Tech

Alkimiya Launches Blockchain Protocol to Hedge Bitcoin Transaction Fees

Discover how Alkimiya’s new blockchain protocol aims to revolutionize the way Bitcoin transaction fees are managed. Learn about innovative hedging strategies that offer greater financial security and efficiency for cryptocurrency users.

Published

4 months ago

July 23, 2024

yönetici

Alkimiya Launches Innovative Blockchain Protocol

Alkimiya, a newly launched blockchain protocol, has introduced a groundbreaking tool that enables users to hedge against the unpredictable transaction fee rates associated with Bitcoin (BTC). However, one of the significant challenges might be persuading staunch Bitcoin enthusiasts—often referred to as “maximalists” or “maxis”—to adopt this new protocol, particularly since it is built on the Ethereum blockchain.

The platform is described as a “blockspace markets protocol” and aims to attract a variety of users, including traders, mining pools, and blockchain foundations. Alkimiya’s founder and CEO, Leo Zhang, noted in an email interview with CoinDesk, “While we recognize that Bitcoin maxis may initially hesitate to use an Ethereum-based solution, our primary focus is on creating the most robust and efficient marketplace for trading Bitcoin transaction fees.”

The necessity for a solution like Alkimiya’s is underscored by recent events: in April, the initiation of Casey Rodarmor’s Runes protocol, which allows for the minting of fungible tokens on the Bitcoin network, caused transaction fees to surge dramatically from $4.80 to $125 per transaction. Alkimiya highlighted this issue, stating, “Bitcoin mining companies, facing high operating costs, are increasingly seeking hedging instruments to protect against fee volatility.”

Founded in 2021, Alkimiya has garnered support from a variety of investors, including Dragonfly, Castle Island Ventures, 1KX, GMR, Coinbase Ventures, Circle Ventures, Tribe Capital, and Robot Ventures. The project successfully raised $7.2 million in funding in January 2023 and subsequently launched on a test network in April.

Bitcoin, which has been in existence since 2009 as a peer-to-peer payments network, boasts a loyal user base that is often skeptical of solutions not built “natively” on its original blockchain. It is noteworthy, however, that Bitcoin lacks the programmability offered by Ethereum, which was established in 2015 by a group of developers, including Vitalik Buterin, who had prior experience with Bitcoin.

Like many decentralized applications and protocols developed on Ethereum, Alkimiya’s architecture necessitates some level of programming knowledge.

How Does Alkimiya Operate?

According to the project’s documentation, “Alkimiya users can enter Buy and Sell positions for any pool. These Buy and Sell positions are represented by NFTs (ERC-1155) called Long and Short shares. Long shares from the same pool share the same tokenId and are fungible, whereas Long shares from different pools have distinct tokenIds and are non-fungible. The same principle applies to Short shares.”

The ERC-1155 standard facilitates a “smart-contract interface capable of representing and controlling an array of fungible and non-fungible token types,” as defined on the Ethereum Foundation’s website. Zhang emphasized the importance of innovation, stating that the project is “actively monitoring” the progression of Ethereum-compatible layer-2 solutions built on the Bitcoin blockchain, along with UTXO-based approaches.

A UTXO, which stands for “unspent transaction output,” is a fundamental aspect of Bitcoin’s architecture, distinguishing it significantly from Ethereum’s account-based model. Presently, many Bitcoin layer-2 solutions remain under development, particularly those aimed at achieving compatibility with Ethereum.

Zhang further explained, “Given that we cannot currently develop on Bitcoin, building on Ethereum represents the most decentralized approach available, which aligns with our commitment to decentralization and avoiding a centralized framework.” The ultimate goal of Alkimiya is to create “seamless integration pathways that make it easy for Bitcoin users to access and utilize our platform without the hassle of managing multiple wallets or interfaces.”

Up Next

Microsoft’s Backup Application and Advertising Strategies in Windows 11

Don't Miss

A New WhatsApp Sticker is Coming to Instagram

Click to comment

Tech

Tesla Semi Fire: NTSB Preliminary Report Released

The NTSB’s preliminary report on the Tesla Semi fire has been released. This content includes important information about the details of the incident, the causes of the fire, and Tesla’s safety measures. Explore the impact on Tesla’s electric vehicles and its future steps.

Published

2 months ago

September 17, 2024

yönetici

The National Transportation Safety Board (NTSB) released a preliminary report stating that a Tesla Semi electric truck in California required firefighters to use “50,000 gallons” (approximately 190,000 liters) of water to extinguish a roadside fire. Firefighting teams also deployed an aircraft to drop fire retardant on nearby areas as a precautionary measure to control the fire.

The accident occurred on August 19 at 3:13 AM local time on the I-80 highway east of Sacramento. The electric truck went off the road while navigating a curve, collided with a roadside boundary marker, and then struck a tree, coming to a stop. Fortunately, the driver was not injured in the accident; however, considering their health condition, they were taken to the hospital.

