Servers support decentralized social media. dpa/picture alliance via Getty I

Meta is in the early stages of developing a text-based social media app that could rival Twitter, MoneyControl reported yesterday (March 9). Unlike its other social media platforms, Facebook and Instagramand unlike Twitterthe app will reportedly be decentralized. Meta didnt clarify what this would mean, but other decentralized apps like Mastodon, a Twitter rival, support independent servers where users create their own rules about content moderation.

Metas new app, codenamed P92, will reportedly integrate ActivityPub, the set of rules that allow networks to communicate. ActivityPub is what allows for decentralization, or interconnectedness between social platforms. Users will be able to engage with content across the platforms that support ActivityPub without having to make accounts for each one. Mastodon supports ActivityPub, and Tumblr announced in November it is adding the protocol. Flickr, an image and video hosting platform, is considering adding it as well.

The increasing integration of decentralization capabilities like ActivityPub could change the social media landscape. The movement is intended to give more control to users rather than social media corporations and the billionaires that own them. No one company will be able to control data and content in the decentralized servers. Third parties wont be able to collect user data, which could change how companies advertise to consumers.

The popularity of decentralized social media platforms is a response to calls for more ethical social networks and an increasing focus on user privacy, inspired in part by the prevalence of Covid-19 digital contact tracing that some felt violated their privacy. Privacy advocates like Netherlands-based Advocacy Unified Network have written in support of decentralization.

PeerTube, a video hosting platform similar to YouTube, and Pixelfed, which is similar to Instagram, also have ActivityPub capabilities. When social media platforms integrate ActivityPub, the walls between platforms are taken down. Right now, if a Twitter user wants to share a video they created on YouTube, they have to tweet the link. With ActivityPub capabilities, a Tumblr user could follow a Mastodon user from within the Tumblr platform. They could see posts originating on PeerTube, Pixelfed and Metas P92in their Tumblr feed.

Meta could create greater synergy between its platforms if it adopted ActivityPub across Facebook, Instagram and P92. But it would also lose some control over content moderation. Its advertising sales could also suffer, so it is hard to imagine Meta adopting a fully decentralized approach.

ActivityPub was authored by Christine Lemmer-Webber, Jessica Tallon, Erin Shepherd, Amy Guy and Evan Prodromou. Prodromou previously started Wikitravel and StatusNet, a microblogging platform similar to Twitter.

The World Wide Web Consortium, a group that sets internet standards, endorsed ActivityPub in 2018, which is a step towards normalizing the protocol. Other protocols similar to ActivityPub include Diaspora, Scuttlebutt and Atom.

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ActivityPub Is Changing Social MediaHeres Why - Observer

Made famous by her love of innovation, Cathie Wood's Ark Invest is naturally a fan of Bitcoin (BTC 0.51%). Every month a team of Ark analysts explore statistics on the Bitcoin blockchain and other economic trends in an effort to gauge Bitcoin's overall position in the market and where it might be headed.

This month's report looked back on February. It was full of valuable information for investors and highlighted why Bitcoin will likely remain at the top of the cryptocurrency asset class for years to come.

Despite retreating more than 14% at the beginning of March, likely due to uncertainty in the crypto landscape as talks of regulation heated up and more crypto-related businesses went bankrupt, Bitcoin has actually had a great start to 2023. Since the beginning of the year, Bitcoin is up nearly 50% and looks to be the most resilient as it is one of the most resistant and resilient to regulation. This comes from a combination of its vast decentralization and high levels of security.

After a successful January, its price climbed further in February thanks to a new technology called Ordinals, which was introduced to make the Bitcoin blockchain non-fungible token (NFT) compatible. Before Ordinals, only blockchains with smart contracts could host NFTs.

With the introduction of Ordinals, the average block size of Bitcoin hit a new all-time high. Ark analysts believe this is a bullish sign as they view the limited space in each block as being similar to real estate. The less block size available, the more valuable the space becomes as demand increases.

Although still in their infancy, Ordinals could prove to add even more pressure to block space demand. While the launch of Ordinals and a stellar February were a bit of good news for Bitcoin, it seemed to be short-lived.

While there is reason to be optimistic about Bitcoin's future, Ark believes there are two unknown factors that could dampen growth -- looming regulation and an uncertain macroenvironment.

As a result of multiple catastrophes in 2022, politicians and legislators seem to be turning up the heat in the regulatory environment. Just three months into the year, there have been multiple examples of fines and penalties being levied against crypto-related businesses by the Securities Exchange Commission (SEC).

This is likely due to SEC Chairman Gary Gensler's beliefs that a majority of cryptocurrencies are actually securities and therefore fall within reach of the commission's jurisdiction.

To start off 2023, the SEC has already announced a settlement with the cryptocurrency exchange platform Kraken to suspend its staking product. The agency also sent a warning to the stablecoin issuer Paxos, which stated that its products also met the criteria of a security and to cease its offering.

Ark believes that these efforts by the SEC and other government agencies will only pick up in 2023 and could prove to be detrimental for the majority of cryptocurrencies.

However, it also believes that Bitcoin is different from other cryptocurrencies due to its high levels of decentralization. This opinion has been reaffirmed as chairman Gensler is on record saying multiple times that he considers Bitcoin a commodity and, therefore, outside of his commission's control.

