We are happy to announce that the first round of tests on our MIGRA token has been successfully concluded. These tests were carried out over the last 4 weeks, first in a controlled environment within a local network and then online.
The objective of the tests is to guarantee a correct operation at the moment of deploying the token in the final environment of the blockchain, where it will interact directly with the community.
What is the MIGRA Smart Contract standard?
You must be wondering, what have we been testing? Well, these tests are focused on the code and its operation within the Blockchain.
MigraCoin is a token built using the BEP20 standard of the Binance Smart Chain or BSC network (currently known as BNB Chain). BSC is the blockchain where the different MigraCoin operations will be registered, such as purchase and sale transactions, as well as exchanges for other tokens or cryptos.
On the other hand, BEP20 is the standard of the Smart Contract, which we have designed MIGRA with. That standard was created by the BSC developers and is a Binance version of Ethereum’s ERC-20 standard. It is this way, because BSC was built following the same structure as Ethereum, so both smart contract formats are practically identical.
The tests have been oriented towards making the MigraCoin Smart Contract to operate normally within BSC. Our team’s evaluation has found no flaws in our smart contract, furthermore it has optimized the functions and has been successful in deploying the token on the blockchain-provided testnet known as BSC Testnet.
In this sense, all the functionalities that we have planned for the token have been tested:
- Buy swap
- Sell swap
- Wallet operability
- Liquidity deposits
- Liquidity withdrawals
- Commission collection
We have successfully tested the wallet which we will initially exchange the tokens with: Metamask. Transactions between wallets, both deposits and withdrawals, have been achieved successfully and without details.
This wallet has been used as a standard within the MigraCoin project to ensure the receipt of the BNB token, which the pre-sale will be developed with, as well as for being already integrated within the standards of use of multiple decentralized exchanges.
Metamask is a wallet originally designed to operate within the blockchain network, but today it is open to receiving many kinds of tokens, as long as they are designed within the ERC-20 standards and other series of protocols. MigraCoin, of course, is within these standards, by using the BEP20.
We have also tested swap operations (exchanging the MIGRA token for a different one). This particular test was done on the PancakeSwap network, which is a Decentralized Exchange. The vast majority of BSC token projects are launched from it.
The swap between MIGRA’s and BNB’s was successfully tested, as well as all the intermediate steps to achieve the swap: the deposits and withdrawals of liquidity and the construction of the liquidity pool.
This platform is where we will launch the presale. These types of applications are known as Launchpad, or launchers.
For this, Unicryp has a test environment based on Kovan, which is an Ethereum network. The tests, specifically, consisted of the deployment of MIGRA in said network, which is properly recording the contract within one of the network blocks (this process is known as Mint, or coined).
After that, the pre-sale was successfully created (in this test environment), the purchases of the tokens were successfully completed, and the pre-sale was closed.
Once this phase is complete, the next stage of the tests consisted of opening the MIGRA’s market itself and creating the liquidity pool. After that, the delivery of all the tokens sold during the pre-sale simulation was successfully completed.
All this stage could be carried out successfully.
Future tests of MIGRA
In this way, all the tests from the MigraCoin development team have been successfully completed. The next phase is still a testing period, but these will be carried out by authorities outside the MIGRA team.
It is about the audits and the KYC process.
An audit is a strict and thorough evaluation process on the code of the contract, carried out by software consultants specialized in the blockchain area. The security level within the code and possible errors that may be found are studied in them. This type of process is frequently required by cryptocurrency exchanges to provide security and peace of mind to their clients, since the cryptocurrency market has increasingly redoubled security requirements.
The KYC process serves the same purpose, but in this case it will directly assess team members, certifying that they are indeed who they say they are, and verifying their identities. KYC is the acronym for Know Your Customer.
Don’t worry if you still don’t understand, we will soon be producing more content to explain everything you need to know to understand what we are doing; it is part of our goal of being 100% transparent with the members of our community. This is, in fact, one of the maxims behind all blockchain projects.
Stay tuned, we’ll be posting soon more information about the progress of the project and the steps we need to take.