Starbucks Announces the Pilot Launch of the Web3 Loyalty Program Using Blockchain Technology
Introduction of Starbucks Odyssey, the company’s first significant blockchain integration into its rewards program.
Starbucks, the world’s largest coffee corporation, has announced the beta launch of Starbucks Odyssey, the firm’s first significant attempt to integrate blockchain technology into its current rewards program. The program will begin with a small group of members and staff in the United States, with intentions to expand to include more individuals in January 2023.
Starbucks integrates NFTs into its loyalty program
Starbucks is now one of the largest brands to include non-fungible tokens (NFTs) into its loyalty program, a concept that more and more businesses are investigating as they seek methods to make digital assets more valuable. The Odyssey program will feature activities such as virtual tours of coffee farms, learning about the history of Starbucks, and interactive games. The benefits of accumulating “stamps” (NFTs) include virtual espresso martini workshops, product and artist collaborations, and invitations to events at Starbucks locations and coffee farms.
The business declined to comment on Odyssey in an interview, but Starbucks CMO Brady Brewer touted it as the “next great breakthrough” and a method to thank customers in a blog post. “We are employing Web3 technology to reward and interact with our members in new ways, such as creating collectible, own-able digital stamps, launching a new digital community, and providing access to new benefits and immersive coffee experiences – both physically and online.” Odyssey was created with the assistance of Forum3, a Web3 loyalty network co-founded by Adam Brotman, former Starbucks Chief Digital Officer. He designed the coffee company’s existing loyalty program as well as its mobile ordering and payment mechanisms. Starbucks is also collaborating with Nifty Gateway, a well-known NFT marketplace.
Starbucks Odyssey launch a barometer of consumer interest in branded NFTs
The prolonged crypto bear market, along with economic uncertainty, has some marketers questioning if it is really worthwhile to invest time and money in blockchain-based ventures. But, the ubiquity of the Starbucks brand and its history of digital innovation put Odyssey under even more scrutiny. Marketers and industry experts are keeping an eye on the program’s introduction because it might be a barometer of how much consumers care about branded NFTs. “The Starbucks Odyssey launch is a litmus test for Web3’s readiness to help a major QSR brand take customer engagement to the next level, as much as it is a test of the brand’s ability to build compelling experiences on top of that foundation,” said Israel Mirsky, a partner at the innovation firm House of Attention. Mirsky also stated that Starbucks is correct to focus Odyssey on community building, fan interaction, and consistency with other aspects of the brand, including as its current loyalty program and digital platforms. However, success will be determined by how innovative the experience turns out to be.
Companies should keep an eye on Odyssey’s success as a loyalty program, according to Liron Shapira, a former investor in the crypto giant Coinbase who is now a crypto-skeptic. But if it succeeds, he says other companies should duplicate it but leave out the blockchain portion because many people may not require it. “They’re suggesting the user might not even realize it’s a blockchain thing, so it’s just a loyalty program,” Shapira explained. “Since Starbucks is basically a trusted entity in the system, the use of blockchain technology to track the ledger of who now possesses what in this system is absurd.”
According to Matt Wurst, CMO and co-founder of Mint, an NFT platform for brands, several key groups will be watching Odyssey to see if it’s a canary in the coal mine, including established brands that were early to adopt Web3 tech, other brands that have been watching from the sidelines, and investors wondering if it’s worth funding the space.
Starbucks Odyssey is a bold move that may pave the way for other companies to explore similar blockchain solutions.
Starbucks might also provide a prospective data strategy from which others could learn. The organization will have a unique way to track client involvement and behavior by incorporating NFTs into their loyalty program. This information can be utilized to tailor the consumer experience and develop targeted marketing strategies. Furthermore, the program’s usage of blockchain technology allows for enhanced security and transparency in data administration.
The most difficult difficulties for Starbucks Odyssey will be communicating the value to customers and keeping them engaged over time. Many individuals may be unfamiliar with the notion of NFTs and the benefits they give, so the organization must properly convey how the program works and the rewards users can receive. Furthermore, the program must provide a variety of interesting experiences and prizes to keep clients interested in the long run.
