Oortech and DefiLabs hosted a successful Web3 conference featuring diverse speakers discussing decentralization, transparency, and the potential of DeFi.

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The successful 'Decentralizing the Future with Web3 Data' conference was primarily hosted by Oortech, with co-hosting support from DefiLabs. The event featured an impressive lineup of speakers, including academics, scholars, politicians, artists, investors, and Web3 entrepreneurs, who shared their insights on the significance of Web3 to digital culture, its potential impact on the internet economy, the challenges facing its mass adoption, and the importance of decentralized data to the true Web3.

The organizers of the conference aimed to create a comprehensive and realistic understanding of the technology by bringing together individuals from all levels of the ecosystem. The conference welcomed participants building Web3 from theoretical and technical perspectives, working on the infrastructure level, implementing and practicing decentralized technology, and regulating it. This diverse range of perspectives facilitated an informed and balanced conversation about Web3 and its potential.

Dr. Max Li was one of the distinguished speakers at the recent Oortech event, where he shared his vision for a better future in the Web 3 world. Dr. Li is an expert in the field of blockchain and cryptocurrency, and he believes that these technologies have the potential to transform our society in a profound way. During his talk, Dr. Li emphasized the need for greater decentralization and transparency in the Web 3 world. He also highlighted the potential of decentralized finance (DeFi) to create a more equitable and accessible financial system for everyone.

The conference provided attendees with networking opportunities to connect with other individuals who share their passion for Web3 and decentralized networking. DefiLabs and Oortech are pleased with the turnout and engagement from attendees at the Web3 conference. They believe that events like this are crucial for driving innovation and progress in the Web3 industry and look forward to hosting more events in the future.

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Recap: 'Decentralizing the Future with Web3 Data' Conference Successfully Co-Hosted by Oort and DefiLabs in Hong Kong - Yahoo Finance

As the world continues to evolve, so do our technological advancements. One of the most recent developments in the European Union (EU) is the introduction of the smart contract kill switch. But what exactly is it, and how does it affect the world of decentralization?

The EU parliament recently passed a bill requiring smart contracts to include a kill switch. This means that in the event of a security breach or other emergency, the switch can be used to terminate the contract and prevent any further action from taking place. Some have expressed concern about the impact this could have on the autonomy of smart contracts, but others argue that it is a necessary precaution to prevent potential damage.

The EUs Smart Contact Kill Switch

On March 14, the European Parliament passed a bill designed to protect data privacy while promoting innovation, but a controversial clause known as the Data Act has raised alarm bells in the Blockchain ecosystem. Essentially, the new law requires all smart contracts to include a mechanism that can either destroy the contract or pause its operation in the event of a major bug or security breach.

This mechanism is commonly used by administrators to shut off a device or software in the event of a security threat. In a smart contract setting, the kill switch can either destroy the contract or deploy a halt, patch, and re-release of the contract in the case of a major bug or breach.

Article 30 of the Data Act requires smart contracts to have a clearly defined mechanism to terminate or interrupt their operation. The provision aims to ensure that a mechanism exists to terminate the continued execution of transactions and that the smart contract includes internal functions which can reset or instruct the contract to stop or interrupt the operation to avoid future accidental executions. The conditions under which a smart contract could be reset or instructed to stop or be interrupted should be clearly and transparently defined.

The other provisions in Article 30 are less controversial. Section B of the article requires smart contract providers to incorporate control mechanisms for terminating transaction execution, which offers an extra layer of security against exploits. However, this focus may offer some contradictions to what DeFi is supposed to be. Smart contracts are supposed to provide autonomy in transactions, thus eliminating third parties.

At first glance, this might seem like a sensible precaution. After all, were all concerned about cyber attacks and data breaches these days. But in the world of Blockchain and cryptocurrency, where autonomy and decentralization are key tenets, the idea of a kill switch has ignited a firestorm of controversy. Many in the crypto community worry that the kill switch could give regulators and government entities too much power over decentralized finance (DeFi) and other Blockchain-based systems.

Whats more, the language of the Data Act is currently vague, leaving room for interpretation and speculation. Is the kill switch really a self-destruct button? Or is it more like a pause function, which can freeze a smart contract until the situation is resolved? And what exactly are the conditions under which non-consensual termination or interruption of a smart contract would be permissible? These questions and more have been swirling around the Blockchain community since the passage of the Data Act.

