Category

MYST

Matic Network powers Mysterium P2P payments

Are you ready for faster, cheaper dVPN transactions? Matic Network is making it happen for you!

 

We’re excited to share that we’ve partnered with Matic Network. We’re only weeks away from our live integration with their custom Layer 2 solution, which will provide all users of شبكة مستيريوم الافتراضية الخاصة غير المركزية (dVPN) with almost instant P2P payments, at a fraction of the cost. (Quite literally, it’s a millionth of a fraction…)

 

The problem we are solving with Matic Network

As the wider community is surely aware, we as an industry have been facing specific challenges with expensive transaction fees on the Ethereum blockchain. 

With the freedom of speech online being debased, a global pandemic and other macro forces in play  – we see it as a priority to enable peer to peer payments in the most frictionless way possible.

Mysterium Network, with our pay as you go service, is a natural ally for emerging markets when high transaction fees on Ethereum lock these users out.

This integration with Matic Network will mean that Mysterium account creation and top-ups will happen on a sophisticated and scalable Layer 2 sidechain, instead of on the Ethereum blockchain.

MATIC network

What this means in technical terms:

  • Hermes, Mysterium’s accounting hub, will be running on both Ethereum and Matic – find out more about Hermes hub in our micropayments whitepaper.
  • You will be able to move MYST tokens onto Matic via a Hybrid Plasma-POS Bridge. This bridge provides a POS and a Plasma option to bridge assets between Ethereum and Matic. 
  • The mysterium payment system will support cross-chain payments. This means that VPN users can have funds on L2 Matic chain, and Mysterium node runners can accept funds on L1 (Ethereum)

 

Some relevant numbers – registration TX fee on…

ETH mainnet: 10.3322418978 MYST

Matic: 0.000005699966589 MYST

In short, Matic is  1, 812, 685 times cheaper!😱

 

Want to know more?

We have written extensively on the topic in the context of building out a global censorship-resistant layer. For those interested: 

  1. Layer 1, 2, 3 and beyond: The search for the cheapest and fastest microtransaction
  2. Introduction to micropayments in a decentralised virtual private network (dVPN)
  3. Read our technical deep dive on peer to peer micropayments.

Want to get involved in Mysterium Network today?

Mysterium Network is a decentralized VPN, with a growing global residential IP node network. There are versions for ذكري المظهرMac and Windows, currently free before our full launch.

Follow us on Twitter for regular updates or jump into our discord channel to speak directly with the core team.

 

Mysterium Network begins token migration

Mysterium Network begins its official token migration today, 31st August 2020. This will be a 1:1 token migration, so no new tokens will be created. Legacy tokens will not be supported in the network, so you will need to migrate your tokens before topping up in-app.

Here’s the new MYST token address: 0x4Cf89ca06ad997bC732Dc876ed2A7F26a9E7f361 

اكتشف المزيد about how the Mysterium Network token migration moves the project towards peer to peer payments on the Ethereum blockchain.

What is Mysterium BetaNet?

Mysterium BetaNet is the first iteration of peer to peer payments within Mysterium Network: 

  • MYST as a means of value exchange in the network 
  • Payments are settled on the Ethereum blockchain 
  • It’s our second stage towards Mysterium Mainnet.

Mysterium Network is running an opt-in BetaNet. Mysterium Network will not be migrating TestNet users to BetaNet at this stage. VPN services continue to be accessible on Mysterium TestNet.

Sign up to take part in Mysterium BetaNet.

What should MYST token holders do?

MYST token holders are encouraged to migrate their tokens at their earliest convenience.  

Though there is no deadline on the migration, you will not be able to access VPN services within Mysterium Network using legacy MYST. 

If your MYST is held in a decentralised exchange or in a wallet, you will have to migrate your tokens yourself. Please follow the token migration guide. 

If you have your tokens stored on HitBTC, they will be migrated for you. The Mysterium Team is currently working with their team and will provide updates as we progress.

MYST token migration guide

Migrating a token is simply to upgrade the smart contract of that token. In the case of Mysterium, we are upgrading legacy MYST (pure ERC20) to new MYST (ERC20 with `permit`: 712-signed token approvals).

This is a 1:1 token migration so there will be no new tokens created.

How will MYST token migration work? 

From 31st of August, MYST token holders will be able to start migrating their tokens into the new token standard. This will become the standard MYST token used within Mysterium Network’s payment system. All exchanges are informed and are preparing for the upgrade on their end. If you are holding MYST on HitBTC exchange, the migration will be done automatically and you will not need to do anything. 

