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Blocks are digital public ledgers that record online transactions, which when linked together form a blockchain. Blockchains are the core technology for cryptocurrencies like RIK and other BrandCash™ and ensure the integrity of a cryptocurrency by encrypting, validating, and permanently recording transactions.
No, $MAKE are not NFTs. However, both are backed by cryptographic and blockchain technology with unique identification codes. The essential difference between the two is that NFTs are non-fungible, which means they are unique and not interchangeable. Branded currencies or BrandCash™ are fungible and therefore two of the same coins have the same value. For example, if you divide a $MAKE into 2, both would have the same value and their sum would still equal the value of the divided single unit. In fact, they are infinitely divisible. However, two NFTs are not easily interchangeable, even when they belong to the same group, e.g., Cryptokitties.
CashDrops™ are a means for Make: to distribute $MAKE to recognize and reward contributions and engagement in our community. Currently, you can earn $MAKE by subscribing or renewing your subscription to Make: Magazine or community membership. All current subscribers and members will also receive coins at the product launch. You can also receive coins by participating in the Amazing Maker Awards in the following ways: registering, submitting a project, reviewing projects, and being selected as a finalist. Coin redemption requires email registration on Rimak which is separate from your Make account.
No $MAKE Coin and Rimark’s marketplace runs on Solana not Bitcoin. Solana is the world’s most performant blockchain. Solana is an innovative layer 1 blockchain that uses a unique consensus mechanism called Proof of History. Proof of History is an iteration on the Proof of Stake consensus mechanism that adds the element of time when adding entries into the Solana ledger and does so asynchronously. You can read more about how Proof of History works on Solana’s website here and here is a Medium post by the founder of Solana with an explained video.
A cryptocurrency, or crypto for short, is a digital currency backed by cryptographic and blockchain technology. This technology enables secure online financial transactions that aren’t issued or controlled by a central authority or nation’s central bank.
$MAKE Coin runs on Solana. Solana is one of, if not the fastest blockchain in the world. Currently Solana process around 2,000 transactions per second (TPS) compared to Ethereum’s 12.9 TPS and Bitcoin’s 3 TPS. Solana has the potentinal to reach a max TPS of 710,000. (Read more here). For comparison, Visa processes about 24,000 TPS.
As a result of this technology, Solana is also very efficient when it comes to energy usage and in turn, has a light impact on the environment. The entire Solana network uses as much energy as 1,038 US households in a year whereas Visa uses almost 20x more more energy equivalent to 19,304 US households each year. For a sense of scale, in 2019 there were a calculated 122 million US households.
To break this down one step further, a single transaction on Solana uses just a little more energy than a Google search with Solana using 1,837 J and a single Google search using 1,080 J. For comparison one Ethereum transaction uses 692,820,000 J and one Bitcoin transaction uses one Bitcoin transaction uses 6,995,592,000 J. Click here to see the full environmental impact report of Solana.
Earlier this month, Make: Community began rolling out a loyalty program to its subscribers. It’s a social token called $MAKE that can be used and exchanged as a gift within the maker community or redeemed like points for products. It’s an experiment built on blockchain that might provide a glimpse into a possible future. Read more.