Some argue that the kill switch is a necessary evil, a way to ensure that smart contracts can be terminated in the event of a major security breach or bug. Others worry that the kill switch is a slippery slope, a tool that could be abused by regulators or powerful entities to control and manipulate the Blockchain ecosystem. As with most things in life, the truth probably lies somewhere in between.

Also read Google Enters AI War with Bard: Did it use ChatGPTs Data to Train it?

Why did the EU introduce it?

The European Union introduced the smart contract kill switch as part of its Data Act to address data privacy without stifling innovation. The aim was to give people more control over their personal information. The kill switch was introduced to ensure that smart contracts are secure and to prevent unauthorized access or data breaches. However, the introduction of the kill switch has generated concerns in the Web3 community. Some fear that the kill switch mandate would curb the decentralization of smart contracts by giving one person or a group of people the power to shut down operations.

How the Kill Switch Affects Decentralization

So, how dangerous is the smart contract kill switch? It really depends on who you ask. Some argue that it is a necessary tool to prevent hacks and other security breaches from causing serious damage, while others worry that it could be used to manipulate contracts unfairly and stifle innovation. Ultimately, it will be up to individual companies and organizations to decide how they want to incorporate the kill switch into their smart contracts

Pros of the Kill Switch for Decentralization

Proponents of the smart contract kill switch argue that it provides a safety net for consumers and prevents incidents such as the DAO hack of 2016, which resulted in millions of dollars worth of cryptocurrency being stolen due to a flaw in a smart contract. On the other hand, critics suggest that the kill switch undermines the very purpose of smart contracts, which is to enable trustless, decentralized transactions without the need for intermediaries.

Despite this controversy, the European Union believes that the smart contract kill switch offers significant benefits, such as:

Compliance with GDPR

The General Data Protection Regulation (GDPR) requires companies to ensure the security and protection of personal data. If a smart contract processes personal data, a kill switch can provide a way to stop the processing if a breach or security issue is detected. This feature offers an added layer of security to ensure that personal data is not compromised and reinforces trust in the technology.

Consumer Protection

If a smart contract is used in a consumer-facing application, such as an e-commerce platform, a kill switch can protect consumers in case of a malfunction or vulnerability in the smart contract. This can help prevent financial losses and ensure consumers trust in the platform. With the integration of a smart contract kill switch, users can have peace of mind knowing that they are protected from potential losses due to technical issues.

Regulatory Compliance

In the EU, financial services are heavily regulated, and smart contracts used in financial applications need to comply with various regulations, such as the Markets in Financial Instruments Directive (MiFID II). A kill switch can provide a way to comply with these regulations by allowing the suspension or termination of a smart contract in case of a violation. This feature is particularly crucial in ensuring that financial transactions are conducted in a secure and compliant manner.

Risk Management

Smart contracts can be used in applications involving high risks, such as insurance or derivatives trading. A kill switch can help manage these risks by pausing or terminating the contract if certain conditions are met, such as a sudden market crash or a security breach. When compared with a classic kill switch mechanism, the pause functionality represents a better fail-safe. Not only does it protect the network if caught on time, but it also salvages the contract and its funds by enabling it to resume operations.

However, with the pause functionality comes the question of security. To pause the smart contract, code admins need to use the systems private key, which becomes vulnerable to cyber-attacks once used online. In theory, access to this private key could give hackers admin privileges to the entire contract and could compromise the immutability of smart contracts.

To address this concern, smart contract admins can deploy a pause functionality without endangering the security of the entire smart contract by using different keys. One key enables the pause functionality, while another enables the unpause functionality, with both keys stored in an offline manner for added security. Separating the pause and unpause keys and storing both in a truly offline manner strengthens the security of the smart contract and eliminates potential points of failure.

Also, read Top 5 Ways To Recover Funds From Crypto Currency Scam

Cons of the Kill Switch for Decentralization

There are also drawbacks to the smart contract kill switch that must be considered. For instance, on August 30, 2022, OptiFi, a decentralized exchange, accidentally triggered a kill switch to its mainnet. This kill switch led to a permanent shutdown and the loss of USDC stablecoin tokens worth $661,000. While this kill switch was not utilized in a smart contract setting, it highlighted the risks that a classic kill switch poses on crypto-related projects and businesses.

