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The first thing to know about the release of BitTorrent Token (BTT) is that it is not a one-off event.
This premiere begins a series of monthly air drops that will last until February 2025.
990 billion BTT tokens were created on the Tron blockchain. Of these, 10.1% were designated for aircraft widths for TRX owners over the next six years, starting Monday. In addition, the monthly drop will increase over time and increase once a month in February.
"Think of Tron and BitTorrent like a razor and a blade," said Justin Sun, founder of Tron and CEO of BitTorrent, via a spokesperson. "You have to combine the two to create a new Internet economy based on decentralization. We anticipate that BTT will provide a market for innovations and applications on the Web. "
When the blockchain reaches a block height of 6.6 million, the team will take a snapshot of the TRX balances and divide the first release proportionally to all TRX holders. The first 12 planes will each issue 990 million BTT tokens. Holders of a TRX will receive 0.11 BTT next week, according to Binance.
Currently ranked eighth in the blockchain in terms of market capitalization according to CoinMarketCap, Tron is currently worth $ 1.75 billion. This value decreased compared to the migration of the TRX ERC-20 version to Tron's stand-alone blockchain, which was $ 3 billion.
Last June, Tron acquired BitTorrent, one of the oldest decentralized protocols on the Internet. Then he announced the creation of a new token called BTT to use with his file sharing services. The public sale of this token was sold almost instantly, much like the initial sales of the initial craze for coin offers (ICO).
Is BTT safe?
Although Binance has provided all information about the BTT distribution, users do not need to keep their chips on the exchange to receive the free chips.
Two portfolios presented at the niTROn Summit 2019 confirmed that their users are ready to receive tokens of TRC-10 tokens (the standard used to create the BTT protocol). Tron Wallet and Trust Wallet both confirmed that they were ready to support the airdrop, as well as the exchanges Binance, OKEx and Huobi.
"We take care of the TRX, TRC-10 tokens and if you check your keys you will get a BTT look," confirmed Viktor Radchenko of Trust Wallet at Telepram. We had previously spoken to Rachenko when non-fungible chips were the hot topic of crypto.
Fred Terenas, Business Development Manager for Tron Wallet, told CoinDesk, adding that his team is still asking this question ad infinitum.
Terenas noticed an action by advanced users to prepare.
With the next initial release of BTT, he said, holders of other TRC-10 chips are turning to TRX to get the free BTT. "Some people go out and get rid of everything they need to get airborne," he said. This has resulted in lower short-term prices for TRC-10 chips, although Terenas expects many users to return to their original holdings after receiving a portion of the BTT.
Anticipated chaos
This dynamic could, however, be played out each month. Such movements to and from TRX will be an interesting experiment in progress.
With its extended BTT plan, Sun's Tron has positioned TRX as the proverbial gift that continues to make donations.
The total monthly circulation will increase five times over the next few years, reaching 1,402,500,000 BTT per month in February 2025.
That said, if it's a Tron strategy to encourage his supporters to support HODL, Siddhartha Kalla, Turing Advisory's economics expert, will not see it work.
"In general, the price of a token can drop much more than what is worth the aerodromes," he said. "This should not therefore be considered a" long-term maintenance "strategy for TRX holders in the space."
Kalla, however, expects benefits for Tron's partner, Binance.
"One thing that stands out is the date on which the balances are eligible for the drop. This will inevitably increase the volatility and volume of transactions around this date, which is probably good for Binance, "said Kalla, while acknowledging that he could not be sure:
"There is not too much precedence here with a long airdrop."
Binance did not respond to a request for comment.
Justin Sun speaks at the NiTROn 2019 summit in San Francisco. (Photo by Brady Dale for CoinDesk)
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