BitTorrent Chain opportunity to get big profit
Navigasi - The BitTorrent (BTT) crypto redenomination is scheduled for completion on Wednesday (12/1/2022), after the launch of the BitTorrent Chain (BTTC) protocol on December 12, 2021. So what is redenomination and how much impact does BitTorrent Chain have on the value of this project made by Justin Sun?
|BitTorrent Chain opportunity to get big profit|
The debut of BitTorrent Chain (BTTC) almost coincided with Justin Sun's decision to leave the helm of the Tron Foundation, the organization that oversees the Tron blockchain project and includes well-known company BitTorrent which he acquired in June 2018.
Sun said he was lined up as a WTO (World Trade Organization) ambassador for a very small country, named Granada, in the Caribbean Islands. Sun admitted that he did not completely leave the Tron Foundation, but simply stepped down from leadership as CEO. He also reasoned that Tron was decentralized enough.
What is BTT Redenomination?
BTT redenomination is a simplification of BTT crypto nominal/number. The redenomination ratio is 1:1000. All BTT crypto holders are required to exchange it into a new version, later with the symbol BTTC.
In the conversion process related to this redenomination, the old version of BTT is called BTTOLD. While the result of the conversion is called BTT. Since the ratio is 1:1000, 1 BTTOLD is equal to 1000 BTT. Meanwhile, for example, 0.1 BTTOLD is equivalent to 100 BTT. No exchange rates have changed, only numbers.
This conversion process can be done on the Tron blockchain manually, especially those using non-exchange wallets. Meanwhile, users who have a BTT wallet on a crypto exchange, don't need to worry, because it will be exchanged automatically. In Indonesia, a number of exchanges have already done so, such as Tokocrypto, Zipmex and so on.
For those of you who want to change the old version of BTT into the new version manually, this can be done on this official BitTorrent Chain page.
In this conversion process there are also names BTT_e and BTT_b. The BitTorrent team mentioned that BTT cryptos issued on different blockchains will be assigned different symbols on the BitTorrent Chain blockchain.
BTT is issued on the Tron, Ethereum and Binance Smart Chain (BSC) blockchains, referred to as BTT, BTT_e and BTT_b on BitTorrent Chain, respectively.
This conversion process must be carried out before January 12, 2022. If this is not done, specifically for user balances in non-exchange wallets, the old BTT tokens cannot be used at all.
What's Next and What Are the Benefits of BitTorrent Chain?
After the conversion process is complete, the new BTT symbol will become BTTC, because it will be lined up as the native crypto for the new protocol, namely BitTorrent Chain. So, previously issued BTT on the Tron blockchain (old BTT) will be automatically burned (destroyed) in that conversion process.
So, how about this BitTorrent Chain (BTTC) story? In general, there are two main products in the Tron Foundation ecosystem and the BitTorrent Company. The Tron Foundation has a blockchain called Tron with native crypto TRX.
While the BitTorrent company has a special BTT for the company's ecosystem itself. BTT itself was indeed previously published on the Tron blockchain.
What is BitTorrent Chain (BTTC)?
BitTorrent Chain, the name of the crypto will be called BTTC, is a network similar to blockchain. It is implemented to run parallel to other blockchains. Technically this is called a sidechain to implement interoperability, where different networks can connect and communicate flexibly. This is likened to a bridge between islands.
Before there were sidechain protocols, all types of blockchains had protocols (different systems and conditions), making it difficult to connect directly. Even if it could, it would be inefficient in terms of time and cost (scalability aspect).
This means that the BitTorrent Chain sidechain is considered a more flexible solution to achieve higher interoperability, with the Ethereum blockchain, Binance Smart Chain (BSC) including the Tron blockchain itself. The estuary of this BitTorrent Chain sidechain, as claimed by the Bittorrent Team, is that transactions can reach 7 thousand transactions per second (theoretically), transaction fees are around the equivalent of US$0.01, confirmation of each transaction is only 3 seconds.