Adding to potential regulation, Ark views the current macroeconomic environment as being less than ideal for more-risky assets like Bitcoin to grow. Analysts pointed to a handful of metrics like the monetary velocity, trends in consumer spending, and patterns in the 10-year Treasury yield as a reason to believe that not only will riskier assets continue to struggle but that a recession might even be looming.

While it remains unknown as to whether our worst fears come to be, Ark analysts painted a clear picture that in the current economic and regulatory landscape, Bitcoin is the safest option for those looking to invest in cryptocurrency. It reiterated this stance with a variety of supporting statistics, such as mining difficulty and the long-term holder supply, which show that even in the depths of a bear market, Bitcoin's blockchain is still relatively healthy.

As the future remains unclear, Bitcoin offers crypto investors a refreshing sense of hope that no matter what happens, it can still continue on its path of price appreciation.

RJ Fulton has positions in Bitcoin. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.

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Here's What 1 of the Smartest Investors on the Planet Is Saying ... - The Motley Fool

On March 10, after days of uncertainty spurred on by $1.8 billion in surprise bond losses, Silicon Valley Bank (SVB) collapsed, sending a tidal waves worth of ripple effects throughout the financial industry. The event quickly prompted the U.S. Treasury, Federal Reserve, and the FDIC to step in to effectively circumvent catastrophe and assure depositors of access to all of their funds, whether insured or not.

While the situation is still developing, the seeming fiasco has left those in traditional finance to shudder in remembrance of the 2008 financial crisis. Yet, the context of the collapse that SVB was a significantly popular choice for venture capitalists and tech startups has urged more contemporary investors (like those in Web3) to remark about the potential of decentralization in eschewing central bank issues.

But even so, in the days since the debacle, its become clear that the NFT space mightve actually dodged a bullet itself with help from regulators. Because while Web3 staunchly purports to be decentralized, some of the most prominent players seemingly only narrowly escaped being caught up in the debacle.

How did the 16th largest bank in the United States become the second-biggest bank failure in U.S. history? To summarize, the collapse came down to two major factors.

The first is that, within the last year, the Federal Reserve has raised the Federal funds rate by nearly five percentage points in an attempt to tame inflation. These higher interest rates significantly chipped away at the value of long-term bonds that SVB and many other banks took on previously when interest rates were next to nothing.

The second factor concerns the quick and broad decline in tech revenue and venture capital experienced within the U.S. In response to the wane, startups had opted to withdraw funds held in SVB, meaning that the bank was facing significant unrealized losses in bonds while simultaneously, customer withdrawals were escalating. This, in turn, caused a run on the bank where customers panicked and all attempted to withdraw their money at once.

Only two days after the SVB closure, the Department of the Treasury, Federal Reserve, and FDIC released a joint statement saying that depositors will have access to all of their money starting Monday, March 13, and that no losses associated with the resolution of SVB would come from taxpayer dollars.

The statement also mentioned that regulators took these unusual steps because SVB presented a significant risk for the U.S. economy. While regulators continue to look for a buyer for SVB and the uncertainty for what comes next is mounting, HSBC has acquired SVB UK for a symbolic 1.

Outside the traditional finance world, those in the blockchain industry are doing their best to understand how the situation might have, and could still, affect their stomping grounds.

Not to be confused with the fall of FTX, this latest three-letter acronymous fiasco had a significantly less detrimental effect on the NFT space than the aforementioned failed crypto exchange. Thanks to the actions of the Federal Reserve and FDIC, the many accounts housed under SVB which included consumer accounts as well as those of high-profile companies like Roblox, Buzzfeed, Etsy, and more were made whole as of March 13.

But the fact remains that the SVB collapse couldve very significantly affected the blockchain industry. Because apart from crypto companies like Avalanche, BlockFi, Ripple, Pantera, and others that had funds locked up in the SVB debacle, numerous NFT adjacent entities wouldve been in for a world of hurt as well. Here are a few examples.

One of the most immediate and impactful concerns arose from the untethering of the USDC stablecoin. USDC lost its 1/1 peg to the U.S. dollar only hours after SVB was closed, and Circles $3.3 billion cash reserves (about eight percent of the funds backing USDC) went into limbo. Although the situation has since been rectified, USDC has yet to return to the $1 peg as Signature Bank (another institution critical to USDC holdings) was seized in the wake of a similar bank run.

The Proof Collective which has grown increasingly in popularity over the past few years thanks to the success of projects like Moonbirds,Oddities,and Grails became an immediate concern for the NFT community in the aftermath of the SVB news. Addressing the Proof community via Twitter, the project team confirmed that Proof held cash in SVB, although they didnt state how much. Further, they noted that they had diversified assets across ETH, stablecoins, and fiat.

When word first came down about SVB, many also looked to the popular PFP project Azuki (helmed by ex-big tech entrepreneur Zagabond) to see if it was affected. Yet, Zagabond quickly dispelled worry, stating to the projects thousands of Discord members that SVB was only one of their many banking partners and that the bank held less than five percent of project funds.

NFT community members also quickly voiced concern for Yuga Labs following SVBs closure. Yet, similar to Azuki, the brand made it clear that the fiasco wouldnt affect their business or plan in any way. Yuga founder Greg Solano announced via Discord that the company had super limited financial exposure to the situation.

