BitTorrent, the company acquired by Tron, has seen great success in the public sale of its BTT Tokens. The company raised millions of dollars in a matter of minutes, despite the fact that some technical difficulties took place. The news has been published on Twitter by Tron CEO Justin Sun.
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. #BTT $BTT #BitTorrent #TRON https://t.co/C1dqxRkO2l — Justin Sun (@justinsuntron) January 28, 2019
At 3:00 UTC, the token sale started. It was organized on Binance Launchpad, a token sale platform run by the Binance exchange. Two simultaneous sales were run for Binance Coin and Tron. BTT investors could participate through two separate sale sessions, one for those paying with the token native to the Tron blockchain, TRX, and the other for those paying with Binance’s native exchange token, BNB. Each BTT token was valued at $0.00012.
Both the sales lasted less than 20 minutes due to the heavy demand. More than 59 billion tokens were sold in the BitTorrent public sale. In all, the BNB-BTT sale sold 23.76billion BTT tokens, with the TRX-BTT sale selling 35.64billion tokens. BTT tokens sale raised a total of $7.2 million. There were about620 contributors to the TRX session and about 340 contributors on the BNB session.
As Binance CEO Changpeng Zhao said, the sale could have ended in just seconds if not for technical issues with the Launchpad platform.
Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical. — CZ Binance (@cz_binance) January 28, 2019
Full transparency. 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. — CZ Binance (@cz_binance) January 28, 2019
Justin Sun said:
“We had tremendous success during our crowdfunding on Binance Launchpad, which sold out in less than 15 minutes amidst a very positive response, right before the Q2 launch of BitTorrent Speed and its accompanying products.”
“The BTT token will be instrumental in its ability to incentivize users on BitTorrent, to share and seed [media] on the platform.”
As Binance Launchpad overloaded, many buyers could not purchase BTT. Sun tried to work out a solution. Later, he wrote on Twitter:
I would like to explore the possibility with @binance to giveaway free $BTT to everyone on launchpad fails to get #BTT today. #BitTorrent community wants you! Not 100% guarantee. Need to figure out detail. BUT RT if you agree! @cz_binance #TRON $BNB $TRX — Justin Sun (@justinsuntron) January 28, 2019
The BitTorrent token sale is one of the most successful crowdfunding events in months.
BitTorrent Inc. is an Internet technology company based in San Francisco. The company designs distributed technologies that scale efficiently, keep intelligence at the edge, and keep creators and consumers in control of their content and data. Every month, BitTorrents provides services to more than 170 million people use. Its protocols move as much as 40% of the world’s Internet traffic on a daily basis.
BTT is a TRC-10 token that incentivizes improved file sharing on the network. It is the first BitTorrent’ token. BTT allows content creators to connect with their audience, earn and spend digital currency without a middleman. By connecting the BitTorrent peer-to-peer network to the TRON blockchain, we offer a new experience to over 100 million users. BTT forms part of BitTorrent’s new sharing system and speeds up the content sharing process on the platform.
On February 11, 2019, BitTorrent Foundation will initiate its first airdrop of BitTorrent (BTT) to TRON (TRX) holders. The plan of the company is as follows: over the next 12 months following this initial airdrop, 11,880,000,000 BTT will be offered to TRX holders, corresponding to 1.2% of total supply.
In 2020, the BitTorrent Foundation will airdrop 12,870,000,000 BTT, corresponding to 1.3% of the total circulating supply, and over the next six years, the percentage airdropped will increase by 0.1% per year, reaching 1.7% in 2025.
The ratio of BTT airdrop on Feb 11 is approximately 1 TRX = 0.11 BTT. Airdrops will be initiated the 11th of each month at 0:00 UTC.