[3.4] SQL error @ installation

[Asgard Gaming]

Hello guys, I recently had an issue where my converted and upgraded IP board 4 would´t allow me to changes pages. And since the Tier II support took too ling time I decided to just redo the whole thing..

 

So upon installation of 3.4 it starts with an failure with the error code and message as follow below, does anyone know what this is about?
I read somewhere that a NEW database was the answer but this is not possible since I got the old LIVE forum active on that same database.
 

Ive sent a support ticket too as we need help with this fast but wanted to try my luck here too...

mySQL query error: CREATE TABLE  IPB_backup_vars (
  backup_var_key    VARCHAR(255) NOT NULL DEFAULT '',
  backup_var_value  TEXT,
  PRIMARY KEY (backup_var_key)
) ENGINE=MyISAM;

SQL error: Specified key was too long; max key length is 1000 bytes
SQL error code: 1071
Date: Tuesday 04th August 2015 08:35:26 AM


 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 Date: Tue, 04 Aug 2015 08:35:26 +0000
 Error: 1071 - Specified key was too long; max key length is 1000 bytes
 IP Address: 127.0.0.1 - /portal/admin/install/index.php?app=install§ion=install&do=sql
 ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
 mySQL query error: CREATE TABLE  IPB_backup_vars (
  backup_var_key    VARCHAR(255) NOT NULL DEFAULT '',
  backup_var_value  TEXT,
  PRIMARY KEY (backup_var_key)
) ENGINE=MyISAM;
 .--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------.
 | File                                                                       | Function                                                                      | Line No.          |
 |----------------------------------------------------------------------------+-------------------------------------------------------------------------------+-------------------|
 | admin/setup/applications/install/sections/install.php                      | [install_install].install_sql                                                 | 89                |
 '----------------------------------------------------------------------------+-------------------------------------------------------------------------------+-------------------'
 | admin/setup/sources/base/ipsController_setup.php                           | [install_install].doExecute                                                   | 258               |
 '----------------------------------------------------------------------------+-------------------------------------------------------------------------------+-------------------'