Nothing drives interest in a new product or venture more than a few freebies. Airdrops, as they are known in the crypto industry, are when free tokens are issued to holders of another token and the airdrop story of the moment is Chinese-facing blockchain network Tron.
Crypto markets have been in the doldrums for the best part of a year, but that has not deterred blockchain teams from pressing on with new partnerships to build out their ecosystems. When Chinese crypto foundation Tron acquired digital file sharing network BitTorrent last year it made big headlines in the industry.
The peer-to-peer network has more than one hundred million users which could rapidly increase the adoption of Tron’s blockchain network.
BitTorrent has now just announced it will be launching its own token, BTT, in a crowd-funded initial coin offering (ICO) beginning on January 28. The token sale will be run exclusively on the Binance crypto exchange via its Launchpad platform and will aim to reach a hard cap of $7.2 million in the initial public sale and will include 9% of the token’s total supply.
Billions of these new tokens, that BitTorrent says will allow “content creators to connect with their audience, earn and spend digital currency without a middleman,” will be given away to holders of Tron’s TRX crypto token. Once a snapshot of Tron’s blockchain has been taken, a percentage will be calculated corresponding to 1.1% of the total supply. This will result in an initial airdrop token giveaway of more than 10.8 billion BTT.
Over the next 12 months, a further 11.8 billion tokens will be given away, again to holders of the Tron TRX token. More than 10% of the total supply will be airdropped during online events to “reward Tron’s long-time TRX holders” and the giveaway will continue every year until the total supply of BTT is circulating, which BitTorrent says will be in 2025.
Major crypto exchanges such as Binance and Huobi have already pledged support for the airdrops.
Tron’s founder, Justin Sun, is having a busy time as the foundation’s own niTROn summit is taking place in San Francisco and this is followed by the Binance Blockchain Week in Singapore. Sun will be taking to the stage in both conferences to promote decentralized application networks and the crypto industry.
Sun and his team have one of the most active marketing machines in the crypto industry and this latest big giveaway will no doubt have the intended effect of drawing more attention to Tron and TRX, which is currently the ninth largest crypto asset by market capitalization.