Key Takeaways

Who is Satoshi Nakamoto? Satoshi Nakamoto is the pseudonym behind the development of Bitcoin and the authorship of the original Bitcoin whitepaper. The question around the famous creator of Bitcoin has led to speculation of their true identity as well as people falsely claiming they are Satoshi Nakamoto.

The creator of Bitcoin has been clouded in mystery for more than a decade. However, despite the intrigue around this mysterious creator, the benefits of blockchain transparency means that it’s clear that Satoshi Nakamoto still owns bitcoins since their public keys were traced from the genesis block, which Satoshi mined.

Introduction

Satoshi Nakamoto is the pseudonymous author that published the Bitcoin whitepaper in 2008. The paper is entitled Bitcoin: a peer-to-peer electronic cash system (available on bitcoin.org). Satoshi Nakamoto didn’t invent blockchain, but they were the first to create a decentralized currency based on blockchain technology.

Bitcoin was officially launched in 2009. But long before that, the mysterious name was already being used in email communications and forum posts.

In 2011, however, all of their communications to the rest of the world dried up, and Satoshi disappeared. Since then, the mystery around the creation of Bitcoin has been one of hot debate and accusations. 

But who is Satoshi Nakamoto? Who is this person or group of people that gave us one of the most, if not the most, groundbreaking technologies of the 21st century? Let’s explore that now.

Who Is Satoshi Nakamoto?

Before answering this question, we first have to ask ourselves “is this a single person or a group of people?”. Unfortunately, we have very little evidence to prove they’re either. While the prevailing sentiment is that Satoshi is an individual, some believe Satoshi is a group, like a team of computer scientists, cryptography experts and cypherpunks.

Before Satoshi cut off all communications in April 2011, they claimed to be male, Japanese, and born on April 5, 1975. However, people have observed that Satoshi’s command of English was so high that they’re likely to be from a native-English speaking country. Also, their communications mostly occurred during European working hours, so it’s speculated they didn’t reside in Japan.

With Satoshi Nakamoto no longer on speaking terms with the rest of the world, speculation has run wild regarding their true identity. Plenty of people and groups have been labeled as the true Satoshi Nakamoto, but only a handful of candidates have proven notable.

Hal Finney

Out of all the candidates who could be Satoshi Nakamoto, Hal Finney is one of the most likely. Hal was an early user of Bitcoin and the recipient of the very first Bitcoin transaction. He also worked as a software developer and was one of the original cypherpunks in the 1990s.

Sadly, Hal Finney passed away in 2014 after suffering from a nerve disease that left him paralyzed for some time before his death. He always denied that he was Satoshi Nakamoto.

Nick Szabo

Another highly likely candidate is Nick Szabo, a famous computer scientist who created a digital currency “bit gold” years before Bitcoin. His communications within the cypherpunk community overlapped strongly with Satoshi’s as did his writing mannerisms and communication times.

Nick Szabo has denied that he is Satoshi Nakamoto, but many in the cryptocurrency community aren’t convinced. There are many parallels between Nick and Satoshi, which may or may not be coincidental.

Dorian Nakamoto

Dorian Nakamoto is a Japanese-American man whose birth name is in fact Satoshi Nakamoto. He’s worked as a computer engineer for technology and financial services companies and even lived in the same area in California as Hal Finney for over a decade.

Dorian answered an interview purporting to have been involved in developing Bitcoin, but later retracted his claim stating he misunderstood the question. Since then, he’s denied ever having worked on the project and didn’t even know it existed until the media frenzy around him ensued.

HBO Documentary

In October 2024, Documentary director Cullen Hoback and HBO announced their film, "Money Electric: The Bitcoin Mystery," which hinted at potentially revealing the true identity of Bitcoin creator Satoshi Nakamoto.

In the documentary, Cullen Hoback, known for his HBO miniseries "Q: Into the Storm," where he claims to have identified several authors behind the QAnon conspiracy theory, turns his investigative lens towards the enigmatic figure of Satoshi Nakamoto.

