Solana, one of the leading blockchains in the World, recently proposed a new way of compressing the state of non-fungible token (NFT) storage, which would save storage space and reduce costs.
Solana State Compression
With the growing popularity of non-fungible tokens (NFTs), the need for an upgrade in the storage for these digital assets also grew over time.
According to Solana’s co-founder, the new feature could reduce the size of NFT data by as much as 100 times, without compromising on security or performance. The new solution is referred to as “State Compression.’
This could make it more cost-effective for artists and creators to create and sell NFTs, while also providing a better user experience for buyers.
The proposal is still in the early stages, but if implemented, it could further drive the adoption of Solana as a preferred blockchain for NFTs.
Hopefully such features will inspire other new solutions that might help cool down the use of electricity when creating cryptocurrency as well.
Bitcoin Mining Boom in Texas Boosts Cost of Electricity
A new investigation from the New York Times indicates that American Bitcoin mining farms are responsible for as much carbon emission as 3.5 million gas vehicles.
America saw an increase in mining after China banned the activity in 2021 due to power-usage concerns.
The leading state in bitcoin-related pollution is Texas, which accommodates the most mining facilities in the country. The lone star State — which has already been struggling with high energy costs — will see its electricity costs rise by about 5% this year, which can be attributed to the high energy use from crypto mining.
The State’s governor, Gregg Abbott, is one of the biggest crypto-advocates in the country. And since taking office, Texas has become a hub for bitcoin holders and miners.
However, Abbott has had to deal with several energy outages since taking office. In fact, the bitcoin-related energy usage in Texas has become so large that many farms make profitable deals with electrical grids by agreeing to shut down operations on days when the energy use spikes.
The issue is being reviewed by Abbott and his constituents at this time; All parties surrounding crypto want to make it more ‘green’ and eco-friendly. As long as cryptos are such a hot investment however, the machines will continue working hard as billions of dollars are being traded across the crypto industry daily.
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Golden Inu Token Value Surges +30% In 24 Hours
One of the cryptocurrencies that’s seeing an increasing volume lately is Golden inu Token.
Recently launched, the Binance chain token (bep20) saw early inventors taking home yields of +700% just last month. Many traders pulled profits causing a [typical] price correction, however some of those whales have already come back.
The reason for their return is likely the coming crypto app “Golden Dashboard.” It’s slated to be released before April 15th, which means the official site will launch this week. A preview video [see here] was released just last week.
As traders wait for the new ‘data simplification’ tool, token prices have risen +30% in the last 24 hours alone. The current $Golden value is US$0.000000000005635.
The bullish growth alongside chart data hints that the token could be headed to another major pump.
The last ‘bull cycle’ on Golden Inu [$GOLDEN] saw the token value lose 1 of its zeroes, reaching an all-time high. Since then there was a sell-off but that helped the cryptocurrency’s stability. Because of the trading fee structures of the cryptocurrency, that pump and sell-off increased the liquidity pool massively, giving it almost $1 liquid cash reserves to every $3 traded. This liquid reserve is one of the highest in the entire active cryptocurrency industry.
