{"id":3240,"date":"2019-01-29T13:05:36","date_gmt":"2019-01-29T13:05:36","guid":{"rendered":"https:\/\/atozcrypto.org\/?p=3240"},"modified":"2019-01-29T13:08:50","modified_gmt":"2019-01-29T13:08:50","slug":"icos-are-back-in-the-game-bittorrent-token-btt-sale-by-tron-was-sold-out-in-minutes-7-12-millions-raised-binance-ceo-says-demand-was-astronomical","status":"publish","type":"post","link":"https:\/\/atozcrypto.org\/icos-are-back-in-the-game-bittorrent-token-btt-sale-by-tron-was-sold-out-in-minutes-7-12-millions-raised-binance-ceo-says-demand-was-astronomical\/","title":{"rendered":"ICOs are back in the game? BitTorrent Token (BTT) Sale by Tron Was Sold Out In Minutes, $7.12 millions raised. Binance CEO says Demand was Astronomical"},"content":{"rendered":"
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First published on Bitcoinexchangeguide By Gabriel M – January 28, 2019<\/figcaption><\/figure>\n

BitTorrent has recently decided to make its TRC-10 token sale using the Binance Launchpad platform. The company had a very successful token offering, even when you compare it to the highest standards of the crypto industry.<\/p>\n

At the sale, the company accepted both\u00a0Tron<\/a>\u00a0(TRX) and\u00a0Binance<\/a>\u00a0(BNB) tokens. According to Changpeng Zhao, the founder and public face of Binance, the whole thing was over in about 18 minutes and that was because of \u201csystem issues\u201d because the tokens would be sold out in less than a minute without them. There was simply a crazy demand for the tokens.<\/p>\n

The sale got around $4.1 million from TRX tokens and $2.7 million USD from Binance tokens, making a total of almost $7 million USD from selling 159 million TRX and 433 thousand BNB tokens. Before that, the company was able to raise over $20 million USD during a private sale.<\/p>\n

About 10% of the total hard cap of 89 billion BTT tokens were sold by the value of almost $27 million USD. At the moment, the whole project is valued to be worth $300 million USD.<\/p>\n

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The demand for the tokens was so high that many countries got out of the sale because they had to pass anti-money laundering (AML) and\u00a0Know Your Customer<\/a>\u00a0(KYC) procedures before investing, so they were not able to still get tokens during the sale.<\/p>\n

Some of the most important countries that were basically unable to participate in the sale were China, Thailand, the United States, Venezuela and several countries from Africa. Only Europe, Hong Kong, Japan, Russia, Singapore and some countries in Asia and Latin America were able to participate.<\/p>\n

Most of the countries that were excluded from the sale had to be out because their legislation required AML and KYC procedures for token offerings above a certain threshold. For the United States, for instance, the ICO has to sell less than $1 million USD in tokens.<\/p>\n

Token<\/strong><\/h2>\n

According to the\u00a0BTT whitepaper<\/a>, BTT will incentivize users to offer infrastructure services, such as seeding or hosting files, in return for BTT.<\/p>\n

To validate this concept, BitTorrent is launching something called\u00a0BitTorrent Speed<\/a>\u00a0(release date set for Q2 2019), which will enable faster downloads for users who choose to pay file seeders in BTT.<\/p>\n

Thus, downloaders (\u201cleechers\u201d) will benefit from faster downloads via prioritized resource allocation, while seeders or hosters will benefit from payment in exchange for providing bandwidth services to the network.<\/p>\n

It\u2019s hoped that this will incentivize downloaders (who become seeders when they start to download a file) to keep seeding, even after their download is finished, a problem that has been present since the inception of the BitTorrent protocol.<\/p>\n

While BitTorrent Speed is the first initial experiment when it comes to tokenizing the BitTorrent protocol, the team behind BTT envisions more generalized applications of this tokenization model (with potentially more to come):<\/p>\n

    \n
  1. General decentralized mass distribution of content that might be subject to attack like censorships. With the decentralized and large network effects of the BitTorrent Protocol, not only do content creators not have to worry about hosting their content on one provider, but performance issues will also be of less worry, as the BitTorrent protocol has been proven to be able to handle large amounts of download requests, with organizations like\u00a0Facebook and Twitter<\/a>even using the technology to distribute updates to their servers.<\/li>\n
  2. Decentralized storage services, where users pay for storage over time<\/li>\n
  3. Decentralized proxying services, where users pay to retrieve content by URL (use cases may include content that might be subject to IP-based controls, highly mobile applications, and users with intermittent Internet connectivity, such as mobile users on WiFi, requesting content in chunks vs. in a complete form)<\/li>\n<\/ol>\n

    BTT-based transactions will be confirmed via blockchain technology to prevent fraud.<\/p>\n

    The total supply of BTT will be\u00a0990,000,000,000 (990 billion) BTT.<\/p>\n

    The tokens will be allocated as follows.<\/p>\n