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The EUs "Kill Switch": What Does It Mean For The Future Of ... - Blockchain Council

Swell has launched on Ethereum in public beta, and for a limited time only, its offering zero-fee liquid staking and the opportunity to participate in its voyage to decentralization.

Swell is now live on Ethereum in public beta and is inviting stakers with all levels of experience to boost their yields by liquid staking with zero fees for a limited period.

Through a streamlined decentralized application (DApp), Swell makes liquid staking simpler than ever before. Stakers can earn some of the highest yields available on the market, while retaining control of their Ether (ETH) in self-custody. Yields are delivered through a reward-bearing token model, which minimizes tax headaches and makes it easy to deploy staked ETH to decentralized finance (DeFi).

Early stakers will not only benefit from a limited period of zero fees but will also have the opportunity to participate in Swells voyage, which aims to rally the community during Swells launch period and progressively decentralize the decentralized autonomous organization (DAO).

Daniel Dizon, Swell Labs founder and CEO, said:

Most liquid staking protocols suffer from overcomplexity, poor user experience and high fees that eat into staking yield. Swells simplified zero-fee model opens liquid staking to everyone, helping more people participate and ultimately ensuring the security of the Ethereum blockchain.

To ensure the highest levels of security, Swell has undergone extensive testing, including a smart contract audit by leading firm Sigma Prime, a testnet launch on Goerli and a successful guarded private launch.

Get more information about Swell, including how to liquid stake in three simple steps, on the Swell blog.

Swell is a noncustodial Ethereum liquid staking protocol that makes it easy to stake ETH and access DeFi strategies in one place.

This publication is sponsored. Cointelegraph does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. Cointelegraph is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the press release.

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Swell launches liquid staking protocol with zero-fee offer - Cointelegraph

Ethereum is often depicted as traditional finances adversary in a Manichean struggle for decentralization. In reality, there isnt any conflict at all. Rather than subverting the traditional financial sector, Ethereum is improving it. Soon, the two systems will be inextricably entwined.

Ethereums core value propositions self-custody, transparency and disintermediation are enormously relevant to financial institutions, and they can be realized within existing regulatory frameworks. Ethereum has already taken the first steps toward institutional adoption, and with its unmatched network decentralization, it is all but destined to become the primary settlement layer for the worlds financial transactions.

Ethereum isnt here to deliver a stateless alternative currency or an anonymized shadow economy. What it offers is simple: neutrality.

Ethereum is the global financial systems first truly unbiased referee, and its arrival couldnt be more timely. The geopolitical stability afforded by the United States preeminence is eroding, and domestic politics in major economies have become increasingly volatile. In a multipolar world, the financial system urgently needs to maintain reliable rules of the road.

Related: Thanks to Ethereum, altcoin is no longer a slur

Ethereums system for settling transactions and storing data is practically incorruptible. That is largely because of the unrivaled decentralization of its consensus layer, which spans more than 500,000 validators distributed among more than 10,000 physical nodes in dozens of countries. Despite concerns to the contrary, Ethereum is trending toward greater decentralization over time, not less.

To be sure, Ethereum will never replace traditional contracts or legal authorities for mediating disputes. What it promises, with its inviolable and unbiased code, is to prevent countless disputes from arising in the first place.

From Celsius to FTX and Silvergate, the events that led up to crypto winter speak more to the shortcomings of traditional finance than to the failings of crypto. In each instance, the classic principal-agent problem was worsened by lax oversight and overcentralization.

Historically, the default approach to this problem has been regulation. Greater oversight is certainly needed, but Ethereum offers more foundational solutions. Trustless smart contracts and distributed ledgers can remove certain dimensions of the principal-agent problem entirely.

Soon, Ethereum and its scaling chains will permeate traditional banking and asset management. From savings accounts to retirement portfolios, virtually every investor will self-custody their assets in trustless smart contracts, and carefully regulated on-ramps will render the tokenization of fiat currencies virtually frictionless.

Meanwhile, investors and, eventually, regulators will insist that asset managers report fund performance using trustless on-chain oracles. In these areas, Ethereum wont run afoul of regulations, it will reinforce them. Eventually, authorities will become as attentive to the technical specifications of smart contracts as they are to required liquidity reserves.

The future of Ethereum is not permissionless. Identity-based permissioning will be standard fare, but so seamless as to be practically unnoticeable. With the proliferation of central bank digital currencies, state censorship will be a serious concern. Laws restraining governments from arbitrarily freezing digital assets will gather significant political momentum.

