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The Sacramento Kings are now operating the Ethereum, the team announced Wednesday.
<p clbad = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The team started extracting cryptoa few weeks ago, using the Nvidia mining platforms purchased on MiningStore.com, and is now ready to launch a charity program, Mining For Good, which will give the majority of the ether to a local community group, Build Black, to sell or hold the ether as he wants."data-reactid =" 23 "> The team started extracting the cryptoa few weeks ago, using the Nvidia mining platforms purchased on MiningStore.com, and is now ready to launch a charity program, Mining For Good, which will give the majority of the ether to a local community group, Build Black, to sell or hold the ether as he wants.
Of course, there is a lot to unpack here.
For starters, a quick cryptocurrency fund for sports fans: Ethereum is a decentralized platform for smart contracts that was launched in 2015; the Ethereum digital token is the ether. Like bitcoin, the ether runs on a blockchain, a public, immutable, peer-to-peer registry that records all ether transactions. Cryptocurrency mining involves setting up expensive computers that solve complex mathematical problems in real time to gain the right to download ("mine") transaction data packets (or "blocks") to the blockchain. Miners receive a tiny cryptocurrency reward when they manage to exploit.
Kings owner Vivek Ranadive is the founder of Tibco, a real-time computer software company. As a result, the Kings are considered one of the most tech-savvy teams, with the Golden State Warriors, whose owners are all venture capitalists of Silicon Valley. (Unlike the Warriors, the Kings have not won their division since 2003.) The new Kings Stadium, the Golden 1 Center, opened in 2016 and has solar panels; Wired called the stadium, "about a giant Tesla." Fast Company named the Kings the "Most Innovative Society in Sport" last year.
In 2014, the Kings became the first NBA team to accept bitcoin as a payment method in its merchandise store and for subscriptions.
<p clbad = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = ""Vivek is the big visionary," says Kings technical director Ryan Montoya at Yahoo Finance. "He always pushes us to use technology to enhance the fan experience, and he always asks us how we can use technology and innovation to do good and give back to the community.""data-reactid =" 28 ">"Vivek is the big visionary," says Kings technical director Ryan Montoya at Yahoo Finance. "He always pushes us to use technology to enhance the fan experience, and he always asks us how we can use technology and innovation to do good and give back to the community."
Montoya says that since he's accepted bitcoin, Ranadive has made an effort to find another way for the Kings to embrace the blockchain.
<p clbad = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = ""We know that blockchain will revolutionize the world," says Montoya. "So how can we be ahead of the curve and start using blockchain in different parts of the business?" Vivek said, "What can we do with cryptocurrency to give back to the community? It was obvious to us: Let's start cryptocurrency extraction. Let's minCryptocurrency and deliver the product to groups that could use a little extra help. And we are superfluites of Ethereum. ""data-reactid =" 30 ">"We know that blockchain will revolutionize the world," says Montoya. "So how can we be ahead of the curve and start using blockchain in different parts of the business?" Vivek said, "What can we do with cryptocurrency to give back to the community? It was obvious to us: Let's start cryptocurrency extraction. Let's minCryptocurrency and deliver the product to groups that could use a little extra help. And we are superfluites of Ethereum. "
<p clbad = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "The effort required three groups in the front kings DIY office on crypto: IT, which was mainly made up of crypto enthusiasts already, the hostelovation group, which had the task of explaining the lure of crypto and blockchain to other parts of the company; and the community outreach team of the team, who decided with which local group the team would work with the mining program."data-reactid =" 31 "> The effort required three groups within the front office of Kings to refresh on crypto: IT, which was already mostly composed of crypto enthusiasts, l & # 39; hostelovation group, which had the task of explaining the lure of crypto and blockchain to other parts of the company; and the community outreach team of the team, who decided with which local group the team would work with the mining program.
<p clbad = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "For the moment, the mining project does not have application on the basketball court and no player is involved. But Montoya says, "I think when players come to Sacramento, they know that we are a very experienced band and if we can do anything to introduce them to technology companies, we can do it. These players are younger guys, I am confident that they will have an interest in how it works. ""data-reactid =" 32 ">For the moment, the mining project does not have application on the basketball court and no player is involved. But Montoya says, "I think when players come to Sacramento, they know that we are a very experienced band and if we can do anything to introduce them to technology companies, we can do it. These players are younger guys, I am confident that they will have an interest in how it works. "
<p clbad = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "MiningStore.com provided mining machinery to the team at a reduced price, and mining began. It's basically a staffing program: in one year, the team will meet Build Black and say, as Montoya envisions, "Here's where we are, here's how much money we have. Aether we could exploit, and we will ask them what they want to do with .Black Build can say, "Let's just keep this ether" if the price increases in value. Or we can decide at that time to Buying more platforms is really a common effort, but if they say, "We will take money," then that is what we will do. ""data-reactid =" 33 ">MiningStore.com provided mining machinery to the team at a reduced price, and mining began. It's basically a staffing program: in one year, the team will meet Build Black and say, as Montoya envisions, "Here's where we are, here's how much money we have. Aether we could exploit, and we will ask them what they want to do with .Black Build can say, "Let's just keep this ether" if the price increases in value. Or we can decide at that time to Buying more platforms is really a common effort, but if they say, "We will take money," then that is what we will do. "
Although this announcement is a first by an NBA team, it is not the first case of Ethereum use in sports: the smart-contract platform has been hailed as a way to authenticate unique sports memorabilia.
<p clbad = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Watch Yahoo Finance's All Markets Summit: Crypto here."data-reactid =" 35 ">Watch Yahoo Finance's All Markets Summit: Crypto here.
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<p clbad = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Daniel Roberts covers bitcoin and blockchain at Yahoo Finance. Follow him on Twitter @readDanwrite. "data-reactid =" 37 ">Daniel Roberts covers bitcoin and blockchain at Yahoo Finance. Follow him on Twitter @readDanwrite.
<p clbad = "canvas-atom canvas-text Mb (1.0em) Mb (0) – sm Mt (0.8em) – sm" type = "text" content = "Read more:"data-reactid =" 38 ">Read more:
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