Memeland, the Web3 venture studio created by Hong Kong-based meme-centric entertainment website 9GAG, was similarly minimally affected by the SVB collapse. Taking to Twitter, Ray Chan, CEO and Co-founder of 9GAG, shared that Memeland had only around $40,000 held in the bank, with no plans of withdrawing. He went on to voice his lack of concern about the fiasco as well, stating, when SVB falls down as quickly as FTX did, crypto and NFT dont look so risky at all.

Its no stretch to say that the implications of the SVB closure mightve been significantly worse had regulators not stepped in to guarantee deposits. Even considering the minimal exposure that most major NFT players had to the bank, Web3 wouldve surely felt ripples from the Circle situation alone, as USDC is a highly popular stablecoin to those in the NFT space.

Yet, a few key takeaways have emerged in response to the near-catastrophic experience. The most prominent of which has everything to do with the already widely held Web3 ethos: decentralization. Of course, this goes far beyond advocating for decentralization and keeping funds out of the central banking system (as many already do). Because the major lesson learned from the SVB fiasco is that to mitigate crypto and NFT risk, users should absolutely not keep all their assets in one place.

Surely, NFT-native users will have heard this warning time and time again. Aside from following the best practices in Web3 security, locking up assets for safekeeping or even simply spreading assets throughout multiple secure wallets and accounts could help mitigate risk significantly.

So goes the adage: Dont put all your eggs in one basket.

More:

A Web3 Cautionary Tale: The Biggest NFT Brands Had Funds in SVB - nft now

We have had three decades of decentralized local governments. Next month will mark the 30th anniversary of panchayati raj, when the 73rd and 74th amendments gave Constitutional status to rural panchayats and urban municipal councils. The conventional wisdom is that panchayati raj is a great idea, the amendments were faulty and while local government has created tens of thousands of local politicians, improvements in local governance itself have been marginal.

We have had three decades of decentralized local governments. Next month will mark the 30th anniversary of panchayati raj, when the 73rd and 74th amendments gave Constitutional status to rural panchayats and urban municipal councils. The conventional wisdom is that panchayati raj is a great idea, the amendments were faulty and while local government has created tens of thousands of local politicians, improvements in local governance itself have been marginal.

The idea of decentralizing power and situating it close to citizens has appeal. Yet, whatever political theory advertises, it must pass the empirical test. The crop might be bounteous, but it must grow on Indian soil. After 30 years, can we really claim that we are better off with panchayati raj than without it? Even its most fervent proponents will argue that this barrel is half-full. Only if you scrape the bottom, I would add.

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The idea of decentralizing power and situating it close to citizens has appeal. Yet, whatever political theory advertises, it must pass the empirical test. The crop might be bounteous, but it must grow on Indian soil. After 30 years, can we really claim that we are better off with panchayati raj than without it? Even its most fervent proponents will argue that this barrel is half-full. Only if you scrape the bottom, I would add.

The argument that the amendments had flaws or its implementation was undermined by Indias political economy avoids confronting more fundamental issues. In any case, as Ambedkar said, However good a constitution may be, if those who are implementing it are not good, it will prove to be bad. However bad a constitution may be, if those implementing it are good, it will prove to be good." So we are back to the question of whether the crop of panchayati raj can grow well in the soil of Indian society. There are four broad reasons to challenge the assumption that grassroots democracy delivers.

First, as Ambedkar argued, there is an absence of fraternity at all levels of Indian society. People of an Indian village or town do not have a shared sense of civic community. There is, instead, an intense inter-group competition for resources, status, power and opportunities. Politics is primarily devoted to pursuing and managing this competition and, as a consequence, is poorly equipped to manage common resources or delivering quality public services. Can panchayati raj create the fraternity that is essential to its success? The empirical evidence suggests it does not: on the contrary, to the extent that caste and community identities are poles around which political mobilization takes place, it has perhaps created the opposite.

Second, the claim that local politics will lead to better governance must contend with the reality that Indian voters do not connect their electoral decisions with the delivery of better public services or economic development. The number of politicians who have been re-elected based on their track record of improving law-and-order, building infrastructure and raising growth is small. Populism, corruption, caste and communal mobilization are far more effective in winning elections at the state and national levels. Why should it be any different at panchayats or municipalities? After all, its the same electorates.

Third, people dont expect panchayati raj institutions to be accountable because the link between paying them direct taxes and receiving public services is weak. If you pay a part of your income to the local council to pay for schools, roads and hospitals, and if you are convinced that there is a connection between them, you are likely to hold the councillors accountable. This happens, to some extent, in urban resident welfare associations, where the payer-to-voter ratio is high. But it does not happen in panchayats and municipalities, as the direct taxpayer-to-voter ratio is very low.

Local governments can raise more revenues under various heads under their purview. But they dont. Their own revenues as a share of their total budget have been declining over the last decade. We can blame centrally sponsored schemes and non-decentralization of state finances for this, but how do you explain lack of interest in collecting property and other taxes that municipalities ought to? As Arvind Subramanian told me, The closer the government is to the people, the more unwilling it is to raise taxes." The downshot is that broadening the tax base is tantamount to narrowing the electoral base. Why would panchayati raj be more accountable for its governance responsibilities?

Finally, the lack of a republican consciousness among our citizens cannot be ignored. Democratic institutions are about role-playing: mayors, officials and magistrates are not exemplary individuals parachuted from another planet. They are ordinary citizens given constitutionally ring-fenced roles to play. It is not that we are incapable of playing these roles, but rather, nobody spends any effort educating citizens on their roles and responsibilities. Civic education is woefully short of demographic growth.

