TOKEN2049 is coming soon, and as a platinum exhibitor, 4E is ready to go! Just in time for the platform's first anniversary celebration, 4E will prepare a feast of fun interactive activities and generous rewards for all attendees. This guide will teach you how to easily navigate the 4E exhibition area, win great prizes, and make this conference even more joyful!
Where is the 4E booth?
Booth 4E is located at P80 and P83 on the 5th floor, with a prominent location that you won't miss. Additionally, on the 4th floor, 4E also has a 'Cool Station' ice cream bar!
If you can't find the booth, don't worry. 4E has set up advertising guides in the stairwell on the 4th and 5th floors to ensure that you can quickly find us!
How to participate in the 4E event?
This TOKEN2049 event happens to coincide with the 4E anniversary celebration, so we have carefully planned a series of activities! Whether you are a pioneer exploring Web3 or a player who loves interactive fun, you will not go wrong by visiting the 4E exhibition area and getting tons of merch rewards. Follow our strategy and come along!
Step 1: Check in, get ice cream for free
The first stop, don't forget to check in! The 4E check-in on the 3rd floor welcomes you. After checking in, you will receive a surprise-filled Welcome Bag, along with a mission card! Take the mission card to the ice cream on the 4th floor, and you can get a refreshing ice cream for free, to cool off your conference journey.
Tip: If you are not yet a partner of 4E, take the opportunity during the event to download and register the 4E APP! You can get a $10 bonus voucher, which can be used directly for trading.
4th floor 4E ice cream stall
Step 2: Social media interaction, get gifts easily
At the P80 and P83 booths on the 5th floor, besides taking a break, you can also participate in a series of fun social media interactions. Just move your fingers and you can win exclusive gifts!
Step 3: Collect Stamps Challenge, Unlock Limited Edition Treasures
When visiting the exhibition, don't forget to participate in the 4E stamp collection challenge! For each task completed, you can receive a badge. After collecting all four 4E anniversary badges and combining them with the number of likes on the tweet, you will have the chance to win great prizes: the first place winner can get an AFA limited edition signed jersey, which has the autographs of heavyweight players such as Messi, and the 2nd to 10th place winners can also get a premium cocktail shaker set!
Step 4: Invite friends and get great gifts together
If you meet fren at TOKEN2049, don't forget to invite them to join the 4E anniversary celebration! After successfully inviting friends to register for 4E, you can choose one social media task to receive gifts such as hand-held fans, capsule umbrellas, power banks, and even AFA co-branded backpacks. Each gift is practical and exquisite, and the more friends you invite, the more gifts you will receive. Double the joy!
Step 5: deposit transaction, win a signed Messi jersey
For trading enthusiasts, 4E also prepares exclusive benefits! During the exhibition, deposit200-999 USDT can get a premium cocktail shaker set; deposit1000 USDT or more, you can also take away the AFA co-branded suitcase! And the luckiest trader will get a limited edition AFA jersey with Messi's autograph, just thinking about it is super exciting, right? Of course, there are also up to $1400 in bonus coupons waiting for you to make your trading smoother.
On the stage of TOKEN2049, 4E is not just an exhibitor, but also your partner to explore the Web3 world! With interesting interactions and abundant benefits, 4E is ready to welcome your arrival, looking forward to meeting you! Wishing everyone a journey full of excitement and surprises at TOKEN2049!
Foresight News reported that according to DB NEWSWIRE, the Trump family's encryption project World Liberty Financial may issue Token.
Author: Haotian
Recently, there has been a lot of discussion around the @dappOS_com intent execution network, and many voices say that after Paradigm threw out the intent-centric, only the AI Agent intelligent matching engine was on fire for a while, and the overall intent track progress was not ideal.
So, what is the crux of the current challenges facing the intention race track? How should the decentralized Solver execution network be implemented? Next, the system will discuss its views:
However, the 'abstraction' nature of the intention concept makes it difficult to focus on one direction in the short term and produce results. In addition to AI Agent as an optional implementation path for intention execution network, execution methods such as account abstraction, chain abstraction, transaction bot, and even CEX can be included in the scope of the intention track.
