FTX And Golden State Warriors NBA Agreed To Release NFT

The team has released a series of digital rings of six-season NBA champions, as well as ticket stubs for the most memorable matches in the form of a non-fungible token.

FTX will be featured on the Santa Cruz Warriors club field, on the main team field during NBA 2K League games, and on broadcasts by the Golden Guardians e-sports team, including the Championship Series. League of Legends (LCS) enemy. Super Smash Bros and World of Warcraft.

As part of the agreement, FTX US will also donate 1 BTC each to three charities working on equality in education.

In November, the company signed a similar deal with the University of Kentucky basketball team.

As a reminder, FTX signed a five-year contract with MLB in June. The company previously received the rights to the NBA club’s name “Miami Heat”, which was renamed FTX Arena until year 2040 .

The crypto derivatives exchange then agreed with esports team TSM to rebrand for $210 million. She later announced plans to create an NFT marketplace focused on sports and entertainment.

In October, FTX acquired ad space during the broadcast of the NFL Championship Final (Super Bowl).

In December, it became known about the company’s plans to raise the estimate to $32 billion.

About Mintlayer project

Mintlayer is a long-term, secure solution for scaling and accelerating the future of decentralized finance. To make it easy to imagine, we can understand Mintlayer as Layer 2 of Bitcoin, but not connected to bitcoin. Mintlayer builds its blockchain network on the Proof of Stake mechanism and uses Bitcoin’s hash function as a parameter for the random selection of validators. This consensus structure is called Dynamic Slot Allotments (DSA).

Mintlayer’s Structure

Blockchain Mintlayer is pegged to Bitcoin

Every Mintlayer block has a reference to a Bitcoin block. In each Mintlayer round, which spans 1008 Bitcoin blocks, participants are selected from among stakers to collaborate on creating the blocks of the chain.

Users who decide to actively participate in network consensus need to run a node and stake enough MLT coins to cross the minimum threshold. Each round, an election is automatically executed by the algorithm, where users can be selected as participants. The higher the stake when staking the token, the higher the chance of being selected.

The selection mechanism uses the hash of Bitcoin blocks as a source of randomness to ensure an unbiased selection of the participants and to establish a random order in which they will follow when generating and validating blocks.

At a specific point in each round, every participant is required to build and propagate a block from which all transaction fees will be collected.

The long-term security of the Mintlayer chain is ensured by a checkpoint system on the Bitcoin blockchain.

Increasing Decentralization

Mintlayer is designed to allow anyone to run a node and validate blocks with minimal hardware requirements: block size limit set to 1mb, utreexo reduce merge UTXO set to 1KB, so that the node can slice safely drop the blockchain thanks to checkpoints on Bitcoin.

Confirmation times have the same speed as Bitcoin due to the use of block size limits and the FIBER network.

Each node communicates with other nodes to perform atomic swaps allowing for a completely decentralized exchange (DEX).

The network’s token standard

The acronym MLS-01 stands for Mintlayer Standard version 0.1. It represents the basic standard specification for the Mintlayer token, which has a typical list of rules that must be implemented in order to be properly processed by the Mintlayer wallet. Thanks to the standard, any MLS-01 can be received, sent or stored in any Mintlayer multi-token wallet. Once the wallet is installed, any exchange or service will be ready to accept any coin issued on Mintlayer.

If the token has confidential trading enabled, it is labeled as MLS-02, while the NFT token is labeled as MLS-03.

Decentralized Finance (DeFi)

Smart contracts on blockchain mainly include specific conditions for locking and unlocking coins. There are three common approaches to smart contracts in the crypto ecosystem: script-based mainly used in Bitcoin, Solidity contracts used in the Ethereum Virtual Machine (EVM), and more recently Web Assembly Virtual Machine (WASM), seen in projects like EOS or Polkadot.

Both EVM and WASM are Turing-complete, meaning the system can handle any set of rules for data manipulation, opening up almost limitless possibilities for developers to create smart contracts. Instead, Mintlayer uses a script-based approach like Bitcoin: it is not Turing complete and is therefore limited by a certain set of rules to be followed. This approach sacrifices some flexibility in exchange for greater security, durability, and authentication speed.

In general, script-based smart contracts tend to generate less network pollution and execute faster than Turing complete contracts, thus ensuring a more manageable environment for developers. On the contrary, complex architectures on blockchain will cause more problems than benefits: there are countless possibilities that can clog servers, while at its core, a Turing complete system not even required by most blockchain applications.