How Much Is Satoshi Nakamoto Worth?

Regardless of who the real Satoshi Nakamoto is, they are certainly very wealthy. Forensic technologists have tracked down where Satoshi has stored their bitcoins, putting their net worth in the spotlight.

Since early 2009, Satoshi Nakamoto has not spent a single satoshi. The estimates of how much BTC Satoshi owns varies, but most people agree it’s around 1 million bitcoins. That would make Satoshi Nakamoto one of the wealthiest billionaires on the planet. As of market prices in October 2024, Satoshi Nakamoto’s Bitcoin would be worth over $61 billion.

Closing Thoughts

There are many claims to who Satoshi Nakamoto truly is. They could be a single person or a group of people. They could be dead or alive. But without solid, concrete evidence, we’ll never truly know who Satoshi Nakamoto is. Furthermore, many members of the Bitcoin and crypto community feel that the identity of Satoshi Nakamoto should remain a mystery forever. 

Regardless, the only thing we can be sure about is; Satoshi Nakamoto HODLs a lot of bitcoins.

🚨🚀🎗️Pi Price Calculations🎗️🚀🚨
Pi Coin is currently valued at $45.59, with a total supply of 10,000,000 tokens. To assess whether it could become the next Bitcoin, it’s essential to understand how its price is determined and the factors that could influence its growth.
The price of a cryptocurrency like Pi is derived from the balance between supply and demand in the market. With a fixed total supply of 10,000,000 coins, any increase in demand for Pi Coin—whether due to broader adoption, increased trading activity, or media attention—could drive its price higher. If demand grows significantly, Pi’s price might skyrocket, similar to Bitcoin’s meteoric rise. However, this outcome is far from guaranteed.
To determine whether Pi Coin could follow in Bitcoin’s footsteps, we must consider factors such as market confidence, the development of the Pi network, and competition from other cryptocurrencies. Bitcoin’s success was driven by its early adoption, decentralized nature, and widespread use as digital gold. Pi Coin would need to achieve similar breakthroughs to become the next big thing.
While Pi Coin’s current price and limited supply provide potential, predicting its trajectory requires careful analysis of market conditions and technology development in the years ahead.
#moonbix #MemeCoinTrending #USPPIAboveExpectations #USRateCutExpected #BTCUptober

Key Takeaways

Bitcoin ATMs (or BTMs) allow users to buy and sell bitcoin (and sometimes other cryptocurrencies) by using either cash or debit cards.

If you are new to crypto, you will need to set up a crypto wallet before using a Bitcoin ATM.

Bitcoin ATMs are easy to use but charge high fees, typically much more than online alternatives, with costs sometimes reaching up to 20% per transaction.

What Is a Bitcoin ATM?

Ever wonder how you can buy bitcoin using good old-fashioned cash? That’s where Bitcoin ATMs come into play!

A Bitcoin ATM is exactly what it sounds like—an automated teller machine for bitcoin (BTC). It’s a physical machine, usually found in public places, that lets you buy or sell BTC (and sometimes other cryptocurrencies) in exchange for cash or a debit card payment. It’s like your traditional bank ATM, except it connects you to the exciting world of crypto instead of your regular bank.

How Do Bitcoin ATMs Work?

Bitcoin ATMs are pretty straightforward. To buy bitcoin, you insert cash into the machine, scan your wallet QR code, and the ATM will automatically transfer the BTC to your wallet address. We will cover the steps in more detail below, but keep in mind that you will need to set up a crypto wallet if you haven’t already.

Depending on the location, Bitcoin ATMs may offer both buying and selling services. However, some Bitcoin ATMs will only allow you to buy, and others will only allow you to sell.

If the ATM allows you to sell bitcoin, you can do it by sending the coins from your wallet to the address provided by the machine. Once the transaction is confirmed on the blockchain (which might take a while), the ATM will release the cash. Just make sure you know whether the ATM you’re using supports selling.

