BUSINESS | Jul 29, 2021 | WOZINGA NEWS
Inter Milan to launch its branded digital currency $Inter
Social economies based on digital coins are gaining popularity across the internet.
- Inter Milan will launch its digital currency, $Inter.
By Elah Mae Ariate Wozinga Journalist
Pirelli, the Italian tyre company, has ended its 26-year sponsorship of Inter Milan’s famous Nerazzurri kit, based on The Irish Times’ report. Socios, the new sponsor, has paid nearly twice as much as Pirelli. It is a cryptocurrency firm.
Inter Milan to launch $Inter currency
Inter Milan will launch its digital currency, $Inter. Holders of $Inter coins, primarily Inter Milan fans, will be able to use the tokens to purchase exclusive merchandise and digital content, as well as vote in club polls.
These polls could include choosing the entry music to walk onto the field, deciding which message the captain wears on his armband, and even guiding team selection. The annual energy consumption required to implement bitcoin is now equal to Sweden’s (135TWh). A single bitcoin transaction consumes the same amount of energy as a typical US household for 57 days, based on the report.
The complexity of the algorithm that establishes trust across an open federation of computers used to “mine” the cryptocurrency, whose owners can be anyone anywhere, is the reason for such astronomically high energy consumption.
$Inter use approaches which reduce the frequency of energy-intensive interactions
Some blockchain supporters believe that renewable energy production will eventually solve the problem. The creators of the popular Ethereum cryptocurrency plan to reduce energy consumption. By shifting from verification of work done by “miners” to verify coin holders’ stake.
This transition, and the resulting reduction in energy consumption, are expected to take place within the next few months. Besides, branded tokens like Inter Milan’s $Inter employ methods that reduce the frequency of energy-intensive interactions with the underlying blockchain.
Inter Milan isn’t the only one. Arsenal, Atlético Madrid, Juventus, Manchester City, and Paris Saint-Germain are collaborating with Socios to launch similar club-branded digital tokens. Aston Martin and Alfa Romeo Racing are both Formula One teams. Two NBA teams, the Philadelphia 76ers and the Boston Celtics, as well as the NHL team the New Jersey Devils, have signed up in the United States.