The cryptocurrency bear market has deeply impacted just about all tokens with the notable exception of the newest kid on the block. The initial coin offering of the BitTorrent Token, which shall hereby trade under the BTT symbol, has surged by more than 600 percent since its ICO on February 4. As of Monday night, BTT was trading for about $0.000855, which represents a considerable appreciation from its initial launch in late January, when more than 26 billion tokens were issued at an exchange price of $0.00012. The most recent 24-hour trading session resulted in a $360 billion volume on the Binance exchange, and competitors are already lining up to offer BTT trading. By comparison, Bitcoin started off the trading session nearly flat and ended up losing about 3 percent. Ripple and Ethereum posted modest gains, but nothing like BTT. This new digital currency is interesting insofar as the plans made by its development team, which include future integration with the popular uTorrent file sharing client. The token is based on the TRON blockchain, and it will be used to reward users of the file sharing network for actions such as seeding files that are in high demand. Another idea is to use BTT to allow users to pay for premium services such as faster downloads from key servers. With an estimated 100 million active users, this new token has an advantage in terms of potential circulation, and the blockchain will have the benefit of a network that is already decentralized and running on a peer-to-peer basis. To a great extent, the BitTorrent network operates in a manner similar to Bitcoin and other cryptocurrencies. For the time being, uTorrent users who are not based in the United States will not be able to earn BTT coins; they will have to purchase them from the Binance exchange. A former uTorrent executive has expressed doubt about this blockchain project and its capacity to keep up with network traffic, but developers have indicated that they have plans to scale the blockchain accordingly. Details about proof of work and transaction verification are still forthcoming.
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