Overall, Starbucks Odyssey is a daring move for the firm, as well as an intriguing test case for the usage of blockchain technology and NFTs in loyalty programs. It will be interesting to see how the program evolves and whether it is successful. If it is effective, it may pave the way for other corporations to investigate similar solutions, bringing a new level of customer interaction to the sector.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
The Latest Craze in Bitcoin: Ordinals Become the Newest NFT Trend
Web3 has recently made headlines due to the launch of the new Ordinals protocol, which has sparked a lot of interest in the community. Yet, not everyone is convinced that this is a positive step for Bitcoin. In this paper, we will look at the Ordinals protocol, its relationship to non-fungible tokens (NFTs), and its potential impact on Bitcoin’s future.
The history of Bitcoin and NFTs
To understand the significance of the Ordinals protocol, it is important to first look at the history of Bitcoin and its relationship to NFTs. Counterparty, a technology built on top of Bitcoin, was the first to create blockchain-based NFTs in 2014. This resulted in the creation of well-known compilations such as Rare Pepes in 2016. However, the usage of the Bitcoin blockchain for NFTs prompted a dispute in the community, with some criticising the idea of employing full nodes for data storage. The dispute came from the use of an OP RETURN function, which allowed for the preservation of arbitrary data in the blockchain.
Limitations of the OP RETURN function
The OP RETURN function had limitations, as it could only retain 40 bytes of data. However, this limit was later expanded to 80 bytes in 2016. With the adoption of Segwit’s 2017 upgrade and Taproot’s 2021 upgrade, it has become more cost-effective and easier to store data with OP RETURN. Segwit made it 75% cheaper, while Taproot made it 10% cheaper and easier to store data in a single transaction rather than numerous ones. As a result, anyone can now pay to store an endless amount of data with this function, as long as the overall block size does not exceed 4 MB.
The Ordinals protocol builds upon the concept of Bitcoin by allowing for the creation of non-fungible tokens (NFTs). It does this by dividing each Bitcoin into 100,000,000 satoshis or sats and allowing individuals running Bitcoin nodes to write data on each block, which is known as an Ordinal. This data can include smart contracts, which can enable the creation of NFTs on the Bitcoin network.
The Ordinals protocol represents a significant advancement over traditional Bitcoin NFTs created using the OP RETURN function. Unlike the OP RETURN function, which is limited in the amount of data it can store, Ordinals allow for the creation of more complex and sophisticated NFTs. Furthermore, the protocol enables the creation of NFTs that are completely on-chain, meaning that all data related to the NFT is stored directly on the blockchain. This reduces the need for off-chain storage solutions, such as IPFS, which is commonly used by Ethereum-based NFTs.
Differences between Ethereum-based NFTs and Bitcoin NFTs
It is important to understand that there are notable differences between NFTs on the Ethereum blockchain, or other Ethereum Virtual Machine blockchains, and Bitcoin NFTs created using the Ordinals protocol. Ethereum NFTs typically reference off-chain data that can be modified on the Interplanetary File System (IPFS), a decentralized file storage system similar to a hard drive on the Blockchain. Some NFT projects alter the metadata of individual NFTs to enhance image quality. While this approach allows for greater flexibility in the types of NFTs that can be created, it also introduces additional complexity and potential points of failure. By contrast, Bitcoin NFTs created using the Ordinals protocol are completely on-chain, which makes them more secure and less reliant on off-chain storage solutions.
In conclusion, the Ordinals protocol represents a significant step forward for Bitcoin and its potential use in the NFT market. While there are still concerns and debates surrounding its use, the protocol provides a new avenue for innovation and creativity within the Bitcoin ecosystem. As the cryptocurrency landscape continues to evolve, it will be interesting to see how the use of NFTs on both the Ethereum and Bitcoin networks develop and intersect in the future.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Square Enix to Launch Gamified Art Collecting Experience on Polygon Network
Square Enix, the Japanese video game publisher behind iconic titles like Final Fantasy and Tomb Raider, has announced a collaboration with Polygon, a major Ethereum-based blockchain platform, to create an NFT art project. The collaboration will investigate the convergence of blockchain technology, gaming, and digital art, showcasing the potential for novel applications in the fast growing blockchain ecosystem.
