Connect with us
[crypto-donation-box]

Blockchain

AC Milan employs blockchain to reach 450 million fans amid COVID lockdowns

Republished by Plato

Published

on

European football giant AC Milan is the latest sporting organization to jump on the blockchain bandwagon after it announced the impending launch of the $ACM fan token on the Chiliz (CHZ) blockchain.

With the launch expected to commence in the coming weeks, ACM token holders will be able to use their tokens to redeem various exclusive rewards and take part in interactive activities with the club and players.

The addition of AC Milan takes the number of sporting organizations on the Chiliz blockchain to 20. These include fellow European football heavyweights FC Barcelona, Paris Saint-Germain, AS Roma, and Atletico Madrid, as well as various e-sports teams, and leading MMA organization, the UFC.

In the past, football fans have used cryptocurrency tokens as a way to engage with their favorite teams in a number of ways. Examples include fans of Cyprus-based club, Apollon FC, choosing the team’s first opponent for a friendly match, and even deciding on the club’s home and away strips for the 2020/2021 season.

Barcelona fans used the tokens to vote on the placement of a fan-designed artwork in the team dressing room, while Juventus fans had a say in choosing the club’s new celebration song. Holders of AS Roma’s fan token were even able to ask questions of the team’s head coach during a live press conference.

Chiliz tokens are accessible through the Socios.com app, which has reportedly been downloaded 450,000 times, generating token sales exceeding 14 million in number.

Many Chiliz tokens have since been listed on the Binance cryptocurrency exchange, which initially launched a staking program for various tokens, before opening up direct trading against Bitcoin (BTC) and Tether (USDT).

Casper Stylsvig, chief revenue officer of AC Milan, said the decision to employ blockchain technology was motivated partly by a desire to gain further outreach to the club’s 450 million global fans — a task made all the more important during COVID-19 lockdown:

“We are happy to join hands with Socios.com and welcome them to our family as a global partner. This partnership allows us to give our 450 million fans across the world another exciting way to interact with AC Milan, which is particularly important under the current circumstances created by the Covid-19 pandemic.”

Alexander Dreyfus, founder and CEO of Chiliz and Socios.com, said he hoped to establish fan-tokens as the primary fan-engagement tool and expects it to become a new revenue generator in the sports arena:

“Fans of the I Rossoneri (AC Milan) will be able to enjoy unprecedented engagement with their favourite team, influencing the club in polls, accessing VIP rewards, exclusive promotions, chat forums and much more.”

Socios claims to have generated $30 million in revenue for clubs and partners in little over 12-months since it launched. Its FC Barcelona (BAR) fan token sale sold out to the tune of $1.2 million in just 2 hours in June 2020, while trade volumes of the Juventus (JUV) and Paris Saint-Germain (PSG) tokens exceeded $300 million within days of being listed on Binance.

Source: https://cointelegraph.com/news/ac-milan-employs-blockchain-to-reach-450-million-fans-amid-covid-lockdowns

Blockchain

Elon Musk’s latest Dogecoin ‘trolling’ isn’t impressing the crypto community

Republished by Plato

Published

on

Tesla and SpaceX CEO Elon Musk argued on Twitter today that Dogecoin (DOGE) can beat Bitcoin (BTC) “hands down,” with just one small condition—almost every DOGE’s fundamental aspect needs to change, effectively turning it into a different token altogether.

So no big deal then.

“Ideally, Doge speeds up block time 10X, increases block size 10X & drops fee 100X. Then it wins hands down,” Musk replied to a Twitter user who was arguing that “Elon is choosing $DOGE because Dogecoin is better than Bitcoin in many fundamental ways.”

Judging by the community’s reaction, a lot of users were left feeling unsure whether Musk was “trolling” or not. One commenter pointed out that if Dogecoin’s blockchain would produce 10-megabyte blocks every six seconds, this will make the network vulnerable to spam attacks.