What’s the Catch? Fees!

While Bitcoin ATMs can be handy, such convenience doesn’t come for free. Most crypto ATMs come with pretty high fees. They can charge between 7% and 20% per transaction, which is way more than what you’d pay on an online exchange. 

For comparison, online crypto exchanges usually charge between 1% and 4% for bank deposits or credit card purchases. On Binance, deposit fees can vary from 0% to 2%, depending on your currency, location, and payment method. If Binance P2P is available in your region, you can easily buy and sell crypto online with very low fees.

So, while using a Bitcoin ATM is quick and easy, it’s significantly more expensive. Some machines also have minimum and maximum transaction limits. For example, you might need to buy at least $10 worth of bitcoin or be limited to a maximum purchase of a few thousand dollars per transaction. Always check those limits before you get started!

You should also be careful to pick an ATM with good recent ratings, that displays owner contact details, provides a price feed, and a clear fee schedule. There are fake machines out there, so this data can help evaluate their authenticity.

Where Can You Find Bitcoin ATMs?

As Bitcoin has grown in popularity, so has the number of ATMs. Right now, there are tens of thousands of crypto ATMs worldwide, with the majority located in the US, but they’re spreading across other countries too. 

You’ll often find them in places like gas stations, shopping malls, and airports. If you’re hunting for one, you can use online services like Coin ATM Radar to help you locate a Bitcoin ATM near you.

Pros and Cons of Bitcoin ATMs

Pros

Easy to use: Great for beginners who want to dip their toes into crypto without dealing with online exchanges.

Cash-friendly: You can easily buy bitcoin with cash without using a bank account.

Relatively quick: No need to wait for days like with some bank transfers.

Cons

High fees: The convenience comes at a price, and it’s often much higher than online alternatives.

Limited availability: While they’re becoming more common, you might still have trouble finding one nearby, depending on where you live.

Security risks: Be cautious. Like any machine that handles money, Bitcoin ATMs could be targeted for theft or fraud. There are also fake machines out there.

How to Use a Bitcoin ATM?

Want to give it a try? Here’s a quick guide on how to use a Bitcoin ATM:

Get a crypto wallet: You’ll need a wallet address to receive your bitcoin. Make sure you have one that can generate a QR code (e.g., Binance App or Trust Wallet).

Find a Bitcoin ATM: Use an online locator like Coin ATM Radar to find the nearest machine. Be careful with fake machines. Pick an ATM with good recent ratings and clear information (owner contact details, price feed, fees, etc.).

Verify your identity: Some machines might ask for your phone number or a photo ID. In some cases, this depends on how much bitcoin you’re buying or selling.

Scan your wallet QR Code: When you’re ready to buy, scan your wallet’s QR code so the machine knows where to send your bitcoin.

Make the payment: Follow the on-screen instructions to insert your cash or swipe your debit card for the amount you want to spend.

Confirm the transaction: Once the blockchain confirms the transaction, your bitcoin will appear in your wallet. You might have to wait for a while, depending on how busy the network is.

Should I Use a Bitcoin ATM?

It depends. Bitcoin ATMs might be a good choice for those who want a simple way to buy bitcoin with cash. But remember, there are security risks, and the high fees can make your purchase way more expensive. 

For most people, the convenience provided by Bitcoin ATMs is not worth the significantly higher costs and potential risks. The reality is that it’s cheaper and safer to buy your first crypto through reputable exchanges like Binance, which offers multiple payment methods in a variety of different currencies.

Further Reading

What Is Binance P2P and How to Use It? 

How to Set Up a Crypto Wallet

What Is Trust Wallet (TWT)?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer here for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Disclaimer: This article is for educational purposes only. The information provided through Binance does not constitute advice or recommendation of investment or trading. Binance does not take responsibility for any of your investment decisions. Please seek professional advice before taking financial risks.