Although the intention of AI is subversive, it is still too early and develops slowly, and other abstract intentions operate independently without forming a collective force. This is the ultimate reason why Paradigm's intent-centric concept has fizzled out after a while.
2)In my opinion, the main core of the slow development of the intent race track is mainly facing two key bottlenecks:
The single-chain environment that the intention intends to solve includes: Gas replacement, social recovery, MEV resistance, one-click Approve-Cancel, minimal Slippage, automated execution, etc. Involving multi-chain environments, there will also be compatibility between Smart Contracts across chains, compatibility in encoding and decoding, Liquidity Interoperability, standard uniformity, and other complex issues related to security Consensus.
In addition, many users' intentions cannot be solely relied on pure on-chain solutions. Currently, only asset management institutions with large funds and diversified trading strategies have relatively ideal solutions in terms of cost and speed. For example, when MEME coin is listed on a CEX, the cheapest liquidity is usually provided by market makers or VIP Large Investors of the exchange, while redeeming income assets such as LRT through DEX or official channels is far less ideal than institutions issuing LRT or running Nodes.
In short, attempting to solve the challenge of intention experience by integrating and optimizing on the original complex chain infrastructure is extremely challenging.
In my opinion, the centralization intention and structured intention including account abstraction, chain abstraction, etc. are not the focus of the intention track. They are all basic conditions that the track already has and need to be further optimized to be included. The intelligent intention needs to wait for the AI Agent market to mature before it can be included in the scope. At present, the development of intent track we are discussing is more focused on the DecentralizationSolver market.
Build a unified middleware Network Layer, and ensure a brand new user experience, convenient and efficient compatibility and interoperability, as well as a secure Consensus Mechanism of Decentralization, unified Liquidity that aligns with the application market, and so on.
Next, focusing on @dappOS_com as an example, let's break down the challenges faced in building a DecentralizationSolver market, as well as the innovative products and mechanisms explored by dappOS.
There is a natural contradiction between the 'fuzziness' of user intent and the programmability of Solver solvers. For example, a user with assets only on Chain A inputs a requirement: I want to complete interaction and scratching on Chains B and C. This requirement is sent to the Solver marketplace, where Providers would normally break down the user's requirement first:
In this process, what if the user raises a demand but no Solver accepts it? What if the Solver runs away and rugs? What if the price of the Solver is too high? How to deal with multiple Solver suppliers competing for this task? How to incentivize success and punish failure? A free and open Solver market must solve these problems.
The idea of dappOS is to abandon the clear and concise execution steps that Solver disassembles, and only follow the execution results that users want (such as the interaction and wool pulling completed by chains B and C), and let Solver provide a total quotation and tell users what authorizations are needed (such as authorizing Solver to use 10 USDT on chain A and the dApp contract for final interaction and wool pulling). The entire execution process is entrusted to Solver to complete, and users do not need to follow the execution details.
The execution logic of choosing result-oriented is as follows: The Solver can synthesize the 'on-chain+off-chain' path to achieve the optimal cost and efficiency.
Many times, on-chain transaction by transaction will inevitably incur cost loss, if interlacing with off-chain solutions, a comprehensive consideration of cost and efficiency can be achieved, giving users an optimal solution:
For example, if Solver is the VIPLarge Investors or market maker of the exchange, the cost advantage obtained by using identity resources is much greater than directly calling the AMM contract. Users can choose to have a certain Solver execute when signing, and Solver can also obtain the user's fund authorization and flexibly decide whether to execute the transaction on-chain or off-chain (and can also summarize user demands and execute them in parallel), and ultimately only provide users with the cheapest and fastest execution results based on the results.
