BitTorrent to Sell Crypto Token on Binance Launchpad
Binance’s cryptocurrency token creation platform Binance LaunchPad will introduce a minimum of one token to its users every month in this year, as revealed by the world’s largest crypto exchange today. The first projects that will be launched in this initiative include the TRON-affiliated BitTorrent and Fetch.AI.
Crypto Giant Binance to Help BitTorrent with Token Launch
Binance offers two platforms for blockchain and crypto projects. Binance Labs provides funding to innovative blockchain startups while Binance LaunchPad offers a platform for raising funds through token sales. The latter supports projects which are already funded and need a renowned space to reach more crypto users. The LaunchPad lists Bitcoin wallet Bread and blockchain-based gifting platform Gifto as its successful token projects in the past.
In July 2018, blockchain-based platform TRON founder Justin Sun acquired the peer-to-peer file sharing giant BitTorrent for $126 million. With over 100 million users in 138 countries from BitTorrent, TRON termed the merger Project Atlas.
Since TRON acquired BitTorrent in June 2018, we’ve seen both teams grow tremendously in our work and our dedication to the project vision of #TRON. As we raise our glass to cheer for all the happy times this year, we are just as excited for another year of fun! pic.twitter.com/LfH1yzWVvq
— BitTorrent Inc. (@BitTorrent) December 13, 2018
TRON also celebrated launching 100 million smart contracts and hosting 1 million users on its platform last month. Now, BitTorrent has successfully made its way to the LaunchPad. Binance’s blog post describes the “game-changing” project thus:
BitTorrent’s protocol is empowering a new generation of content creators with the tools to distribute their content directly to others on the web. BitTorrent’s new BTT token will allow BitTorrent peers to incentivize activities that lead to better file sharing, like using faster networks and enabling longer seeding periods.
Users will receive BTT tokens for seeding files for a longer period of time and sharing bandwidth. According to the whitepaper, the firm will create 990 billion BTT tokens and will also offer wallets to its users. Tokens will be allocated to users, TRON token holders, investors, and the BitTorrent Foundation and TRON Foundation teams. Current users will receive an “initial balance of BTT;” however, the document doesn’t provide the percentage of these token offerings.
Binance Launchpad to Feature at Least 1 Crypto Token Every Month
Meanwhile, Binance Launchpad will also oversee the issuance of Fetch.AI — an intelligent digital ecosystem that constantly learns and performs functions using machine and artificial intelligence (AI) technology. The project aims to help the hospitality, transport, energy, and supply chain industries.
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