Indias raucous public sphere is filled with demands for a lot of things: one that is conspicuously missing is demand for decentralization. When was the last time there was a public agitation for more power to the panchayat"? Why, Bengaluru has not had a municipal corporation for over two years and people are going about their daily lives as usual.

Like they say about democracy, we could argue that panchayati raj is the worst form of government except for all the alternatives. I think thats a cop-out. Instead of worshipping at its altar, we should be thinking of more effective models that can improve grassroots governance in Indian conditions in the information age.

Nitin Pai is co-founder and director of The Takshashila Institution, an independent centre for research and education in public policy

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It is time to ask if the panchayati raj model really works for India | Mint - Mint

The idea of central bank digital currencies (CBDCs) has been brewing over the past few years. CBDCs are virtual currencies authorized by central banks that can potentially revolutionize the world economy. Although CBDCs are not widely adopted, many countries have taken substantial steps to introduce CBDCs.

The main reason behind it is the importance of CBDCs for crypto regulation. Governments believe that digitized fiat currencies can be the future of money. However, governments' interference in CBDCs conflicts with blockchain's decentralization nature.

So, what are CBDCs, and how do they work?

To begin with, "CBDC" stands for "central bank digital currency." CBDCs are a type of digital asset that represents the fiat currency of a country. Digital currency can offer various benefits. For instance, it gives financial safety to investors and helps eliminate crypto volatility.

A CBDC is similar to a cryptocurrency stablecoin. It relies on a peg to maintain its value, with each token tied to a fiat currency at a 1:1 ratio. However, these are not algorithmic tokens. Instead, a central bank has its country's fiat currency reserves to ensure the digital token does not lose its peg.

There are several differences between CBDCs and cryptocurrencies. Unlike cryptocurrencies, one notable difference is that a CBDC has a single authority managing them. This removes the core decentralized feature of cryptocurrency and blockchain technology from a CBDC.

This type of digital currency can still play a role in the future of finance. For example, it can create a financial system that is completely cashless. It can also play a role in promoting the mass adoption of digital assets, granting users from various socioeconomic backgrounds, those that may have been considered "unbanked" before, access to financial products.

Central bank-backed virtual currencies work in the same way as conventional fiat currency. It is like a digital payment system allowing users to send and receive money instantly anywhere. However, a CBDC is not only a means of payment but also stores the value of fiat currency.

What differentiates them from digital payment methods? Well, it's the relationship between CBDCs and blockchain technology. Central banks leverage distributed ledger technology to create a digitized token representing fiat money's value.

It uses the pegging method, which ties the token to fiat money at 1:1. As a result, each CBDC shows the value of a single fiat currency unit. Since these coins rely heavily on fiat currency, their value depends on the country's monetary policies.

Since its inception, distributed ledger technology (DLT) has financially empowered the masses. It has opened the gateway to financial products and services and made them more inclusive. However, the technology's decentralized nature makes it vulnerable to criminals. Cyberattacks and scamming projects in crypto have stolen millions of investor funds, and there are heaps of issues with the usability of crypto. Send your crypto to the wrong address? Well, it's gone forever, and that's that.

For these reasons, governments are keen to regulate the crypto market. Financial authorities worldwide have taken several steps, like KYC verification, licensing, scrutiny of crypto firms, and others. In recent years, the focus of crypto regulators has been on the introduction of CBDCs.

Although CBDC may not use conventional DLT, it will adopt some of its features, like transaction history. It will work as a digital fiat currency offering ease like a cryptocurrency. Besides, it's completely regulated by the government and can be used as physical money. This way, it blends crypto and paper money features and maintains its centralization.

A CBDC could help authorities monitor the country's macroeconomic situation through the ledger. Besides, it can facilitate transactions by lowering costs and limiting liquidity risk. Also, centralized currency allows a secure path for cross-border money transfers.

Therefore, by adopting CBDCs, governments can better regulate the market and provide financial security to consumers.

Atlantic Council reports that 11 countries have successfully launched CBDCs, including The Bahamas, Nigeria, Jamaica, and eight other Caribbean countries.

The Bahamian Sand Dollar, launched in October 2020, was among the first. It was designed to reach the underbanked or unbanked populations of The Bahamas, with the CBDC targeting usage in over 30 Bahamian islands.

Furthermore, 17 countries are in the CBDC piloting phase. These countries include China, Saudi Arabia, Russia, Iran, India, Australia, and others. Meanwhile, the 33 countries are currently at the development stage of their central bank-backed coins. The US is one of the countries planning the launch of CBDC.

On the other hand, the trend has also inspired many other countries to begin their research for CBDC. As of now, 39 countries have started exploring technology.

There are many benefits of CBDCs for governments around the globe. Here's how CBDC can help governments:

First, as the culture of paperless money and cryptocurrency is prevalent in society, physical fiat currencies might become obsolete. That's why the primary reason behind the adoption of CBDCs is to bring inclusivity and ease of use. Also, it will help governments to make financial products more inclusive.

Second, governments can gain authority over the digital asset market. Encouraging CBDCs' mass adoption would allow governments to monitor and track transactions, regulate digital asset firms, and offer more economic tools. This way, authorities can shape a secure and efficient ecosystem where digitized fiat plays a significant role.