The Tesla Semi’s large 900 kWh battery caught fire upon impact, and toxic smoke began to spread during the fire. While the fire continued with temperatures reaching up to 538°C, firefighters worked intensively to cool the blaze with water. However, due to the fire’s effects, the vehicle continued to burn until late in the afternoon. Meanwhile, Tesla sent a technical expert to the scene regarding fire safety and high voltage hazards.

The highway reopened to traffic at 7:20 PM local time, 16 hours after the accident. The NTSB, as an organization that can only make recommendations and cannot enforce regulations, sent a team to the area for investigation purposes. This major accident raised several issues, including dangerously hot fires and toxic smoke, which will attract the attention of many international organizations.

The NTSB had previously stated in 2021 that fires in the batteries of electric vehicles pose serious risks to emergency response teams and that the guidelines provided by manufacturers for such fires are inadequate.

Tech

New Leaks and Features About the Samsung Galaxy S25 Ultra

Discover the latest leaks and features about the Samsung Galaxy S25 Ultra. Equipped with new technologies and advanced features, this smartphone elevates the user experience to a new level. Check it out for details!

Published

2 months ago

September 17, 2024

yönetici

New Leaks About Samsung Galaxy S25 Ultra

Samsung is expected to introduce the Galaxy S25 Ultra along with the Galaxy S25 series at the beginning of 2024, likely in January. Although no official announcement has been made yet, leaks regarding the upcoming flagship continue to spread rapidly on the internet. Notable leak source IceUniverse shared several new visuals of the Galaxy S25 Ultra in a post on the X platform. These visuals reveal the design differences between the Galaxy S25 Ultra and the Galaxy S24 Ultra.

One of the notable features in the leaked images of the Galaxy S25 Ultra is the rounded corners of the phone. In contrast, this year’s Galaxy S24 Ultra has quite sharp corners, which has led to feedback from some users indicating discomfort while holding the device. Previous leaks have suggested that the Galaxy S25 Ultra may be somewhat larger.

A tweet shared by IceUniverse: Galaxy S25 Ultra Image

According to leaks, the Galaxy S25 Ultra is expected to be thinner and lighter compared to previous models. In August, rumors emerged that the upcoming Galaxy S25 Ultra would be lighter than its competitors, with a weight of under 221 grams.

Another image featured in IceUniverse’s post shows close-ups of the sides of both next year’s expected flagship phone and Samsung’s current flagship. In this image, the side of the Galaxy S25 Ultra appears flatter with rounded corners. While these changes may not create a major revolution, they will generally positively affect the feel of the phone in hand.

Looking at other rumors about the Samsung Galaxy S25 Ultra, it is expected that the company will offer top-tier screen and camera upgrades next year. Additionally, there is a strong expectation that the satellite connection feature will also be introduced alongside the Galaxy S25.

Tech

iOS 18 Officially Released: Innovations and Features

iOS 18 has been officially released! This update, packed with new features and innovations, elevates the user experience to the next level. Check out our article for details and discover the new offerings of iOS 18!

Published

2 months ago

September 17, 2024

yönetici

iOS 18 Officially Released: Here Are the Innovations!

Apple officially launched iOS 18 yesterday, as promised. After a long beta testing phase, this update brings many exciting new features for iPhone users.

iOS 18 Officially Released: Innovations and Features

New Features in iOS 18

Advanced Customization Options on the Home Screen: With iOS 18, users can now arrange app icons freely without sticking to the traditional grid layout. Additionally, there’s an option to change the colors of the icons and adjust their darkness levels. In short, you are no longer bound to a boring layout. It raises questions why Apple waited until 2024 to offer this feature.
Revamped Control Center: The Control Center is completely redesigned in iOS 18. Users will be able to group controls more comfortably, and developers can easily add controls from their applications. Also, there’s an option to divide the Control Center into pages, allowing different controls on each page.
RCS Messaging Support: With iOS 18, Apple introduces Rich Communication Services (RCS) messaging support. Users can add various effects to their texts and react with new emojis for more colorful responses.
Updated Photos App: The Photos app is presented with a new opening page and a modern layout. Users can now browse photos by time, people, and many other criteria, reorder media files, and explore more with the “Collections” feature.
App Lock Feature: Users can now lock specific applications. For example, they can activate Face ID protection from the menu that appears when long-pressing an app icon. Thus, anyone wanting to open the app will have to pass the Face ID protection first.
Apple Intelligence: One of the important features of iOS 18 is Apple’s artificial intelligence kit, Apple Intelligence. However, to fully benefit from this feature, you’ll need to wait for the iOS 18.1 update. More information about Apple Intelligence can be found here.

How to Install iOS 18?