Ethereum-Based Protocol Alkimiya Creates Market for Hedging Bitcoin Fees

  • 📰 CoinDesk
  • ⏱ Reading Time:
  • 31 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 16%
  • Publisher: 63%

Business News News

Business Business Latest News,Business Business Headlines

Bradley Keoun is the managing editor of CoinDesk's Tech & Protocols team. He owns less than $1,000 each of several cryptocurrencies.

The hardest part might be getting hardline bitcoiners – sometimes known as"maximalists" or"maxis" – to use the new protocol since it's built atop the"While we recognize that Bitcoin maxis may initially hesitate to use an Ethereum-based solution, our primary focus is on creating the most robust and efficient marketplace for trading Bitcoin transaction fees," Alkimiya founder and CEO Leo Zhang said in an email interview with CoinDesk.

Bitcoin"mining companies, facing high operating costs, are increasingly seeking hedging instruments to protect against fee volatility," said Alkimiya in its press release. Notably, however, Bitcoin lacks the programmability of Ethereum, which came along in 2015, founded mostly by developers, including Vitalik Buterin, who had previously worked on Bitcoin.Here's how Alkimiya works, according to the project's documentation:"Alkimiya users can enter Buy and Sell positions for any pool. These Buy and Sell positions are represented by NFTs called Long and Short shares.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 291. in BUSİNESS

Business Business Latest News, Business Business Headlines