“For those bad at math. 100X higher transaction volume with 100X lower fees means total fees earned stay same. Low fees & high volume are needed to become currency of Earth,” Musk retorted.

When asked why he won’t just make a completely new cryptocurrency that can satisfy these technical requirements, Musk explained that it’s a “big pain in the neck to create another one.” Still, he implied that this is also a possibility, but “only if Doge can’t do it.”

In his turn, Adam Back, CEO of Bitcoin development firm Blockstream, questioned Musk’s blockchain expertise in general.

“That’s not how any of this works, Elon Musk. Would be like someone wading into SpaceX with ideas for a cuboid rocket fueled by water,” Back wrote, adding, “He’s just trolling. And probably hitting a blunt.”

Other users were less lenient, arguing that if “Donald Trump has been banned for ‘being bad’ for people,” there is no reason why Musk “should keep having this privilege.”

In general, many commenters pointed out that for a blockchain network to drastically increase its throughput and scalability, it needs to make compromises in other areas such as security and decentralization. 

“Have you tried making your spaceships 10x lighter, and 10x faster, and also 10x bigger? This would ideally save on energy and efficiency,” another user ironically asked Musk.

In the end, regardless of whether Musk was actually joking or not, his behavior on Twitter—especially when it comes to cryptocurrencies—has been a bit over the top lately, some commenters argued.

“Because [Musk] has millions of newcomer users who may not know the difference. Funny trolling to him = rekt newbs in real-life,” Back concluded.

Get an edge on the cryptoasset market

Access more crypto insights and context in every article as a paid member of CryptoSlate Edge.

On-chain analysis

Price snapshots

More context

Join now for $19/month Explore all benefits

Like what you see? Subscribe for updates.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptoslate.com/elon-musks-latest-dogecoin-trolling-isnt-impressing-the-crypto-community/

Continue Reading

Blockchain

Bitcoin Hashrate of Major Chinese Mining Pools Drops Rapidly

Republished by Plato

Published

on

advertisement
Pointpay


Bitcoin network’s hashrate recorded a rapid drop today across major Chinese mining pools including f2pool losing 11.26% a spool lost 16.23%, Binancepool recorded a decline of 14.38%, and Huobipool lost 23.68%. The rapid decline is being attributed to another power outage in Sichuan province. Industry insiders claimed the decline might be temporary and might bounce back soon.

advertisement

Merchant Token

The decline in the mining pool’s hashrate comes days after the Bitcoin network’s mining hash power reached a new ATH. Bitcoin price on the other hand continued to consolidate under $50K. The top cryptocurrency saw a major sell-off a few days ago amid growing inflow on exchanges aided by Elon Musk-led Bitcoin network’s environmental impact FUD.

Bitcoin has been in a consolidation phase for over a month now after reaching a new ATH of $64,837, it recorded a sharp correction soon after falling over 20%. The recent sell-off was attributed to several factors including declining institutional interest.

advertisement

Will Bitcoin Price Suffer?

A similar power outage in China last month saw the Bitcoin mining hash rate drop by over 25% leading to another major market sell-off. The last hashpower fud was also marred into a lot of controversies as many claimed different reasons for the power outage and the amount of hash power decline.

Bitcoin price is currently trading just under the $49K mark with a 2% decline over the past 24 hours. With every major sell-off in the market, many have called it a short-term price top, but on most occasions, bitcoin has defied the odds to bounce back to new ATHs. On the other hand, Bitcoin adoption has continued to flourish as many public companies have announced Bitcoin purchases over the past month. Apart from Bitcoin, manor altcoins including ethereum, Litecoin have also registered a minor decline falling over 5% in the past 24 hours.

To keep track of Crypto updates in real time, Follow us on Twitter & Telegram.

Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
An engineering graduate, Prashant focuses on UK and Indian markets. As a crypto-journalist, his interests lie in blockchain technology adoption across emerging economies.

