On December 12, 2021, the new Bittorrent Chain was launched, a protocol that adopts the proof-of-stake mechanism and allows the interoperability of the public chains of Ethereum, Tron and Binance Smart Chain. The launch of the new Bittorrent Chain will bring numerous changes, including the launch of a new version of the BTT token. Exchanges, wallets and other users are integrating the new token of the new systems and many holders will have noticed that their old BTT have now become BTTOLD. What changes and what will happen to the old BTT?
BTTOLD and the new BTT will coexist for a certain period. While the market capitalization remains unchanged, the BTTOLD will be progressively converted into the new BTT, which will see its working capital increase from 990,000,000,000 to 990,000,000,000,000. The conversion takes place with a ratio of 1: 1000, this means that for each unit of the old BTTOLD, you will receive 1000 units of the new BTT.
The main utilities for the holders of the new token will be:
- become a validator on the BTTC network;
- possibility of staking BTTs and receiving compensation;
- participate in the governance choices of the BTTC community;
HOW TO SWITCH FROM BTTOLD TO NEW BTT?
The main question is: what will happen to my BTTOLD and how to switch to the new BTTs? Depending on where your BitTorrents are kept, there are two ways:
- autoswap: if your BTTs are deposited on an exchange (eg Binance, Poloniex) and the exchange supports renaming, the conversion from BTTOLD to the new BTT will take place automatically. Until the transition to the new network is complete, it is likely that you will not be able to trade, deposit or cash out. You will be able to resume operating using BTT once the autoswap process is complete.
- manual swap: transfer your BTTOLD to TronLink or Metamask and swap the token on the BTTC app website.
HOW TO CONVERT MANUALLY WITH THE BTTC APP
1) Download TronLink or install the browser extension. If you don’t have a wallet, create one and add BTTOLD by clicking on “+”. Copy the address and collect the BTTOLD on this address.
2) When the BTTOLD have arrived in your wallet, connect to the BTTC app. If you are connecting with the TronLink mobile app you will need to log in from the Dapp: click on the third icon at the bottom of the screen and then on BTTC.
3) Now click on Swap BTT and enter the amount of BTTOLD you want to convert, then confirm by clicking on CONFIRM SWAP. The new BTTs will be immediately available in your wallet and it will no longer be possible to switch back to BTTOLD as they will be “burned”.
Now that you have made the switch to the new BTT, you can keep them, exchange them for other tokens or stake them, always receiving compensation through the BTTC APP: click on Staking, choose a validator, click on VOTE and select the amount of BTT to stake.