Following the announcement that the US SEC has launched investigating against Binance, we are very concerned about the fate of our community on the Smart Chain network.
Especially in the context of the situation with Terra Luna (the coin fell to zero, their UST stablecoin also fell).
Story with Terra Luna is a precedent that undermines trust in not fully decentralized platforms. It may affect others.
In this regard, in the last few days, together with the development team, we have been actively analyzed different blockchains, different alternatives.
US SEC is a very powerful regulator. This ain't something like Filipino SEC. Their actions can indeed lead to serious consequences.
And this danger is long-term. This is not some local case. Consequences can come at any time. Maybe soon, maybe in years.
Since we are building a long-term business, long-term security is important to us.
Of course, it is entirely possible that Binance will overcome this difficulty and emerge victorious. We don't know for sure.
But we know for sure that Binance Smart Chain is partially centralized. Until now, we have relied on their reputation and trust in them.
And they should be appreciated - they strive to maintain their reputation.
But we see how many cryptocurrency platforms are being tested for decentralization lately. And the elements of centralization turn out to be a weak point for many.
Given the current trend driven by the double crisis (covid bubble plus war), we are seeing regulators looking to increase controls and tighten new rules. So the Cryptocurrency Community will soon face new challenges. And true decentralization will win.
So, the last few days, I've had to throw all my attention to finding an urgent solution, and I attracted our development team to this issue.
We are all well aware of what a shock information it is now for the Community.
Before we wanted to continue to develop on Smart Chain, because this blockchain has shown itself from a positive side
But weighing all the pros and cons, comparing the risks, we find that the most risky now is to launch on Smart Chain.
The best solution at the moment is the Polygon blockchain.
Let me quickly list all the cons of this solution:
- Community Shock
- Our possible reputational losses due to a sudden change of plans
- Negativity about delaying long-awaited launch (needs time for tests)
- The need to master the new Network (this difficulty is mostly psychological)
- The need to transfer prepared funds from BNB and BUSD to MATIC and USDT
Now for the benefits:
- This network is perfectly safety, security issues are resolved flawlessly.
- Transaction speed is higher
- From the point of view of the code, no changes, everything that we prepared for Smart Chain is suitable for Polygon MATIC
- Uses the same wallets as Ethereum and Smart Chain, so it's easy for the user to switch
- Polygon is easily interacts with the Ethereum
- Polygon is completely decentralized
- Fees in the network are lower than in Smart Chain
- Polygon is actively gaining popularity, having long ago replaced the Ethereum network for many. This is a clear and very stable trend.
Polygon is the solution to Ethereum's scaling problem. It has all the advantages of Ethereum.
The BSC blockchain, on the one hand, is decentralized, on the other hand, the nodes in it are centralized.
The Polygon has wider validation, which ensures faster and cheaper transactions.
Everything that we planned to do in Meta Force will be best implemented at the Polygon.
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