Key Takeaways

Neiro is a dog-themed meme coin inspired by a real-life Shiba Inu. The dog Neiro was adopted by Atsuko Sato after Kabosu (the famous Dogecoin Shiba Inu) passed away in May 2024.

The adoption of Neiro sparked a new market frenzy, inspiring the creation of multiple meme coins with similar names.

In this article, we’ll go through the different Neiro projects, focusing on the biggest Neiro token by market cap, known as the First Neiro on Ethereum (or Neiro CTO).

Origins of Neiro

In May 2024, Dogecoin’s famous mascot, Kabosu, passed away at the age of 17, marking the end of an era. A couple of months later, Kabosu’s owner brought home a new Shiba Inu named Neiro. This sparked a frenzy in the meme coin scene, leading to the creation of many Neiro-inspired tokens on Solana and Ethereum.

The most noticeable Neiro projects consist of two Solana and two Ethereum projects. First, we will discuss the first Neiro token deployed on Ethereum, which is leading by market cap. Then, we will cover which Neiro token was created first and highlight the basic differences between the four Neiro projects.

First Neiro on Ethereum (Neiro CTO)

The First Neiro on Ethereum, also known as Neiro CTO (short for community takeover), is the leading Neiro project by market cap. Neiro CTO is part of the larger meme coin phenomenon, where tokens like Dogecoin and Shiba Inu often make news headlines. 

Most meme coins start as jokes, but some can grow rapidly due to viral social media and community trends. Much like Dogecoin and other dog-themed coins, Neiro doesn't promise to revolutionize the financial world but instead focus on building a strong community and driving user engagement through humor and social media buzz.

That said, traders and investors should remain cautious. Meme coins are known for their volatility and can experience massive price swings based on community sentiment​.

When was Neiro CTO created?

Neiro CTO was deployed on July 27 at 9:14 PM UTC. It was the first Neiro to be deployed on the Ethereum network.

Which Neiro Meme Coin Came First?

If you check their smart contracts on a blockchain explorer such as Etherscan or Solscan, you will find that all four Neiro tokens were deployed on July 27, 2024, at different times – two on Solana and two on Ethereum.

The two Solana-based meme coins launched first. The Ethereum versions of Neiro joined the race soon after. But despite being launched first, the two Solana projects now have a lower market cap when compared to the Ethereum versions.

Meme Coin

Network

Market Cap (Sep-2024)

Deployment Time (July 27, 2024)

Neiro CTO

Ethereum

$512 million

21:14 UTC

Neiro ETH

Ethereum

$92.6 million

22:19 UTC

Neiro BroPump

Solana

$7.2 million

19:55 UTC

Neiro.lol

Solana

$3.1 million

21:05 UTC

While the reasons are unclear, some argue that the differences in market demand and adoption rates are due to the way each project launched and distributed its Neiro tokens, with some potentially being more centralized than others.

Where Can I Trade Neiro CTO?

You can buy and sell Neiro CTO on the Binance Spot market. At the time of writing, the available trading pairs are NEIRO/USDT, NEIRO/FDUSD, and NEIRO/TRY.

What’s Next for Neiro?

While Neiro CTO has seen incredible growth, the future remains uncertain. Meme coins are notorious for their unpredictable nature and extreme volatility. As with most meme coins, its success largely depends on continued community support, market demand, and viral trends.

Closing Thoughts

Neiro meme coins have captured the attention of the crypto world, driven by the legacy of Dogecoin and the viral adoption of a new Shiba Inu named Neiro. Among the various projects, Neiro CTO stands out with the highest market cap.

While the excitement around dog-themed tokens is undeniable, investors must remain cautious. If you’re thinking about investing or trading Neiro, make sure to use funds you can afford to lose and keep an eye on the community and market trends. Meme coins are all about market sentiment, and Neiro is no exception.