Moreover, it will create a frictionless and efficient ecosystem for cross-border transfers. Besides, cooperation between governments can help transform the global market.

Adopting blockchain technology for digital money will allow governments to implement monetary policies swiftly. In addition, it would allow them to build a financial system where the central bank can directly entertain citizens.

Governments can also use them to offer economic safety to crypto investors. However, cryptocurrencies are highly volatile, which results in financial losses for many crypto users. In addition, the market is also prone to liquidity issues.

Introducing a reliable digital asset backed by the central bank reserves can offer price stability and improve liquidity issues. In addition, it may encourage more users to explore the digital asset market.

There are two major drawbacks of CBDCs.

CBDCs are issued and managed by central banks. It gives the government authority to monitor and trace user transactions, which limits users' control over their assets. For this reason, many users may be wary of the government's surveillance and hesitate to adopt CBDCs.

Like any digital asset, CBDCs can be vulnerable to cyberattacks. That's why central banks must ensure robust security measures to prevent cyber thefts. Any loophole in its security can potentially put users' funds at risk and may impact the reputation of a central bank.

There are several potential challenges and opportunities for CBDCs. For policymakers, digital fiat can counter the popularity of cryptocurrencies by integrating blockchain technology in a controlled manner. It can also help governments to design a financial ecosystem that helps in fiscal policy implementation. Furthermore, it has the potential to bring inclusivity to the financial system.

However, the concept of centralized digital currency is still in its infancy. As a result, many countries are still exploring how they can integrate CBDC into their economies. Additionally, there is a lack of clarity regarding which form of blockchain tech they would adopt.

CBDCs will also encounter resistance from the evangelists of decentralization, which could affect mass adoption and prevent CBDCs from becoming "the future of money." Finally, CBDCs will also encounter strong resistance from those who don't want closer government control over money, especially regarding CBDC privacy, blocking, and tracking, along with forcing society into a purely cashless model.

CBDCs can potentially revolutionize how we think about money and payments. But their success will depend on various factors, including technology, cybersecurity, regulation, and public acceptance. Only time will tell how CBDCs will shape the future of finance. It is still a topic that will continue generating interest and discussion in the future.

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What Are CBDCs and How Do They Work? - MUO - MakeUseOf

Following the collapse of crypto-exchange giant FTX, national governments are expediting the process of putting crypto regulations firmly in place. Many crypto hubs are reassessing how to capitalize on the benefits of the technology while proactively mitigating its risks. Noteworthy examples of jurisdictions where regulators are making headway and grabbing headlines include those in the United States, the European Union, the United Kingdom, Hong Kong and Singapore.

But the race to regulate crypto could actually be a problem, according to regulators at the supranational level. The Financial Stability Board (FSB) and the International Monetary Fund (IMF) are advocating the creation of globally coordinated crypto regulation standards before national authorities get locked into differing, even incompatible frameworks.

According to the FSB, the potential for across-the-board consistency and comprehensiveness of crypto-asset regulation is expected to strengthen international cooperation, coordination and information sharing. To achieve that, the FSB advocates equivalent regulations for digital assets and intermediaries that perform the same function as their traditional finance (TradFi) counterparts.

Meanwhile, on the user side of the equation, investors are now prioritizing self-custody crypto wallets and shifting toward decentralized exchanges, seeking greater transparency and control. This ongoing shift toward decentralized finance (DeFi) is causing national and supranational regulators to take another look at the benefits of decentralization, just as they set out to coordinate a global regulatory approach to crypto.

As the FTX debacle revealed, the shortcomings and drawbacks of centralized exchanges (CEXs) reflect certain opaque qualities of TradFi, where much behind-closed-doors activity is accepted as a matter of course. In addition to the lack of transparency relating to balance sheets and client assets, centralized finance organizations keep their systems and records off-chain.

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Meanwhile, DeFi offers permissionless financial products that offer high transparency regarding client funds and non-custodial wallets. In short, the undetected misuse of user funds we saw at FTX could never happen in DeFi. Built on public blockchains, the composability of smart contracts also enables considerable space for fintech innovation. For example, right now, were seeing a major uptick in efforts to improve DeFis user experience and user interface (UX/UI) design, especially as simple, user-friendly interfaces are the primary advantages for most centralized exchanges.

Prompted by the FTX scandal and the resulting upsurge in interest in DeFi platforms, regulatory bodies and TradFi institutions are taking a closer look at DeFi. Our team at SynFutures recently discussed the relative advantages of DeFi with the IMF, highlighting the benefits of decentralization, such as on-chain transparency as well as non-custodial and trustless solutions as a viable alternative to TradFi.

As we pointed out to the IMF, DeFi is about more than the single asset class of cryptocurrency. DeFis goal is to democratize access to all kinds of investment products and services. Where market trust has been forfeited to intermediaries and distracted by strong marketing fronts, DeFi reinstates the real operational backbone: solid code and permissionless systems.

Given its open-source nature, DeFi has been able to iterate and innovate quickly, improving on existing TradFi infrastructure at a remarkable rate. However, the uncertainty that remains around DeFi hinders its mass adoption.

