Gifto started the news by moving most of its processes from Ethereum to the Binance Chain. There are about a dozen other projects which had moved from Ethereum to blockchain-powered platforms, according to Bitcoin.com. The blockchain migration is a curious thing, and it is being done for certain reasons.
Gifto released a statement about their move, stating that they have all the respect in the world for Ethereum and was thankful for what it's done for their platform. But the move to a blockchain-based platform made sense, according to the announcement. It was one where the real "usage and growth" of the Gifto platform can be shown without cumbersome processes slowing them down.
Another major reason for the move was revealed to have been tokenization. Tokenization has become bigger with the introduction of tokenized assets in real estate. The move, according to the post, was timely as Gifto had little use for the 'smart contract functionality' introduced by the Ethereum environment and it was already taking a look at different blockchain platforms.
Other movers have been tallied as even Binance advised various crypto projects to move from Ethereum to the blockchain platform. According to The Block Crypto, it is in reaction to Binance's growth as one of the largest 'crypto exchanges.' The move will help it convince more than just one developer to move from Ethereum to its own sponsored blockchain.
It was reported that the Malta-based crypto firm and founder Changpeng "CZ" Zhao is trying to convince project builders to move from Ehtereum to Binance's own blockchain, Binance Chain. The blockchain project is the company's answer to create a "decentralized platform" for crypto firms and companies working with blockchain to trade. It was also announced last 2018.
It is not easy to make firms switch loyalties from Ethereum to the blockchain, but Binance has a plan in place. According to analysts, the company is giving token teams incentives to move their projects onto the company's own blockchain. The terms they offer are labeled 'favorable,' but the company declined to deny nor confirm reports.
Gifto and Binance are being hounded with problems in trying to convince projects to open and be maintained on their platforms, but if they ever do convince these companies, the results are double-edged. These companies can benefit from the transparency and efficiency that blockchain affords, while Gifto and Binance can also transact in a secure and worry-free manner.