Handpicked Stories

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://coingape.com/bitcoin-hashrate-major-chinese-mining-pools-drops-rapidly/

Continue Reading

Blockchain

Coinbase finally releases a timeline for listing Dogecoin

Republished by Plato

Published

on

Since Coinbase’s direct listing, it released the transcripts of its Q1 Earnings Call. During the call, the company addressed its plans of listing Dogecoin (DOGE), thanks to its ever-rising demand.

Coinbase‘s CEO Brian Armstrong talked about the exchange’s plans for the memecoin. He stated:

“So, to answer your question directly, we plan to list DOGE in the next six to eight weeks. And then more broadly, we’re going to be focused on how we can accelerate asset addition in the future.”

With regard to queries on what parameters were used to qualify various coins or tokens to add to the exchange and why there weren’t more choices? Armstrong stated:

I think there’s going to be millions of different crypto assets out there, especially as we see new assets being created for new companies being created and there’s even NFT’s and individuals who are tokenizing their time and so in a world where there’s going to be millions and millions of these crypto assets out there, we get this question a lot, how are you deciding, which ones to add, and how can you accelerate it?

Without directly alluding to XRP, the digital asset that has been entangled in a legal battle with the SEC, Coinbase CEO also stated that Coinbase had worked with CRC to create a regulatory framework for coins. He added:

So, today, we use a number of factors, we look at cybersecurity around the coin to make sure that there’s not going to be an issue that would cause customer loss. We also look at it from a legal point of view and a compliance point of view. There’s various concerns out there about securities, for instance, and we’ve worked with things like the Crypto Rating Council to help create clear regulatory frameworks for this.

Data from ICO Analytics stated that the total web traffic for crypto exchanges had increased by 43% over the past month.


Sign Up For Our Newsletter


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/coinbase-finally-releases-a-timeline-for-listing-dogecoin

Continue Reading
Blockchain5 days ago

Palantir Accepts Bitcoin for Payments and Considers Adding BTC to Balance Sheet

Blockchain4 days ago

Billionaire Druckenmiller says ledger-based system could replace USD worldwide

Blockchain5 days ago

Bitcoin Vault inks major deal with ESE to co-produce Gaming & Esports Talent Show in five countries

Blockchain5 days ago

XRP Lawsuit ramifications: Is the SEC hurting the same community it vows to protect?

Blockchain4 days ago

First Spot: Coinbase’s App Surpassed TikTok, Instagram, and Facebook on iOS in the US

Blockchain5 days ago

Sigmax.io introduces an innovative trading bot that simplifies arbitrage trading

Blockchain4 days ago

Raze Network Kicks Off Testnet Phase With UI Community Voting

Blockchain4 days ago

dotmoovs Raises $840,000 From Strategic Investors and Partners

Blockchain5 days ago

The challenges with designing a CBDC, explained

Blockchain4 days ago

How did Internet Computer (ICP) become a top-10 cryptocurrency overnight?

Blockchain4 days ago

Casper Network’s CSPR Spot Trading Now Open on OKEx

Blockchain5 days ago

Block.one and partners raise $10B to launch EOS-based crypto exchange: Bullish Global

Blockchain4 days ago

When dollars meet the hype: The biggest NFT hits from celebrities

Blockchain4 days ago

PARSIQ Integrated Into Polkadot For Smart Triggers Across the Relay Chain

Blockchain3 days ago

US Investment Bank Cowen to Offer Crypto Custody Services

Blockchain4 days ago

Uniswap flips Bitcoin on daily revenue… and it’s more impressive than you think

Blockchain5 days ago

Polkadot, Cosmos, Bitcoin Cash Price Analysis: 11 May

Blockchain4 days ago

DeFi lending platform Aave reveals “private pool” for institutions

Blockchain4 days ago

From cypherpunk to state contracts: the changing face of blockchain

Blockchain4 days ago

TA: Ethereum Overcame Odds With New High, Here’s Why ETH Could Test $4.5K

Trending