Turning Down the Heat on Bitcoin
Bitcoin mining uses as much energy as Sweden, a nation of 10 million people. The heavy carbon footprint of bitcoin has made the cryptocurrency the object of criticism amongst environmentalists concerned about climate change. Criticism of the high-energy model of bitcoin led Tesla — which holds one of the world’s highest amounts of bitcoin valued at +$2 billion — to discontinue bitcoin as a means of payment for its e-vehicles.
Now, a coalition calling itself Change the Code Not the Climate is calling on bitcoin to change the code used to verify transactions in order to reduce energy consumption.
The current software code called “proof of work” requires a massive amount of computer power. An alternative verification model called “proof-of-stake,” which is used by rival crypto Ethereum, reportedly uses 99% less energy. In the “proof-of-stake” code, miners pledge their coins to verify transactions and suffer penalties for inaccurate information.
With the simple switch of a code, bitcoin can reduce its carbon emissions.
Messi Scores with Crypto
The world’s greatest soccer player Lionel Messi just signed a $20 million deal with crypto firm Socios to promote digital fan tokens. Messi is not the first star athlete to endorse crypto — both NBA player LeBron James (who has a deal with crypto.com, which is a sponsor of FIFA, the world’s governing body for soccer) and NFL quarterback Tom Brady have crypto deals.
Messi previously accepted crypto as part of his payment to move to Paris Saint-Germain from his previous team FC Barcelona.
As part of this three-year deal with Socios, which will not be paid in crypto but standard dollars, Messi will promote fan tokens in the lead-up and during the upcoming World Cup held in Qatar in November. Fan tokens are a type of cryptocurrency that allows holders to vote on minor decisions related to their team. Socios has already signed deals with more than 130 sports clubs, including top soccer teams, to create fan tokens and other digital items.
Sports critics view fan tokens as a new source of revenue and promote them as a way for fans to be involved. Critics counter that the tokens only allow for superficial engagement and add an unnecessary cost to fans, and serve mainly to pad the wallets of teams and their owners.
Layerr Partnerships
Last week we mentioned our partnership with New York luxury brand, NIMANY. Nima Behnoud is launching his first ever collection of NFTs straight into the metaverse. The NFTs will allow you to burn and redeem for physical NIMANY watches specially reserved for this collection. The burning mechanism that was developed by our smart contract lead engineer, Jack Benhayon, has never been applied to any other NFT project and serves as a major milestone in the NFT space. Each NFT watch will have metaverse integration for holders as well as other perks and gifts for being a NIMANY Club Member. NIMANY Club NFTs will be available at the end of April. Join the Discord and follow the Instagram to find out more information about the NIMANY Club project!
About Us: Layerr is a Miami and San Francisco based crypto startup contributing to the expansion of the metaverse and mainstream adoption of NFTs. We’re here to bring new updates and carve aspiring artists a piece of the metaverse pie through innovative products and services. Contact us to bring blockchain to your business and guide you into the metaverse.
Originally published at https://www.linkedin.com.
