When we began building in Web3 way back in 2019, our original design relied upon smart contracts and tokens to function. Over the years, we've observed many of the perils associated therein, and sought ways for our ecosystem to adapt in an ever shifting landscape where fungible tokens are concerned. But with each passing day, it becomes more clear that whether we use a different base chain altogether, or expand interoperability across chains, we'd still face many concerns.
It's evident that alt-coins come laden with regulatory uncertainty and user skepticism, and have been stigmatized by insufferable amounts of fraud. Additionally, the fees necessary, and the experience required to safely interact with multiple smart contracts &/or networks, is not conducive to global adoption by the commonplace user.
Bitcoin however, has the broadest reach and technical support of any network in existence, and is even accepted and integrated by sovereign countries on a national level. Bitcoin is the obvious choice for storing value. But until now, the technology to build on top of Bitcoin was primarily limited to the Lightning Network and was confined by its capabilities and restrictions.
But recently, Ordinal Theory was introduced to the Bitcoin Network via the Taproot update, opening a massive door for our evolutionary process. This new method of inscribing data to individual Sats, creates the ingredients needed for a full migration of our existing platform, to the Bitcoin network. These Ordinals make it so that Sats can replace tokens by storing particular bits of data right in the asset itself.
Migrating the ecosystem to Bitcoin can immediately address some of our primary concerns around fungible tokens, namely:
Ordinal Theory presents the opportunity to transfer the value generation of this protocol directly to the Bitcoin Network and its participants, making the choice to migrate obvious. BTC remains to be the one sure-footed step for those blazing new trails in this space. So we've redesigned our platform to facilitate the transition in a way that protects those who have held and supported PORT til now:
Our goal has always been to proliferate Bitcoin among the populace, and provide value to those who join us. We believe that incentivized consumer engagement tools will be widely used by marketing and retention teams for products of all types, and hope to bring these services to market, however, the challenges listed above, and the isolation of siloed Layer1s, threatened our growth potential and longterm success. So migrating the ecosystem to the trusted and secure Bitcoin Network is a prudent and obvious next step.
We've always held strong convictions that Bitcoin will become in effect, digital gold, and transform the financial landscape. The value of a distributed network with a public and immutable monetary policy will inevitably be appreciated and sought after world-wide. We believed this from the beginning, however as previously mentioned, the tools to build on Bitcoin didn't exist then. But they exist now!
In light of ongoing regulatory threats and pressure from U.S. agencies, PackagePortal ended Staking & Rewards services in March, 2023. $PORT now serves as a par-value entry ticket into the new ecosystem of BRC-20 tokens.
Token holders are the autonomous controllers of their digital property, that’s what makes blockchain technology so powerful. Crypto enables financial sovereignty and independence; as such, we do not intend to sway, convince, or otherwise lead users to act against their own intuition or investment strategy.
By staking PORT, users were putting their tokens to use in order to increase their overall balance. As this service comes to a close, there remains four options for what to do next with your holdings:
Users who believed in the PackagePortal platform (now NiftySats) benefit most by burning their tokens for BRC-20's.This represents a 1:1 migration of your tokens from the lesser known Zilliqa network, to the deep security and liquidity of the Bitcoin Network. By converting your ZRC PORT to our BRC-20 tokens, you'll maintain access to the NiftySats ecosystem & all its future developments. Once the migration window is closed, $PORT can no longer be burned to claim BRCs, and the corresponding BRC supply will be minted by the general public, leaving $PORT tokens with no inherent utility other than trading on ZIL dexes.
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