If you are storing your MYST tokens outside the exchanges, you will have to conduct the migration yourself. In essence, you will need to initiate a transaction from your wallet address which holds MYST tokens into our current token smart contract address and call an upgrade function upgrade(uint256 value) there.

Note:

  • While there will be no time limit for migrating tokens, please be aware that only the new token standard will be used in the Mysterium Network payment system and actively traded on exchanges. However, you will not lose your original MYST tokens if you do not migrate within a specific deadline. This means you can perform your token migration at a convenient time to you. Your wallets which are supporting ERC20 tokens will work fine with the upgraded MYST token as well. 
  • During the upgrade transaction, legacy MYST tokens will be burned and new MYST will be created and sent to the same address.
  • You can do migration in parts, so no worry if after migration someone sends you legacy MYST tokens. You will be able to migrate them as well.
  • The MYST migration process has no time limit. If anyone in the future sends you legacy MYST, you will be able to migrate them at any point in time.

Do I need to have ETH on the address where my MYST tokens are in order to migrate them successfully?

You need a small amount of ETH on the same address where your MYST tokens are in order to pay for gas fees on the Ethereum network. Due to high transaction fees on Ethereum blockchain, we recommend having at least 5 USD of ETH there and set at least 90.000 gas limit. You can check average gas fees before starting the migration here.

Token migration steps

Where should I store my MYST tokens and how do I manually migrate them?

The token migration process includes several options – MetaMask, Etherscan or MyEtherWallet (MEW). Through MyEtherWallet you can use:

  • Ledger (also possible to use with MetaMask and Etherscan)
  • Trezor (also possible to use with MetaMask and Etherscan)
  • Digital Bitbox
  • Secalot
  • Keystore / JSON File
  • Mnemonic phrase / seed
  • Private key

Token Migration using My Ether Wallet (MEW)

If your MYST tokens are stored in one of the above forms, please select MEW when you reach the step where you need to select the wallet that stores your MYST tokens. Once you have synchronised your wallet with MEW, you can start now with the token migration process:

  1. Go to the home page of https://myetherwallet.com
  2. Click on “Send > Send Transaction”
  3. Select ETH as a type of token to send and enter the 0 as amount
  4. Enter the address of the legacy MYST token smart contract:  0xa645264C5603E96c3b0B078cdab68733794B0A71
  5. Enable “Data & Gas Limit” under Advanced options. Set at least 90.000 gas limit.
  6. Add your payload data (use payload generation tool)

  7. Click on “Send Transaction”.
  8. You new tokens will be visible on new MYST smart contract address: 0x4Cf89ca06ad997bC732Dc876ed2A7F26a9E7f361

 

Token Migration using Etherscan

You are also able to migrate your tokens via Etherscan and interact with the contract directly.

  1. Go to the token contract page directly https://etherscan.io/address/0xa645264C5603E96c3b0B078cdab68733794B0A71
  2. Navigate to the “Write Contract” tab on the Contract page.
  3. Connect to a Web3 provider, such as MetaMask, Fortmatic or Portis. You can connect a hardware wallet such as Trezor or Ledger to your MetaMask extension, and thus interact without MYST leaving your hardware wallet.
  4. Find upgrade function in the list and type in the amount of tokens you’d like to migrate. NOTE: legacy MYST token had 8 zeros, so to migrate 123,05 MYST, you should type: 12305000000.
  5. Metamask will show popup, adjust gas fee and make a transaction. After the transaction is mined, your new tokens will be visible on the new MYST smart contract address: 0x4Cf89ca06ad997bC732Dc876ed2A7F26a9E7f361

 

Token Migration using Trust wallet

You’re able to upgrade the smart contract of MYST token inside your Trust Wallet app. Follow the steps below to help you in transition.

  1. Connect to your Trust Wallet, tab on Ethereum and click Send.
  2. Next, enter 0 in the ETH amount to send and the address of the legacy MYST token smart contract: 0xa645264C5603E96c3b0B078cdab68733794B0A71.
  3. Click on “Continue”.
  4. In the “Confirm Transaction” screen click on the gear icon at the top right corner.
  5. Head over to “Transaction Data (Optional)” and paste your payload generated by https://mysteriumnetwork.github.io/payload-generator/. Set at least a 90.000 gas limit.
  6. Click on “Save” and then “Confirm Transaction”.
  7. After a minute the transaction should be validated on the blockchain and your tokens will be successfully migrated.