BTTc is a new token used on the BitTorrent Chain platform, a blockchain network integrated with BitTorrent, a decentralized peer-to-peer file sharing service. BTTc has several uses, including:
- Become a validator on the BitTorrent Chain network by depositing BTTc as collateral and earn rewards from transaction fees and inflation³.
- Stake BTTc to support selected validators and earn a portion of their rewards³.
- Participate in BitTorrent Chain community governance by voting or proposing protocol, parameter or feature changes³.
- Pay gas fees with BTTc native tokens to make transactions or run smart contracts on the BitTorrent Chain³ network.
- Access various services and applications built on BitTorrent Chain, such as BitTorrent File System, BitTorrent Speed, BitTorrent Streaming and others³.
BTTc is the result of the migration of the old BitTorrent (BTT) token, which is now called BTTOLD, with a ratio of 1 BTTOLD = 1000 BTTc. This migration aims to improve the performance, efficiency and scalability of the BitTorrent platform by leveraging the Proof of Stake (PoS) mechanism and interoperability with other blockchain networks such as TRON, Ethereum and Binance Smart Chain¹².
Source: Conversation with Bing, 8/12/2023
