Migration To Ethereum Blockchain !!Dear IDEARS!
We have important news to announce to you in this post, so please consider reading it.
𝐌𝐢𝐠𝐫𝐚𝐭𝐢𝐨𝐧 𝐭𝐨 𝐭𝐡𝐞 𝐄𝐭𝐡𝐞𝐫𝐞𝐮𝐦 𝐁𝐥𝐨𝐜𝐤𝐜𝐡𝐚𝐢𝐧We want to move IDEAS from the Binance blockchain to the Ethereum blockchain.
Before we start with the details, we want to note that this process will be harmless to all of the holders of IDEAS.
As a holder now, you will receive the exact amount of IDS tokens after the migration, and it’ll have the same value, but on the Ethereum blockchain.
Below we’ll cover how it will be done, and why taking this step.
𝐖𝐡𝐲 𝐦𝐢𝐠𝐫𝐚𝐭𝐞 𝐭𝐨 𝐄𝐭𝐡𝐞𝐫𝐞𝐮𝐦?1- 𝐈𝐭 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐡𝐚𝐫𝐦𝐥𝐞𝐬𝐬 𝐟𝐨𝐫 𝐡𝐨𝐥𝐝𝐞𝐫𝐬.
The most important reason is that we can move to the Ethereum blockchain without affecting any holder, neither in quantity nor in value of his tokens, if this particular was not feasible, we would have dropped the idea of the migration.
We’ll explain this point in the “ How it will be done” question.
2- 𝐄𝐭𝐡𝐞𝐫𝐞𝐮𝐦 𝐢𝐬 𝐚 𝐝𝐞𝐜𝐞𝐧𝐭𝐫𝐚𝐥𝐢𝐳𝐞𝐝 𝐜𝐨𝐢𝐧.
Ethereum is a decentralized coin while BNB is not,
and for us in IDEAS, we value decentralization, and we prefer to work on a decentralized blockchain because it provides a safer and more stable environment for the tokens built on its blockchain.
3- 𝐄𝐭𝐡𝐞𝐫𝐞𝐮𝐦 𝐧𝐨𝐰 𝐢𝐬 𝐚 “𝐏𝐫𝐨𝐨𝐟 𝐨𝐟 𝐒𝐭𝐚𝐤𝐞” 𝐜𝐨𝐢𝐧 𝐰𝐢𝐭𝐡 𝐥𝐨𝐰 𝐟𝐞𝐞𝐬.
Recently Ethereum has been upgraded and shifted from the “Proof of Work” protocol to the “Proof of Stake” protocol, which is currently one of the most efficient blockchain protocols.
This step for Ethereum makes it even safer, and faster, and also, it makes the transaction fees lower, and almost the same as the BNB transaction fees.
When we started IDEAS, the fees for Ethereum transactions were extremely high, and this was the main basis for excluding the Ethereum blockchain, and selecting the Binance blockchain.
4- 𝐑𝐞𝐩𝐮𝐭𝐚𝐭𝐢𝐨𝐧 𝐨𝐟 𝐭𝐡𝐞 𝐭𝐨𝐤𝐞𝐧𝐬 𝐛𝐮𝐢𝐥𝐭 𝐨𝐧 𝐭𝐡𝐞 𝐁𝐢𝐧𝐚𝐧𝐜𝐞 𝐬𝐦𝐚𝐫𝐭 𝐜𝐡𝐚𝐢𝐧.
Binance smart chain is great, and Binance is the number one exchange worldwide, this is a fact, and we have nothing against it.
Actually, it is a goal for us to list IDEAS on Binance in the future.
However, it is also a fact that it is the blockchain with the highest number of tokens that ends up being a scam, and mainly, this was because of the low fees, and Binance has nothing to do with it.
𝐇𝐨𝐰 𝐢𝐭 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐝𝐨𝐧𝐞?As we said above, the migration will be done without affecting the holders.
This is feasible mainly because the liquidity lock of IDEAS will be open in a few days, and when we’re ready for the migration, we’ll unlock the liquidity for IDEAS on the Binance smart chain,
this will render IDEAS untradeable on the pancakeswap, and at that moment no one will be able to buy or sell IDEAS on the Binance blockchain.
Then we’ll go to the Ethereum blockchain, and create a new token, with the same parameter as the current one.
After that, we’ll distribute the same amount of tokens for each holder (this will be done through a smart contract).
And finally, after all the holders get their tokens back, we’ll add the same unlocked liquidity amount from the Pancakeswap pool to the Uniswap pool, and we’ll lock it again.
By doing this, no one will be able to buy or sell IDEAS before the original holders get their tokens back, and as a result, all the holders will have their tokens with the same value as before the migration, but on the Ethereum blockchain, instead of the Binance blockchain.
𝐖𝐡𝐞𝐧 𝐢𝐭 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐝𝐨𝐧𝐞?The liquidity lock will be open in a few days, we’ll extend the lock for a
month, and we’ll prepare for the migration, and by the end of that month, we should start the migration.
We would like to know what you think about this step,
we strongly believe that it is for the best of our project,
especially, that it is a possibility to get a new listing for the new IDEAS token on CMC and CG again, as a newly deployed Ethereum token.
