Social Media Platform Mithril Becomes first project to Migrate to Binance Chain
Decentralized social media platform Mithril (MITH) embraced the Binance Chain, renowned digital currency Binance’s mainnet. Mithril revealed the integration in an April 18 blog post.
Binance Chain has been among the most awaited blockchain ventures since it revealed the plan in early 2018. The native decentralized blockchain platform of the exchange was created to sustain its leading position in crypto sector.
Mithril is a decentralized platform created basically for content providers. The company has built a extensive environment around MITH, its indigenous token, which is actively traded on more than two dozen crypto marketplaces.
Mithril, a social media platform that incentivizes content creators with its native token MITH, has turned out to be the first to move to the Binance Chain, with MITH token switching from ERC-20 to BEP2 protocol. Users at Mithril earn MITH through Mithril mining while handling their holdings on VAULT platform.
Binance said MITH deposits and withdrawals will be deactivated during the first 12-hour transfer period. Trading, however, will keep going during this period. Development allegedly will not affect MITH’s ERC-20 variants stored in private ethereum (ETH) wallets. When MITH eventually moves to BEP2, Binance users can withdraw the token to any BEP2 wallet including the Ledger Nano S.
According to Mithril’s blog, the motive for migrating to Binance Chain is the functionality of the network. The company said the safety and amazing one-second block-time frequency made switching a tactical choice. The company pointed out that MITH token owners will experience the “speed, security, and user-friendliness” linked with Binance by relocating to Binance Chain.
Binance unleashed Binance Chain yesterday, April 18, and wants to implement the Binance Coin (BNB) swap on April 23. The cryptoexchange originally disclosed its idea to establish its very own blockchain in December 2018 to form a foundation for launching new cryptocurrencies and ICO tokens.
Together with the unveiling of Binance Chain, the cryptoexchange released information for converting ERC-20 BNB tokens into indigenous Binance Chain BNB (BEP2) coins. Binance stressed that it will not permit the pullout ofERC-20 BNB tokens after April 23. MTH soared in the last 24-hours following the news release. At 07:00 UTC on Apr. 18, before announcement was made, Mithril traded at $0.047 per token. Within the next three hours of official news release, the price jumped 70 %.