Yesterday we probably witnessed the biggest billionaire transaction of the month: 1.6 billion BitTorrent BTT tokens were transferred from an unknown wallet to Binance.
This billion BTT transaction is very interesting because the account involved was used to make another transfer from a different account with over 2.6 billion BTT tokens.
The transaction was made towards the Binance exchange, which now has more than 39 billion BTT tokens.
It is difficult to know the reason for this billion BTT token transaction, but one can certainly make assumptions. Someone might have decided, for example, to move the funds to the exchange to take advantage of the new Binance blockchain and use the platform to convert these BTT tokens into BNB Coin and benefit from the fee system.
The features of the BitTorrent BTT token
Binance had listed BTT in January, after contributing to the resounding token sale that raised $7 million in 18 minutes.
The BTT utility token is used by BitTorrent to provide a distributed platform for third-party app developers that allows users to send even small amounts of value from their devices using the Tron blockchain.
Existing BitTorrent clients can also implement the optional set of extensions, compatible with previous versions, that allow lending and receiving bandwidth, working in tandem with a cryptocurrency wallet.
The BTT token is thus initially used within these same BitTorrent clients as a means of payment for upstream bandwidth, but its use will later be extended to other additional features, including the purchase of content, the use of live streaming performers and crowdfunding for the creation of new content.