Mindexcoin (MIC), the Ethereum-based token that achieved a CoinMarketCap listing in 2018, is changing. After launching in December 2017 and successfully progressing through seven rounds of ICO funding, we are migrating to a custom-made blockchain. The decision to move away from Ethereum comes after a turbulent 2018 for the smart contract platform.
Network congestion and increasing fees combined with continued issues regarding scalability saw Ethereum crash in 2018. From a high of more than $1,300 at the start of 2018 to just over $133 at the end of the year, Ethereum lost its position as the second most valuable cryptocurrency.
With continued uncertainty as to direction Vitalik Buterin is going to take the blockchain, we have taken the executive decision to move.
Taking Charge of Our Own Fate
Because we want to ensure investors aren’t adversely affected by factors beyond ours or their control, we will relaunch our token on a newly formed network. After analysing the current models, Litecoin was chosen as the inspiration for the new Mindexcoin blockchain.
One of the cheapest, most efficient and stable blockchains for crypto payments, Litecoin technology is the perfect base for Mindexcoin’s token, payment system and overarching goal. In developing the blockchain, our team has taken the lessons learned from Litecoin and built a network that complements the Mindexcoin wallet and payment processing software we launched in 2018.
A Fresh Start Based on Solid Fundamentals
Those with MIC coins are instructed to deposit them into their MindexWallet by February 5. As a sign of good will during this transitional phase, all MIC balances deposited by the deadline will be multiplied by four.
Any coins that haven’t been transferred by the end of February 5 will become obsolete. Following the conclusion of the transferal process, new Mindexcoins will go on sale from March 20. The new tokens will be available through the MindexWallet at the market rate prior to the switch.
Moving away from Ethereum will not only protect the value of MIC but create one of the only complete systems in the industry. With a new blockchain adding to an already active wallet, payment system and token, Mindexcoin will stand out from its peers. What’s more, we’ll have much greater control of our own destiny. Mindexcoin has all the tools to succeed, something we believe investors old and new should benefit from in 2019 and beyond.
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