The cooperation will result in the creation of one-of-a-kind NFTs based on original artwork from Square Enix’s games, which will be minted on the Polygon blockchain. Polygon was selected as a partner because of its scalability and cheap transaction fees, making it a perfect platform for producing and trading NFTs.
Non-fungible tokens, or NFTs, are one-of-a-kind digital assets that may be bought and sold on a blockchain. They can represent several types of digital content, such as artwork, music, and video games. As a means of proving ownership and authenticity in the digital realm, NFTs are gaining popularity as a new way for artists and producers to commercialise their work.
The collaboration between Square Enix and Polygon is not the first of its kind; other gaming firms and blockchain platforms have also investigated the convergence of gaming and NFTs. The relationship is noteworthy, though, because of Square Enix’s standing in the game business, with the company having a vast and committed fanbase worldwide.
In addition to investigating the possibilities of NFTs, the collaboration will explore the usage of blockchain technology in gaming. Blockchain technology has the potential to revolutionize the gaming business by enabling new types of games such as decentralized gaming and player-owned economies.
Square Enix and Polygon’s collaboration demonstrates the growing interest in blockchain technology among established firms and industries. We should expect more collaborations between traditional firms and blockchain startups as the promise of blockchain technology becomes more publicly recognized.
One of the primary advantages of blockchain technology is its ability to increase transaction trust and transparency. This is especially significant in the gaming sector, where concerns like fraud, cheating, and ownership and authenticity disputes are widespread. Blockchain technology allows for the creation of a tamper-proof and transparent record of all transactions, which makes it easier to assure fair and equal gameplay.
The collaboration between Square Enix and Polygon is also significant in terms of the potential for NFTs to establish new revenue streams for artists and creators. NFTs give a new opportunity for creators to monetise their work and establish an audience by producing unique digital assets that can be bought and traded on a blockchain.
The usage of NFTs in gaming is still in its early stages, but it has the potential to transform the industry by allowing players to interact with games in new ways and producers to monetize their work. The collaboration between Square Enix and Polygon is just one example of the numerous use cases that are emerging in the blockchain ecosystem.
We should expect more cooperation between established organizations and blockchain startups, as well as more new use cases for blockchain technology, as blockchain technology evolves and matures. The collaboration between Square Enix and Polygon is an exciting step in this quickly expanding field, and it will be interesting to see how the initiative evolves and what new prospects it generates for the gaming business and digital art.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Blockchain Technology to Revolutionize the Gaming Industry in 2023
Introduction to the Potential of Blockchain Technology
Blockchain, the technology behind Bitcoin, is a decentralized digital ledger that records transactions across a network of computers. It offers transparency, security, and immutability, making it perfect for the gaming industry. One of the most significant ways blockchain is set to revolutionize gaming is through the use of non-fungible tokens (NFTs). NFTs are unique digital assets stored on a blockchain, and they can be used to represent in-game items such as weapons, armor, and collectibles. This allows for true ownership of in-game assets, and players can trade, sell, or even hold on to them as investments. This new level of ownership and control over in-game assets is set to change the way we play and interact with our favorite games.
Utilization of Non-Fungible Tokens (NFTs) for True Ownership and Control of In-Game Assets
NFTs are unique digital assets stored on a blockchain, and they can be used to represent in-game items such as weapons, armor, and collectibles. This allows for true ownership of in-game assets, and players can trade, sell, or even hold on to them as investments. This new level of ownership and control over in-game assets is set to change the way we play and interact with our favorite games.With blockchain, game developers can create and distribute their games without the need for centralised platforms such as Steam or the App Store. This allows for a more decentralised distribution model, giving game developers more control over their creations and a direct connection with their players.
New Monetization Opportunities
Blockchain technology also has the potential to change the way players are rewarded for their in-game activities. In traditional games, players are often rewarded with in-game currency or items that have no real-world value. With blockchain, players can be rewarded with digital assets that have real-world value, such as cryptocurrency or NFTs. This can change the way players view in-game rewards and create new monetisation opportunities for game developers.Online gaming is also set to benefit from blockchain technology. In traditional online games, players rely on centralized servers to host and run the game, which can lead to issues such as lag and downtime. With blockchain, online games can be run on a decentralised network, eliminating the need for centralised servers and making online gaming more reliable and efficient.
