Bitcoin penny stock BitTorrent has soared 80 percent ahead of its Mainnet Launch on December 12. News of the mainnet of BitTorrent Chain (BTTC), the world’s first heterogeneous cross-chain interoperability protocol, going live has sent the price up 35.56 percent in 24 hours.
Interoperability Goes Live Next Week
BitTorrent (BTT), the leading torrent software site, launched its BitTorrent token native currency on the TRON (TRX) blockchain in 2019 using its TRC-10 standard. The mid-cap altcoin, however, surged after the announcement of its impending mainnet launch.
BTT is a file-sharing protocol token built atop TRX that allows users to share files peer-to-peer by paying for access to faster download speeds, more storage resources, and more bandwidth.
BTTC comes in as the world’s first heterogeneous cross-chain interoperability protocol that adopts Proof-of-Stake (PoS) mechanisms and leverages sidechains for the scaling of smart contracts. The chain allows interoperability with the public chains of Ethereum, TRON and BSC, with more chains to be supported in the future.
According to the developer community of BitTorrent, the mainnet will launch with BTT redenomination implemented. Since the company took to Twitter to announce the official launch date of BTTC, BitTorrent Inc has been exploding:
When announcing the BTTC launch in early November, the project further explained what the chain’s new capabilities would be. According to the press release, BTTC will also be compatible with the Ethereum Virtual Machine:
“Furthermore, BTTC will support and be compatible with TRON, Ethereum, and Binance Smart Chain (BSC) upon its release, allowing users to transfer mainstream assets among TRON, Ethereum and BSC in a decentralised manner without any restrictions.”
While maintaining its current market cap, the old BTT token will be redenominated and swapped with the new BTT tokens at a ratio of 1:1000. The total supply of BTT tokens will be increased from 990,000,000,000 to 990,000,000,000,000. The new tokens after redenomination will be referred to as BTT, while the old ones will be renamed as BTTOLD.
The announcement of the specifics of the launch date triggered BTT to surge about 78 percent from a low of US$0.0023 to a high of US$00.41. Tron, the blockchain on which BTT is built, also saw positive price action in response to the announcement.
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