In short, Ethereum has the potential to dramatically reduce private financial malfeasance, but its impact on state censorship will be more limited.

Ethereums future may still be far off, but its building blocks are already here. Decentralized finance (DeFi) overheated into a speculative conflagration in 2021, but that frenzy of activity spurred considerable innovation. The technology now exists to create a wide array of disintermediated markets and tokenized financial instruments.

What is missing is connectivity with the broader financial system. That is the focus of an emerging class of regulated fiat-to-crypto on-ramps and custodians, such as Circle. The U.S.-based company had laid the foundation for the digital economy with USD Coin (USDC), its tokenized dollar. Circle is now building out additional critical infrastructure, such as hybrid fiat-and-crypto accounts that on-ramp directly to Ethereum and its scaling chains.

Related: Federal regulators are preparing to pass judgment on Ethereum

In the coming years, expect to see a proliferation of tokenized securities, starting with risk-off fixed-income assets. There will also be heavy investment in Ethereum staking pools, which will emerge as a critical strategic asset in the institutional crypto market. Other areas of focus will include on-chain financial reporting, streamlined user flows for regulatory compliance and institutional-grade tokenized derivatives.

To be sure, a recent spate of enforcement actions has cooled development activity in the U.S., but it will remain a major market for the coming wave of regulated protocols.

The surge in regulatory pressure on crypto, particularly DeFi, marks the end of an era. Large swaths of Ethereums ecosystem, especially protocols that cant or wont adapt to the changing landscape, will effectively be weeded out. Those that remain, however, will be well adapted to integration with the existing financial system. Ethereums transformative impact on traditional finance has only just begun.

Alex ODonnell is the founder and CEO of Umami Labs and worked as an early contributor to Umami DAO. Prior to Umami Labs, he worked for seven years as a financial journalist at Reuters, where he covered M&A and IPOs.

This article is for general information purposes and is not intended to be and should not be taken as legal or investment advice. The views, thoughts and opinions expressed here are the authors alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.

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Ethereum is going to transform investing - Cointelegraph

Details

The blockchain space has grown exponentially since the Bitcoin whitepaper was released in 2008, with a vast number of networks being created to serve different purposes.

While this development is commendable, most of these blockchain networks remain isolated from each other like islands with distinct communities and economies that don't have any external exchange capabilities. Such fragmentation goes against the spirit of decentralization as it conceives a Balkanized future for blockchains. For more information, you can go through Prime Bit Profit .

Blockchain networks sometimes suffer from limited decentralization due to a lack of interaction between them. This can impede the progression and relevance of technology, restricting innovation, economic growth, and free trade. In response, several projects are building bridges that link different blockchain networks so applications designed for one network can work in others as well thus enlarging their potential user base and enabling wider adoption of blockchain tech.

What are Blockchain Bridges?

Connecting different blockchains is one of the biggest challenges in cryptocurrency. A blockchain bridge, commonly referred to as a cross-chain bridge, resolves this issue by enabling users to move digital assets from one chain to another. Essentially, if you want to trade your Bitcoin for Ethereum - or vice versa - then you can do it through the help of a blockchain bridge. This helps reduce costs and congestion associated with operating multiple blockchains independently since they are now connected seamlessly and securely.

Blockchain bridges treat this issue by allowing token transfers, smart contracts, and information exchange as well as other information as well as directions between two distinct platforms. These blockchains generate different coins and are governed by various sets of rules; The bridge operates as a neutral area, so that users may effortlessly switch between the two. The crypto experience for many people is significantly improved since we possess access to several blockchains within one network.

Although the two systems accomplish different uses, this concept is much like Layer 2 solutions. The layer 2 protocol is set up in addition to an existing blockchain, which means the speed enhancements do not translate into a shortage of interoperability. A cross-chain bridge will also be an independent entity which has no blockchain.

How does Blockchain Bridge operate?

The most prevalent use case would be token transfer, however, blockchain bridges can perform other awesome items such as converting smart contracts and also transmit information. Bitcoin and Ethereum, for example, would be the two biggest digital currencies and have significantly different rules and procedures. Bitcoin buyers can shift their funds to Ethereum via a blockchain bridge and also can do with them anything they could not do overall on the bitcoin blockchain. This might include making low-fee payments or buying many Ethereum tokens. A blockchain bridge is a thing you employ to keep your bitcoins if you need to move them to Ethereum. No one of the cryptocurrencies involved moves anywhere. Rather, you are going to get permission to access an equivalent quantity of ETH while locking the quantity of BTC you wish to transfer into a smart contract.

