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What is BTT and why has it been redenominated?

What is BitTorrent/the BitTorrent Token (BTT)?

Acquired by TRON in 2018, BitTorrent runs the world’s largest decentralised peer-to-peer communications protocol for the distribution of data and files over the internet and has acquired an installed base of 2 billion Torrent clients, with more than 100 million active users per month. With its BitTorrent Token (BTT), BitTorrent has set out to tokenise the world’s largest decentralised file sharing protocol. BTT is a TRC20 utility token supported by the TRON blockchain. 

Why has BTT been redenominated?

In order to increase the total supply of BTT and to diversify the BTT ecosystem, the old BitTorrent Tokens (BTTOLD) have been redenominated and swapped with the new BitTorrent Tokens (BTT) at a ratio of 1:1000. As a result, BTT has been upgraded from TRC10 to TRC20.

BTT migration on Bitpanda

Bitpanda has carried out the BTT redenomination automatically and with no additional effort for our users. The BTT migration is now complete and trading has been re-enabled, with all positions corrected and updated. Please refer to Bitpanda’s BTT redenomination status report for detailed information on the BTT migration process.

Note: Please note that redenominating BTT was not a decision made by Bitpanda, but by the BTT project itself, and that old BTT values ​​had to be updated due to external factors and BTT project specifications.

Note: Please note that Bitpanda will never comment nor give advice on the performance of a cryptocurrency. For price discussions, please refer to our Bitpanda Community team.

For further information on the BTT project, you may also refer to the following links:

Note: All the links are from external providers. These links are provided as a convenience and for informational purposes only. They do not constitute an endorsement nor a recommendation by Bitpanda of any of the products, services or opinions of these third parties. Bitpanda thus assumes no responsibility nor liability for the accuracy, legality or content of the external sites as linked above. Please contact the external site for answers regarding its content.