For example, in scenarios involving funds Cross-Chain Interaction, you can choose to use on-chain Cross-Chain Interaction bridges or directly use CEX for deposits and withdrawals. The Solver can decide which approach to take; Another example is in the redemption scenario of LRT, the normal logic is to aggregate user redemption requests, execute them centrally, and transactions may need to queue and may also encounter Gas congestion. Advanced logic can first on-chain low-interest loans for advance payment, and then flexibly redeem.
Anyway, with a focus on 'results', the goal is to achieve full competition between Solvers, mobilizing various resources and leveraging advantages to optimize user costs and speeds. The question is, how can security be ensured if there is 'opacity' in the execution process? Here's how:
The idea of OMS (Optimistic Minimum Stake) is to pre-determine the amount of compensation for users in case of failure for each task, and then there is no need to care about how the Solver completes the task specifically. If unsuccessful, only the compensation assets of Solverstake need to be liquidated.
At the same time, for Solver, the stake amount can be minimized by only exceeding the compensation amount involved in the ongoing task. This also reduces the pressure on Solver's funds. Solver only needs to ensure the completion of the current task, and their funds can be used for various other businesses at the same time, ensuring the maximum efficiency of fund utilization.
Originally, many assets were idle in different on-chain, not only the Liquidity could not be aggregated, but also unable to carry out subsequent financial Derivatives innovation such as Yield. dappOS has defined a kind of intentAsset, which is an asset that can be used through the dappOS intent execution network while possessing Yield functionality.
Simply put, Intent Asset serves as a unified liquidity layer that connects various heterogeneous chains. The USDT on Chain A and the USDC on Chain B can both circulate in the form of intentUSD on dappOSon-chain. Users can mint intentUSD as if they were aggregating other on-chain assets into a "Yu'E Bao" pool, and can use intentUSD as either USDT on Chain A or USDC on Chain B.
This unified Liquidity solution not only solves the problem of asset fragmentation caused by Cross-Chain Interaction environment differences, but also addresses a series of issues such as asset wear and tear and idle asset income in Cross-Chain Interaction, killing two birds with one stone. In addition, IntentAsset itself adopts a Decentralization, non-custodial operating mechanism setting.
Why can intent assets have both convenience and Yield properties? On the one hand, the Solver market can solve most of the user's intent needs, and holding regular USDT is not significantly different. On the other hand, after calling the comprehensive permissions and abilities of Solver, a "profit" space of intersecting pure on-chain operations will be generated, and the saved capital consumption will also become Yield.
Above.
Before, I have seen many construction plans for DecentralizationSolver platforms that overlook the problem of fuzzy matching errors. They all aim for 100% accuracy, without realizing that the intention of transaction execution itself is fundamentally impossible to be 100% correct. On the contrary, frameworks that have fault tolerance and corresponding governance mechanisms are more conducive to the normal operation of the Solver market.
In short, despite the difficulties, it is undeniable that the intent track is the necessary path for the Crypto market to enter Mass Adoption. Because it solves the composability issue of Crypto's B-side, in the current market where Lego abstraction is overly stacked, this paradigm of hiding transaction execution and only following the results can onboard a larger scale of users.
According to Foresight News, the Eigen Foundation has announced the opening of the second season of Stakedrop Airdrop application, and the application portal will remain open until March 16, 2025. In addition, the official will also release an incentive plan that includes weekly EIGEN issuance and rewards for stakers and operators. Previously, Eigen Foundation announced that the second season of Stakedrop will reward key contributors and participants in the ecosystem, including stakers and operators, ecosystem partners, and the community. The total amount of EIGEN allocated to stakers and operators in the second season is about 70 million EIGEN; the total amount allocated to ecosystem partners is up to 10 million EIGEN; and the total amount allocated to the community is about 6 million EIGEN.
Author: ningning
In today's encryption industry, "questioning Ponzi" is often seen as naive, while "understanding Ponzi and becoming Ponzi" is gradually becoming the mainstream idea. In such an atmosphere, Mr. Loki's new work is like a beam of light shining into the Plato's cave, reminding us that this industry needs to turn back, face the real world, and solve real problems.
