On April 18, it was announced that Mithril, which is a decentralized social media platform, would be migrating from the Ethereum blockchain to Binance's new blockchain called Binance Chain.
Mithril is a platform that rewards those who create postings on it with a digital token called MITH. They gain tokens through a mining process and they manage these tokens on a system called VAULT. They can also spend MITH through a variety of applications. While MITH tokens were up until now based on Ethereum ERC-20 tokens, they will soon be based on Binance BEP2 tokens.
During the migration process, all deposits and withdrawals of MITH will be disabled at Binance, though trading will continue as normal. Then, once all the tokens have been initially migrated from Ethereum to Binance Chain, holders of MITH tokens will be able to withdraw and convert their tokens to any BEP2 wallet. It should be noted that those who currently hold the tokens in private Ethereum wallets will not be affected by the migration.
Mithril announced the migration in a Medium post. The company said that a number of factors led them to this decision. Foremost was the blazing fast block times of Binance Chain, but also important to them were Binance's focus on both usability and security.
Binance Chain officially launched on April 18. Binance expects to migrate its own digital currency, which is called Binance Coin, over to it from Ethereum by April 23. In December of last year, the popular cryptocurrency exchange announced that it was starting its own blockchain. At the time, it said that it was doing this so that it could offer both the issuance of new digital currencies as well as initial coin offerings (ICOs).
In conjunction with the launching of Binance Chain, the company provided public details relating to how its Ethereum-based tokens would be converted into Binance-based tokens. As part of the migration process, users after April 23 will not be able to exchange their Binance tokens into Ethereum tokens.