Altcoin News: ICO Boom 2.0? BitTorrent (BTT) Sold out on Binance under 15min
January 29th, 2019 by Marko Vidrih on ALTCOIN MAGAZINE
The BitTorrent (BTT) ICO sold out under 15 minutes on the Binance Launchpad platform yesterday. A total of 50 billion tokens were sold for the equivalent of $7.1 million. Binance announced the completion of the sale in an official blog post.
BitTorrent file sharing on the blockchain
BitTorrent is a peer-to-peer file sharing protocol that allows users to distribute files, such as music or video, over the Internet. BTT is based on a Tron TRC-10 token and is used on the platform to “manage computational resources shared between BitTorrent clients and all other participating service requesters and service providers.”
BitTorrent ICO was overrun
The BitTorrent tokens were sold in two concurrent sessions on Binance Launchpad. On the one hand for buyers who wanted to pay with the native token of Binance BNB and on the other hand for buyers who wanted to use the Tron Token TRX. Each token was valued at $0.00012 according to sales data published on the Binance website.
The tweet from Tron Founder and CEO Justin Sun reiterated the success of BitTorrent: It’s official: in the BNB session, all 23.76 billion BTTs were sold to token-sellers in 13 minutes and 25 seconds. In the meantime, in the Tron session, all 35.64 billion BTTs were sold within 14 minutes and 41 seconds.
Binance Launchpad was no match for the BitTorrent crowd
Binance CEO and Founder Changpeng Zhao (CZ) said the sale would have ended much earlier if technical issues had not occurred on the Launchpad website. CZ tweeted shortly after the ICO:
Both sessions are completed. It took about 18 minutes because of a system problem, and would otherwise take 18 seconds. The demand was astronomical.
Apparently, there were issues with accepting the Terms of Use, which led to a mistake and prevented those interested in buying the BTT tokens. Some have complained loudly and have reclaimed their money:
BNB and TRX have rallied a few days before the actual BitTorrent ICO. True to the motto “Buy the Rumors — Sell the News”, both coins were dumped before and during the ICO. So some have lost a lot of money because they could not buy in the ICO due to the error occurred and were exposed to the dump on the crypto market.
Justin Sun and CZ agreed that anyone with an error message would receive a BitTorrent (BTT) Airdrop. How high this should be, has not yet been communicated.
Is BitTorrent ringing the next ICO wave?
BitTorrent Speed, the system that integrates the Tron-based BTT token into the popular μTorrent Windows client, is expected to launch this summer.
In the ongoing Bearmarket, the ICO bubble burst already months ago. The overwhelming demand for the BitTorrent ICO shows that the “ICO Game” is far from over. It’s all about a certain combination of factors for something to succeed. In this example, it was Tron (TRX) and Binance (BNB). Was that the starting signal for the next ICO wave? It remains to be seen.
Author: Marko Vidrih
Follow us on Twitter, InvestFeed, Facebook, Instagram, LinkedIn, and join our Discord and Telegram.
Altcoin Magazine is a popular destination for cryptocurrency enthusiasts and blockchain researchers. We strive to become the largest, most accessible and easy to read a magazine full of news, articles, videos, and podcasts and will be the go-to place for monitoring of coins, crypto companies, projects, products, events, advisors and much, much more.
Read about our upcoming Altcoin Magazine Mastermind Event here.