Although the "Ponzi scheme" (i.e. Ponzi-style business model) is prevalent in the encryption circle, I have never believed that Ponzi would be the ultimate destination of the encryption industry. No matter how sophisticated the Ponzi scheme is, it is essentially just a physical dissipative system, which must constantly input energy or resources from the outside to maintain its structure and function.
The Ponzi scheme can be understood through the theory of 'dissipative system' in physics:
Any dissipative system will eventually collapse because it cannot obtain enough low-entropy energy, and Ponzi schemes are no exception. This is not a random failure, but the inevitable result of the law of increasing entropy.
The development of the encryption industry so far is inseparable from the preaching of OGs in the early days of BTC, as well as the promotion of top venture capital institutions such as A16Z and Pantera. By constantly creating new narratives and constructing new primitives, they create new investment opportunities on the one hand, attract new money on the board, and then exit the Bull Market cycle. From the perspective of "disk science", this is a complex Ponzi model that relies on the constant entry of new investors.
However, this model may now be approaching its limit as a dissipative system. A clear example is that the penetration rate of Crypto Assets in the US market has exceeded 20%. When new sources of funds dry up, Ponzi schemes will inevitably collapse.
To break this situation, the industry needs to return to its essence - to build projects that have continuous innovation, efficiency improvement, and create actual value. Innovation, efficiency improvement, and value creation can help the system maintain a state of 'far from equilibrium', in which the system has the opportunity to generate new, organic structures and functions, thereby enhancing its sustainability.
The encryption industry is in urgent need of a "ChatGPT" moment - a breakthrough that can truly drive technological and application transformation. Recently emerging tracks such as PayFi, Consumer Chain, AI Agent with Crypto Wallet, Chain Abstraction, etc., are new solutions born under this environmental pressure.
Reflection and Return: Evaluating the True Value of a Project
When evaluating the value of these projects, we need to reflect on the current popular "technology determinism", "background determinism" and blind worship of infrastructure (Infra). More importantly, we need to focus on the product itself and its potential for rise. Real value creation does not rely on narrative and capital promotion, but comes from the actual application of the product and its rise among users.
Source: chainfeeds
At the recent ETH Fork Developers' Meeting, a proposal was discussed to split the Pectra hard fork of ETH into two parts. This proposal had previously been rejected due to concerns about the latency upgrade of Verkle trees. However, at this meeting, developers once again put forward this idea because they wanted to include more improvement proposals (EIPs) in the Pectra fork. The proposal is to split the hard fork into two parts: the first part will include all EIPs currently on Pectra Devnet 3, and the second part of the fork will include EOF (EVM Object Format) and PeerDAS, etc. To better understand PeerDAS, let's start with the basic concept of data availability.
Data Availability (DA) refers to ensuring that the Block proposed by the Block proposer, as well as all transaction data contained in the Block, can be effectively accessed and obtained by other network participants. Data Availability is a key factor in the security of the Blockchain because if the data is not available, even if the Block is legitimate, other Nodes cannot verify its content, which may lead to Consensus issues and network attacks. For example, an attacker may only publish partial Block data, causing other Nodes to be unable to verify it.
When a new Block is broadcasted, all participating Nodes will download and verify the data of the Block. This mode is feasible when the network scale is small, but as the Block chain continues to rise, the amount of data will become very large, and the storage of each Node will continue to increase, requiring higher hardware requirements. In order to allow lightweight Nodes (such as mobile devices like phones or computers) to participate in Block verification, the Block chain introduces Sharding technology.
Sharding technology divides the entire Blockchain network into multiple small 'shards.' Each Sharding only handles its own data, without the need to process the entire Blockchain data. Therefore, a single Node only needs to process its own Sharding data. However, each Sharding only handles a portion of the data, which means that Nodes in other Shards cannot directly access the complete data. How can the availability of data in Sharding be ensured, and how can other Nodes verify the validity of this data? For example, if a Node in a certain Sharding publishes a newly generated Block, it may only publish a part of the data. If other Nodes cannot obtain all the data of the Block, they cannot verify whether this Block is truly legitimate.
