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AMC Theaters Considers Accepting Shiba Inu As Payment Amid Growing Interest

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AMC Theatres, the largest movie theater chain in the world, is considering adding Shiba Inu (SHIB) as a way to pay for tickets.

On Friday, the CEO of the theatre chain, Adam Aron, put up a poll on Twitter asking the crypto community if they would be potentially interested in paying for movie tickets with Shiba Inu.

After acquiring some cinemas in 2016, AMC became the largest movie theater chain in the world. It has 2,866 screens in 358 theatres in Europe and 7,967 screens in 620 theatres in the United States.

Shiba Inu – A Potential Means Of Payment

AMC Theatres is already in the process of integrating the payment options for movie tickets using Bitcoin, Litecoin, Ethereum, and Dogecoin, into its system. So this recent development is not really a surprise.

On Friday, Shiba Inu overtook Dogecoin to become the ninth-largest cryptocurrency by market capitalization. With a market cap of $40,476,844,035, the meme coin was up 5.13% in the last 24 hours.

Related Reading | By The Numbers: What $1000 In SHIB Is Worth Now

In the early hours of Friday, Aron took to his Twitter page to ask users if the company should accept online payments in Shiba Inu in addition to the other digital currencies that it’s working on.

The poll already has a significant number of interactions even though there are still four days left to vote. At the time of writing, 121,916 Twitter users have already voted. So far, 87% support the movie theater chain accepting SHIB, while 13% are opposed to the idea.

This is, however, not Aron’s first Twitter poll of this sort. The first poll, which was conducted in September, was about whether AMC Theatres should accept rival meme coin Dogecoin. That poll also attracted a lot of attention. And after the voting ended, Aron expressed his fascination with the number of interactions it garnered.
Among those who liked his tweet was Tesla CEO and dogecoin supporter Elon Musk.

AMC Theatres And Crypto

The multinational entertainment giant has been showing serious interest in blockchain technology recently.

Last week during an interview with CNBC, CEO Adam Aron discussed AMC’s crypto ambitions. He said, “We’ve made a lot of noise in the last few months about getting hyperactive in cryptocurrency.” He also discussed the possibility of issuing company-specific crypto.

Related Reading | Crypto Adoption Boosts Travel: Travala Rises From The Ashes

In August, the firm stated its intention to include Bitcoin payments for movie tickets into its infrastructure by the end of this year.

The following month, the theater giant expanded on those crypto payment options by including Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). According to Aron, moviegoers are keen to pay for their movies with crypto at AMC theatres. These new payment methods will also be available by the end of the year.

SHIBUSD on TradingView.com

SHIB trading at $0.0000736 | Source: SHIBUSD on TradingView.com

Earlier this month, AMC added Dogecoin to the list of crypto payment options. However, this will be added in early 2022. The company also announced that users can now buy digital gift cards with Dogecoin and other cryptocurrencies using their BitPay wallets.

Last month, the CEO of AMC theatres also indicated its interest in minting commemorative movie tickets as non-fungible tokens (NFTs) during a CNBC interview.

Featured image by Financial Times, Chart by TradingView.com


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Blockchain and Artificial Intelligence

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Artificial intelligence (AI) was introduced in 1955 by John McCarthy

Artificial intelligence (AI) is the ability of a computer program to think, learn and mimic human thought. Introduced in 1955 by John McCarthy, artificial intelligence has several different fields of study. These fields include computer science, mathematics, psychology, and philosophy, among many others. AI is linked to several different use cases. The most prominent use cases include machine learning, supply chain optimization, speech recognition, self-driving cars, and manufacturing optimization.

Now we know a bit about AI, let’s review a few examples of how AI is improving decentralized networks like blockchain.

Cryptocurrency Trading

During the past few years, artificial intelligence has substantially increased its presence in the area of crypto trading. This is particularly true with high-frequency trading (HFT). Essentially, HFT is a type of algorithmic financial trading characterized by high speeds and high turnover rates. High-frequency trading is a perfect vehicle for cryptocurrency trading because the crypto universe has several different exchanges.

HFT uses artificial intelligence to analyze multiple technical indicators across various exchanges in an effort to take advantage of market opportunities. AI is still in its infancy stage in regard to crypto trading. Going forward, artificial intelligence will play a pivotal role within the crypto trading community. These are commonly known as trading bots.

Suggested Read: What Are Public, Private, and Consortium Blockchains? – Cryptobite

Blockchain Security

Unfortunately, industries that find themselves in a hyper-growth phase are more susceptible to cyberattacks and malware. Without question, blockchain technology, along with digital assets, is currently experiencing an explosive rate of growth. Consequently, the blockchain industry has endured an exponential increase in malware, phishing, fraud, and digital theft. Based on data provided by industry experts, $9 million is lost to cryptocurrency scams on a daily basis.

The key to successfully thwarting a blockchain hack is to identify the threat and understand the nature of the attack as quickly as possible. Hackers are acutely aware that they must strike quickly in order to launch a profitable attack. Unfortunately, crypto exchanges have a poor track record in preventing cyber-attacks. AI-based cybersecurity systems are designed to detect a hack in real-time and dramatically increase the likelihood of stopping the attack. AI systems are far superior to traditional cybersecurity systems because AI has the ability to detect patterns from previous attacks. This information can be used to prevent future cyber threats.

