Opinions

BitTorrent’s Token Sale Was a Massive Hit Netting Over $7 Million

Tron and BitTorrent have been in the news quite a lot recently, first the acquisition of the platform by Tron, then BitTorrent’s founder dissociating himself from the platform and the of course the very much hyped token sale. Which concluded yesterday.

The BitTorrent token (BBT) token sale on the Binance Launchpad platform ended up selling 50 billion tokens in under 15 minutes, netting $7.1 million according to the official blog post.

Being a peer-to-peer protocol specifically for the purpose of file sharing, BitTorrent allows its users to distribute audio and visual files both. So basically people can share music or videos over the Internet through it.

Coming back to the token, the BBT is based on a Tron TRC-10 token, which was sort of known before hand. According to the post, the token’s purpose on the platform is to “transact in computing resources shared between BitTorrent clients and any other participating service requesters and service providers.”

There was news about how the token sale would happen in two sessions, which is exactly how it went. The BBTs were sold in two simultaneously sessions on the Binance Launchpad. One of the sessions was for the buyers using the Binance Coin (BNB), which is Binance’s native token. The other one was for the buyers using Tron (TRX). And according to the sales data posted on the Binance website, each token was priced at $  $0.00012.

Justin Sun, the CEO and founder of Tron, even took to Twitter after the rather successful sale.

The Binance CEO, Changpeng Zhao tweeted as well, revealing that the token sale did face some technical issues which surfaced on the Binance Launchpad website. He even mentioned that if they hadn’t, the token sale would’ve ended much sooner.

Tron reportedly has another launch due in summer, which is of BitTorrent Speed, the system, which will integrate the Tron-based BTT token into the popular µTorrent Windows client.

For updates, stay tuned to BlockPublisher.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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