The BitTorrent (BTT) token sale will probably go down as the quickest token sale in the young history of crypto -based crowdfunding. According to the CEO of Binance, the token sale took 18 minutes but could have taken 18 seconds if the system was able to handle the number of investors willing to take part in the event.
The huge demand on the Binance launchpad site caused an ‘overload experience’. One tweet by Changpeng Zhao explained that the demand was astronomical.
Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.
Changpeng Zhao took to twitter to explain what happened.
Damn, no matter how much you prepare, still have bottleneck issues. Even the caching of caching was over loaded. Still under estimated demand.
He also apologized for any investor who had a hard time accessing the Launchpad services.
Sorry for the overloaded experience. And thank you for your support! Some issues, will fix for the next one.
Why the BitTorrent Token Sale Was a Complete Success
The high demand by investors to participate in the BTT token sale is the first reason why the token sale was a success. No one could have predicted that it would be over as soon as it started. This event has confirmed that despite the bear market, there is a massive interest in the crypto and blockchain space.
Justin Sun and the Tron Foundation have suggested that there might be an airdrop for those who missed out on the token sale. The airdrop will be in collaboration with both Binance and BitTorrent. The tweet making the announcement can be found below.
I would like to explore the possibility with
@binance to giveaway free $BTT to everyone on launchpad fails to get #BTT today. #BitTorrent community wants you! Not 100% guarantee. Need to figure out detail. BUT RT if you agree! @cz_binance #TRON $BNB $TRX
I would like to explore the possibility with @binance to giveaway free $BTT to everyone on launchpad fails to get #BTT today. #BitTorrent community wants you! Not 100% guarantee. Need to figure out detail. BUT RT if you agree! @cz_binance #TRON $BNB $TRX
– Justin Sun (@justinsuntron) January 28, 2019
Secondly, there have been numerous reports of several fraudulent websites, ICOs and airdrops offering BTT tokens. The team at BitTorrent have been forced to make an announcement warning about such sites. In the world of business, when a product or service is too good, there are bound to be shrewd individuals working to defraud others using knock offs of the product or service. We have seen this activity in the industries of smartphones, sneakers and even high end vehicles.
Therefore, the success and infinite possibilities of how the BitTorrent platform and BTT will change the world of peer-to-peer file sharing has lured unscrupulous fraudsters trying to cash in on the token sale.
BitTorrent has therefore issued the following statement.
We are actively working on taking down those fraudulent platforms and wanted to warn you about the risk related to participating in their initiatives that might result in the potential loss of your funds.
Please keep in mind that neither the TRON Foundation, BitTorrent uTorrent or Justin Sun will ever ask you to send any token in exchange of eventual BitTorrent (BTT).
The full statement warning about BTT related scams can be found through this link.
In conclusion, the demand for the BTT token sale caused an overloading problem for the Binance launchpad website. The demand was so high that lots of investors felt locked out. Such demand can only mean that there is increasing interest in crypto and blockchain projects despite the bear market. Secondly, the success of BTT can be measured by the amount of fraudsters also wanting to cash in on the endless possibilities of the project.