Whenever you transform ETH to BTC, you burn off the remainder of the ETH plus you receive back an equivalent quantity of BTC within your bank account. You will need to transform bitcoin to ETH on a marketplace, transfer it to some wallet then put it on a different exchange. Whenever it arrives there, you would have had to pay additional fees than most likely everything you intended to do in the very first place. To set it into perspective, you can make use of your Visa to pay your MasterCard payments. or how PayPal can pay for all of your internet purchases wherever you are purchasing from.

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Blockchain technology, commonly known as DLT (Distributed Ledger Technology), offers the ability to make the history of any digital asset immutable.

Through decentralization and cryptographic hashing, users can gain transparency over the origin and journey of their digital assets. While initially disregarded by many sceptics, DLT quickly found a variety of real-world applications with Bitcoin being one of the most famous use cases that ultimately gave it well-deserved attention in the spotlight.

After a decade of recognition, blockchain's reputation has resolutely grown and its investment across industries is increasing. Consequently, many companies have either acquired an agency specialized in blockchain development or recruited an in-house team of experienced blockchain application developers. Learn how to send and receive Bitcoin securely with the help of bitcoin-era.ro.

Advantages offered by Blockchain technology to different industries

Unparalleled Transparency

Since the Blockchain is a distributed decentralized ledger, wherein virtually all system participants get a chance to access the same information throughout all their nodes, information may be updated or even put aside for more distribution just once a consensus is attained. To alter one record in the same track, it will call for changing all ensuing entries. It's characteristic of unchangeable history which anticipates Blockchain development since the subsequent huge thing for typically opaque firms including Financial Services and Insurance.

Incremental Efficiency

The blockchain removes the requirement for an intermediary in the payment procedure, which has usually been a complex process. The creation of a blockchain mobile app may facilitate quicker transfers in cross-border peer-to-peer (P2P) transfers. Within areas which do not have good financial services, seamless payments could enhance the effectiveness of transactions. Likewise, a central method for recording ownership could be made more effective in the Insurance and Finance area by streamlining property management processes.

Extreme Security

Blockchain application development has got the most apparent benefit concerning protection enhancement. Hackers as well as crooks are more and more focused on business records, especially in the Financial Services as well as Insurance sectors. Within a Blockchain system, all transactional transactions are seen by authorised participants before they are logged on a decentralized ledger. Data is kept in a chain of computers rather than one server, therefore it is hard to modify the information from one server.

Industries Revolutionized by Blockchain Technology

Insurance

Probably the most labour-intensive actions in the Insurance field are underwriting as well as claims processing. Thus, it's simply good sense that early adopters are going to find Blockchain applications in these aspects of the operation. The insurance company can use a Blockchain program development business to put in place methods which give them visibility into previous and current insurance policies or maybe statements related to the insured's property.

Blockchain may speed up dynamic pricing, bring down expenses in underwriting and simplify client onboarding. Also, in underwriting as well as claims; Blockchain applications may offer a transparent and seamless experience to insurers in unifying new policies.

Real Estate

One standard business which is mostly destabilised by Smart Contracts or maybe Crypto Contracts is the real estate market. These contracts enable real estate to be tokenized as well as traded the same as ether or bitcoin, and transactions might be done on the internet. Blockchain can speed up the entire process since transactions only happen between the seller as well as the seller. Blockchain additionally eliminates the hurdle to property investing by permitting fractional ownership of the item, since the asset may be traded in the same manner stocks are traded.

Data Management

Data management is a crucial function in all industries, as it must be secure and accessible only to authorized users. Blockchain application development can establish permission-based platforms made to detect data tampering among stakeholders. With this technology, organizations can ensure the safety of their confidential information while also making sure only qualified personnel have access to it.

DISCLAIMER: Branded Voices features paid content from our marketing partners. Articles are not created by Native News Online staff. The views and opinions expressed in the Branded Voices are those of the authors and do not necessarily reflect the official policy or position of Native News Online or its ownership. Any content provided by our bloggers or authors are of their opinion and are not intended to malign any religion, ethnic group, club, organization, company, individual or anyone or anything.

