School Year 2021–2022 Updates

Dear MYLers and users of all kinds,

September is drawing on and a new school year has started! We are sure many of you are pulling your hair out after the 5th season of Money Heist (OMG, no spoilers!!!)

And just like they have released the most awaited season, we have come back with lots of announcements after a busy summer. We hope you all have enjoyed and gathered some energy to rock the rest of what has been a very challenging year!

Let’s break the news down into bits:

1. We are finally listed on CoinMarketCap and CoinGecko: the 2 most important cryptocurrency tracking websites! This is something we have pursued for a while and our community has asked for, so it’s exciting to share this achievement with all of you! MYL is also listed on CryptoCompare and LiveCoinWatch.
2. A game-changing migration for THE GAME CHANGER: My Lotto Coin is fully migrating from Ethereum to the Binance Smart Chain (BSC). There are many reasons behind this tough decision, some of them are:

a. Ethereum, for a long time known as the industry-leading platform in blockchain development, has become unscalable for many developers. With soaring gas fees and a slow block processing rate, My Lotto Coin as a DApp has suffered from this disadvantage. Like many other Ethereum-based projects [but the first decentralized crypto lottery to ever make this move], My Lotto Coin team has had to add an extra milestone to the roadmap in search of scalable solutions to give our users the cheapest and fastest service possible, while maintaining a decentralized and permissionless architecture.

b. My Lotto Coin native token, MYL, is supported by a very complex and intrincated system, including its unique Staking+ feature which enables the holders to receive rewards. The transaction fees on Ethereum prevent the distribution of rewards and ridiculously increase the cost for My Lotto Coin players to participate in the lottery. This puts the brakes on the very aims of the project and has turned a long-awaited solution from Ethereum into a no-brainer migrating decision to BSC.

c. The BSC boasts many advantages: in addition to the fact that it runs the Ethereum Virtual Machine (EVM), its BEP-20 standard is identical to that of ERC-20 and allows fees four times lower on average.

What does the migration mean for current MYL token holders?

Soon, the BEP-20 MYL token will replace the ERC-20 MYL token in a 1:1 ratio. This means that current MYL token holders will be airdropped the exact same amount of tokens they hold at the time of issuing. Since ERC-20 wallets are BEP-20 compatible, users will automatically receive the tokens in the same addresses without any manual/third-party intervention. The only action users need to take is to add the new smart contract address on BEP-20 as a custom token to their wallet to manage their BEP-20 MYL tokens. New information follows at a later time.

After countless hours of work, meetings, deeply technical and thorough discussions with poor outcomes resulting in excessive gas fees, My Lotto Coin team has considered this was the best timing to make this decision.

The migration is estimated to take place by the first half of October and the exact date of the migration will be announced shortly. The new smart contract address will be shared across all social media channels along with a detailed explanation of steps to take

3. As soon as the migration is complete, MYL will be available to trade in PancakeSwap by the first half of October. As you may know, PancakeSwap has the most users of any decentralized platform with over $9.3 billion in funds. Given this, it makes sense to have MYL jump in the swapping game!

4. Ticket price will be fixed at $5 equivalent in BNB at any time of purchase. Ticket price will be updated after each draw and will be fixed for that draw until the next draw.

5. In order to achieve the most optimum transaction fee, and adding value to the overall users’ experience, the maximum number of tickets that can be purchased in one sale has been reduced from 10 tickets to 5. This way, the gas fee of buying 1 ticket or 5 tickets will be almost the same. The exciting news is that MYL10 tokens will still be free airdropped for 5 tickets purchased in one sale compared to 10 tickets in the previous model.

6. Powerball has recently launched a new Monday drawing and since MyLottoCoin follows U.S. Powerball rules, a new Monday drawing has been integrated to the weekly lineup of Powerball drawings previously held on Wednesday and Saturday only.

7. My Lotto Coin team is currently in search of external audit and both token and game smart contracts will be fully audited before migration. Like any worthy project, an external audit is crucial for different reasons:

a. Trust: users are more prone to rely on a project to be secure and a platform to offer well-rounded protection which external audits can contribute to.

b. Transparency: regardless of the expertise of the project team, having an external unbiased entity examine the code and reassure it, provides an extra layer of transparency.

c. Security: audits put the code under very critical and strict review to avoid potential security flaws and protect it from attacks reducing cybersecurity risks.

8. MYL mobile app and wallet release milestone, scheduled for July 2021 has been split up in 2 phases. Phase 1 is now complete: My Lotto Coin is fully responsive on smartphones. Visiting My Lotto Coin website from any smartphone, allows you to pay with any wallet installed in your smartphone thanks to WalletConnect integration. Phase 2 of this milestone consists of a native mobile app for major mobile platforms (iOS and Android) which will bring many new features to MYLers. This second phase is scheduled to be released in 2022. Stay tuned for more information.

9. Negotiations are being carried out to list MYL in other centralized exchanges in October. We can’t disclose anything as of yet but we will be happy to announce as soon as this is done!

On the other hand, as some of you may know, MYL is currently listed on the Latoken exchange where we haven’t had a very good experience (in terms of user experience, transparency and performance). News following this will be shared soon as well.

So that has been My Lotto Coin team’s summer! Not bad for a 2021 full of covid $h*#, huh? We know we have been quite absent from social media and many of you were probably wondering what was going on.

We knew we had the responsibility to give everyone an explanation with a status update and we take our community and our project very seriously! And we are here to say we are BACK and we got your BACKS!

My Lotto Coin is more alive than ever and we are really excited to keep growing with our community!