MyTVchain: a game changing transition from ETH to BSC
Currently in its private sale phase, MyTVchain is also gearing up for its migration to the Binance Smart Chain. The purpose of this article is to clarify the reasons that led the team to turn to this technology, as well as to keep you informed of future developments.
Why is MyTVchain choosing the BSC?
So far, the MyTV token serves as collateral for Masternodes that share bandwidth and storage. These types of systems are very complex and expensive to maintain, especially with the transaction fees on Ethereum that prevent both the distribution of rewards and the ability to make microtransactions. This puts the brakes on the very aims of the project.
That’s why MyTVchain decided to migrate to the BSC. Today, the priority remains having a strong and useful token within the MyTVchain.com platform. This move is, therefore, entirely in line with this.
The BSC boasts many advantages: in addition to the fact that it runs the Ethereum virtual machine (EVM), its BEP-20 standard is identical to that of ERC-20. In addition, its consensus model (proof of staked authority) allows a faster transaction validation speed than on Ethereum (75 TPS vs. 13 TPS) and for fees four times lower on average (pence vs. pounds).
In addition, the BSC enjoys very wide visibility among investors, as well as compatibility with the Binance Chain and with many high-volume DEXs – all without mentioning its adaptability to the future use cases of MyTVchain (NFTs, a marketplace, predictive markets, etc.) and its interoperability with other blockchains.
How will the migration work?
The migration process will be carried out in a completely transparent manner (see the project’s Medium). The exact date of the migration will be announced shortly, but we suspect that it may wait until the market picks up again to ensure that the migration and listing are successful.
At this given moment, a ‘screenshot’ of all ERC-20 holders will be made. A migration script will allow BEP-20 tokens to be sent to the same addresses without any manual/third-party intervention. Current holders are therefore encouraged to withdraw their assets to a wallet compatible with the BEP-20 standard (e.g. MetaMask, Trust Wallet, Ledger or Wallet Connect) to ensure that they can use the dedicated staking dashboard immediately post-BSC-launch.
At the time of migration, Supply will be reduced by a factor of 10 from a total supply of 3,900,000,000 to 390,000,000. This means that current MyTV holders will receive BEP-20 tokens at a ratio of 1 BEP-20 to 10 ERC-20.
The MyTV token will very soon be listed on PancakeSwap, the most reputable DeFi platform in the BSC ecosystem at a price that will probably be higher than $0.11.
MyTVchain’s private sale ends soon!
Until the migration takes place, if you want to participate in the private sale, you should know that it is still possible to buy the MyTV token at a price of $0.06! The minimum investment is set at $5,000. No less than 12,000,000 MYTV are on sale (total: $720,000) with three different investment offers to choose from:
- Quarterly token release (annualised yield of 13%)
- 100% release of tokens at 12 months (annual yield of 36%)
- 100% release of tokens at 24 months (annualised yield of 92%), limited to
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.