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A series of cryptic tweets depicting orange balls were revealed to be building up hype for a new rollup client for Optimism (OP) called Magi from the crypto arm of venture capital firm Andreessen Horowitz (A16z).

An April 19 Tweet from a16z engineer Noah Citron explained Magi is written in the programming language Rust and will help improve the client diversity and resilience of the entire OP Stack ecosystem.

The OP Stack refers to the set of software that powers the Ethereum layer-2 solution Optimism. Among the other benefits it provides, it helps simplify the process of creating layer-2 blockchains.

Citron explained Magi takes the place of a consensus client (often called rollup client) in the OP Stack, and works alongside an execution client such as op-geth to sync, meaning that it allows the Ethereum chain to advance by feeding new blocks to the execution client.

The lead engineer for Coinbases layer-2 solution Base, Jesse Pollak, also chimed in on the announcement, tweeting that magi means more decentralization, security, and scale for the OP Stack.

In an April 19 blog post, Citron opined that decentralization increases network security, which is critically important for rollups just as it is for the base layer of Ethereum.

A16zs cryptic hype orange circle tweets echoed the way Coinbase hyped and introduced its own layering network called Base, which instead featured tweets of a blue circle.

Related: US share of global crypto developers fell 26% in 5 years a16z

Citron kicked off the hype train with a tweet of an orange circle on April 18 bearing the phrase coming soon.

Its similarity to the hype before the announcement of Base prompted the crypto community to theorize another Ethereum layer-2 solution was imminent before a16zs chief technology officer, Eddy Lazzarin, quashed the rumors.

Citron also noted that Magi is still currently in development, and while it can currently sync to the Optimism testnet it will be some months before it is production-ready.

Asia Express: Bitcoin glory on Chinese TikTok, 30M mainland users, Justin Sun saga

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A16zs hyped-up orange balls revealed to be an L2 rollup client - Cointelegraph

When building Bitcoin, Satoshi Nakamoto envisioned a decentralized digital currency that could operate without the need for centralized institutions such as banks and governments.

Satoshi did not picture a situation where a few entities controlled a significant portion of the entire network, essentially centralizing power and influence.

Bitcoin mining centralization, a result of market competition over the years, goes against the fundamental principle of cryptocurrency.

Bitcoin mining centralization is the concentration of mining power among a few dominant players. Originally, anyone with a computer and internet connection could mine Bitcoin. However, the network grew with time, and as a result, mining became more competitive.

This led to the development of specialized chips known as ASICs (Application Specific Integrated Circuits), which outperformed GPUs and CPUs by being more efficient. Unfortunately, ASICs are expensive and out of reach for most people, and the fact that newer, better, but more costly versions are released exacerbates the situation.

Miners began to form pools to combine their computing power and share the rewards earned. The largest pools also acquire the latest technologies to stay ahead of the competition, which caused others who couldn't keep up to drop off.

Over time, a few large mining pools, including Foundry USA, Antpool, and F2Pool, have come to dominate the Bitcoin mining industry, controlling a significant percentage of the total hash rate at any given time. This beats the logic of cryptocurrency, which is supposed to distribute power among many players.

Several factors contribute to the centralization of Bitcoin mining. Most of these factors also apply in a typical competitive market. They include

While Bitcoin mining centralization is a natural process inspired by competition, it presents a few challenges to the network and ecosystem.

All these challenges require careful consideration and action if the integrity and security of the Bitcoin ecosystem are to be preserved. But how?

Over time, various parties have suggested ways to solve the centralization issue.

Bitcoin Core developer Matt Corrallo proposed the BetterHash Protocol, which involves decentralizing the selection of transactions going into a block to individual hardware operators. However, it didn't provide a mechanism that would ensure miners will choose transactions that create a balanced difficulty for the Bitcoin network hence opening another loophole for centralization. It also introduced inefficiencies due to the need to constantly monitor the network, which was hard to adopt.

Meanwhile, the crypto mining pool P2Pool suggested decentralizing payouts to address the issue. However, by decentralizing payouts, small miners who rely on consistent payouts to cover costs would be disadvantaged. Also, it required low-latency connections between miners and the P2Pool server, which meant whenever a miner experienced high latency, their mining performance would be negatively impacted. For these reasons, it didn't incentivize its adoption.