First, permissionlessness can be exploited by bad actors, enabling money laundering and illicit financing. Second, the absence of clear regulatory guidelines also means customers are more susceptible to becoming targets of Ponzi schemes or otherwise deceptive activities. Third, smart contracts can be subject to exploitation and hacks, especially when unaudited.

While DeFi prefers to differentiate itself from TradFi, it is imperative for DeFi to build upon and implement the existing security measures prevalent within TradFi, such as risk control, treasury management and regulatory frameworks. DeFis mass adoption hinges on accountability and consumer protections in the same way that TradFi globally has relied on regulatory and self-regulatory practices for functional stability. Moving forward, public trust in the industry will depend on government regulation and trusted blockchain applications.

My expectation is that efforts to institute a global crypto framework would likely start with replicating TradFis measures. This next step in establishing a pattern of proactive cryptocurrency regulation illustrates the global communitys continued effort to provide a clear framework for crypto services. Borrowing modes of governance from an already familiar TradFi network could also have a wider impact on how governments go about implementing regulatory measures. This would require all parties within the crypto industry, as well as within national and supranational regulatory bodies working together, to ensure the rules dont limit innovation, and to support and protect both consumers and firms across borders.

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Why global coordination on crypto regulation is paramount - Yahoo Finance

Cybershib

Cybershib is a pre-eminent crypto firm based on the Shibarium network that aids developers in project development and provides marketing services to startups.

CAPE CORAL , FL, March 15, 2023 (GLOBE NEWSWIRE) -- Artificial Intelligence (AI) is being increasingly utilized by the masses and this use is not just limited to getting questions answered or writing research papers, articles, and blogs. It is also being utilized to come up with unique designs, logos, and solutions to problems faced by skilled people in different sectors. Recently, the use of this innovation was included in the crypto industry which helped yield fantastic results. AI not only provides assistance for the development of the blockchain-based projects but is also steadily culling the problems faced by developers and users in the crypto sphere.

What is Cybershib?

Cybershib is a newbie cryptocurrency firm built on the decentralized Shibarium network. The firm aspires to make web 3.0 development a piece of cake for every individual by handing over the developmental work to artificial intelligence.

Individuals planning on creating new projects simply have to enter their requirements as a command on the platform and wait for AI to do the rest of the job. Currently, users can access the firms website and use the AI image generator to understand how things work.

Cybershib is currently working on the launch of a Pro version platform that will provide AI assistance to developers for creating new projects on the blockchain.

The $CHI AI PRO Version

Cybershib owns a superlative AI technology that has the capability of comprehending the complex systems of blockchain and providing flawless solutions to the problems faced by developers. The AI system also responds to the needs of creators by pioneering advanced mechanisms through the use of algorithms.

The Pro version of Cybershib will aid in the creation of tokens, logos, animations, smart contracts, telegram bots, and even complete websites. Users just have to enter the description of what they exactly need.

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Payment Mechanisms

Payments received by Cybershib in exchange for their services can only be in the form of $SHIB or $CHI. The firm utilizes this digital method of monetary exchange to ensure safety and transparency at all levels.

Utilization of Revenue

Cybershib believes that the prosperity of a firm lies in the well-being of its community. For this purpose, all its actions are aimed at the welfare of its users. Tokens collected as revenue will be burned by the firm. This burning mechanism will help diminish the supply of tokens. The decreased supply together with the increased demand will create surges in the token price. This in turn will help ameliorate the value of assets owned by investors.

Cybershib and its Marketing Agency

For it to thrive a startup not only needs a strong foundation but also good marketing tactics. To facilitate new projects, Cybershib has also launched its very own marketing agency under the name of Shibarium TokensTM. This is another great utility for the firm and the revenue generated via the provision of marketing services will also be used for the betterment and development of the Cybershib platform.

Features Available on the Website

The Cybershib website provides services like telegram call channels, Twitter influencers, YouTube promotions, social media management, ads management, and graphic designs.

Renouncement of Ownership

The ownership of Cybershib was renounced as soon as the project was deployed to uphold the concept of decentralization and promote safety and transparency.

$CHI token can be traded on Shiba Swap.

Final Words

Cybershib has well-calculated assumptions about the potential of AI and how it can revolutionize the crypto industry. It thus exploits AI for the greater good of people.

Furthermore, potential investors and cryptocurrency enthusiasts interested in Cybershib can visit the projects official website or check out their social platforms for more details.

Website | Twitter | Telegram | Instagram | Medium

Disclaimer:

The information provided in this release is not investment advice, financial advice, or trading advice. It is recommended that you practice due diligence (including consultation with a professional financial advisor) before investing or trading securities and cryptocurrency.

Excerpt from:

Web 3.0 Developers Get the Magical AI, CyberShib, for the Development of New Projects - Yahoo Finance

Primary.Health

The public health platform meets security, privacy, and compliance requirements for preeminent industry certification

SAN FRANCISCO, March 16, 2023 (GLOBE NEWSWIRE) -- Primary.Health, a software platform for public health and digital diagnostics outside the clinic, announced today that its systems and platform have earned HITRUST Risk-based, 2-year Certification, the highest level of information protection and compliance assurance. Specifically, HITRUST certifies that Primary.Healths systems residing at Amazon Web Services comply with all U.S. HIPAA security regulations and PCI, ISO 27001 and NIST security standards. Primary.Healths diagnostic technology and data have been recognized as meeting key healthcare regulations and requirements for protecting and securing sensitive private healthcare information.