Further Reading

What Is Dogecoin?

What Are Meme Coins?

What Is Etherscan and How to Use It? | Binance Academy 

What Is Crypto Market Sentiment?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer here for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Disclaimer: This content is presented to you for educational purposes only. Products and services referred to here may not be available in your region.

Key Takeaways

Moonbix is an easy-to-play game that can be accessed through the Binance Moonbix Telegram bot, making it convenient for users to enjoy on the go.

The game consists of collecting coins and items to earn points in 45-second sessions. Scores are determined by the quantity, size, and value of the items gathered.

Moonbix doesn’t have a tradable token, but it features periodic events that give players the chance to earn real cryptocurrency rewards.

What Is Moonbix?

Binance Moonbix is a mini-game created by Binance. It is a Telegram crypto-themed game where you collect items while exploring the galaxy. The game is easy to access, with simple mechanics that encourage participation for potential rewards.

Unlike other Telegram mini-games, Moonbix doesn’t have a tradable token, but the game hosts periodic events that give players the chance to earn cryptocurrency rewards.

How Does Moonbix Work?

Moonbix operates through a Telegram bot, so you can easily access the game via the official Moonbix Telegram. To start playing, simply activate the Moonbix bot and follow the instructions.

The game is centered around a simple gameplay of collecting items, and the score is based on the number, size, and quality of items collected. Players accumulate points and compete to rank high on leaderboards, which increases their chances of winning rewards.

How to Play Moonbix

Each player has six free games per day, with each game lasting 45 seconds. Your goal is to use the spaceship hook to catch items for points. 

You have to tap or click at the right moment to ensure the hook collects coins, gift boxes, and mystery spaceships (when available). Collecting stones will give you negative points.

Points influence rankings in Moonbix campaigns, with rewards given to top players. You can also earn extra points by inviting friends to play. For more information, please check the Moonbix FAQ page.

Key Features of Binance Moonbix

Accessible via Telegram: Moonbix is designed to be easily accessible through Telegram, allowing users to play on the go without needing additional apps or complex setups.

Crypto rewards: Eligible Moonbix players can earn actual crypto prizes, which are redeemable via their Binance accounts.

Simple gameplay: The game's simplicity ensures it appeals to a wide audience, from crypto enthusiasts to casual gamers.

Periodic events: Binance Moonbix hosts special events where players can win even more prizes, making the game dynamic and exciting over time.

Non-tradable asset: Moonbix is not a token or cryptocurrency, which has led to some confusion, but Binance has clarified that it is strictly a game with crypto rewards.

Does Moonbix Have a Token Airdrop?

Unlike Hamster Kombat and other Telegram mini-games, Moonbix doesn’t have a native token airdrop.

Some users have misunderstood Moonbix as being a new project with a cryptocurrency token. This confusion likely arose because of its potential rewards in crypto. However, the Moonbix team clarified that they created the project as a game only, with no plans to launch a native cryptocurrency.

Moonbix Rewards: DOGS and NOT

On October 7, 2024, Binance announced an exclusive campaign for Moonbix players, where users can share a reward pool of 145,000,000 DOGS and 15,000,000 NOT tokens by playing the game and trading.

The event involves ranking players based on their points and trading volume. Top performers receive a portion of the rewards according to specific tiers and eligibility rules. For more details on how to participate and the rewards distribution, visit the Binance announcement page.

Closing Thoughts

Binance Moonbix is combining gaming with cryptocurrency incentives, delivered through an easy-to-use Telegram mini-app. For those looking for an alternative way to interact with the Binance platform and earn rewards, Moonbix offers a playful and rewarding experience that bridges the gap between casual gaming and the world of cryptocurrency.

Further Reading

What Is a Crypto Airdrop?

What Is Hamster Kombat (HMSTR)?

What Is Telegram's Meme Coin DOGS?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer here for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.