The most direct way to solve Bitcoin mining centralization is to decentralize the mining pools. This can be achieved through incentives that encourage the use of smaller and more decentralized mining pools. A practical incentive would be to fund innovation and experimentation by small miners, leading to better and more competitive mining strategies.

Notably, former Twitter CEO Jack Dorsey's payment company, Block, started working on an open Bitcoin mining system to make the network more decentralized and permissionless. Block aimed to build its own high-performance open-source ASIC and a Bitcoin wallet to make Bitcoin custody more mainstream.

Nevertheless, incentives alone may not be enough to encourage decentralization. Regulatory policies, network upgrades, and community initiatives may also be necessary to encourage the growth of smaller and more decentralized mining pools.

It's difficult to predict that Bitcoin mining will become more decentralized. Mining power will remain centralized among dominant players as mining becomes more expensive.

Due to economies of scale and other bottlenecks, smaller miners continue to struggle against the big dogs. As a result, it would take tremendous efforts by the rest of the Bitcoin network to implement strategies and solutions to solve Bitcoin mining centralization.

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What Is Bitcoin Mining Centralization and Why Is It a Concern? - MUO - MakeUseOf

By Tom Rivers, Editor Posted 24 April 2023 at 10:35 am

Photos by Tom Rivers: Gregory Hallock (right), executive director of the Genesee-Orleans Regional Arts Council greets about 75 people during an announcement on Saturday for $210,000 in grants to local arts programs. He is joined at Hoag Library in Albion by Mary Jo Whitman (left), the education and Statewide Community Regrant Program coordinator; and Jodi Fisher (center), the GO ART! administrative assistant.

ALBION Local artists and organizations will see a big increase in funding for cultural programming this year. The Genesee-Orleans Regional Arts Council on Saturday presented grants totaling $210,000 to about 50 different organizations, municipalities and artists for events and projects.

That is about double the $107,800 from a year ago and triple the $70,000 in decentralization grants from the state in 2019.

There was more money available from the state through the Statewide Community Regrant Program. GO ART! has shown it can administer the funding, and the two local counties have shown there is demand for the programs, said Gregory Hallock, GO ART! executive director.

He addressed about 75 people on Saturday at Hoag Library, when the checks were distributed for the programs.

Its absolutely phenomenal to get this kind of money to give out, he said.

GO ART! officials on Saturday presented checks for $210,000 to about 50 different artists, community organizations and municipalities to support cultural programs in 2023. The funding was presented to about 75 people at the Hoag Library in Albion. Last year there was $107,800 available.

The result is bigger grants up to $5,000 for many of the projects, and some first-time recipients.

The Statewide Community Regrant Program is funded through the New York State Council on the Arts. Money is available in all 62 counties with funding regranted by local arts agencies through a peer panel funding process.The Statewide Community Regrant Programs consists of 3 different grants Reach, Ripple and Spark.

REACH: The GO ART! Community Arts Grants (Reach Grants) provide seed grants to individual artists, collectives and arts organizations for projects and activities that enable Genesee and Orleans communities to experience and engage with the performing, literary, media, and visual arts. Each year the program supports arts projects, including concerts, performances, public art, exhibitions, screenings, festivals, workshops, readings and more.

Veronica Morgan accepts a grant for $5,000 to go towards the I was a Hoggee on the Erie Canal program planned for Oct. 6-7 which will include a canal boat in Orleans County, artisits and other entertainers.

ORLEANS COUNTY REACH GRANTEES

Tony Barry, an artist from Holley, receives a grant to paint a mural on the back of the Community Free Library building. The mural will be in an Erie Canal theme, and will include a portrait of Myron Holley, the villages namesake and an early champion of the canal.

GENESEE COUNTY REACH GRANTEES:

Sara Vacin, executive director of GLOW Out, said a grant will help fund the GLOW Pride Fest on June 9 in Batavia.

RIPPLE: The GO ART! Individual Artist Commission (Ripple Grant) supports local, artist-initiated activity, and highlights the role of artists as important members of the community. The Commission is for artistic projects with outstanding artistic merit that work within a community setting.

ORLEANS COUNTY RIPPLE GRANTEES:

GENESEE COUNTY RIPPLE GRANTEES:

Alex Fitzak, a member of the band Vette, accepted a grant on behalf of an Albion concert series organized by the Albion Merchants Association.

