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Social Media Platform Mithril shifts to Binance Chain


Mithril, a decentralized social media platform Mithril (MITH) recently shifted to the Binance Chain. The news was announced in a blog post. 

The platform has become the first platform to shift on 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.

Subsequently, Binance users will be able to withdraw MITH to BEP2 wallets following the completion of the initial migration of ERC-20-based MITH to BEP2. Furthermore, the development will not impact  ERC-20 versions of MITH held in private Ethereum (ETH) wallets.

Binance launched Binance Chain on April 18th and expects to execute the swap of its native token Binance Coin (BNB) on April 23. The exchange intends to launch its own blockchain in December 2018, intending to build a basis for issuing new cryptocurrencies and initial coin offering (ICO) tokens.

The announcement further highlights, Binance chain explorer and Web Wallet will be made available to chosen potential partners in beta testing mode. It is expected to be opened to public access “around April 23, 2019.

Binance furnished the details of conversion of ERC-20 BNB tokens into native Binance Chain-based BNB [BEP2] coins along with the introduction of Binance Chain. The exchange highlighted it will not support the withdrawal of ERC-20 BNB tokens after April 23.

A look at Binance Developments

Binance has recently updated its white paper’s section devoted to quarterly manipulations with its native token binance coin (BNB).  In the section “Repurchasing plan” in the older version, Binance mentioned that it would buy BNB each quarter using 20% of their profits, and then subsequently destroy them until the exchange buys 50% of all 100 million BNB back.

On 3rd March, Binance Charity Foundation revealed that apart from flood victims, a total of 1328 victims have benefitted from Binance Coin (BNB) as fund. Binance Charity Foundation (BCF) partnered with United Nations Development Programme (UNDP) in September 2018. BCF  gave a donation of $1 Million and has also pledged to support UNDP in accomplishing UN 2030 Agenda and Sustainable Development Goals (SDGs). Also, BCF helped 703 victims of Bududa landslide disaster victims with Binance coin ( BNB) donations. 

BCF also praised CryptoSavannah ,an African Tech giant for its strong participation and use of distributed ledger technology