Sacramento Kings, the American professional basketball team on Wednesday announced a charitable programme called “MiningForGood”. The team started mining using “Nvidia”- the mining rigs, bought from a partnership with the MiningStore. The team is said to install cryptocurrency mining machine in tire 4 data center in a professional sports arena. It is the first team in the world to “mine” digital currency.
Sacramento Kings are an American professional basketball team based in Sacramento, California. Kings owner, Vivek Ranadive is the founder of “Tibco”, a real-time computing software company and because of this, Kings are considered as one of the more tech-savvy teams.
“Opportunity begins when technology allows the world to find innovative solutions to complex problems.Through MiningForGood, not only will we raise funds to help with workforce development and training, we aim to inspire the next generation of tinkerers and thinkers to create change in their own community and around the globe.”
How do they plan on mining?
The kings are said to station MiningStore’s “Imperium” model machines that are said to mine “Ethereum cryptocurrency”. These machines will check other coin users’ transactions by solving complex mathematical problems that will result in a share of transactions returning to the “MiningForGood” program. Their Press Release mentions:
“The Kings partnered with MiningStore because of their durable and efficient computers.”
Sacramento Kings, MiningForGood, and “Build. Black.”
The MiningForGood grants intend to support workforce development and technology education programs in Sacramento through a partnership with the “Build. Black. Coalition.”. The Kings recently announced a partnership with Build. Black. to “fundamentally transform Black communities through deep investment in Black youth” in the city.
MiningStore was founded in the year 2015 by John Paul Baric for developing efficient and durable rigs. Baric mentions:
“The Sacramento Kings are pioneers in exploring cryptocurrency and its potential impact. We’re thrilled to partner with a forward-thinking organization that looks for ways to create positive change – through technology or sports.”
In 2014, the Kings became the first NBA team to accept Bitcoin as payment for both tickets and its merchandise.
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Facebook’s Libra ‘sounds an awful lot like Proof-of-Stake’ and will ‘run into Ethereum’s problems,’ claims Jameson Lopp
Facebook’s “The Libra Blockchain” whitepaper has created quite a frenzy, not only in the cryptocurrency ecosystem, but also with U.S. government officials. Some people claim that Libra is not a blockchain, while others claim that it is going to kill Ripple, XRP and other similar blockchains. However, Jameson Lopp had a different view, claiming that the Libra blockchain has not solved massive problems that Ethereum has.
Lopp in his Medium article dissected the whitepaper and stated that the Libra Blockchain will be controlled by a set of authorities in a top-down fashion and that it will eventually move from a permissioned to a permissionless blockchain. The blockchain will offer a global currency – Libra coin, which will be backed “with a basket of bank deposits and treasuries from high-quality central banks.”
Since the whitepaper mentions that it will eventually move towards a permissionless and an open system, Lopp speculates that it “sounds an awful lot like Proof of Stake” and like Ethereum, it will face the same problems. He said,
“Apparently the plan is to open up membership after 5 years and hopefully they’ll have figured out Proof of Stake by then… I expect they’ll run into the same problems as Ethereum!”
Lopp added that “Calibra Wallet,” which is used to store the Libra coins, is the only wallet that can hold the coins for now and that it will require strict KYC/AML compliance. Since the blockchain conveniently replaces “stablecoin” for “resources,” Lopp speculates that it will concentrate more on smart contracts since it is built on a custom smart contract programming language called “Move”.
In addition to facing similar problems as those faced by Ethereum, the Libra Blockchain is facing more issues from a political and a regulatory standpoint. There was a lot of speculation even before Facebook dropped the whitepaper.
According to Reuters, United States House Financial Services Committee Chairwoman Maxine Waters issued a statement to halt/pause any and all developments on the project, until and after the Congress and other regulatory bodies have finished reviewing it. A senior Republican, Patrick McHenry, is also calling for a hearing on Facebook’s new cryptocurrency.
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