With all the excitement build up around BitTorrent token sale, Binance Launchpad had an amazing to prove itself as the best token launching platform. But unfortunately, the platform flustered at a crucial moment leaving the community unhappy.
Not many people could subscribe to the ICO
As the token sale was one of the popular ones, a lot of excitement was built around it and a lot of investors wanting a piece of the total 54 billion tokens that were to be sold. While Binance Launchpad seemed to have all the exclusive rights to carry out the proceedings of the BitTorrent ICO, things didn’t seem to have gone the way Justin Sun or CZ would have had wanted to go.
Although the ICO went through, the Binance Launchpad platform faced an overload experience. The platform was bottlenecked even with underestimated demand and the same was reported by CZ using his Twitter account
Damn, no matter how much you prepare, still have bottleneck issues. Even the caching of caching was over loaded. Still under estimated demand.
— CZ Binance (@cz_binance) January 28, 2019
Sorry for the overloaded experience. And thank you for your support! Some issues, will fix for the next one.
— CZ Binance (@cz_binance) January 28, 2019
CZ further went on to mention that it took 18 minutes to conclude the ICO due to some system issue which otherwise would have just taken 18 seconds, clearly admitting to
Both sessions concluded. Took about 18 minutes, due to a system issue, would have taken 18 seconds otherwise. Demand was astronomical.
— CZ Binance (@cz_binance) January 28, 2019
The issue that most users faced was caused by the “user agreement confirmation” button caching/locking. CZ also mentioned that most of the stress tests by the team before the ICO was focused on the buying process and this button issue was not covered thoroughly enough.
the button did not work for 10 minutes, but from the very first minutes it was shown that 28% sold, if the button did not work for everyone, how is this possible?
— Алексей (@he090279kap) January 28, 2019
Full transparency. The issue experienced today was caused by the "user agreement confirmation" button caching/locking. Most of the stress tests focused on the buy process, this part was not covered thoroughly enough. The order of requests received was preserved.
— CZ Binance (@cz_binance) January 28, 2019
While this was a purely technical issue, it did not go well with the investors waiting eagerly for the BitTorrent ICO. These investors shared their displeasure with CZ
Was very bad experience in BTT ICO.
Couldn't get any single BTT.— Sikandar Bakhit (@sikandarmks) January 28, 2019
You should of let us agree terms and enter catchpa during the session before the countdown was 0. Because what your basically saying is of all the tokens sold nobody actually read the T&Cs as it would of been impossible. Therefor nobody complied!!
— Tuka (@sphud) January 28, 2019
Some subscribers were stuck at the blank screen
Sorry, but it sucked, this is what I was observing all those minutes pic.twitter.com/OzFXCejFgN
— I'am just a number (@iamjustanumber8) January 28, 2019
According to another twitter users, it was only 339 investors that bought the whole ICO
@cz_binance this ico was a mess. Captcha not working, 339 investors buying everything
— Mehdi Abou (@Mehdi__Abou) January 28, 2019
Tron to have airdrops for those who missed out
With the community backlashing the mismanagement of the ICO, the Tron team decided to do a small Airdrop for people who tried to place orders but was not successful in buying. The total number and other details were not disclosed as of now
Due to overwhelming demands, Tron team generously agreed to do a small airdrop for people who tried to place orders, but was not successful in buying. Exact numbers will be published soon.
— CZ Binance (@cz_binance) January 28, 2019
Looks like Justin Sun is filling up the gaps that were created by Binance’s technical issues by giving some airdrops, but Binance needs to fix its platform if it needs to keep its launchpad working and getting more token launches on it.
Will Binance fix its glitches on its launchpad platform? Do let us know your views on the same
Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Nilesh Maurya has been associated for past 8 years as an Investment Banker with Omega Capital, a bespoke Investment Banking outfit having offices in Mumbai, New York, Singapore, and Dubai. He has been a regular contributor to business publications such as Business India and Market Express and has been a mentor to many start-up companies. Follow him on Twitter at @KoinKing1 or connect with me on linkedin.
