In this article, we will learn about BitTorrent and its token. Further, you will also find out why the new BTT token was made and learn the steps regarding how to Swap BTTOLD to a new BTT.
Table of Contents
- BitTorrent is one of the most popular network protocols for peer-to-peer file sharing.
- As millions of users became its part, BitTorrent struggled to monetize. Therefore, it was adopted by the Tron Foundation.
- The Tron foundation introduces the BTT token as the solution to the issue mentioned above.
- Moreover, the Tron foundation also introduced the Tron blockchain, which is a decentralized digital platform for users to share their media content.
- TronLink Wallet is a crypto wallet to store TRON token (TRX) and other cryptos.
- Users have to download and add their BTTOLD tokens to TronLink Wallet to swap them to the new BTT.
What is BitTorrent?
Before understanding the BTT coin, let’s first see what BitTorrent is. BitTorrent is one of the popularly known peer-to-peer (P2P) file-sharing protocols that let users transfer large files, including digital videos or audio files. With the emergence of BitTorrent, users joined a network of computers running software to enable them to exchange files rather than downloading or uploading files.
However, after a few years, it was struggling to monetize the popular services it was offering. Therefore, in 2019, the Tron Foundation acquired it, which are the creators of the Tron blockchain. To take things further ahead for BitTorrent, they introduced the BitTorrent token BTT to solve the issue of monetization of their services.
What is BTT Token?
BTT coin is a TRC-10 utility token that is based on blockchain. Tron Foundation adopted BitTorrent in early 2019. So, they introduced BTT (BitTorrent Token) to add incentives for torrenting and solve some issues.
Further, BTT incentive prizes are also available to BitTorrent client implementers, online publishers, and third-party software developers. Also, its incentives will be used to advertise the BTT initiative, which will be presenting potential participants. Moreover, the team is also planning to govern the BTT ecosystem’s participation and membership standards.
Also read, Where and How to Buy BTT Token?
What is Tron Blockchain?
Tron is a blockchain-based decentralized digital platform that was founded in 2017 and has its own cryptocurrency, TRX (Tronix). It was introduced by the Tron Foundation, a non-profit organization. This organization (Tron) aims to host a system for the cost-effective sharing of digital content. Also, the main aim of Tron was to allow entertainers and content creators to come together and form a network without an intermediary.
Also read, Best Crypto Swap Platforms
It was launched for Asian countries only during the initial days, but now it has gone global. As of now, the platform has more than 74 million accounts and is one of the world’s fastest-growing public chains. Also, its structure has been compared to the Ethereum platform, as it also uses decentralized applications (dApps), smart contracts, and tokens.
Also read, Where and How to Buy Tron Token?
What is the Tron wallet?
Tron company is a decentralized blockchain that people use to develop applications and share their media content. Further, they can use the Tron blockchain to pay the authors directly for their work. However, to get access to this, users will require a Tron token (TRX). Therefore, it should be stored in the Tron wallet to receive or payout.
So, the Tron wallet is a hosted wallet that can store TRX and ensure several security grades. It lets users refill their balance with almost every crypto. Further, users can also send Tron to any altcoin address. It is available for both Android and iOS users. Further, its extension is also available for Chrome and Firefox.
What is Happening to BTT?
According to the BitTorrent-Chain whitepaper, various decentralized applications have become core drivers of the TRON network. However, the current blockchain ecosystem is not sufficient to support the demands for higher-level applications. Similar is why BitTorrent (BTT) is redenominated from TRC 10 token to a TRC20 token. Further, the new TRC 20 BTT token will be called BTT, while the old TRC 10 BTT token will be referred to as BTTOLD.
Also read, ERC20 Tokens: A Complete Guide
How do I swap BTTOLD to BTT via TronLink?
There are two scenarios on how you can swap your BTTOLD:
- If BTTOLD is held on Exchange
If the exchange supports the BTT redenomination plan, then your crypto exchange will automatically swap all your BTTOLD into BTT. However, if that’s not the case, then you have to withdraw your BTTOLD to TronLink Wallet and then swap your tokens to BTT on the BitTorrent Chain Website.
- If BTTOLD is held on Wallet
If the BTTOLD is stored on a decentralized wallet, users have to deposit their BTTOLD to their preferred exchanges and withdraw them through the TronLink wallet. Then, again swap them on the BitTorrent Chain Website.
Steps to Swap BTTOLD to New BTT
Download TronLink Wallet
First, you have to download the TronLink Wallet extension from the chrome web store. Visit the chrome web store, search for “TronLink,” and select the right one to add the extension.
Now, you have two options, either you can create a new wallet or import the Wallet using your mnemonic phrase or private key. We will be creating a new wallet here.
- Click on the TronLink Wallet extension to open it.
- Now, select the option “Create Wallet.”
- Scroll through the agreement and click on select “I have read, no more reminders.”
- Next, you have to enter the name of your Wallet and create a password.
- Further, you can back up your seed phrase now or later, and you are all set to receive your BTTOLD.
Transfer BTTOLD into TronLink Wallet
In this step, you have to withdraw your BTTOLD into your TronLink Wallet from your exchange.
- Open the TronLink wallet chrome extension.
- Next, you have to click on the receive option from the menu.
- Copy the wallet address.
- Now, go to your exchange and log in.
- Transfer all your BTTOLD to the wallet address you copied earlier.
- After transferring, check on your TronLink Wallet whether you received it or not.
Swap BTTOLD to BTT
- Visit the BitTorrent Chain website.
- Now, click on “Swap BTT” from the top menu.
- Click on “Connect to Wallet” on the right-hand side of the website.
- Now, select “Connect to Tron Network.”
- After connecting, you can enter the amount of BTTOLD you want to swap and click on “Confirm Swap” to complete the process.
After being adopted by the Tron foundation, BitTorrent got its token BTT, a TRC 20 token. However, as the users started trading on it, other issues arose. Therefore, to solve them, they introduced a new BTT token that is a TRC10. Hence, now to swap the BTTOLD to the new BTT, users must create a TronLink Wallet, connect it with BitTorrent Chain and then swap them.
Frequently Asked Questions (FAQ)
Where to buy BTT crypto in?
Is binance supporting BTT redenomination?
As per the announcement of Binance, they are fully supporting BitTorrent Token (BTT) migration, redenomination plan and renaming plan.
Can you mine BTT?
No, we can not mine BTT as the BitTorrent platform bases its protocol on the Delegated Proof-of-Stake algorithm. However, BTT lets users pay for downloading large files and higher bandwidth. Also, one can earn BTT by seeding once the user finishes downloading larger files.
Is BitTorrent crypto a good investment?
The answer varies as It will be highly beneficial to users who usually use uTorrent and uTorrent classic. So, for those users, it definitely is a good investment.