- To prevent investors from pulling back redenomination action was implemented.
- There will be 1,000 BTTC tokens created for every BTT token.
BitTorrent software enabled users to download data from shared servers peer-to-peer. Consequently, the demand for a genuinely decentralized method of downloading and sharing files emerged and a more satisfying experience for the end-users. Thus the Tron foundation purchased the BitTorrent project and introduced the BTT token, which would speed up downloads and guarantee that data remained on the server for an extended period owing to the incentives connected.
Everyone wants to avoid paying exorbitant fees to OTT platforms or online libraries; therefore, this is a great use case. Despite its unique or novel use-case, it’s not clear why the token has been losing its shine recently.
1,000 BTTC Tokens Created for Every BTT Token
In order to prevent investors from pulling back, BitTorrent will implement the redenomination actions. The ecosystem adjusts the currency or token’s value and divides it into smaller units while redenominating it, making it easier to transfer money. This creates a new value for the money or token. Renaming BitTorrent has been done at a ratio of one to a thousand times.
🔥52.9% of 990 Billion #BTTOLD now burned!— BitTorrent Inc. (@BitTorrent) February 7, 2022
💠With #BitTorrentChain (#BTTC) and the #BTT redenomination plan launched, the community participated in the #BTT redenomination plan and burned 524,668,104,338 #BTTOLD
👇How to Swap #BTTOLD: https://t.co/uU3kHOfhV6 pic.twitter.com/DSGxZ3Maog
Put it another way; there will be 1,000 BTTC tokens created for every BTT token. Clients that want to take advantage of new business models like staking, farming, and liquidity mining have been accommodated by the ecosystem by adopting this strategy. It is anticipated that a 990 trillion-to-990 billion token redenomination would make the BitTorrent ecosystem more flexible and stabilize an extraordinary spike in pricing.
The community-engaged and burnt 524,668,104,338 BTTOLD after BitTorrentChain (BTTC) and the BTT redenomination plan were announced, according to a recent statement on the official Twitter account.