BOLT, a cryptocurrency project that aims to become the world’s “largest mobile wallet” that is “powered by content,” is migrating to Binance Chain.
BOLT’s developers will “migrate the trading circulating supply” of BOLT tokens to the Binance Chain Evolution Protocol (BEP-2) standard, “while locking a portion” of BOLT (taken from our foundation’s reserves)” in order “to run on Zilliqa’s smart contract.”
Binance Chain Offers “Near-Instant” TX Finality
According to a blog post, published on Binance’s official website, the Binance Chain is “a new blockchain and peer-to-peer distributed system” developed by the Malta-based cryptocurrency exchange operator.
As noted on Binance’s website, the Binance Chain has “near-instant transaction finality, with one-second block times” – which is significantly faster than most other major blockchain-based networks.
As stated in a blog posted on May 1st, 2019 by Christel Quek, the co-founder at Bolt Global, “BOLT [has entered a] strategic partnership with Binance for the migration and token swap of BOLT’s ERC-20 Token to Binance’s BEP-2 Token.”
“Building And Delivering A Decentralized Mobile Entertainment Platform”
The collaboration between Binance and BOLT will reportedly involve “building and delivering” a “unique ecosystem of users, partners, and content creators, where creativity, connections, and discovery can be bonded together.”
Commenting on the initiative, Ted Lin, the Chief Growth Officer at Binance, remarked:
We are delighted to be working with BOLT to help scale their efforts to more markets and users [throughout] the world [by harnessing] the power of the Binance Chain. [It] … will ensure transactions and interactions by BOLT’s users [are] fast, efficient and effortless.
As confirmed by Quek in her blog post, the “majority of the ERC-20 BOLT Tokens [will migrate] to the BEP-2 protocol, which will be native to the Binance Chain ecosystem.” She added that further details regarding the process will be “announced at a later stage and the migration will be facilitated by Binance.com.”
Will Still Be Using Zilliqa’s Smart Contracts
After the migration is complete, the tokens will “be tradable on Binance DEX,” which is a newly launched decentralized (non-custodial) crypto exchange. Quek further noted that crypto trading platform Bitmax is “currently finalizing its Binance Chain integration.” It will reportedly “be the first Binance Chain token which will be trading on Bitmax.”
BOLT, which was initially built on the Zilliqa platform, will continue to leverage Zilliqa’s ”smart contract capabilities” for the ongoing development of its “open entertainment” ecosystem. In order to remain active on Zilliqa, BOLT’s management has decided to set aside an “allocation of BOLT ERC-20 tokens to be swapped later to the Zilliqa protocol.”
These tokens will reportedly be “taken from the allocation of tokens accorded” to BOLT’s research and development (R&D) Foundation – which is “capped at 150 million tokens or at 15%” of the total “token supply.” Notably, the “total token circulating supply of BOLTs will remain the same as before.”
Max Kantelia, the co-founder at Zilliqa, noted:
As a long-standing partner of the BOLT ecosystem, we are looking forward to facilitating BOLT’s video analytics and payment reconciliation systems through Scilla, Zilliqa’s smart contract language. We will be working closely together with BOLT to bring the power of Blockchain to more content creators and users around the world.