Mithril, a decentralized social media platform announced on 18 April that it would be the first project to utilize Binance Chain, a blockchain software system developed by Binance.
Mithril highlighted that by migrating to the Binance Chain, Mithril (MITH) token holders would be much benefited. Such owners would be able to experience the security, speed and simplicity on the new Binance decentralized exchange (DEX) platform. They would also be able to have full control of their funds. Mithril also informed that migration of MITH from ERC20 to BEP2 would be executed.
Mithril cited on its growth and prominence of Binance Chain as –
“As Mithril continues to gain real-world usage through Mithril Merchant Network partners in media and entertainment, food and beverage, retail clothing, and events management, the benefits of speed, security, and user friendliness have become crucial to the success of our ecosystem. Binance Chain’s focus on usability, security, along with the incredible speed of one-second block times, made migrating to the Binance Chain an important strategic initiative for us this quarter.”
Mithril conveyed that since its launch, they had monitored the progress of various blockchain platforms based on scalability and security. It was after this assessment that the right candidate was chosen. Mithril added that the migration would begin soon after the Binance Chain mainnet launch.
Mithril further added that deposits and withdrawals of MITH on Binance website would be disabled for a brief period during the migration. However, trading would not be affected and will continue. Once the migration is complete users would be able to withdraw MITH to BEP2 wallets and begin transacting on Binance DEX.
Recently, Binance announced its partnership with CipherTrace, a blockchain security company. Binance informed that this embrace was to enhance the exchange’s strong anti-money laundering (AML) compliance program. In March, Binance announced two new offerings for its Trust Wallet. Binance headlined that Trust Wallet would be the native wallet to the Binance DEX.
Mithril expressed its honour to partner with Binance and work towards the growing crypto ecosystem. Mithril valued its long-standing partnership and looked forward to future prospects. The decentralized social media platform concluded on a note to convey its key industry engagements and that of Binance Chain. Mithril is engaged in building an ecosystem that focuses on MITH. Binance Chain is a community-powered development project with many developers and contributors from all over the world. Binance DEX is the decentralized exchange developed on Binance Chain blockchain.