BitTorrent (CCC:BTT-USD) might be a name that stirs up much nostalgia for internet fiends of the early 2000s. However, the file-sharing platform isn’t just a relic of the past; it is now a crypto play with a rich history behind it and a business model that is still relevant for the modern day internet. If you haven’t heard of BitTorrent’s BTT crypto before, you’re likely hearing about it today in the wake of some coming overhauls to the token.
BitTorrent might not be in the same packaging its original users recall. It is now owned by crypto network Tron (CCC:TRX-USD), and the developers have given the platform a crypto-oriented makeover. Most notably, the purchase saw BitTorrent receive a dedicated token, BTT. The token underpins BitTorrent’s peer-to-peer file-sharing service, which is still its main offering 20 years after the original service launched.
Using BitTorrent, one can share files in a decentralized manner. Users shares portions of files among one another until the downloader has the full file themselves, after which they can become a seed for other users to download the file from.
BTT Crypto Eyes Up Some Big Gains Ahead of Dec. 12 Update
BTT crypto holders are likely very happy today in the wake of a big announcement from developers. Dec. 12 will see BitTorrent’s main network finally launch after three years since Tron’s acquisition of the platform. The BitTorrent chain will house the BitTorrent network’s many different file-sharing platforms and products, and it will be fueled by the BTT token. With Tron focusing on interoperability when developing the chain, it also will allow users to transfer assets to and from the Ethereum (CCC:ETH-USD), Binance (CCC:BNB-USD) and Tron chains.
In addition to the launch of the main BitTorrent chain, the BTT crypto will also see an overhaul via its Redenomination Plan. Developers will be redenominating the token, swapping old tokens for new ones at a 1:1,000 ratio. This will keep the BTT token’s market capitalization at its current value of just under $3 billion. However, it will see the total supply of BTT massively increase; the redenomination will increase supply from 990 billion to 990 trillion.
These changes will be taking place in less than a week, and BTT is gaining in anticipation of the event. The token is up over 15% so far today, and trading volume is spiking by 150% on yesterday’s volume.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
