One mid-cap altcoin built on the Tron (TRX) network is surging after the announcement of its impending mainnet launch, set to occur next week.
BitTorrent (BTT) is a file-sharing protocol token built on the Tron blockchain. BTT allows users to share files peer-to-peer by paying for access to faster download speeds, more bandwidth and storage resources.
?While maintaining current market cap, old BTT tokens will be redenominated and swapped with the new at a ratio of 1:1000. The total supply will be increased to 990,000,000,000,000. pic.twitter.com/HGLCFM7KXr
— BitTorrent Inc. (@BitTorrent) December 6, 2021
The BitTorrentChain launch was announced in early November in a press release that further explained the new chain’s capabilities. According to the press release, the project aims to be the first heterogeneous cross-chain interoperability protocol built on TRON. BTTC will also be compatible with the Ethereum Virtual Machine (EVM)
“Furthermore, BTTC will support and be compatible with TRON, Ethereum, and Binance Smart Chain (BSC) upon its release, allowing users to transfer mainstream assets among TRON, Ethereum, and BSC in a decentralized manner without any restrictions.”
In response to yesterday’s Twitter announcement concerning the specific launch date of the mainnet, BTT surged approximately 78% from a low of $0.0023 to a local high of $0.0041.
At time of writing, BTT is trading at $0.0040, up 35.56% from 24 hours ago.
Tron, the blockchain on which BTT is built, has seen positive price action of the same period. Currently, TRX is trading at $0.091, up 7.42% over the last day.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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Featured Image: Shutterstock/Agor2012