Socios.com, cryptocurrencies: with an agreement worth 20 million euros per season, after Roma, Inter also scans a partnership with the digital platform
Eventually it happened. L’Inter, after 26 years of partnership, it has dissolved the link with the main sponsor Pirelli. To replace the tire giant is a “novelty” in the world of football, even if it is becoming more and more popular: one cryptocurrency platform. The name? Socios.com. According to what has been revealed so far, the agreement provides for 20 million a year paid into the coffers of the Milanese team. The Nerazzurri club’s jersey will be “colored” by the new sponsor during the match against Arsenal, in Florida, on Sunday and Monday midnight (6.00 pm local time). But what is the business of the new sponsor? Socios.com, an app that acts as a Digital wallet, offers the possibility for any football club to create and exchange their own cryptocurrency. For now, two teams in Italy have already relied on the digital platform: Milan, with the coin ACM is Juventus, with JUV. But let’s see what a cryptocurrency is and how this kind of digital world works.
Socios.com, Cryptocurrencies: what are they?
Cryptocurrencies are essentially one digital currency, created through a complex and encrypted code system. These operate autonomously, outside the traditional banking and government systems. As a decentralized currency, cryptocurrency was developed to be untied from any government oversight or influence. They use the cryptography to secure transactions and regulate the creation of additional units. A feature of most cryptocurrencies is that they are designed to slowly reduce production. Consequently, only a limited number of units of the coin will be in circulation, favoring its increase in value. The first cryptocurrency in existence was Bitcoin and today it is by far the most valuable “cryptocurrency”.
Socios.com, Cryptocurrencies: how to get them
There are two ways to obtain cryptocurrencies: buy, converting an existing currency into the crypto of our interest, or “undermine”, that is to say mining. Specifically, to buy a cryptocurrency we usually rely on a digital wallet and special platforms called “exchange“(In fact, exchange), enabled for this type of purchase or, more precisely, conversion. To buy cryptocurrencies we can either proceed with the direct purchase of the same cryptocurrency already present on the digital market both operate in trading, following the same logic of those who invest in the stock market. The most famous platform is Coinbase. In practice, a cryptocurrency can be conveniently purchased, always via the appropriate platforms, by credit card or PayPal. After the purchase, our “tokens”, or every single data that makes up our digital currency, will remain the same over time, but will change their price based on how many people buy that same cryptocurrency.
Socios.com, Cryptocurrencies: mining
The block mining (block extraction) is the process of joining into one blockchain new transactions in the form of blocks. In this process, if we talk about Bitcoin, for example, new bitcoins are produced, adding to the total number of coins in circulation. For the mining activity, special software is required which is used to solve very complicated mathematical puzzles, and this validates the legitimate transactions that form the blocks. These blocks are added to the public ledger (blockchain) approximately every 10 minutes. When the software resolves transactions, the “miner“is rewarded with a precise number of bitcoins. The faster the miner’s hardware is in processing the mathematical problem, the more likely it is to validate the transaction and the reward, in fact, in bitcoins.
Socios.com, Cryptocurrencies: blockchain
A blockchain is the decentralized public ledger or cryptocurrency transaction list. THE blocks complete, which include the most recent transactions, are recorded and added to the blockchain. This data is stored in chronological order as open, permanent and verifiable documentation. Blockchain technology, among other things, creates a record that cannot be changed without the consent of the rest of the network participants, and this makes it virtually impenetrable from hacker attacks.