CJ – Cryptocurrency Enthusiast
Solana (SOL), a high-performance blockchain network, has revealed its latest technology, "state compression," designed to reduce data storage costs on-chain. The implications of this technology could potentially affect the NFT crypto market and Solana-based web3 projects. State compression lowers on-chain storage costs by utilising Merkle trees, a kind of data structure that permits verifiable off-chain storage on Solana.
State compression, created by Solana Labs and Metaplex, is being used to reduce data size, which lowers the cost of manufacturing non fungible tokens. The RPC providers and indexers Helius, Triton, and SimpleHash helped create the technology, and Phantom and Solflare, two Solana-based web3 wallets, provided assistance. According to Jon Wong, technical lead on the ecosystem engineering team at the Solana Foundation, the incorporation of state compression into the Solana blockchain has decreased storage costs without affecting the cryptographic security or decentralisation provided by the network. According to him, minting 100 million compressed NFT coins would cost about 50 SOL ($1,000) if state compression techniques were used.
As of now, some projects within the Solana ecosystem, such as Dialect and Crossmint, have already started utilizing state compression to build web3 experiences and create compressed NFTs. The technology's success in reducing storage costs has the potential to attract more users and developers to the Solana ecosystem. With the introduction of state compression, Solana is positioning itself as a more cost-effective and efficient blockchain network for developers looking to build decentralized applications.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.
2. **Continued Operation Outside the UK:**Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.
3. **Withdrawal of Assets:**For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.
4. **Conversion of Assets:**To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing firstname.lastname@example.org from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.
5. **Withdrawal Procedure:**To initiate a withdrawal, please email your request to email@example.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at firstname.lastname@example.org Kind Regards