BitTorrent tokens soar 65% on upcoming mainnet launch, BTT redenomination

BitTorrent tokens surge as much as 75% after BitTorrent Inc. said the mainnet of BitTorrent Chain ("BTTC") will launch on Dec. 12 of this year, with BTT redenomination implemented, the company said in a blog post. The 42nd largest crypto by market cap now has a market cap of $3.8B, up from $2.4B just before the catalyst hit on Monday, according to data from CoinMarketCap. BTTC is a heterogenous cross-chain interoperability protocol, which adopts Proof-of-Stake mechanism and leverages sidechains for the scaling of smart contracts, according to the blog. With regards to the BTT redenomination, old BTT tokens will be redenominated and swapped with the new BTT tokens at a 1:1000 ratio; the total supply of BTT tokens will rise to 990T from 990B. With the new BTT tokens being applied in the BitTorrent Chain ecosystem, users can become a validator on the network, stake on BTTC to gain rewards, participate in