To address the data availability issue in Sharding, the Data Availability Sampling (DAS) technique has been proposed. Its core idea is to verify the data availability of Blocks through sampling, without requiring every Node to store or download complete Block data.
Data availability sampling allows nodes to verify data availability by randomly obtaining only a portion of the data in a block. If a node can successfully obtain and verify these random data segments, it can infer that the data in the entire block is available.
To support this sampling verification, RS encoding is often used for Block data. This encoding allows the complete data to be recovered even if some data is lost. Therefore, even if the Node only downloads part of the Block data, it can infer and confirm the validity of the entire Block data. DAS reduces the amount of data that each Node needs to process through sampling verification, and light Nodes can also participate in Block verification.
The DA layer, such as Celestia's, is implemented through these technologies. Mainly involving RS encoding + validity proof + DAS.
PeerDAS is a specific implementation of DAS, which uses peer-to-peer network for data availability sampling. The peer-to-peer network is composed of multiple Nodes that communicate directly with each other. Under DAS, each Node independently performs data sampling verification, while PeerDAS optimizes this process by allowing Nodes to collaborate and share the verification of data in Blocks, further improving verification efficiency. Nodes are not isolated from each other and can share the tasks and results of data verification, relying on data that has already been verified by other Nodes. This means that Nodes do not have to undertake all verification work individually, but can share the verification tasks through collaboration, further reducing the burden on Nodes. Moreover, collaborative verification increases the difficulty of data tampering, as attackers need to simultaneously influence multiple verification Nodes to successfully tamper with the data.
Currently, according to the latest meeting of the Ethereum (ETH) community about PeerDAS, the Lighthouse team of the Ethereum client has merged the DAS branch into the main branch and is testing to ensure compatibility with PeerDAS. Branches are typically used to develop and test independent code versions for new features or improvements. Merging into the main branch means that the feature or improvement has been developed and is confident to be stable and can be merged into the core code.
Author**|**defioasis
Editor**|**Colin Wu
Prominent venture capital firm a16z recently announced that 21 Cryptocurrency startups from around the world have been selected for its 2024 fall Crypto Startup Accelerator (CSX). The 8-week program aims to help these startups gain access to top industry resources and support, including insights from leading founders in the encryption industry, guidance from a16z's investment and operations teams, and extensive community network connections. The selected companies come from 11 different countries, covering various aspects of the Cryptocurrency technology stack, from Decentralized Finance, infrastructure to consumer-level applications, and other broad fields. This article will take stock of the selected projects. It is worth noting that most of the projects are still in the early stages.
Anera Labs
Anera Labs is committed to establishing a unified on-chain Liquidity infrastructure, providing instant Liquidity for on-chain transactions through permissionless Decentralization markets. Anera's system manages the asynchronous timing issues of on-chain markets through underwriting mechanisms, aiming to improve the efficiency and capital utilization of on-chain transactions.
Banyan
Banyan uses AI technology to focus on solving communication barriers in the workplace and helping enterprises improve collaboration efficiency. Its AI-driven platform helps teams increase work efficiency by eliminating communication blind spots and ambiguities. Banyan can also bridge information across departments and teams, making daily operations of enterprises smoother.
Blocksense
Blocksense provides a framework for building Oracle Machine, using the computing power of Internet data and CPU/GPU to achieve more complex on-chain decisions. This Oracle Machine mechanism can enhance the intelligence of DApps and provide broader external data access for Smart Contracts.
Cork Protocol
Cork Protocol has developed a Decentralized Finance risk pricing protocol aimed at providing more accurate Risk Management solutions for on-chain lending markets. Its technology provides a more efficient matching tool for credit risk between borrowers and lenders through real-time pricing mechanisms, attempting to improve the problem of overestimating or underestimating credit risk in the Decentralized Finance market, and also bringing more trust and Liquidity to the credit ecosystem of Decentralization.
