and retweet this.

Drawing on 1/31@Tronfoundation #blockchain #crypto #ledger #giveaway #cryptocurrency #tron #btc #eth @WLFOFMYST #token #BTT #ltc #XRPcommunity @justinsuntron #trx #tron pic.twitter.com/CC9OtWc69R

— TronSpark (@TronSpark) January 27, 2019