Conclusion: The Exciting New Era of Blockchain Gaming and its Impact on the Crypto Community
In conclusion, the gaming industry is on the cusp of a revolution thanks to the introduction of blockchain technology. The use of non-fungible tokens, decentralized game development and distribution, and the ability to reward players with digital assets of real-world value are just a few of the ways that blockchain is set to change the way we play and interact with our favorite games. As a HolyTransaction, we believe that this integration of blockchain technology into the gaming industry is an exciting development for the crypto community. Not only does it open up new opportunities for monetization and investment, but it also helps to further mainstream the use of digital assets like Bitcoin. In the coming years, we expect to see more and more games incorporating blockchain technology and new blockchain-based games being created. This new era of blockchain gaming is not only a win for players and game developers, but also for the crypto community as a whole. As the technology continues to evolve, we can’t wait to see the innovative ways that blockchain will change the gaming industry for the better. So, let’s gear up for the blockchain revolution in gaming and the possibilities it holds for Bitcoin and the broader cryptocurrency ecosystem.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Investigating the use of blockchain technology in digital identity management
Blockchain Technology and its Potential in Digital Identity Management
Digital identity management is a crucial aspect of our digital lives, as it enables us to prove our identities online and access a wide range of services. However, current digital identity management systems are often centralised and controlled by a few large corporations, which can lead to issues such as data breaches and lack of control over personal information. Blockchain technology has the potential to revolutionise digital identity management by creating a decentralised, secure, and user-controlled system.
Blockchain technology is a decentralised, digital ledger that records transactions across a network of computers. It is the technology behind the popular cryptocurrency, Bitcoin, but its potential uses go far beyond just financial transactions. One of the key features of blockchain technology is its ability to enable secure and transparent transactions, without the need for a central intermediary.
In digital identity management, blockchain technology can be used to create a decentralised system, where users have complete control over their personal information and can prove their identities without relying on a central authority. This would allow for greater security and privacy, as personal information would be stored on the blockchain and protected by cryptographic techniques. Additionally, the use of blockchain technology would increase transparency, as all transactions and changes to personal information would be recorded on the blockchain, creating an auditable and immutable record.
OpenTimestamp and Digital Identity
The importance of OpenTimestamp in digital identity management cannot be overstated. OpenTimestamp is an open-source protocol that enables secure and verifiable time-stamping of data in the blockchain. This means that it can be used to create a tamper-proof record of a user’s digital identity, making it more difficult for others to manipulate or alter the data. This added security and trust will further contribute to the success and widespread adoption of blockchain-based digital identity management systems.
Decentralised Identity Management
A decentralised digital identity management system would allow for greater control over personal information, as users would be able to store and manage their own personal information, rather than relying on a central authority. This would also increase security, as personal information would be stored on the blockchain and protected by cryptographic techniques. Additionally, a decentralised system would be more resilient to data breaches and cyber attacks, as there would be no central point of failure.One of the key benefits of a decentralised digital identity management system is that it would allow for greater interoperability between different systems and platforms. This would enable users to prove their identities across a wide range of services, without the need to create multiple identities or share personal information with multiple organisations.
Self-Sovereign Identity
Another potential use of blockchain technology in digital identity management is the concept of self-sovereign identity. This would allow users to have complete control over their personal information and use it to prove their identities across a wide range of services. This would be done through the use of digital identity credentials, which are stored on the blockchain and can be used to prove identity without the need for a central intermediary. The use of blockchain technology in self-sovereign identity would also increase transparency and trust in the digital identity management system, as all transactions and changes to personal information would be recorded on the blockchain, creating an auditable and immutable record. This would help to prevent fraud and manipulation in the digital identity management system, and increase trust among users.