Bitcoin Mining

As you know, all crypto transactions are verified and added to the blockchain by Bitcoin miners to maintain the integrity of the network. In exchange for their work, miners are rewarded with Bitcoin. Crypto mining requires energy consumption and computing power. Over the past few years, Bitcoin miners have explored the idea of using artificial intelligence to reduce energy waste and computing power to reduce costs.

A few of the largest mining companies have created AI-based systems, allowing companies to share power and increase profitability. AI algorithms have made crypto mining faster, more profitable, and more efficient. Without question, artificial intelligence will continue to play an essential role throughout the crypto industry.

Brief Summary of Blockchain and Artificial Intelligence

Artificial intelligence (AI) was introduced in 1955 by John McCarthy

  • AI is the ability of a computer program to think, learn and mimic human thought.
  • AI encompasses several different fields of study.
  • AI has increased its presence in cryptocurrency trading.
  • High-frequency trading uses AI to analyze technical indicators across many exchanges.
  • AI-based cybersecurity systems are designed to detect a hack in real-time.
  • Bitcoin miners use AI to reduce energy consumption and computing power.
  • A few of the largest mining companies have created AI-based ecosystems.
  • AI algorithms have made crypto mining faster, more profitable, and more efficient.
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How Does Blockchain Compare to Other Innovations?

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How Does Blockchain Compare to Other Innovations

Probably, the most innovative discoveries of the past 100 years are the world wide web (i.e., internet) and the mobile phone. By now, both these things have become a must-have of modern human beings. Let’s look at the stats. In 1995, only 17% of USA residents were using mobile phones. By 2018, only 5% of US residents still did not have this device in use. While in 1995, only 16 million people (0,4% of the world’s population) were internet users, by 2018, this number increased to 4.2 billion, which is more than half of all people. Interestingly, during the first 5 years of the internet’s existence, only 5% of all people have found it worthy enough to use.

These numbers indicate how we interact with new technologies. As a general rule, most people are skeptical of discoveries and innovations at the early stages of their existence. Still, when the benefits of using a certain technology become obvious, it spreads all over the world with the speed of light.

Typically, it takes about 10 years before the average consumer makes an effort to research a new product or service. By this time, approximately 10% to 20% of the overall population had adopted the innovation. The remaining 80% to 90% of the population is still on the sidelines, unwilling to implement this new technology into their daily lives. Within 20 years of the new product’s existence, the majority of the population finally adopted it. Without question, consumers are very slow to implement new technologies.

Suggested Read: Blockchain and the Banking Industry – Cryptobite

Adoption of Blockchain Technology

But should we wait another 20 years to see the adoption of blockchain technology? Most likely, it will occur much faster than the internet, mobile phones, automobiles, or air travel. Why? Because once the blockchain infrastructure is in place, the old ledger system becomes useless. Therefore, soon, consumers will not have to choose between the new digital ledger and the old manual ledger. Companies that won’t migrate to the blockchain will be left behind and eventually forced out of business.

Within the next decade, blockchain technology will permeate our daily lives. For example, everyday things like voting, purchasing a vehicle or a home, visiting a medical care provider, investing in the stock market, obtaining a bank loan, going to college, or shopping at a retail establishment, will encounter blockchain technology.

Most probably, within the next five to 10 years, we will encounter blockchain technology daily. This explains why it will be exponentially larger than the internet.

Brief Summary of Blockchain In Comparison to Other Innovations

  • As a general rule, people are skeptical of discoveries and innovations.
  • It takes approximately 10 years for the average consumer to become a regular user of innovations.
  • Full adoption of a new product or service takes 20 to 30 years.
  • The adoption rate of blockchain will occur much faster.
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What Is Blockchain Consensus Algorithm?  

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What Is Blockchain Consensus Algorithm

Blockchain technology has many different moving parts. Hence, to operate smoothly, the architecture must be properly designed. An important piece of Nakamoto’s architectural design is the use of a consensus algorithm. 

Blockchain Consensus Algorithm in a Nutshell

In its simplest format, a blockchain consensus algorithm is a decision-making process. It is designed to assist in reaching a common decision by a group of people. Of course, in this particular scenario, the consensus algorithm involves blockchain-related solutions.

How Does it Work?

Let’s assume that 20 co-workers are asked to collaborate and offer a recommendation on a specific project. Each participant in the group will reach a decision that will provide the greatest individual benefit. The group must listen to each recommendation and decide which of them will provide the greatest overall benefit. The final recommendation must be accepted by all group members regardless of whether it offers the best solution for each individual.

Let’s assume that 20 co-workers are asked to collaborate and offer a recommendation on a specific project. Each participant in the group will reach a decision that will provide the greatest individual benefit. The group must listen to each recommendation and decide which of them will provide the greatest overall benefit. The final recommendation must be accepted by all group members regardless of whether it offers the best solution for each individual.

Suggested Read: Luxury Fashion Brands Are Entering The Crypto Space (cryptobite.io)

Brief Summary of Blockchain Consensus Algorithm

  • An important piece of blockchain architecture is the use of a consensus algorithm.
  • It is a decision-making process that helps a group of people to make a common decision.
  • The consensus algorithm always produces the optimum solution for the overall group.
  • A consensus algorithm helps to create fairness and equality in a decentralized ecosystem.
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