Download The Migration Guide
You can download the guide (the same guide as above) from here.
New Contract Address
The new contract address on the Polygon network is 0xA2C638b78783E9aFe26a16EC8b11DE54Eb169360.
Pay It Now (PIN) is On the Move
Almost two years ago, Pay It Now embarked on a unique mission to simplify blockchain technology, making it accessible and secure for everyone. Along the way, we’ve demonstrated a remarkable talent for creating cutting-edge solutions, revolutionizing digital payments, and bridging the gap between blockchain and traditional finance. Today, Pay It Now’s innovative suite of blockchain solutions is transforming how people transact with digital assets, whether you’re a merchant, consumer, crypto enthusiast, or developer. Our rapid, cost-effective, and user-friendly payment platform has empowered thousands of New Zealanders and businesses to embrace blockchain technology like never before.
We are thrilled to announce that we are relocating our entire network from the Binance Smart Chain (BSC) to Polygon. This move is a crucial part of our ongoing commitment to offer our users the best possible experience. By migrating to Polygon, we gain access to cutting-edge technology, including a fast and secure network, low transaction fees, and a robust ecosystem of developers and projects.
Polygon is the premier platform for Ethereum scaling and infrastructure development, featuring the Polygon SDK, a modular, flexible framework supporting secured chains and stand-alone chains. Polygon Labs has pioneered Ethereum scaling solutions for Polygon protocols, making scalable, affordable, secure, and sustainable blockchain infrastructure available for Web3. The Polygon network already hosts major Web3 projects like Aave, Uniswap, and OpenSea, as well as renowned enterprises like Robinhood, Stripe, and Adobe.
What will this mean for The PIN Network?
1. Lower Transaction Costs: Users on the PIN Network will enjoy significantly reduced transaction costs on the Polygon layer 2. Polygon’s scaling solution offers extremely low transaction fees compared to other networks like the Binance Smart Chain (BSC) or Bitcoin (BTC). This means that users can purchase crypto assets and bridge on or off the PIN Network with minimal fees.
2. Scalability: The migration to Polygon enhances the scalability of the PIN Network. Polygon is renowned for its ability to handle a high volume of transactions efficiently, which means that as the PIN Network grows and attracts more users and businesses, it can handle the increased demand without sacrificing performance or incurring higher costs. This scalability will ensure a smooth and seamless user experience even during future periods of high network activity.
3. Faster Transaction Speeds: Polygon offers lightning-fast transaction speeds. Users can experience near-instantaneous confirmations of their transactions, providing a swift and efficient payment experience. This improved speed is especially valuable for merchants and businesses, as it allows for quicker processing of payments, increased speed of service and reduced queue waiting times
4. Enhanced User Experience: Lower transaction costs, enhanced scalability, and faster transactions collectively enhance the overall user experience. Users will find it cost-effective, efficient, and convenient to transact on the PIN Network. This will position our network and payment platform as a top choice in the market.
5. Environmental Responsibility: Polygon’s eco-friendly blockchain platform, powered by its energy-efficient proof-of-stake (PoS) consensus mechanism, harmonizes seamlessly with Pay It Now’s commitment to creating and advocating for a more environmentally conscious payment ecosystem. This alignment reinforces our dedication to sustainability.
6. Competitive Advantage: For the PIN Network itself, these benefits translate into a competitive advantage in the blockchain and digital payments space. Offering lower costs, scalability, and faster transaction speeds positions the PIN Network as an attractive choice for both users and merchants, potentially leading to increased adoption and market share. This move is a game-changer, offering significant benefits to PIN Network users. We are confident that this endeavor will bring added value to our user base and merchant store network, helping us to further expand our reach globally.
Stay tuned for more exciting updates and developments as part of our shift to Polygon! This is only the beginning of what will be a really exciting journey for Pay It Now.
1. When will the migration happen? The migration to the Polygon network is planned to take place on Tuesday 19th September 2023
2. Why are we moving? The move to Polygon benefits PIN users and the PIN Network by offering lower fees, scalability, and faster transactions. This means users save money, transactions happen quicker, and the network can handle more users and transactions efficiently. It’s a win-win for everyone involved.
3. What is a layer 2 solution? A Layer 2 network, such as Binance Smart Chain (BSC) or Polygon’s scaling solution, can be thought of as a fast and cost-effective express lane on the internet’s highway. It’s like a special route that helps speed up transactions and reduce fees when the regular highway (Layer 1) gets congested. While using Layer 2, you can also access digital contracts and tokens quickly and affordably, while still benefiting from the security of the main highway (Layer 1). It’s essentially an efficient shortcut to make the internet (blockchain) work better.
4. Is there anything I need to do? For PIN Network App users, there is absolutely nothing you need to do, the move will happen seamlessly in the back-end. For layer 1 holders (users holding PIN Token via a non-custodial wallet such as TW, Metamask, Exodus etc) You will need to migrate your tokens over to the Polygon chain.
5. How do I transfer PIN token from BSC to the Polygon network? (Layer 1 holders only) There are two ways you can transfer funds from BSC to Polygon. Method 1 is through bridging your BEP-20 PIN Token onto the PIN Network App, then un-bridging as ERC-20 Matic PIN Token back into your external Web3 wallet. Method 2 will be to send your tokens to a swap address (Via PIN Swap) where the ERC-20 equivalent PIN Token will be sent back to your external Web3 wallet.
6. What changes will I see to the PIN Network App? The face of the PIN Network and PIN Network App will not change at all, the transition will be seamless and is likely you won’t even know it’s happened. The app and our network will continue to operate and function as normal prior, during and after the migration
7. I am a merchant; will this affect trade? Will the network be out of action at any point? No, the migration will happen seamlessly, at no point will our network be down. You will be able to transact as per normal before, during and after the network migration
8. Will the move to Polygon result in a reduction in fees? One of the advantages of the Polygon network is its extremely low transaction fees in comparison to other networks such as BTC or BSC. As the PIN Network already offers a 0% merchant fee and no gas fees to its users, we’re already one of the most affordable payment platforms on the market. We will always put the needs of our customers first, and will continuously look for ways to add value and pass on any cost savings.
9. How will I buy PIN Token? You will still be able to purchase/top-up funds via the PIN Network app using our in-app purchasing functions as normal. If you wish to purchase PIN Token externally via a self-custodial wallet, you will now need to purchase PIN Token via the Quickswap Exchange (Previously PancakeSwap)
10. Will it cost me anything to migrate my tokens? PIN will not charge you a fee to migrate, however you may still be subjected to varying gas fees via layer 1 chains.
11. Who can I contact if I need help? Please send a support request to (https://support.payitnow.io) and our team will be more than happy to help you with any further questions