Disclaimer: This article is for educational purposes only. The information provided through Binance does not constitute advice or recommendation of investment or trading. Binance does not take responsibility for any of your investment decisions. Please seek professional advice before taking financial risks.

Key Takeaways

Scroll is a scaling solution that processes transactions off the main Ethereum chain, reducing congestion and making the network faster for users, even during busy periods.

With its zk-rollup technology, Scroll can lower Ethereum’s gas fees, making DApps and DeFi services more affordable and accessible for users.

Scroll integrates smoothly with Ethereum, allowing developers to use their existing tools and smart contracts without having to rewrite their code entirely.

Introduction

If you've ever used Ethereum, you’ve probably noticed that it can be a bit slow and expensive during times of high demand. As more people jump onto the Ethereum network to use decentralized apps (DApps), the network is more likely to get congested, resulting in higher fees and slower transaction speeds. That’s where Scroll comes in.

Scroll is a project designed to make Ethereum faster, cheaper, and more efficient, all without sacrificing the security and decentralization that makes Ethereum special. Let’s dive into what Scroll is and its scaling solutions.

What Is Scroll (SCR)?

Scroll is a Layer 2 scaling solution designed specifically for Ethereum. In simpler terms, it’s a technology that works on top of Ethereum’s main network (Layer 1) to make things run more smoothly. One of the key components of Scroll is a cryptographic technique called zero-knowledge rollups (zk-rollups), which is a game-changer for speeding up transactions while keeping them secure.

With Scroll, transactions get processed off Ethereum’s main chain, which helps avoid congestion. Then, the important data is sent back to Ethereum’s Layer 1 to make sure everything checks out. This means you can still use all the cool DApps and tools on Ethereum, but without paying high fees or waiting too long for confirmations.

Why Does Ethereum Need Scroll?

We can think of Ethereum as a busy highway. When too many people are trying to use it at once, it slows down, and the cost of using it (gas fees) goes up. As we all know, nobody likes paying high fees, especially when you're just trying to send some crypto to a friend or use a DApp.

Ethereum’s developers are working hard on solutions to fix this, but the network’s focus on security and decentralization makes it tricky to scale. This is where Layer 2 solutions like Scroll come in—they help take some of the load off Ethereum’s main network while still keeping it safe and decentralized.

How Does Scroll Work?

The basics of rollups

As we’ve learned, rollups are a clever way to process a bunch of transactions off Ethereum’s main network (off-chain) and then send a summary of those transactions back to Layer 1 for approval. You can think of it as sending a group text to save time instead of messaging people one by one.

There are two kinds of rollups: optimistic rollups and zero-knowledge rollups (zk-rollups). Scroll uses zk-rollups, which come with extra security. These rollups use something called zero-knowledge proofs (ZKP) to guarantee that the off-chain transactions are processed correctly. That way, Ethereum doesn’t have to double-check everything, making the whole process much faster and cheaper.

Scroll’s three-layer architecture

Scroll’s system has three main parts:

Settlement layer: This is Ethereum itself. Scroll uses Ethereum’s Layer 1 for things like data availability and verifying zk-rollup proofs. Essentially, Ethereum acts as the final judge, confirming that everything is legit.

Sequencing layer: Here, Scroll processes and organizes transactions. This layer groups transactions into batches and sends the info back to Ethereum for safekeeping and verification.

Proving layer: This is where the magic of zk-rollups happens. A bunch of computers (called provers) work together to generate the zero-knowledge proofs that show the transactions were handled correctly. This layer ensures everything is secure and ready for Ethereum’s approval.

Zero-Knowledge Ethereum Virtual Machine (zkEVM)

One of the coolest parts of Scroll is its zkEVM (short for zero-knowledge Ethereum Virtual Machine). This sounds complicated, but it basically means that Scroll can run Ethereum-like transactions using zk-rollups without changing how Ethereum works. Developers don’t have to rewrite their code or create new tools to work with Scroll, which is a big plus.

