BitTorrent recently released an official post to announce the launch of BitTorrent Chain mainnet. The digital asset venture is also set to redominate plans for BTT after the mainnet launch.
BTTC or BitTorrent Chain is the world’s first cross-chain protocol with heterogeneous interoperability functionalities. The platform adopts the proof-pf-stake mechanism and uses sidechains to scale smart contracts. The platform will now facilitate interoperability with public chains like TRON, the Binance Smart Chain, and Ethereum.
As soon as the network announced its mainnet, traders searched for the latest BTT prediction to assess its performance. According to BitTorrent’s developer community, the BTTC mainnet will launch on 12th December with implemented redenomination.
The post stated that every developer, wallet, exchange, and other partner should conclude the redenomination and swap before 12th January 2022. BitTorrent will redenominate BTT tokens while maintaining th existing market capitalization. The new tokens will be circulated in the market at 1:1000.
On the other hand, BitTorrent will increase its total token supply to 990,000,000,000,000. The supply was previously mounted at 990,000,000,000. The upcoming tokes will be called BTT, while the old tokens will be renamed as BTTOLD.
Holders of the upcoming BTT tokens can enjoy persk in the BitTorrent Chain ecosystem. Some of its primary use-cases are:
Joining the BTTC network as a validator
Stking on the BitTorrent Chain to earn rewards
Taking part in the governance and management of the BitTorrent Chain community
Paying the gas fees as BTTC’s native token
After releasing the BTTC mainnent, BTT and BITOLD will share the market for some time. BitTorrent will release the contract to exchange the old coins for the new tokens, and users can complete the swap at any time. Exchanges that don’t currently support the redenomination process can continue to support BTTOLD’s exchange.