Conclusion
Blockchain technology has the potential to revolutionise digital identity management by creating a decentralised, secure, and user-controlled system. This would allow for greater control over personal information, increase security and privacy, and enable users to prove their identities across a wide range of services. While the technology is still in its early stages, the potential benefits of blockchain technology in digital identity management are clear, and it will be interesting to see how it develops in the coming years.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Heating Your Home with Bitcoin Mining Rigs: Pros, Cons and Real-Life Cases
Bitcoin mining is the process of using specialized computer hardware to validate transactions on the Bitcoin blockchain and earn rewards in the form of newly minted Bitcoins. This process requires a significant amount of energy and generates a lot of heat as a byproduct. In recent years, some individuals have started using their Bitcoin mining rigs to heat their homes as an alternative to traditional heating methods.
Advantages of using a Bitcoin mining rig for heating
Cost savings
One of the main advantages of using a Bitcoin mining rig for heating is the cost savings. Bitcoin mining can be a profitable endeavor, and the heat generated by the rig can be used to offset the cost of heating the home. Additionally, using a mining rig for heat can also help to reduce the overall carbon footprint of the home, as it eliminates the need for fossil fuels or other non-renewable sources of heat.
Flexibility
Another advantage of using a mining rig for heat is the flexibility it offers. Many mining rigs can be easily moved from room to room or even from house to house, allowing individuals to easily adjust the heating in their home as needed. Additionally, some mining rigs can be controlled remotely, allowing individuals to turn the heat on or off and adjust the temperature from anywhere using a smartphone or computer.
Real-life examples of using a Bitcoin mining rig for heating
Qarnot Computing’s QH-80 heating system
One real-life example of using a Bitcoin mining rig for heating is a company based in the United States called Qarnot Computing. They have created a heating system called “QH-80” that is specifically designed for this purpose, it’s a small, plug-and-play device that can be used to heat a room or small apartment. The device is equipped with several high-performance computing chips that can be used for both mining and heating, with the heat being distributed through a series of built-in radiators. The company claims that the device can heat a room of about 150 square feet for roughly $30 per month, which is significantly less than the cost of traditional heating methods.
Kristoffer Koch’s home in Norway
A third example is a man from Norway named “Kristoffer Koch” who became a millionaire by investing in Bitcoin early on. He invested 150 kroner ($26.60) in 5,000 bitcoins in 2009 and forgot about it. When he rediscovered his investment in 2013, the value of his bitcoins had grown to $886,000, he decided to use a part of his fortune to install a heating system in his house that runs on Bitcoin mining. He claims that it’s cheaper and more environmentally friendly than the traditional heating methods.
Heat4Mine: Bitcoin Mining for Heating in the Netherlands
Heat4Mine is a Dutch company that provides a solution for using the heat generated by Bitcoin mining rigs to heat homes. They have developed a system that captures the heat generated by mining rigs and uses it to heat water, which is then distributed through a building’s heating system. This allows homeowners to offset the cost of heating their home with the profits generated from mining Bitcoin. The company claims that their system is a more sustainable and eco-friendly alternative to traditional heating methods, as it reduces the need for fossil fuels. According to their website, they have been providing this service since 2017.
Disadvantages of using a Bitcoin mining rig for heating
Initial cost of setting up the rig
Despite these advantages, using a Bitcoin mining rig for heating does have some drawbacks. One of the main disadvantages is the initial cost of setting up the rig. Mining rigs can be quite expensive, and the cost may not be worth it for those who only plan to use it for heating. Additionally, the noise and heat generated by the rig can be quite substantial, which may not be suitable for some individuals.
Regular maintenance and reliability issues
Another potential drawback is the fact that the mining rig will require regular maintenance, which can be time-consuming and costly. Additionally, mining rigs are not always reliable and may break down or malfunction, which can be a major inconvenience for those who rely on them for heat.
Conclusion
Despite these drawbacks, using a Bitcoin mining rig for heating is becoming an increasingly popular option for those looking for an alternative to traditional heating methods. As the price of Bitcoin continues to rise, the profitability of mining also increases, making it a more viable option for those looking to offset the cost of heating their home. Additionally, as the world continues to focus on reducing carbon emissions and becoming more energy efficient, using a mining rig for heat may become a more appealing option for those looking to reduce their environmental impact.
It’s important to note that the profitability and cost-effectiveness of using a mining rig for heat will depend on several factors, including the cost of electricity, the current price of Bitcoin, and the efficiency of the rig itself. Additionally, it’s also important to consider the noise and heat generated, and maintenance requirements before making a decision. It’s also important to note that while this is a potential use case, it’s not yet widely adopted or popular. It’s still a niche application of the technology.