The zkEVM allows Scroll to stay 100% compatible with Ethereum, making it easier for developers to use and migrate their DApps to this faster, more efficient system.

How Transactions Work on Scroll

Transactions on Scroll go through a few important stages to make sure everything runs smoothly:

Confirmed: First, a user submits a transaction to either Ethereum’s mainnet (Layer 1) or directly to Scroll (Layer 2). Once the transaction is executed and added to a block, it’s considered confirmed.

Committed: The confirmed transactions are then bundled together into a batch. This batch gets sent to Ethereum’s main network, which makes sure the data is properly recorded.

Finalized: Lastly, Scroll creates a validity proof (thanks to those zero-knowledge rollups we talked about earlier) and sends it to Ethereum. Once Ethereum verifies this proof, the transaction is finalized. That's it! Your transaction is now part of the official Ethereum blockchain, all without slowing things down.

The Advantages of Scroll

1. Better scalability

By processing transactions off-chain, Scroll dramatically increases the number of transactions Ethereum can handle. This makes the network a lot faster, which is especially important as more people start using decentralized apps (DApps) on Ethereum.

2. Lower transaction fees

Scroll is great news for your crypto wallet. Since it can batch transactions and use zk-rollups, the cost of using Ethereum goes down. This makes it a lot more affordable to use DApps and transfer crypto.

3. Security stays strong

Even though transactions are processed off-chain, Scroll uses advanced zk-rollups to make sure everything is secure and trustworthy. There’s no need to worry about the safety of your transactions—Scroll is designed to keep them just as secure as if they were processed directly on Ethereum.

4. Compatible with Ethereum

Scroll doesn’t require developers to change how they build their DApps. Its zkEVM ensures full compatibility with Ethereum’s existing infrastructure, meaning developers can easily start using Scroll without having to learn a whole new system.

The SCR Token

SCR tokens are designed to be an essential part of the Scroll ecosystem. Here are some of the main use cases of the SCR token:

Governance: If you hold SCR tokens, you can get a say in how Scroll evolves. SCR holders can vote on key decisions, from protocol updates to how the network operates.

Network support: Scroll depends on two important groups: provers and sequencers. They make sure everything works behind the scenes, verifying transactions and organizing them into blocks. SCR tokens are used to reward them for their efforts, which helps keep things decentralized and secure​.

Staking: Users and validators can stake SCR tokens to help secure the network and earn rewards. This is an important incentive for keeping the Scroll network safe and functional.

Closing Thoughts

Scroll (SCR) is an innovative Layer 2 scaling solution that addresses Ethereum's scalability challenges by leveraging zero-knowledge rollups. By improving transaction throughput, reducing costs, and maintaining compatibility with Ethereum’s ecosystem, Scroll makes it easier and cheaper for users and developers to interact with the Ethereum blockchain.

As Ethereum continues to grow, projects like Scroll will be critical in making sure the network can handle the increasing demand for decentralized apps and services.

Further Reading

What Is Zero-knowledge Proof and How Does It Impact Blockchain?

Blockchain Layer 1 vs. Layer 2 Scaling Solutions

Optimistic vs. Zero-Knowledge Rollups: What’s the Difference?

Disclaimer: This content is presented to you on an “as is” basis for general information and educational purposes only, without representation or warranty of any kind. It should not be construed as financial, legal or other professional advice, nor is it intended to recommend the purchase of any specific product or service. You should seek your own advice from appropriate professional advisors. Where the article is contributed by a third party contributor, please note that those views expressed belong to the third party contributor, and do not necessarily reflect those of Binance Academy. Please read our full disclaimer here for further details. Digital asset prices can be volatile. The value of your investment may go down or up and you may not get back the amount invested. You are solely responsible for your investment decisions and Binance Academy is not liable for any losses you may incur. This material should not be construed as financial, legal or other professional advice. For more information, see our Terms of Use and Risk Warning.