SPARK: The Arts Education Program (Spark Grant) supports arts education projects for youth and/or senior learners. Emphasis is placed on the depth and quality of the creative process through which participants learn through or about the arts. Projects must focus on the exploration of art and the artistic process.

ORLEANS COUNTY SPARK GRANTEES:

GENESEE COUNTY SPARK GRANTEES:

Todd Bensley, one of the leaders of Friends of Boxwood, accepts a grant to support the Boxwood at Night event this summer at Boxwood Cemetery in medina. Boxwood is a first-time recipient of a GO ART! grant. The Boxwood at Night includes a cemetery tour, ghost walk and music.

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GO ART! presents $210K grants for artists, concerts and cultural ... - Orleans Hub

Blockchain has been recognized for its potential to transform finance and other industries that rely on data, but what happens when innovation meets the worlds oldest industry agriculture? It turns out that blockchain has a lot to offer to the food and agriculture sectors, especially when merged with other innovative technologies such as artificial intelligence (AI), satellites and the Internet of Things (IoT).

The agricultural sector can join the tech revolution to upgrade every aspect that has to do with transactions and data. For example, blockchain could streamline processes related to the supply chain by increasing traceability and bringing automation to the table.

A report from InsightAce Analyticsfound that blockchain in the agriculture and food supply chain is a market valued at over $280 million as of 2022, and is expected to grow to over $7billion by 2031, demonstrating a compound annual growth rate (CAGR) of 43.76% during that period.

Thanks to its unique architecture that involves decentralization, blockchain ensures the highest possible degree of transparency and traceability, which are key elements in the agricultural sector. Decentralized networks enable participants, including farmers, producers, retailers and exporters, to monitor and address major challenges showing up in the supply chain. Eventually, blockchain records can be used for analysis purposes to improve various aspects of the supply chain.

The adoption of blockchain in agriculture can also help regulatory compliance and reporting. By ensuring the provision of accurate, up-to-date, tamper-proof data, stakeholders can make better-informed decisions and implement proper corporate governance. Decentralized networks also simplify the distribution of certification data among relevant parties.

Besides transparency, blockchain can facilitate other advancements in the agricultural sector. For instance, it can enable better management of land rights, more efficient food safety tracking, and enhanced traceability of inputs like seeds and fertilizers.

Tech giants have realized the potential of decentralized ledger technology for agriculture. For example, IBM provides businesses with a permissioned blockchain platform called IBM Food Trust, which offers multiple features, including proof of origin, traceability, fraud monitoring and documentation, among others.

Agricultural companies can also leverage blockchain solutions that rely on public networks, which ensure a higher degree of decentralization and security. One example is Dimitra, an AgTech company that aims to help farmers reduce the amount of labor required to complete manual tasks by integrating its technology stack, which combines blockchain, AI, IoT, drones and satellites.

Source: Dimitra

Dimitra offers digital solutions to help farmers gather data to make smarter and faster decisions to improve their crop yields and increase sustainability.

For Dimitra CEO Jon Trask, the integration of blockchain and other innovative technologies into agricultural processes is natural and imperative. He said: Every smallholder farmer, regardless of economic status, should be able to benefit from simple, beautiful and useful technology, because when farmers thrive, economies thrive.

Dimitra offers four main AgTech applications:

Source: Dimitra

The Dimitra ecosystem is fueled by its proprietary Ethereum-based token, DMTR. It acts as a utility token for the Connected Farmer app that helps farmers worldwide increase sustainability and make informed decisions.

To spread its mission and technology, Dimitra is also working with governments, agencies, NGOs and for-profit organizations. The company was awarded a contract from the OBC Indian Chamber of Commerce, Industries and Agriculture for deploying its Connected Farmer app to 1.3 million farms for soil assessment and remediation. Elsewhere, Dimitra partnered with an organization in the worlds third-largest fruit producing country, the Brazilian Association of Fruit Producers and Exporters. Its members represent more than 85% of the total fruit exported by Brazil.

Dimitra has demonstrated that integrating blockchain with other innovations like AI, satellites and IoT can revolutionize the agricultural sector. By increasing transparency, traceability and efficiency, these advancements offer major opportunities for improving supply chain management, regulatory compliance and land rights management.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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Unlocking agricultures full potential with blockchain and innovative tech - Cointelegraph