In conclusion, using a Bitcoin mining rig for heating can be a cost-effective and energy-efficient alternative to traditional heating methods. It can also help reduce carbon footprint and offer flexibility to adjust heating as per need. However, it’s important to weigh in the initial costs, maintenance requirements, noise and heat generated and the overall profitability before making a decision. As with any technology, it’s important to keep in mind that it may not be suitable for everyone, but for those who it does work for, it can be a great way to save money and reduce their environmental impact.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
The First Bitcoin Transaction: A Pivotal Moment in Cryptocurrency History and its Impact on the World Today
A revolutionary digital asset, Bitcoin has captured the attention of the world since its creation in 2009. One particularly noteworthy moment in its journey is the first ever Bitcoin transaction. On January 12, 2009, the creator of Bitcoin, Satoshi Nakamoto, sent a transaction to computer scientist and cryptographer, Hal Finney. This transaction marked the beginning of Bitcoin’s journey from being a digital asset with no real-world value to the widely accepted and valuable cryptocurrency it is today.
The Beginnings of Bitcoin Adoption
Hal Finney, the recipient of the first Bitcoin transaction from Satoshi Nakamoto, was an early Bitcoin enthusiast and developer. He was one of the first people to understand the potential of digital currency and was an active contributor to the development and testing of the Bitcoin software. He was an early adopter of the technology and supported the growth of the network. He was also the first person to run a bitcoin client on his computer and famously tweeted “Running bitcoin” on January 11th, 2009.
He was a pioneer in the field and was one of the first people to understand the potential of Bitcoin. He was also an active member of the cypherpunk community and was involved in the development and testing of the Bitcoin software.
In addition, Hal Finney’s tweet “running bitcoin” on January 11, 2009, is considered as one of the first public demonstrations of the software and it was a significant moment in the early days of Bitcoin. His tweet is considered as the first recorded evidence of the successful running of the software and the first recorded instance of Bitcoin mining.
Before this transaction, Bitcoin was used primarily as a digital asset, with no real-world value. Satoshi’s transaction to Hal marked the first time Bitcoin was used to transfer funds, and it marked a significant milestone in the cryptocurrency industry. It demonstrated the potential of Bitcoin as a medium of exchange and sparked the interest of many other early adopters. Hal Finney’s early involvement and support were essential in laying the foundation for the cryptocurrency’s success. He was a vocal advocate for Bitcoin and helped to promote its growth and adoption.
The Growth and Evolution of Bitcoin
The first-ever Bitcoin purchase was made by a man named Laszlo Hanyecz on May 22, 2010, who bought two pizzas for 10,000 BTC. This transaction is now celebrated annually as ‘Bitcoin Pizza Day‘ by Bitcoin enthusiasts worldwide.
Since then, Bitcoin has grown in popularity, with millions of people around the world now using it as a means of exchange and store of value. The cryptocurrency industry has evolved significantly over the last decade and continues to grow at an unprecedented rate. The value of Bitcoin has gone from being worth a few cents to reaching an all-time high of over $60,000 per coin. It has also sparked the creation of thousands of other digital currencies, known as altcoins.
The growth of Bitcoin is still far from over. It has become a household name and has attracted the attention of investors, businesses, and governments worldwide. Bitcoin has also played a crucial role in the development of blockchain technology, which has the potential to revolutionise various industries.
Conclusion
Bitcoin’s journey so far has been nothing short of remarkable. From the first transaction sent by Satoshi Nakamoto to Hal Finney, to the widespread acceptance and adoption of the digital currency, Bitcoin has come a long way. The significance of that first transaction cannot be overstated; it was the start of a journey that has led to the creation of a new asset class and a new way of thinking about money.
The first Bitcoin transaction was a pivotal moment in the history of cryptocurrency. Hal Finney, the recipient of the first transaction, was one of the first people to understand the potential of Bitcoin.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Understanding the Basics of Zero-Knowledge Proofs (ZKPs) Before Examining zk-STARKs and zk-SNARKs
Ethereum now has privacy thanks to zero-knowledge proof technologies, specifically zk-STARKs. But before we can assess zk-STARKs, it is important to define a zero-knowledge proof (ZKP).
