BitTorrent Chain (BTTC), the world's first heterogeneous cross-chain interoperability protocol, has officially launched its mainnet. Utilizing a Proof-of-Stake (PoS) consensus mechanism and sidechain technology for smart contract scalability, BTTC enables seamless interoperability with Ethereum, Tron, and Binance Smart Chain (BSC), with plans to support additional blockchains in the future.
Introduction to BitTorrent Chain (BTTC)
BTTC represents a significant evolution in blockchain interoperability. By functioning as a scalable sidechain solution, it allows diverse blockchain networks to communicate and share information efficiently. Its launch marks a new chapter in decentralized connectivity and utility.
Understanding the BTT Redenomination
Concurrent with the mainnet launch, the BitTorrent developer community implemented a redenomination of the BTT token. The existing token, now referred to as BTTOLD, was swapped at a 1:1000 ratio for a new TRC-20 standard token, simply called BTT. This change increased the total supply from 990 billion to 990 trillion tokens while maintaining the existing market capitalization.
This strategic move was designed to enhance user experience by eliminating inconveniently small decimal places in transaction amounts, which was a common user feedback point. The redenomination paves the way for broader utility within the expanding BTTC ecosystem.
Key Use Cases for the New BTT Token
The new BTT token is integral to the functioning of the BitTorrent Chain ecosystem. Its primary applications include:
- Serving as stake for validators securing the BTTC network.
- Earning staking rewards for participants.
- Enabling governance voting within the BTTC community.
- Paying for gas fees for transactions on the BTTC mainnet.
How to Swap Your BTTOLD Tokens for BTT
There are two primary methods to exchange your BTTOLD tokens for the new BTT, depending on where you hold your assets.
Method 1: Exchange-Based Swap (Recommended for Beginners)
If your BTTOLD tokens are held on a supporting centralized exchange (CEX), the process is often automatic.
- Automatic Conversion: Many major exchanges automatically credit users' accounts with the new BTT tokens after processing the redenomination. You are advised to monitor official announcements from your exchange regarding their specific support and timelines for the BTT swap.
- Post-Swap Actions: Once the exchange has completed the process, you will be able to freely trade, deposit, and withdraw the new BTT tokens. Always verify the token symbol and full name before initiating any transactions to avoid errors.
Method 2: Manual Swap via the BTTC Application Website
For users holding BTTOLD in a decentralized wallet like TronLink, a manual swap is required. This process is only for converting BTTOLD to BTT and is irreversible.
Follow these general steps using the TronLink extension wallet:
- Navigate to the official BTTC application website.
- Connect your TronLink wallet to the site.
- Locate and click on the "Get BTT" section in the navigation menu.
- Enter the amount of BTTOLD you wish to swap and confirm the transaction.
- Approve the operation and sign the transaction within your TronLink wallet.
- Wait for on-chain confirmation to finalize the swap.
After a successful swap, you may need to manually add the new BTT token to your wallet using its TRC-20 contract address: TAFjULxiVgT4qWk6UZwjqwZXTSaGaqnVp4.
👉 Explore a detailed guide on secure token swaps
Important Notes on the Token Swap
- Distinguishing Tokens: The old token (TRC-10) is now named BTTOLD (ID: 1002000), while the new token is named BTT (TRC-20). Always double-check the token name, standard, and contract address to prevent financial loss.
- Official Channels Only: The only official methods for swapping are through supporting exchanges or the designated "Get BTT" function on the BTTC app website. Avoid using any unauthorized third-party channels or smart contracts for the swap.
- Deposit Caution: When depositing tokens to an exchange, ensure the symbol and name exactly match what the exchange supports. Depositing an unsupported token type may result in a permanent loss of funds.
The Future of BTTOLD and BTT Coexistence
Following the mainnet launch, BTTOLD and BTT will coexist for a period. The smart contract for swapping BTTOLD to BTT is designed to be permanently available, allowing users to convert their tokens at their convenience.
Until they are swapped, BTTOLD tokens will retain their original utility within the BitTorrent ecosystem, such as:
- Paying for file storage on the BTFS system.
- Participating in BTFS mining operations.
- Boosting download speeds on the BitTorrent Speed application.
Frequently Asked Questions
Why was the BTT token redenominated?
The redenomination addressed user experience issues caused by tiny decimal places in transaction amounts. Multiplying the supply by 1,000 allows for whole number transactions in a wider range of use cases, making the token more practical for everyday use within the growing BTTC ecosystem.
Is the value of my investment changing with the swap?
No, the redenomination does not affect the market capitalization or the value of your holding. If you owned 1,000 BTTOLD worth $1 before the swap, you will own 1,000,000 new BTT tokens still worth $1 after the swap.
My exchange hasn't supported the swap yet. What should I do?
If your exchange has not yet announced support for the swap, you have two options. You can wait for them to make an official announcement, or you can withdraw your BTTOLD to a compatible decentralized wallet like TronLink and perform the manual swap yourself via the official BTTC app website.
Can I swap BTT back to BTTOLD if I change my mind?
No, the swap is a one-way, irreversible process from BTTOLD to the new BTT. Once you complete the conversion, it cannot be undone.
What happens if I send BTTOLD to a new BTT address?
Sending tokens to an incorrect address can lead to permanent loss. Always ensure you are sending the correct token type (BTTOLD vs. BTT) to a supported address. For any exchange deposits, triple-check the accepted token types listed by the platform.
Where can I find the official contract address for the new BTT token?
The official TRC-20 contract address for the new BTT token is: TAFjULxiVgT4qWk6UZwjqwZXTSaGaqnVp4. Always verify this address through official BitTorrent or BTTC channels before adding the token to your wallet.