DOT
Dot is a platform that transforms user-created pixel art into on-chain game components, promoting the intersection of gaming and art. Users can create and sell pixel art through the Dot platform, which can be used as in-game items and traded on-chain. Dot's vision is to empower users with true ownership in games through blockchain technology, thereby changing the economy and creative process in gaming and creating a virtual ecosystem driven by players and artists.
Fermah
Fermah focuses on developing a universal Zero-Knowledge Proof generation layer, providing advanced privacy and security protection for Block chain users. Through Zero-Knowledge Proof technology, users can complete complex on-chain operations without revealing any private information. Fermah aims to provide highly scalable and efficient privacy protection mechanisms for Block chain networks, enhancing user confidence in Decentralization applications.
Future Primitive
Future Primitive is building a photo-sharing-based social platform that aims to connect global users in an innovative way. This platform not only provides users with a channel to share photos but also allows them to establish social relationships with users from around the world. The future goal is to redefine the Social Web through photo sharing and provide users with a more private and interactive online photo community.
Kuzco
Kuzco is a marketplace dedicated to large language model (LLM) inference services, aiming to provide advanced AI inference capabilities for enterprises and developers. Through this marketplace, users can rent or purchase LLM inference services, thus saving time and costs in building and training AI models. Kuzco's platform is committed to simplifying the inference process for enterprises in AI application development, making the commercialization of AI applications more widespread and efficient.
MeshMap
MeshMap is building a global 3D map and AR content network where users can participate in the creation and sharing of augmented reality (AR) content. This project not only provides more accurate 3D visualization for map data but also offers interactive experiences for users through AR technology. The goal of MeshMap is to create a platform that seamlessly integrates virtual and real worlds.
Opacity Labs
Opacity Labs has developed zkTLS technology, focusing on providing privacy verification for data interaction between Web2 and Web3. Through zkTLS technology, users can achieve data verification without exposing private data, ensuring the security and privacy of cross-platform data transmission. Opacity Labs' platform is particularly suitable for application scenarios that require protection of sensitive data, such as finance and identity authentication.
OpenGradient
OpenGradient is building a blockchain platform aimed at on-chain global computing resources, supporting the decentralized sharing of computing resources. The platform hopes to break through existing computing bottlenecks by seamlessly connecting computing resources to the blockchain, providing more efficient and lower-cost global computing power sharing, to promote the realization of more complex blockchain applications, such as AI and big data decentralized processing.
PIN AI
PIN AI is an open artificial intelligence platform that allows users to create personalized AI services through data and intelligent agents. This platform not only helps users develop personalized AI assistants, but also allows them to sell or share their AI models on the platform. PIN AI is committed to making AI more customizable, making it easy for ordinary users to use and develop AI applications.
Pod
Pod is different from traditional blockchain, eliminating the concept of Block and adopting a leaderless design, allowing transactions to take place in a looser order. This structure reduces the global ordering requirements for transactions, so transaction verification no longer needs to rely on a single leader Node or Block generation process. This flexibility allows the network to operate in a more efficient and scalable manner, especially suitable for handling a large number of low-latency transaction demands. The core of Pod is a rethink of the blockchain operating architecture, providing a novel way to achieve transaction confirmation and validation.
Sekai
The Sekai platform enables creators to easily create, share, and monetize interactive narrative content. Its unique narrative toolset supports creators in on-chain publishing of interactive stories, and earning revenue through user participation. Sekai is committed to changing the traditional narrative content publishing in a Decentralization manner, making it easier for global creators to connect with audiences.
