The cryptocurrency world has something to cheer about with the news of CITEX supporting the migration of MIX to Polkadot, a new entry in the blockchain market. In the process, it will unify the 1:1 exchange of the new Acuity tokens for the users who have MIX on the CITEX exchange. After conversion to Acuity, the original MIX will cease to exist. The deposit and withdrawal service of MIX will close down at 15:00 (UTC+8) on Saturday, August 29. After MIX gets converted to Acuity, the CITEX exchange will support the new tokens’ trading.
How will the migration take place?
On September 01, 2020, before 13:00 (UTC+8), a snapshot of all the balances on the MIX blockchain will take place, and the new Acuity blockchain will be released. The MIX holders will be allotted the same amount of Acuity, which they held on the MIX at the snapshot time. The ACUITY can be claimed from a MIX address using MyEtherWallet, MyCrypto, or Coinomi. The procedure is similar to the one by which DOTs can be claimed.
Why is the Acuity undergoing this change?
Acuity is a DECENTRALIZED social media platform developed for over five years, but it began as an Ethereum blockchain called MIX. It is now migrating to Polkadot blockchain, a network protocol that allows arbitrary data to get transferred across blockchains. The change will result in cheaper transactions, reduced supply inflation, EVM upgrade, and Forkless upgrades.
Will any extra Acuity get created?
There is no chance of any extra Acuity as it can be claimed 1:1 from MIX balances that will spring into existence. However, to claim Acuity, MIX must be held by users on September 01, 2020. MIX that is left on the exchange will not get converted to Acuity.