Binance CEO Changpeng Zhao was proud to announce several days ago on Twitter that Mithril will soon become the first ever crypto project to migrate on Binance Chain.
This operation should allow all those holding MITH coins to benefit from Binance Chain advantages and Binance DEX platform, such as higher speed and increased security while Mithril users have the possibility to preserve total control over their own funds.
According to Binance’s announcement, its native blockchain network started operating on April 23rd 2019 with BNB coins moving off Ethereum onto the new blockchain platform. Though the migration of Mithril’s ERC20 tokens towards Binance Chain’s BEP2 format has not been yet announced, it is expected to occur in the following period.
Mithril project is recognized for being a social media decentralized platform offering content creators rewards for their work in the native MITH coin. Mithril blockchain project worked to create a complete ecosystem putting MITH coin at its center in order to be used for various applications.
Mithril representatives declared they closely monitored the progress of different blockchain platforms and their core features before deciding on choosing the right one that can assure scalability, security and great user experience.
Mithril project is now actively involved in multiple areas via Mithril Merchant Network, the main focus of the company remaining however media and entertaining sectors, though the company is also keeping a close eye on fashion and events sectors.
Regarding Binance Chain, Mithril’s choice occurred after taking into account not only the reliable blockchain network offered by the exchange company but considering that a long-term partnership between the two firms can only be beneficial for both blockchain projects and the overall industry.
Are there any negative elements to focus on? Well, to be fair, we need to have the full picture in sight and mention those voices talking about the rather centralized system of Binance Chain where blocks’ validation is maintained by only 11 nodes. If we remember that analysts also pointed out to EOS and their 21 validation nodes as a low point for the platform’s security, we can see where this goes.
It’s no wonder that popular public blockchains, such as Bitcoin with its more than 10,000 validation nodes and Ethereum’s 7,000 are still considered as the most secure blockchain networks of the moment.
At the end of the day we have to understand that blockchain networks need to walk a fine line between security and scalability. It is a trade-off that each blockchain project needs to consider.