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After Binance Coin, Threshold Signature Scheme offers support to Zilliqa [ZIL]

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After Binance Coin; TSS support added for Zilliqa [ZIL]; to replace the purpose of private key
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In a recent development, Zilliqa [ZIL] was added to the Threshold Signature Scheme or TSS. Prior to this, TSS had offered support for Bitcoin [BTC], Ethereum [ETH] and Binance Coin [BNB].

The official announcement by ZenGo read,

“After $BNB, we are very proud to introduce the first ever $ZIL Threshold Signature transaction built by our team for @zilliqa #keepbuilding”

Essentially, Threshold Signatures Scheme [TSS] involves splitting responsibility between multiple entities so that no party holds a single atomic private key. According to the blog post,

“Each of the parties generates its own secret and uses this secret to distributively sign a transaction without revealing the secret to the other parties.”

All parties involved are required to produce their own code. The generated code will then be deployed “distributively to sign the transactions,” without baring the code to other parties. This process makes the private key, which is controlled by one individual, unnecessary by offering adequate security and mitigating the risk of losing it.



ZIL, which is the 38th largest digital coin listed on CoinMarketCap, exhibited a three-month high after the latest rally by Bitcoin. Its Mainnet launch had failed to provide support to its valuation, which continued to decline during the bearish phase in January. The launch saw ZIL move from an ERC-20 token on the Ethereum blockchain to its native network, which also involved the first live release of their own fresh smart-contract language, Scilla.

At press time, ZIL held a market cap of $201.1 million and was priced at $0.023. Over the past day, the coin registered a 4% decline in its price.





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Binance Chain’s first project Mithril to launch with MITH/USDT trading pair

Namrata Shukla

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Binance Chain's adds Mithril as its first project followed by MITH/USDT trading pair
Source: Pixabay

Binance launched its blockchain protocol on April 18 and it already has its first project launch on its network. Mithril, a decentralized social media platform will migrate to Binance Chain. The company’s MITH token, that ranks 121st on CoinMarketCap will transfer from ERC20 to Binance’s BEP2 standard.

Binance Chain has been a highly anticipated project in the crypto world since its announcement and with its launch, the community provided ample support to the move. According to reports, Binance is luring companies into migrating to their new native chain and leave Ethereum.

According to Mithril’s blog post, the migration commenced after the mainnet launch of the Binance Chain and informed the MITH holders that the deposit and withdrawals on Binance.com will be halted for the initial 12-hour migration period, however, trading will continue. The post added:



“Once the initial migration of ERC20-based MITH to BEP2 MITH is complete, Binance users will be able to withdraw MITH to BEP2 wallets, such as the Ledger Nano S, and begin trading on Binance DEX. ERC20 versions of MITH held in private ETH wallets or on other exchanges will not be impacted.”

As Mithril announced about its migration to Binance chain, the price of MITH, Mithril’s native coin saw a surge. The coin also saw a 70% hike,  followed by a market correction. At press time, MITH was valued at $0.0782 with a market cap of $40 million. The 24-hour trading volume of the coin was $108 million as it pumped by 67.10% over the past day. In the past seven days, the coin noted a surge of a massive 81.47%, which started to dip by 0.84% over the past hour.

Following the addition of the project, Binance announced the listing of MITH/USDT trading pair, which will start trading on April 19, 10 AM UTC.





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