Android Token Crypto

Android Token is based off of Infinitecoin using scrypt as a proof of work scheme.

Month: December 2022

Adidas Unveils Its First NFT Collection

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Adidas Originals, a German sportswear brand, launches its first collection of blockchain-powered virtual wearables, called “Virtual Gear.” The release of the NFT line strengthens Adidas Originals’ focus on community-driven and member-centric innovation in the open metaverse space.

The 16-piece collection is available to those who have ITM’s capsule collection from May, which was airdropped to NFT holders of Into The Metaverse. This represents a huge breakthrough for the brand, because it spans past and future generations, virtuality and reality, connection between people and their communities, culture vs identity.

Erika Wykes-Sneyd, VP of Adidas, said the following about NFT wearables at their launch: “I’m thrilled for our most passionate community members with this release. On collection launch day, every one of our capsule holders will have a choice – to express their virtual identity with adidas’ first Virtual Gear collection by burning it, or make it available to others in the community.” Our community and creators are at the heart of everything we do, which is why we are committed to exploring every opportunity that Web3 has to offer. We want to create wearables with value and utility for our community members that can be used in a variety of ways.

According to the report, people who own Adidas Originals’ Capsule NFT Collection can find out which of the 16 unique pieces they have been given by display and destroying their current Capsule NFT. This means that users must use their current Capsule NFT to create one of 16 new digital wearableNFTs at random.

Nic Galway, Senior VP of Creative Direction for Adidas Originals commented on the upcoming collection. He said that Adidas is always one of those brands which explores creativity and pushes boundaries to find new potential.

He continued, “Web3 provides an opportunity for our team to explore new possibilities in how our brand can be represented through virtual and augmented reality.”

NFT marketplaces will have the new virtual gear collection starting November 16th for those who don’t own an adidas originals Capsule NFT. As a bonus, people who have both a partner NFT (BAYC, MAYC, inhabitants) and a virtual wearable NFT from Adidas will be able to use their virtual wear on their PFP Tool that’s releasing soon.

On November 16th, members of the Capsule NFT community will be able to obtain the new Virtual Gear collection from various NFT marketplaces. As an extra incentive, those community members who own both a virtual wearable NFT and a compatible partner collection NFT (BAYC, MAYC, Inhabitants) will soon be able to use those NFTSs together with Adidas’ virtual wearables using the PFP Tool.

Most notably, the well-known sports brand Nike has made large appearances in the world of Web3 fashion. Recently, they introduced a new platform called Swoosh to increase its presence in the non-fungible token (NFT) space.

How is Zk-SNARK Used in Cryptocurrency?

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Zk-SNARK is an acronym that stands for “Zero-Knowledge Succinct Non-Interactive Argument of Knowledge.” A zk-SNARK allows one party to prove it possesses certain information without revealing what that information is. This proof uses a secret key created before the transaction takes place and is part of the protocol for Zcash, a cryptocurrency.

For most of cryptocurrency’s early adopters, privacy was an unstated but desired goal. Yet it always took a backseat to another priority: developing a way to securely and reliably transfer digital currency without resorting to traditional banking methods.

Bitcoin users in the early 2010’s thought that their transactions were anonymous. This was because user’s public keys weren’t associated with offline identities. However, efforts from data scientists, hackers and law enforcement at the end of the decade proved otherwise. It is possible and relatively easy to re-identify people who had given pseudonymous data to multiple sources.

Because people were concerned about the lack of privacy with original cryptocurrencies like Bitcoin, developers started working on creating coins that focused on privacy. The most well-known of these was Zcash, which used a technology called zk-SNARKs.

zk-SNARKs use “zero-knowledge proofs,” which were first though up in the 1980s. In short, a zero-knowledge proof is when two people can confirm they have certain information to each other without revealing what that information is.

Proofs that don’t utilize 2FA require one party to have access to all the information. A standard proof is akin to a password used for logging into an online network. The user inputs the password, and then the network checks its contents for accuracy. However, in order for this method to work, the network must also have access To sum up, Two-Factor Authentication adds an extra layer of security by requiring two pieces of evidence (or “factors”) before granting authorization.

In a zero-knowledge proof scenario, the user would demonstrate to the network (by way of mathematical proof) that they have the proper password, without revealing the password itself. The advantages for privacy and security are evident: If the network doesn’t store the password somewhere for verification purposes, then it cannot be stolen.

Though the mathematics behind zk-SNARKs is complex, this type of proof allows one party to show not only that a certain piece of information exists, but also that they are aware of it. With Zcash, these proofs can be verified quickly, and the protocol does not need any interaction between the person demonstrating and the person verifying.

 

There are a few concerns that come along with zk-SNARKs, though. For example, if somebody got ahold of the private key used to create the protocol’s parameters for proofing, they could make false proofs that would look valid to anyone who checks them. This person would essentially be able to print new Zcash tokens through counterfeiting. To stop this from happening, Zcash was designed so that the protocols for proving are complicated and done by multiple people instead of just one.

The Zcash team went to great lengths to make sure that the cryptocurrency couldn’t be counterfeited by implementing a false-proof system. However, there is another issue with Zcash that investors should be aware of. For the first several years after its creation, every block mined will have a 20% tax levied on it – this is known as the “founder’s tax” and goes towards compensating the developers behind Zcash.

Some people have said that the Zcash founders could make an infinite number of extra tokens without anyone else knowing. So, we don’t exactly know how many Zcash tokens there are right now.

In 2019, some developers started to improve zk-SNARKs by removing the reliance on a trust setup. Suterusu, one of these teams, developed zK-ConSNARK. This system is supposed to work without needing a trust setup, can provide privacy protection for popular blockchains like Bitcoin, and has less inflation than any other existing cryptocurrency.