BitTorrent’s BTT Crowd-funding an “Overwhelming Success”, Whales Only Affair?

 

It has been an overwhelming success, BitTorrent’s BTT crowdfunding has been concluded. The event scheduled to stretch for seven days was completed in less than 20 minutes with Changpeng Zhao, the founder and CEO of Binance saying the demand was “astronomical”.

In a Tweet, he said:

BTT Crowd-Funding Details

During the crowdfunding, investors didn’t second guess BitTorrent’s and Tron’s value proposition. Within minutes, they absorbed $7.2 million worth of BTT through two simultaneous session—TRX and BNB—via the Binance Launchpad. Each BTT coin retailed at 0.00001824 BNB during the BNB session and 0.00447261 TRX in the TRX session with caps placed at $20,000. That’s 166,666,666 BTT or the equivalent of 3,039.999 BNB or 745,434.997 TRX worth of BTT. In the BNB Session, there were 23,760,000,000 BTT available for sale while 35,640,000,000 BTTs could be both through the TRX session.

While confirming, Binance through a blog post said:

“Binance Launchpad, the exclusive token launch platform of Binance, has completed the sale of BitTorrent (BTT) tokens, which began on January 28, 2019, at exactly 3:00 PM UTC. The token sale ran in two simultaneous sessions: one for purchases using Binance Coin (BNB) and another for purchases using TRON (TRX), both of which were concluded quickly”

According to the BTT’s white paper, the token is based on Tron’s TRC-10 standards and what’s important is that the coin will be specifically meant for the BitTorrent network. BTT will be synonymous to speed as self-less Seeders will be rewarded every time a seeder connects and download a file from BitTorrent. BitTorrent says their aim is to:

“Introduce token-based optimizations to the existing BitTorrent protocol providing a way for the value of sharing bandwidth and storage to be captured by network participants beyond the point at which the current protocol no longer values it”

BTT Sale A Success, Whales Only Affair?

All the same, the technical glitch that would have otherwise seen the whole crowd-funding competed in 18 seconds-as per Changpeng Zhao, made some would be investors upset. Some took to Twitter to lay out their frustration:

Some even gave out the details saying only 600 small fish investors both the coin. That is equivalent to “0.00001% of people who use BitTorrent and I bet none of them use BitTorrent at all.”

https://twitter.com/KhanXXIII/status/1089915112306233344

Luckily, Binance has confirmed that the Tron team has “generously agreed to do a small airdrop for people who tried to place orders but was not successful in buying. “

In a bid to clear the air, Binance has admitted their failure saying the bad user experience was largely because of a “user agreement confirmation” button caching/locking. They further elaborate by saying their preparation and stress tests were focused on the buying process. However, their future launches will be smooth:

The question in everybody’s mind is: Are we back in 2017? If that is the case then we are about to witness massive demand for Ethereum’s ETH, Tron’s TRX and other alternative platforms.