Understanding the Basics of Zero-Knowledge Proofs (ZKPs)
A ZKP is a cryptographic technique that enables a prover to confirm another person’s assertion without disclosing any supporting data. zk-STARKs and zk-SNARKs are two of the most compelling zero-knowledge technologies available today, standing for zero-knowledge succinct non-interactive argument of knowledge and zero-knowledge scalable transparent argument of knowledge, respectively. These technologies allow one party to demonstrate their knowledge to another without actually revealing the knowledge, making them both scaling technologies, as they can enable faster proof verification, and privacy-enhancing technologies, as they reduce the amount of information shared between users.
zk-STARKs, specifically, enable users to communicate validated data or carry out computations with a third party without the other party knowing the data or results of the analysis. They are an advancement over zk-SNARKs because of their reduced algorithmic complexity, making them easier for even crypto experts to find mistakes in. These types of knowledge testing tools are primarily used to build highly private and secure systems that are decentralized and can only be accessed under specific, difficult-to-obtain conditions, such as those found in cryptocurrencies. These systems not only secure the network but also protect and anonymize users.
Comparing zk-SNARKs and zk-STARKs
There are a few main differences between zk-SNARKs and zk-STARKs. Firstly, zk-SNARKs require a reliable configuration phase, while zk-STARKs create verifiable computing systems without trust using publicly verifiable randomness. Secondly, zk-STARKs are more scalable in terms of speed and computational size when compared to zk-SNARKs. And thirdly, zk-SNARKs are vulnerable to attack by quantum computers, while zk-STARKs are currently immune. However, it is important to note that STARKs have larger proof sizes than SNARKs, meaning they take longer to verify and require more gas. In addition, the STARKs developer community is smaller and has less documentation compared to SNARKs.
Support from the Developer Community
Despite these differences, both the SNARKs and STARKs communities have support from developers. The Ethereum Foundation, in particular, has shown support for Starkware, a company using STARKs, by awarding them a $12 million grant. While documentation for STARKs is currently less comprehensive than that for SNARKs, the technical community has recently created more resources for those interested in the technology.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Hal Finney’s Family Launches ‘Running Bitcoin Challenge’ to Support ALS Research
The Running Bitcoin Challenge: Honoring Hal Finney’s Memory and Supporting the Fight Against ALS
Hal Finney was a renowned computer scientist and cryptocurrency developer known for his contributions to the development of Bitcoin. In 2008, he received the first-ever Bitcoin transaction from Satoshi Nakamoto, the pseudonymous creator of Bitcoin. Tragically, Finney passed away in 2014 due to complications from Amyotrophic Lateral Sclerosis (ALS), also known as Lou Gehrig’s disease.
A Half Marathon Fundraiser for a Good Cause
In honor of Finney’s legacy, his spouse Fran Finney has organized the Running Bitcoin Challenge, a half marathon fundraiser that takes place between January 1 and January 10 each year. Finney was an avid runner before being diagnosed with ALS in August 2009. Despite a long battle with the disease, he was cryonically preserved in 2014. The Running Bitcoin event serves as a way to honor his memory and raise funds for an important cause. Those who donate at least $100 will receive an official Running Bitcoin T-shirt, and the top 25 fundraisers will receive a rare Hal Finney collectible.
The First Bitcoin Transaction and a Tweet That Changed the World
This timing coincides with the anniversary of Hal Finney’s famous “Running Bitcoin” tweet, in which he announced that he was contributing to the code to the Bitcoin codebase in 2008 and early 2009, and he was the recipient of the first-ever Bitcoin transaction, in which Satoshi Nakamoto sent him 10 BTC. Finney was a pioneer in the field of computer science and a strong advocate for privacy and civil liberties. His work in these areas continues to inspire others to fight for these values.