Decentralized Exchange

Any exchange has two main components: the Messaging system and the trading engine. Messaging system collects transaction intents (orders) from users and sends them to a trading engine that checks orders and executes them. In the current DeFi ecosystem – mostly built on top of Ethereum – messaging systems typically use protocols like 0x protocol, while the transaction engine is a smart contract. A DEX may not achieve censorship resistance because of two separate conditions.

In this regard, Mintlayer users and developers can choose between six different types of DEX interactions, depending on their needs for decentralization, privacy, and censorship resistance: from a decentralized solution. entirely in both trading tools and messaging systems to softer solutions that introduce intermediaries in communication to increase the range of possible transactions.

What is DYdX?

dYdX is a decentralized borrowing and lending platform based on Ethereum. It offers loan, loan and betting tools for crypto users.

On the surface, dYdX looks like another lending protocol on Ethereum, but dig a little deeper and you’ll see it’s one that is trying to take the Decentralized Finance (DeFi) industry to the next level. Here are details about who invented it, how it works and what makes it so special.

There are still problems

Margin trading, options and derivatives are popular tools for traditional traders and investors, but in cryptocurrencies, these features are limited to centralized exchanges. like Kraken, Huobi and Binance. For the first time, these standard transaction features are built on trust and decentralization.

What is DYdX?

Decentralized borrowing and lending already exists in DeFi through popular platforms like MakerDAO and Compound, but dYdX focuses on building more advanced trading tools on the ETH blockchain. Like other DeFi products, the dYdX protocol is available for anyone to use and build on the basis of user property, managed by smart contracts instead of humans.

It is the most popular decentralized margin trading platform with the highest transaction level of over 150,000 ETH (worth more than $ 30 million at the time) locked in smart contracts in November. 2019. As of April 2020, more than $ 500 million have been traded on the platform.

The basics of margin trading

Before diving deeper into the margin trading protocol, let’s review some margin trading basics.

What is margin trading?

Margin trading is really about borrowing money to make bigger bets. Crypto traders bet that the price of a crypto asset will move in an up or down direction. Margin trading allows traders to increase profits if they are right, but also with the potential to lose money if they are wrong.

Margin trading creates leverage, the more leverage it uses, the more risk (or reward) of profit or loss. For example, using double leverage will essentially double a trader’s potential profit or loss.

What is collateral?

Because trustworthy identity checks and credit checks are not widely available on the blockchain, virtually all decentralized loans use collateral. Collateral is the minimum deposit required to be made and to repay a debt. The more collateral you put in, the more you can borrow.

What is liquidation?

When the value of your collateral falls below a certain level, it is automatically sold to pay you back, a process called liquidation. Loans are at high risk of liquidation when the loan is too much while the collateral is too low in value. Liquidation risks increase sharply in larger volatile markets such as cryptocurrencies.

Who invented dYdX?

The dYdX protocol was founded in 2017 by Antonio Juliano, a former engineer at Coinbase and Uber.

What makes it special?

As a pure trading platform, dYdX has limitations, but as a completely open, unstable and non-binding financial protocol, it is one of the most advanced. The platform’s features are currently limited to basic transactions between three basic asset types (ETH, DAI and USDC), asset lending for interest, and two types of margin trading: margin trading. isolated and cross margin trading. While these are simple tools for veteran traders, they represent a huge step forward for the fledgling DeFi ecosystem.

Is there anything different?

Contrary to the nature of margin trading, lending on dYdX is considered low-risk and passive. With dYdX, the lender automatically makes a profit each time a new block is mined. Any funds deposited on the platform will consistently earn interest on every block and can be withdrawn at any time without minimum requirements. As all loans are mortgaged and face the threat of liquidation, the lender will always be paid back.

How does DYdX work?

Instead of one-to-one borrowers, lenders making and accepting loan offers, everyone must interact in a “local loan group”. Each asset has its own loan group that is managed by smart contracts so withdrawals, borrowing and lending can happen at any time without having to wait for pairing or sufficient capital. Borrowers and lenders interact with each other, based on supply and demand to determine the interest rate for each asset.

How can I use dYdX?

Like most other DeFi products, dYdX only requires an Ethereum wallet like MetaMask with an amount of ETH to get started. There are currently no transaction fees and no special tokens required to use dYdX.

Toward the future

DYdX’s plan is to always offer increasingly advanced trading features, like derivatives and options, along with their leading margin trading features. Recently, the project added “zero loss” options to allow traders to limit their potential losses. The executive team is also planning to expand, not just stop at the three basic types of crypto assets currently available on the platform. By adding complexity to its platform, dYdX is also adding complexity to the DeFi ecosystem as a whole, a hallmark of a mature market.