Introducing Citrea's Halving Campaign
Set your clocks, Citreans! We are about 30 days away from the Bitcoin Halving, and the excitement is building up. As we count down to this monumental event, we have an exciting opportunity for our community to participate in what we call – The Halving Campaign!
We invite you to join us on this campaign to explore and learn what the Halving means, why it's so important, and how Citrea is getting ready to contribute to the future of Bitcoin.
Plus, we have got some exciting prizes for the top participants! Let’s dive in.
Understanding the Halving
The Bitcoin Halving is a logarithmic function that occurs approximately every four years, where the block reward given to Bitcoin miners is cut in half. In other words, the rate at which new Bitcoins are introduced into circulation is reduced by 50%. The current block reward of 6.25 BTC will decrease to 3.125 BTC in the upcoming Halving.
By gradually reducing the issuance rate of new Bitcoins, the Halving ensures that the total supply of Bitcoin remains capped at 21 million, preventing inflation and preserving value. As is well known, this scarcity mechanism is a fundamental aspect of Bitcoin's economic model.
Though the Halving tends to follow with volatile price action, it nevertheless presents a challenge for Bitcoin miners. With Bitcoin issuance decreasing from 6.25 to 3.125 BTC per block, miner income from block rewards is cut in half. In addition, hardware expenses are increasing to remain efficient and profitable. The hash rate, a measure of the total computational power used to mine and process transactions on the Bitcoin network, is a proxy for mining difficulty and is a key input for calculating miners' expenses. According to the BTC blockchain explorer, between the beginning and the end of 2023, the average hash rate increased from 243.66 exahashes/second (EH/s) to 524.18 EH/s—115% increase, significantly more than 2022's increase of 45%.
With the Halving reducing block rewards and hardware expenses on the rise, miners face the challenge of maintaining profitability while ensuring the decentralization and security of the Bitcoin network. In this context, an increase in transaction activity on the network becomes crucial. Layer 2s that leverage Bitcoin for data availability and settlement, can play a significant role in providing sustainable and consistent revenue for miners. By increasing the overall transaction capacity and utility of the Bitcoin Network, Layer 2s can attract more users and create a healthier and more sustainable ecosystem for Bitcoin by utilizing BTC as a gas token and paying the Bitcoin Network for relying on its security.
Citrea's Role in Bitcoin's Future
As the Bitcoin Network evolves, addressing scalability and security challenges becomes increasingly vital while upholding Bitcoin's core principles. Citrea aims to ensure sustainable participation in the Bitcoin Network by scaling Bitcoin blockspace with zero-knowledge proofs and creating a programmable execution layer for a vast array of on-chain applications and financial activities.
Increased participation in the Bitcoin Network requires a scaling solution that utilizes Bitcoin blockspace efficiently in a verifiable manner to scale the demand and increase its expressivity and throughput. Zero-knowledge proofs are the most efficient way to achieve easy verification by the Bitcoin blockchain.
Citrea, as Bitcoin's first ZK Rollup, expands what developers can build on Bitcoin with its execution environment that is trustless to Bitcoin and available to all participants of the Bitcoin Network. Citrea represents Bitcoin security at scale as its validity proofs are inscribed in Bitcoin and optimistically verified on Bitcoin via BitVM. By utilizing Bitcoin as both data availability and settlement layer, Citrea creates consistent fee revenue for miners, unlocks Bitcoin’s capital with the first trust-minimized two-way peg mechanism, and allows developers to build anything on its EVM equivalent execution shard.
Citrea’s vision is to establish Bitcoin as the foundation for the world’s finance. We have an ambitious roadmap to realize this vision, starting with the testnet launch in Q2, being followed by the Mainnet Beta Launch in Q4, and going forward with a Multi Sequencer Network, Volition Model, and EVM+ Runtime.
Introducing Citrea’s Halving Campaign 🍊🍋
To celebrate the upcoming Bitcoin Halving, we are excited to announce the launch of the Halving Campaign. This two-part initiative is designed to test Citrean’s knowledge, showcase their creativity, and reward them for their contributions to Citrea. We have prepared good prizes for the winners!
Community Campaigns
- Are you a Halving and Citrea expert? Take our quiz and find out: This will be a multiple-choice quiz that will challenge participants' understanding of the Halving, Citrea, and their respective significance. Participants will be rewarded with an NFT to be airdropped during the Citrea testnet.
- Create & Share Your Halving and Citrea Content: We invite participants to create original content related to the Halving and its potential impact on the future of Bitcoin & Citrea. Bonus points will be awarded to the top pieces of content that effectively capture the essence of Citrea and what we are building.
The content can be in the following formats:
- Thread: Write a thought-provoking X(Twitter) thread that explores the significance of the Halving and how Citrea is contributing to building the future of Bitcoin. Make sure to include #CitreaHalving, tag @citrea_xyz.
- Infographic or Design: Create a visually appealing infographic that showcases key aspects of the Halving and/or how Citrea is contributing to the development of Bitcoin. This graphic should be easy to understand, but informative.
- Meme: Craft a clever and engaging meme that captures the essence of the Halving and Citrea. It is important to note that memes have to relate to Citrea and its vibe. Trading and price memes will not be evaluated.
Whether it's a thought-provoking thread, a captivating infographic, or memes, we want to see your take on this historic event. Make sure to first tweet out your content with @citrea_xyz tag and #CitreaHalving anywhere in post/thread and then submit your X(Twitter) link here.
To help you create the highest quality of content, we have provided resources and support in our Discord. Our team will happily answer any questions, provide guidance, and enable you to create the best content possible. We have also put together some resources to help the participants create content.
Check out Bitcoin & Citrea Educational Resources to help get started.
To create the best design and meme aligning with Citrea branding, please refer to Citrea’s branding guidelines and assets: Citrea Branding Resources.
There will be exciting prizes for the top pieces of content, including the coveted Citrus Champion Role, exclusive Citrea merchandise, an iconic NFT to be airdropped during the Citrea testnet, or an Ordinals specially designed by the Citrea team. Please note that you, as the winner, may receive one or more of these prizes depending on the quality and the category of your content.
The Citrus Champion Role, awarded to exceptional content creators, allows community members of any background to get involved and contribute to the Citrea Ecosystem. A Citrus Champion’s status is awarded based on activity and contributions. We see the holders of this role as the potential Citrea Ambassadors and important helpers of our community. We even got our current Champs’ feedback and opinions for this very campaign! So, this role grants several benefits: an elevated Discord role, a special badge, early access to news and announcements, opportunities to be featured in the Citrea newsletter, and priority in community roles. This role requires active participation to maintain these privileges.
We at Citrea couldn’t be more excited about the Halving and look forward to seeing what our community members produce! So, mark your calendars and get ready to celebrate the Bitcoin Halving like never before. The future of Bitcoin is bright, and Citrea is here to help lead the way.
More to come soon. Be on the lookout in the Citrea Discord and follow us on X to stay updated.