A Decentralized Event That Can Be Participated in From Anywhere
Participants in the Running Bitcoin Challenge can run, walk, roll, or hike the equivalent of a half marathon (Finney’s favorite distance) either in one go or over the entire 10-day period. There is no set location for the challenge, so participants can join from anywhere they wish. Those who donate at least $100 will receive an official shirt with the half marathon’s logo, and the top 25 fundraisers will receive a Hal Finney collectible signed by his wife. The Running Bitcoin Challenge serves as a way to honor Finney’s memory and raise funds for the important cause of finding a cure for ALS.
The Running Bitcoin Challenge has been a successful fundraiser, raising hundreds of thousands of dollars for ALS research. In addition to supporting research, the challenge also serves as a way for people to honor Finney’s memory and pay tribute to his contributions to the world of cryptocurrency.
Support the Cause and Honor Hal Finney’s Memory
By participating in the Running Bitcoin Challenge and raising funds for ALS research, individuals can help make a difference in the fight against this devastating disease and honor Finney’s memory at the same time. The event is being held in cooperation with the ALS Association Golden West Chapter, which provides equipment loans and educational materials to people living with ALS.
One of the unique aspects of the Running Bitcoin Challenge is that it is a decentralized event, meaning that it can be participated in from anywhere in the world. This makes it accessible to people from all walks of life and allows for a diverse group of participants to come together in support of the cause.
Overall, the Running Bitcoin Challenge is a unique and meaningful way to honor the memory of Hal Finney and support the fight against ALS. It is an opportunity for the cryptocurrency community to come together and make a difference in the world.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
Central Africa Embraces Bitcoin and Cryptocurrency Adoption for Economic and Political Stability
Bitcoin, the world’s first decentralized digital currency, has seen growing adoption in Central Africa in recent years. This trend is driven by a number of factors, including the region’s high inflation rates, political instability, and lack of access to traditional banking services.
One of the main reasons for the adoption of Bitcoin in Central Africa is the high inflation rates that many countries in the region face. Inflation erodes the purchasing power of a currency, making it difficult for people to save and plan for the future. By using Bitcoin, which is not subject to inflation, individuals and businesses in Central Africa can protect their wealth and preserve its value over time.
Political instability is another factor driving the adoption of Bitcoin in Central Africa. Many countries in the region have a history of coups, civil wars, and political unrest, which can lead to the confiscation of assets and bank accounts. By using Bitcoin, which is decentralized and not controlled by any government or institution, individuals and businesses in Central Africa can protect their assets from seizure and avoid the risks associated with political instability.
In addition to high inflation and political instability, many people in Central Africa lack access to traditional banking services. In some rural areas, there are no banks or financial institutions, making it difficult for individuals and businesses to access credit, save money, and make payments. By using Bitcoin, which can be easily accessed and used with a smartphone and internet connection, people in Central Africa can enjoy many of the same benefits of traditional banking without the need for physical infrastructure.
The adoption of Bitcoin in Central Africa is also supported by a growing ecosystem of businesses and services that accept the cryptocurrency. This includes merchants who accept Bitcoin for goods and services, as well as exchanges and wallet providers that facilitate the buying and selling of Bitcoin. This ecosystem is helping to drive the adoption of Bitcoin and is making it easier for people in Central Africa to use the cryptocurrency in their daily lives.
In addition to the factors mentioned above, there are several other reasons why Bitcoin is gaining popularity in Central Africa. The increasing use of mobile phones and internet access in the region has made it easier for people to use Bitcoin and other digital currencies. The growing awareness of the benefits of Bitcoin, such as its decentralized nature, low transaction fees, and fast transaction times, has also contributed to its increasing popularity in the region. The growing adoption of Bitcoin in other parts of the world has also played a role in its acceptance in Central Africa.
Furthermore, the Central African Republic has recently unveiled its own cryptocurrency, Sango Coin, which will be the second cryptocurrency, after Bitcoin, to be recognized as legal tender in the country. The President of the Central African Republic has voiced support for blockchain, cryptocurrencies, and Bitcoin, further demonstrating the increasing interest and involvement in the cryptocurrency space in the region.
Overall, the adoption of Bitcoin in Central Africa is driven by a combination of economic, political, and technological factors. As the ecosystem of businesses and services that accept Bitcoin continues to grow, it is likely that the adoption of the cryptocurrency will continue to increase in Central Africa.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
