Binance time-travelling to 2017 and reviving ICOs with their “new” token launch platform. First project BitTorrent token based on Tron Network
Binance is one of the wonders of the crypto world – they came out of nowhere and swept their competition to reign the exchange market despite numerous disputable events and user experiences that happened during that meteoric up-rise.
Binance obviously wants to become the Google of crypto as they keep coming with new services and platforms they add to their ecosystem like Binance Vision, Binance Academy and the latest addition: Binance Launchpad. Technically, Launchpad has been around for some time but it just sat there on Binance servers as no one used it. Until now.
As the official announcement states, the Binance Launchpad token launch platform helps blockchain projects raise funds and increase their reach across the crypto ecosystem. We do this by offering a project’s tokens to up to more than 10 million Binance users*. With this platform, we grant our users the chance to be part of potentially game-changing projects.
Binance will not only provide the platform for token sales but also advisory service and help in designing the new networks. The platform will be integrated with main Binance exchange and users will be able to directly buy new ICO tokens that will have the luxury of immediate listing on Binance, once the ICO is over.
One important note for US citizens: you are not allowed to participate in these token sales as the official Launchpad page states.
BitTorrent and Fetch.AI: First projects on Binance Launchpad
BitTorrent is a TRON-affiliated blockchain project for peer-to-peer file sharing. BitTorrent’s protocol is empowering a new generation of content creators with the tools to distribute their content directly to others on the web. BitTorrent’s new BTT token will allow BitTorrent peers to incentivize activities that lead to better file sharing, like using faster networks and enabling longer seeding periods. This integration of ”BitTorrent peer-to-peer network and the TRON blockchain network via a set of BitTorrent protocol extensions, a custom token, and an in-client token economy” aims to benefit each of their 100 million monthly active users (MAU) across 138 countries.
Meanwhile, Fetch.AI, an Outlier Ventures project, is an artificial intelligence-driven, decentralized blockchain network, wherein the economic activity is performed by Autonomous Economic Agents (AEAs) — digital entities that can transact without needing human intervention and can represent themselves, devices, services, or individuals. The project aims to provide use cases for hospitality, transportation, energy, and supply chain sectors.
Reaction to the news
The reaction of the crypto OGs and people who are putting an effort to raise crypto to the next level was a sarcasm-masked disappointment. Nobody really expected the comeback of shady ICOs and nonsense altcoins after the fiasco they went through (and still go through on their way to the graveyard) in 2018 after the delirium of 2017. Here are some of the reactions:
