Weekly Round-Up #45 | From Expensive to Affordable: Solana’s State Compression Is Redefining NFT Trading

Breaking Down Solana's Latest Innovation: State Compression

Solana, a prominent Layer-1 blockchain, has introduced a revolutionary new solution that aims to significantly reduce the cost of on-chain storage. The cutting-edge technology, called state compression, promises to slash the cost of minting one million non-fungible tokens (NFTs) on the network to an affordable $110.

Essentially, state compression, as the name implies, compresses data using a data structure called Merkle trees, which can verify the integrity of large data sets while still being compressed into a small hash.

Jon Wong, the Solana Foundation's tech lead, recently confirmed that compressed NFTs are now live on Solana's mainnet-beta, and they are powering the next wave of novel on-chain product experiences.?

Why is this so important? Well, it means that developers can store smaller amounts of data on the blockchain without breaking the bank. In fact, Solana's state compression technology can slash the cost of creating one million non-fungible tokens (NFTs) on the network to a mere $110! That's up to 24,000 times cheaper than uncompressed NFTs with identical structures.?

This breakthrough technology is being hailed as a game-changer, making Solana a much more viable option for enterprise use cases. By making on-chain storage more affordable and accessible, Solana is opening up new possibilities for businesses and individuals to leverage the full potential of blockchain technology.

State compression relies on Merkle trees, a data structure famous for its ability to compress the verifiability of a tree of data into a hash or fingerprint of the current state of the tree.?

This compression-friendly data structure allows developers to store small amounts of data on-chain and update it directly in the Solana ledger, dramatically reducing data storage costs while still utilizing Solana's base layer's security and decentralization.

It's worth noting that Solana's state compression technology is not just a Solana Labs project. It's a true cross-ecosystem effort, built by developers at Solana Labs and Metaplex, with support from Phantom and Solflare, and powered by RPC node providers, as well as indexers Helius, Triton, and SimpleHash.

Several Solana ecosystem projects, including Dialect, Crossmint, Helium, and Wordcel, are already using state compression. These projects employ solutions ranging from NFT minting to integrations for business loyalty programs and improvements in user experience.

Catch up on our published articles for the week!

News

• Alchemy Pay Partners With DWF Labs to Expand Into South Korea, Raises $10 Million >>> Read more
• Arbitrum Foundation Responds to Criticism Over ARB Token Allocation, Agrees to Revise Proposal >>> Read more
• Japan’s FSA Issues Warning to Bybit and 3 Foreign Crypto Exchanges Over Unregistered Operations >>> Read more
• Copper Partners With OKX to Provide Off-Exchange Settlement Services >>> Read more
• Binance Market Share Drops 16% >>> Read more
• OKX Launches First Web3 Wallet With Advanced MPC Technology >>> Read more
• XRP Healthcare and Signals Collaborate to Offer Affordable Drug-Free Wellness Solutions >>> Read more
• Vybe Expands its Bntyhntr Program, Launches ALGO Bounties to Promote Crypto Adoption >>> Read more
• Swiss Government-Owned Bank, PostFinance Set to Launch Crypto Trading Services >>> Read more
• Malaysia and China Mull ‘Asian Fund’ to Cut USD Dependency. >>> Read more
• Disney Scraps Its Metaverse Division >>> Read more
• Allbridge Commences User Compensation After Recovering Stolen Funds >>> Read more
• Biden Urges Tech Companies to Address the Potential Dangers of AI >>> Read more
• MicroStrategy Buys 1,045 Bitcoin to Expand Crypto Treasury >>> Read more
• Arbitrum Introduces New Governance Proposals >>> Read more
• Singapore Set to Implement Consistent Screening Criteria for Crypto Bank Accounts >>> Read more
• Mainstream Media Firms Demand Publication of Non-US FTX Customers Personal Data >>> Read more
• Australian Authorities Terminate Binance Australia’s Derivatives License >>> Read more
• State-Owned Chinese Insurer Introduces Two Cryptocurrency Funds in Hong Kong >>> Read more
• IOSCO Set to Release Cryptocurrency Regulation Report in 2023 >>> Read more
• Do Kwon Accused of Laundering Illicitly Obtained LUNA Funds via Bitcoin >>> Read more
• UK Regulators Warn Financial Influencers Against Endorsing Dubious Schemes >>> Read more
• Most NFT Holders Own 51+ Collectibles: CoinGecko Report Reveals >>> Read more

Articles

• All You Need to Know About the Meta Masters Guild and the $MEMAG Token: This article explores the Meta Masters Guild in detail, including its unique features and how to purchase its token.>>> Read more
• Infura Explained: A Remarkable Component of Ethereum’s Infrastructure: This article provides an in-depth exploration of Infura, its pivotal role in the Ethereum blockchain ecosystem, as well as what the future may hold for this vital platform.... >>> Read more
• Top New Cryptocurrencies to Watch in 2023: In 2022, the cryptocurrency market faced numerous challenges and experienced several crashes. These events have caused crypto enthusiasts to focus on cryptocurrencies with strong utility or practical use cases.This article examines a few new cryptocurrencies that may top the charts in 2023, exploring their use cases and why they are highly regarded in the market..… Learn More

In Other News…

Could the Launch of FedNow be the First Step in a Government Takeover of Digital Currency? Robert Kennedy Jr. Weighs In

A Kennedy is in the news, and for a big reason!

Robert Kennedy Jr. is a nephew to the famous President John F. Kennedy (JFK) and a son to former US Attorney General, Robert Kennedy—a progeny of American political royalty.

However, it is not just his family name that has made him the talk of the town; it is his recent bid for the presidency of the United States.

But Kennedy's concern goes beyond the usual political platform of a presidential candidate.?

Kennedy has expressed concern about a new payment system called FedNow that the Federal Reserve plans to launch in July. Kennedy believes that this could be the first step in the government's plan to ban Bitcoin.

At the heart of Kennedy's concern is the fear that people would be fooled by the claim that FedNow would only be restricted to interbank transactions. He believes that the government could use this payment system to ban and seize Bitcoin, just as they did with gold 90 years ago, in 1933.

To better understand Kennedy's alarm, we need to learn a little about Bitcoin.

Bitcoin is a decentralized digital currency not controlled by any government or financial institution. People can use it to buy goods and services or invest in it like they do with stocks or gold. But because Bitcoin is not controlled by any government, some people worry that it could be used for illegal activities, such as money laundering or buying drugs.

Now, Kennedy believes that the government's plan to launch FedNow is the first step in creating a new digital currency they will fully control, generally referred to as a Central Bank Digital Currency (CBDC). He thinks this could be dangerous because the government could use this new digital currency to surveil all our private financial affairs.

Kennedy explains that the government could use this digital currency to limit where we can spend our money, and when it expires, they could freeze our assets or limit our spending if we fail to comply with arbitrary rules.

Kennedy also thinks the government is leveraging the COVID-19 pandemic and the current banking crisis to usher in a new wave of CBDCs. He warns that this could be the start of financial slavery and political tyranny, where the government has complete control over our finances.

Kennedy is worried that the government's plan to launch FedNow is just the beginning of a larger plan to create a new digital currency they would be in complete control of. He believes this could be dangerous for our financial freedom and democracy.

Are Kennedy's fears and worries unfounded?

Spotlight on interesting projects?

BetDEX

The BetDEX Exchange is a sports betting exchange built on the Monaco Protocol, allowing for peer-to-peer wagering.?

The Exchange is licensed and regulated under the jurisdiction of the Isle of Man via the Gambling Supervision Commission. BetDEX is a key contributor to the Monaco Protocol, a permissionless decentralized and open-sourced protocol built on the Solana blockchain, supporting prediction and betting markets.?

For more information, visit https://www.betdex.com/

If you want more content like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, ?Medium. and CoinMarketCap Community.