According to HITRUST, this milestone puts Primary.Health in a select group of organizations worldwide that have earned HITRUST certification. It validates that Primary.Health is meeting critical compliance requirements across a wide range of industry standards and frameworks, as well as federal and state regulations.

Technology gives us power through information, but that means nothing if data is not secure. Our HITRUST Certification validates our system to protect customer data. Secure data enables us to provide diagnostic solutions for large public and private organizations committed to protecting their populations, noted Toni Nandwana, CISO at Primary.Health.

The HITRUST Assurance Program helps organizations address security and data protection challenges through a comprehensive and flexible framework of prescriptive and scalable security controls by including federal and state regulations, standards, and frameworks, and incorporating a risk-based approach.

HITRUST certification provides the highest level of assurance for the healthcare industry, which has greater risk exposure for patient data and systems due to protected health information, data volumes, regulatory compliance, and other risk factors.

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In todays ever-changing threat landscape, HITRUST is continually innovating to find new and creative approaches to address challenges, said Jeremy Huval, Chief Innovation Officer, HITRUST. Primary.Healths HITRUST Risk-based, 2-year Certification is evidence that they are at the forefront of industry best practices for information risk management and compliance.

HITRUST certification required a comprehensive review of Primary.Healths platform, data storage environments, and software in conjunction with their Information Security Management Program (ISMP), policies and procedures, and continuous training requirements for all staff.

Primary.Health is committed to the highest level of security for our data and broader software, Nandwana said. This HITRUST certification assures our partners that Primary.Health is committed to leading in info risk management, compliance and data protection.

About Primary.Health

Primary.Health is powering the decentralization of care in public health. With access to easy and affordable diagnostics, Primary.Health is helping community leaders to reduce administrative burden, automate clinical workflows and integrate with the healthcare ecosystem. Primary.Health provides program management software and program design services enabling schools, public health, pharmacies, employers, and communities to remain safe and healthy. Primary.Health powers 10,000 sites across the U.S. and has helped to administer over 13 million tests and over 1.5 million vaccines. Through our work with the largest, most complex organizations at the height of the pandemic, Primary has earned the experience and trust to provide superior diagnostic testing for flu, COVID-19, STI, HIV, RSV and other conditions that threaten population health. Contact us today to learn more at https://primary.health/.

Media:Ali NixPrimary.HealthPrimary.health@highwirepr.com

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Primary.Health Achieves HITRUST Certification, the Highest ... - Yahoo Finance

Where is the blockchain stored? This is not the first time someone asked this question. Blockchain technology has significantly transformed the way we store and manage data, providing a secure and decentralized approach to storing sensitive information. Blockchain storage is based on a distributed ledger system, where a network of nodes maintains a full copy of the blockchain. This innovative system results in an extremely resilient and tamper-proof storage solution that is highly resistant to cyber attacks and hacking attempts.

In this article, we will explore the concept of blockchain storage in more detail, looking at how it works, its benefits, risks, and challenges. We will also discuss the relationship between blockchain storage and cryptocurrency and examine some of the key factors that are likely to shape the future of blockchain storage. Whether you are a business owner, an IT professional, or simply interested in the latest developments in technology, this article will provide you with a comprehensive overview of the world of blockchain storage.

Blockchain is a digital ledger technology that allows for secure and transparent transactions without the need for a central authority. It is essentially a decentralized database that enables users to store and share information in a tamper-proof and immutable manner. The technology was initially introduced in 2008 as the underlying technology behind Bitcoin, the first cryptocurrency, and has since gained widespread adoption in various industries.

The blockchain works by creating a distributed network of computers (nodes) that work together to verify and validate transactions. Here are the basic steps involved in the process:

Each block in the blockchain is linked to the previous block, creating a chain of blocks (hence the name blockchain). This ensures that any attempts to alter or tamper with a transaction in a block would require the modification of all subsequent blocks, which is virtually impossible. This makes the blockchain a highly secure and tamper-proof technology.

The blockchain is stored on a network of computers (nodes) that participate in the validation and verification of transactions. Each node maintains a copy of the entire blockchain, which is continually updated as new transactions are added to the network. The blockchain can be stored in a decentralized or centralized manner, depending on the type of network and the storage system used.

Decentralized storage refers to a system in which the data is distributed across multiple nodes in a network, with each node maintaining a copy of the data. In a decentralized blockchain network, each node stores a copy of the blockchain, creating a distributed ledger that is highly resistant to tampering and hacking. Decentralized storage is a key feature of blockchain technology, as it enables the creation of a transparent, secure, and immutable ledger that is not controlled by a single entity.

Why data redundancy is worth the extra storage space?

Centralized storage, on the other hand, refers to a system in which the data is stored on a single server or a group of servers controlled by a central authority. This type of storage is commonly used in traditional databases and information systems, where data is accessed and managed by a single entity. However, in the context of blockchain technology, centralized storage is not ideal, as it creates a single point of failure and makes the system vulnerable to hacking and cyber-attacks.

Public and private blockchains differ in terms of their storage systems. Public blockchains, such as Bitcoin and Ethereum, are decentralized and use a distributed network of nodes to store the blockchain. Anyone can join the network and participate in the validation and verification of transactions. Private blockchains, on the other hand, are typically used by organizations and enterprises and are controlled by a central authority. The storage system used in private blockchains can be either centralized or decentralized, depending on the specific needs of the organization.

