What is BitTorrent (BTTOLD)?
BTTOLD (previously known as BTT) is the old version of the BitTorrent native token. In 2001, BitTorrent was initially made available as a peer-to-peer technology for file sharing. However after Justin Sun bought BitTorrent in 2018, it joined the TRON blockchain. Currently, it is a cross-chain interoperability protocol that scales by using sidechains.
Check out the BTTOLD price on the live BitTorrent price chart above.
BitTorrent saw great growth after joining TRON. A number of premium versions of the platform are currently offered by BitTorrent as part of its push into commercial services. These editions include options like VPN capabilities and ad-free browsing.
Nevertheless, BitTorrent is more than just a file-sharing system; it also has its own chain. The BitTorrent Chain can be utilized in three different ways: as a decentralized exchange, as a foundation for the creation of decentralized applications (dApps), and as a platform for NFT-based gaming.
BTT Redenomination
As the popularity of BitTorrent products grew, so did the need for BTT tokens. Thus, in 2022, a BTT token redenomination took place, which resulted in the formation of BTT (new version) and BTTOLD. Tokens were redenominated at a 1:1000 ratio.
What changed? For starters, the BTT supply grew to 990 trillion, while the supply of BBTOLD remained at 990 billion. Moreover, the new BTT token was migrated to the TRC-20 token standard, while the BTTOLD coin remained on the TRC-10 token standard. Besides, note that on Binance, the new BTT token is called BTTC.
Why was the token redenominated? In essence, it was done to increase the cross-chain support of the token, have faster transaction speeds, make the token more secure, and lower transaction fees.
Lastly, note that both tokens are still supported by the BitTorrent network.
Don't forget to take a look at the BitTorrent price chart above. It features the history of the BTTOLD price.
Who Founded BitTorrent?
At first, the BitTorrent platform was created by engineer and entrepreneur Bram Cohen and published in 2001. He created a unique technique that divided large files into manageable chunks and distributed them among many users. This made it possible to download files more quickly, even with a slow internet connection.
However, Justin Sun bought BitTorrent in 2018. He is both a business executive and a cryptocurrency entrepreneur. Besides, he is the founder of the TRON blockchain. After he bought the platform, he brought BitTorrent into the crypto world. The BTTOLD token was released in 2019.
