Social Media Platform Mithril Reportedly First to Migrate to Binance Chain
Decentralized social media platform Mithril (MITH) officially embraced the Binance Chain, the mainnet of the leading cryptocurrency exchange Binance. This move was announced by Mithril in an article online on April 18.
What Is Mithril?
Mithril is a social media platform of a decentralized nature that rewards everybody who produces content. Users earn tokens through a process Mithril refers to as “social mining,” letting them connect with others while likewise receiving benefits, whether they are a social networks celebrity or significant brand name influencer.
With this step, Mithril has become the first to migrate to the Binance Chain, with MITH token migrating from ERC-20 to BEP2. At Mithril, users gain MITH through Mithril mining, while managing their assets on the company’s platform VAULT.
Binance users will be able to withdraw MITH to BEP2 wallets following the conclusion of the initial migration of ERC-20-based MITH to BEP2. The development will alledgedly have no impact on ERC-20 versions of MITH held in private ethereum (ETH) wallets.
According to Mithril’s blog, the reason behind its migration to Binance Chain is the network’s usability. The company said that the security and incredible speed of one-second block times made the migration a strategic decision.
Mithril Merchant Network partners have enabled the company’s MITH token to gain real-world usage and Binance’s user-friendliness will soon become crucial to its success, Mithril said in its release.
Mithril Price Surged
Since the announcement, MTH surged over a 24 hour period. At 07:00 UTC on Apr. 18th, before the news broke, Mithril was trading at $0.047 per token. Within three hours of the announcement, the price surged 70 percent.
Binance launched Binance Chain on April 18, and is expected that the swap of its native token Binance Coin (BNB) will take place on April 23. The exchange originally revealed its plans to launch its own blockchain in December 2018, intending to build a basis for issuing new cryptocurrencies and initial coin offering (ICO) tokens.
Along with the launch of Binance Chain, the exchange provided details for the conversion of ERC-20 BNB tokens into native Binance Chain-based BNB (BEP2) coins. As such, Binance emphasized it will not support the withdrawal of ERC-20 BNB tokens after April 23.
Binance Chain, a blockchain protocol developed by Binance, sees its first project launch on the network. The company had announced that Mithril, a decentralized social media platform, will migrate to the chain and its MITH token will transfer from ERC20 to Binance’s BEP2 standard.
Since its announcement in early 2018, Binance Chain has been one of the most highly anticipated blockchain projects to date. The exchange’s very own decentralized blockchain platform was built to maintain its position as the leader in the crypto industry.