Dear community members,
The mainnet of BitTorrent Chain is going live soon! BitTorrent Chain (BTTC) is the world’s first heterogeneous cross-chain interoperability protocol, which adopts PoS (Proof-of-Stake) mechanism and leverages sidechains for the scaling of smart contracts. It now enables interoperability with the public chains of Ethereum, TRON and BSC, with more chains to be supported in the future. An era of connecting all chains is on the horizon! For more information, please visit our official website bt.io.
According to the developer community of BitTorrent, the mainnet of BTTC is to be launched on December 12, 2021 (SGT) with BTT redenomination implemented. Exchanges, wallets, developers and other partners are advised to complete the redenomination and swap within 30 days (before January 12, 2022). While maintaining its current market cap, the old BTT tokens will be redenominated and swapped with the new BTT tokens at a ratio of 1:1000. Meanwhile, 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 are referred to as BTT, while the old ones are renamed as BTTOLD (BTTOLD stands for the old BTT tokens thereafter).
The new BTT tokens will be applied in the BitTorrent Chain ecosystem which is coming live soon. The major use cases are as follows:
- becoming a validator on the BTTC network;
- staking on BTTC to gain rewards;
- participating in the governance of the BTTC community;
- paying for gas fees as a native token of BTTC.
After the mainnet of BitTorrent Chain goes live, BTTOLD and BTT will coexist for some time. The contracts to swap the old for the new tokens will be effective permanently and users can swap at any time. Exchanges which do not currently support the redenomination can continue to support exchange of BTTOLD. BTTOLD tokens will maintain their original use cases before swapped to BTT, including:
- paying for fees generated from storing files in the BTFS system;
- BTFS mining;
- increasing download speed of BitTorrent Protocol on BitTorrent Speed.
1. Why Do We Redenominate BTT?
Founded in 2004, the BitTorrent project is currently the world's largest decentralized peer-to-peer network with over 90 million active users and a total installed base of over 2 billion Torrent clients (See media reports) . However, as an integral part of the BitTorrent ecosystem, BTTOLD has a total supply of only 990 billion tokens, with an average of 11,000 tokens per active user, and an average of less than 500 tokens per client.
In actual use cases, the low total supply comes with certain limitations. BitTorrent’s customer service team receives daily feedback from users on relevant problems. The BTTOLD tokens, obtained by users in various use cases adopting BTTOLD, are shown as numbers with a lot of decimal places (e.g. the number of a user’s mining reward is 0.00231 BTT), which will bring inconveniences to the subsequent collection of assets and the exchange of tokens. As BTTC mainnet arrives, the BTT ecosystem will be more diversified with expanded use cases. It is therefore necessary to redenominate BTTOLD.
2. On BTT Redenomination
To redenominate BTTOLD, the total supply of the tokens will be increased from 990,000,000,000 to 990,000,000,000,000 at a ratio of 1:1,000, with the market cap unchanged. The BTT tokens will be upgraded from TRC10 to TRC20, and the new BTT will be issued as TRC20 tokens on the TRON mainnet and mapped to the BTTC mainnet.
Details are as follows:
- Following the redenomination, old BTT tokens will be renamed as BTTOLD whereas new tokens will be named as BTT to better differentiate the new and old BTT tokens;
- The new BTT will be upgraded to a TRC20 token with the contract address TAFjULxiVgT4qWk6UZwjqwZXTSaGaqnVp4, while BTTOLD will remain a TRC10 token with the ID 1002000;
3. Swap BTT Tokens
You can swap BTTOLD for BTT via two approaches, depending on where your BTTOLD is held.
- Swap BTTOLD for BTT on exchanges
If your BTTOLD is held on centralized exchanges, please closely follow their announcements on whether they support this BTT redenomination plan as well as deposits, withdrawals, and exchanges of the new BTT. You may check the latest announcements from exchanges for this information.
- Autoswap on centralized exchanges: Exchanges that support BTT redenomination will swap the token for you automatically, sparing you from any actions.
You will be able to trade, deposit, and withdraw BTT directly when the exchange completes the redenomination. For more information, please refer to the exchange's announcements on BTT redenomination. (To help users complete the swap and enjoy rights and benefits such as governance participation and mining rewards on the future BTT platform, exchanges are advised to support the BTT redenomination plan as soon as possible. For any questions, please contact the BitTorrent team via email@example.com.)
- Swap by hand on the BTTC app website: You may withdraw BTTOLD to any decentralized wallet (e.g. TronLink wallet) and swap the token via "Get BTT" on the BTTC app website if the exchange has not supported the redenomination yet.
- Swap manually on the BTTC app website
Please follow the steps below to swap your BTTOLD if it is held in decentralized wallets such as TronLink. Please note that these steps only support swap from BTTOLD to BTT, not the other way round.
Take TronLink extension wallet as an example:
1) Go to the BTTC app website and click on "Get BTT'' on the top navigation bar.
2) Enter the amount of BTTOLD you would like to swap in the "Amount to swap" field and click "Confirm Swap" (please make sure that you have installed and connected to TronLink wallet).
3) Sign and approve the action in your TronLink wallet following the instructions.
4) Wait for your transaction to be confirmed on the chain to complete the swap.
5) After your swap is completed, you can click "+" in the TronLink wallet to add your new BTT tokens. (If you do not see the prompt, you can add BTT by searching for its smart contract address TAFjULxiVgT4qWk6UZwjqwZXTSaGaqnVp4 on the Asset Management page in TronLink)
This service will be enabled as soon as the BTTC mainnet goes live, allowing users to swap the BTTOLD in their wallets into BTT.
- In the redenomination, BTT (the old token) will be renamed as BTTOLD whereas the new token will be named BTT. BTT and BTTOLD will assume different token standards. Please distinguish the old and new tokens according to their names, standards, IDs, and contract addresses to prevent financial losses;
- At the moment, BTTOLD can only be swapped for BTT through the "Get BTT '' feature on the BTTC app official website (users need to connect to their TronLink wallet and swap manually) and exchanges that support the redenomination. Please do not use other channels for the swap to prevent financial losses;
- "Get BTT" on BTTC app only supports swap from BTTOLD to BTT, not the other way round;
- When depositing or withdrawing BTT/BTTOLD tokens on an exchange, please make sure that the symbol and full name of the token you are depositing or withdrawing match the one supported by the exchange. If there is a mismatch, please do not proceed with your action. If you deposit an asset that is not supported by the exchange by accident, please contact the customer service of the exchange immediately.
December 6, 2021