Skyfire
Skyfire is an open payment protocol, focusing on providing payment functions for AI agents in Decentralization. Its architecture supports AI agents to autonomously conduct transactions and payments, enabling AI to handle complex payment requests in different environments without human intervention. This design extends the application of AI in the fintech and payment fields, and also provides new possibilities for the Decentralized Finance ecosystem. Skyfire simplifies the payment process, ensuring payment security and reliability, and is suitable for Smart Contract execution and automated payment systems. The biggest highlight is embedding payment functions completely within the workflow of AI agents, enabling them to autonomously complete a series of financial operations in a Decentralization environment, enhancing the intelligence and automation of Decentralization payment systems.
Suave
Suave provides a mechanism for DApps to accept any Blockon-chain Wallet's any Token, thereby enhancing Decentralized Finance Liquidity. Through this platform, DApps can operate across different Block chain networks, giving users greater flexibility and freedom of operation in a multi-chain environment.
t1
t1 provides a technology for real-time proof generation to improve the operational efficiency of the Ethereum network. Through its unique proof generation mechanism, t1 can enhance the reliability and security of the network, providing a more stable infrastructure for Decentralization applications. The platform aims to achieve comprehensive optimization of Ethereum, helping it address future scalability challenges.
TACEO
TACEO provides longer secure multi-party computation (MPC) encryption technology, focusing on enhancing Web3 computing privacy. Its encryption computing technology allows longer to collaboratively complete complex computations without sharing data, ensuring the privacy and security of sensitive data during the computation process.
Term Labs
Term Labs is a decentralized lending platform that focuses on matching borrowers and lenders through a fixed interest rate mechanism. The platform addresses the volatility issue in the lending market by providing transparent and stable interest rates, offering a more stable liquidity solution for the decentralized finance (DeFi) market.
vlayer labs
Vlayer Labs is a Decentralization data verification platform based on Zero-Knowledge Proof technology. The platform is dedicated to building a trustless and verifiable data infrastructure, enabling on-chain data to perform complex calculations under the premise of privacy and security. Vlayer Labs' technical architecture provides developers with efficient and secure tools to verify data and ensure data integrity and privacy. Through Vlayer Labs' solutions, users can perform longer verification without exposing critical data.
zkSpin
zkSpin is building a highly parallel Block chain platform designed specifically for high-computational-demand DApps. By leveraging Zero-Knowledge Proof technology, zkSpin is able to enhance the processing speed and efficiency of on-chain applications while ensuring privacy. zkSpin aims to address scalability issues in current Block chain technology, particularly in supporting complex and computationally intensive applications, providing new solutions. zkSpin's goal is to support future decentralized big data and artificial intelligence applications.
MicroStrategy, a leading business intelligence and Bitcoin development company, has announced a proposed private offering of $700 million in convertible senior notes, due 2028. The offering will be made to institutional buyers under Rule 144A of the Securities Act. The company also plans to grant an option for purchasers to buy an additional $105 million of the notes.
The notes will be senior, unsecured obligations of MicroStrategy, bearing interest semi-annually and maturing in September 2028. Holders of these notes may convert them into cash, shares of MicroStrategy's class A common stock, or a combination of both, at the company's discretion. Conversion terms will be determined at the time of pricing.
MicroStrategy intends to use the proceeds to redeem all $500 million of its existing 6.125% Senior Secured Notes due in 2028. The remaining proceeds will be allocated to acquiring additional Bitcoin.
"On September 16, 2024, MicroStrategy issued a redemption notice pursuant to which the Senior Secured Notes will be redeemed on September 26, 2024 (the “Redemption Date”) at a redemption price equal to 103.063% of the principal amount, plus accrued and unpaid interest, if any, to but excluding the Redemption Date (approximately $523.8 million in the aggregate), with the redemption of the Senior Secured Notes contingent on the closing and settlement of the sale of the notes," MicroStrategy stated. "Upon redemption of the Senior Secured Notes, all collateral securing the Senior Secured Notes, including approximately 69,080 bitcoins, will be released."
The offer is subject to market conditions, with no guarantee on the timing or terms of completion. The notes will not be available for public sale, maintaining private status under the Securities Act.