What were the Actual Figures associated with BitTorrent ICO?
Binance has reportedly said that more BTT was available for the TRON session than that of BNB. The token sale participants bought 23.76 billion BTT in the BNB session in just 13 minutes and 25 seconds. 35.64 billion BTT were offered to the token buyers of BitTorrent ICO in the TRON session. All of them got sold in 14 minutes and 41 seconds.
A Few more Things on BitTorrent
BitTorrent (BTT) is a TRC-10 token, which provides incentives for improved file sharing on the network. The downloaders and uploaders of the new system will enable BTT utilizatio in multifarious ways. The main intention is to provide encouragement to seeders for seeding (which essentially means the hosting of files) files for a longer period of time.
“Choking is the primary means of allocating resources within a BitTorrent swarm. It is this mechanism that we will adapt to allow for clients to offer rewards to others for continued seeding of content they want access to. Allowing clients to bid BTT for preferential treatment by the choking algorithm gives them a powerful tool to offer incentives to seeds to remain in a swarm.”
BitTorrent Token: Whitepaper
The whitepaper of BiTorrent says that “payment channel” like Lightening-network are used by the token for creating contracts between seeds, uploaders, and downloaders.
Binance Research said:
“Paid consumers are not the only ones who benefit; the token is an opt-in model, meaning that individuals that do not want to pay or charge for torrenting can always continue to do so… With the potential to earn, the token can also disincentivize users from turning off seeding once they receive the files they want, because of the opportunity cost of forgone seeding income.”
The highly successful BitTorrent ICO event had hardly any effect on Tron price. During the ICO event, TRON price saw an 8% drop with a maximum drop of 11%. However, in the last one month (since December 15, 2019) TRON price increased by 116% till now.
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