TOKENS DE BITTORRENT WAS SOLD IN QUESTION OF MINUTES IN BINANCE

The tokenization of the BitTorrent file download platform was successful. This Monday, the tokens were sold in an Initial Currency Offer (ICO) in a matter of minutes, raising 7.1 million USD despite the failures during the sale and the doubts of the community.

According to the Binance blog data, at 2:00 UTC two simultaneous rounds were made for the purchase of 62.4 billion MTB, which were sold in approximately 14 minutes. One of the rounds allowed the purchase of BTT with Tron (TRX) and the other with the encryption platform, Binance Coin (BNB). The team notes that the limits were set at 100 thousand MTB as the minimum amount for the purchase and about 167 billion MTB as the maximum amount. In this ICO, users from countries such as the United States, Ukraine, Venezuela and North Korea were not able to participate.

Each BTT token had a value of 0.00447261 TRX, equivalent to 0.00012 USD, according to the data provided by the platform for the Binance collection.

However, during the ICO, the purchase confirmation button was "blocked" and delayed the sale, according to Binance CEO Changpeng Zhao. He estimated that if this failure had not occurred, the sale of the BTT would have taken place in 18 seconds. He also emphasized that Binance's platform for selling chips is completely transparent. He said that stress tests were recently conducted for the purchase process.

BitTorrent Inc. is the company behind a file sharing protocol (P2P) of the same name, which the Tron Foundation acquired in June of last year. BitTorrent was designed in 2001 by Bran Cohen. The Tron Foundation acquired this protocol to launch a project in Tron's block chain to allow content creators to distribute their work to other users on the web. The BTT token would facilitate users to promote a better file exchange, through the use of faster networks and stable costs, according to the company's expectations.

However, the perspective behind this ICO was not the best. After the announcement, a former employee of Tron publicly denounced that the network would not have the necessary capacity to support the BTT tokens. Similarly, recognized ecosystem members such as Elizabeth Stark, co-founder of Lightining Labs, criticized that Tron was doing a second ICO using BitTorrent as an excuse.

The CEO of Binance cataloged the demand for the BTT chips on Monday as "astronomical". This fact indicates that a kind of "chip fever" is still alive, which had its biggest boom in 2017 and 2018 with the realization of large ICO. Unfortunately, many took advantage of this fever to commit scams against users who bought tokens that later would have no value or that sometimes did not reach the hands of their buyers. On numerous occasions, these crimes gave rise to collective actions.