As the adoption of blockchain technology continues to grow, the future of blockchain storage is expected to evolve and improve in a number of ways. Here are some possible developments that may shape the future of blockchain storage:

One of the major challenges facing blockchain technology is its limited scalability. As more transactions are added to the blockchain, the size of the network increases, making it more difficult for nodes to validate and store the data. In the future, new solutions such as sharding and off-chain scaling may help to address this issue, enabling the blockchain to handle more transactions and become more scalable.

As the number of blockchain networks continues to grow, there is a need for greater interoperability between different blockchains. This would enable users to transfer assets and data between different networks, creating a more seamless and interconnected blockchain ecosystem.

As blockchain technology continues to mature, new storage solutions are likely to emerge that will make it easier and more cost-effective to store data on the blockchain. For example, new decentralized storage platforms such as IPFS and Filecoin may provide more efficient and secure storage solutions for blockchain data.

While public blockchains such as Bitcoin and Ethereum are well-known, private blockchains are also becoming increasingly popular. Private blockchains offer a more controlled and secure environment for businesses and organizations to store data and conduct transactions, and their adoption is likely to increase in the future.

Blockchain technology offers a number of benefits when it comes to storing data, including:

While blockchain technology offers a number of benefits when it comes to storing data, there are also some risks that need to be considered, including:

Blockchain storage is known for its high level of security due to its decentralized, tamper-proof nature. Here are some of the ways that blockchain technology ensures the security of data storage:

How to become a blockchain maestro?

While blockchain technology is inherently secure, there are steps that can be taken to ensure that data stored on the blockchain remains secure. Here are some best practices for ensuring secure blockchain storage:

Access to the blockchain should be restricted to authorized users only, and strong access controls should be implemented to ensure that users are who they claim to be. This can be achieved through the use of secure authentication methods, such as two-factor authentication, biometrics, or digital certificates.

All data stored on the blockchain should be encrypted to prevent unauthorized access. This can be achieved through the use of strong encryption algorithms, such as AES or RSA.

The blockchain network should be regularly monitored for signs of suspicious activity or attempted breaches. This can be achieved through the use of network monitoring tools or security information and event management (SIEM) systems.

The software used to run the blockchain network should be kept up-to-date with the latest security patches and updates to ensure that any known security vulnerabilities are addressed.

When using third-party service providers to store data on the blockchain, it is important to choose reputable providers with a track record of security and reliability.

All employees with access to the blockchain should receive regular training on how to use the technology securely and how to recognize and respond to potential security threats.

Cryptocurrency is one of the most well-known use cases for blockchain technology, as it relies on the blockchain to securely store and manage transactions. Here are some key points about the relationship between blockchain storage and cryptocurrency:

Blockchain storage is an essential component of cryptocurrency, as it provides the security and transparency needed to create a decentralized and trustworthy system for managing transactions. As the adoption of cryptocurrency continues to grow, the importance of secure and reliable blockchain storage solutions is likely to become even more critical.

Back to our original question: Where is the blockchain stored? Well, the blockchain is stored on a network of computers (nodes) that participate in the validation and verification of transactions. Each node maintains a copy of the entire blockchain, creating a distributed and decentralized ledger that is highly resistant to tampering and hacking.

One of the key tricks of blockchain storage is its use of cryptography and consensus algorithms to ensure the security and integrity of the data stored on the network. This makes it highly secure and tamper-proof, creating a transparent and immutable ledger that is ideal for storing sensitive and important data.

Additionally, blockchain storage offers a range of benefits, including decentralization, transparency, and efficiency. While there are also some risks and challenges associated with blockchain storage, these can be addressed through the use of appropriate security measures and best practices.

As the adoption of blockchain technology continues to grow, we can expect to see new and innovative solutions emerge that will enable blockchain to become an even more powerful and transformative technology for data storage and management.

Blockchain can be stored in the cloud, but it is not limited to this storage solution. The blockchain is essentially a distributed ledger that is stored on a network of computers (nodes) that work together to verify and validate transactions. The nodes can be located anywhere in the world, and the blockchain can be stored on a combination of cloud-based and on-premises storage solutions.

Yes, blockchain technology is essentially a type of database, but it differs from traditional databases in a number of ways. Unlike traditional databases, which are typically centralized and controlled by a single entity, the blockchain is decentralized and distributed across a network of nodes. Additionally, the blockchain is designed to be highly secure and tamper-proof, using cryptography and consensus algorithms to ensure the integrity of the data stored on the network.

How data engineers tame Big Data?

The data stored on the blockchain is maintained by a network of nodes, which are responsible for validating and verifying transactions. Each node in the network maintains a copy of the entire blockchain, creating a distributed ledger that is highly resistant to tampering and hacking. The data stored on the blockchain is secured using cryptography and consensus algorithms and can only be modified with the agreement of the nodes in the network.

Yes, every node in the blockchain network maintains a copy of the entire blockchain, creating a distributed and decentralized ledger that is highly secure and resistant to tampering. This means that the blockchain is stored on every computer that participates in the network, creating a highly redundant and fault-tolerant storage solution. The use of multiple nodes ensures that the blockchain remains accessible even if one or more nodes go offline or become compromised.

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Where Is The Blockchain Stored? - Dataconomy