April 19, 2024 by Diana Ambolis

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The financial sector is undergoing a significant transformation fueled by Decentralized Finance (DeFi). This innovative ecosystem empowers individuals to participate in financial activities like borrowing, lending, trading, and asset management without relying on traditional intermediaries. As DeFi continues to gain traction, the demand for skilled developers to build secure and robust DeFi applications (dApps) is

The financial sector is undergoing a significant transformation fueled by Decentralized Finance (DeFi). This innovative ecosystem empowers individuals to participate in financial activities like borrowing, lending, trading, and asset management without relying on traditional intermediaries. As DeFi continues to gain traction, the demand for skilled developers to build secure and robust DeFi applications (dApps) is skyrocketing. This guide delves into the world of DeFi development, equipping you with the knowledge and resources to navigate this exciting yet complex landscape.

Understanding DeFi: The Core Principles

DeFi applications operate on blockchain networks, fostering transparency, security, and immutability. Here are some fundamental concepts underpinning DeFi:

Decentralization: DeFi eliminates the need for central authorities like banks or financial institutions. Transactions are facilitated through smart contracts self-executing code stored on the blockchain ensuring trust and automation within the system.

Permissionless Finance: DeFi promotes open access to financial services. Anyone with an internet connection and a crypto wallet can participate in DeFi protocols, regardless of location or credit history.

Tokenization: DeFi heavily relies on crypto tokens. These digital assets represent tradable units of value within the DeFi ecosystem, facilitating various financial activities.

The realm of Decentralized Finance (DeFi) is a captivating landscape brimming with innovation and immense potential. As DeFi disrupts traditional financial systems, the demand for skilled developers to construct secure and robust DeFi applications is surging. But before embarking on your DeFi development odyssey, its crucial to establish a strong foundation in the essential building blocks that underpin these transformative applications. Heres a comprehensive exploration of the core elements that empower you to build the future of finance:

1. Blockchain Technology: The Bedrock of Decentralization

At the heart of DeFi lies blockchain technology. This distributed ledger technology provides the secure and transparent infrastructure upon which DeFi applications are built. Heres a closer look at its significance:

2. Smart Contracts: The Engines of DeFi Applications

Smart contracts are the lifeblood of DeFi applications. Written in programming languages like Solidity (for Ethereum), these self-executing contracts dictate the functionalities and logic behind DeFi protocols. Heres a deeper dive into their role:

3. Wallets and Decentralized Exchanges (DEXs): The Tools of DeFi Interaction

Users interact with DeFi applications through specialized tools:

4. Tokenomics: The Lifeblood of a DeFi Ecosystem

Tokenomics refers to the design and distribution of tokens within a DeFi application. These tokens play a crucial role in the DeFi ecosystem:

5. Oracles: Bridges Between Blockchains and the Real World

DeFi applications often require access to external data feeds to function effectively. Oracles act as bridges, fetching data from the real world (e.g., stock prices, exchange rates) and securely delivering it to DeFi smart contracts. This allows DeFi applications to react to real-world events and offer functionalities like decentralized price feeds for trading or asset valuation.

6. Security Considerations: Building Trust in a Decentralized World

Security is paramount in DeFi development. Here are some crucial aspects to consider:

By mastering these building blocks, youll be well-equipped to embark on your journey as a DeFi developer. Remember, DeFi is a rapidly evolving landscape. Stay updated on emerging trends, security best practices, and innovative protocols to ensure your DeFi applications are not only secure but also at the forefront of this transformative revolution.

Also, read Top 5 Amazing Ways AI Coexist With DeFis Core Values: Centralization vs. Decentralization

The world of Decentralized Finance (DeFi) beckons, offering a revolutionary approach to financial services. As a developer, you hold the key to unlocking this potential by crafting secure and innovative DeFi applications. But where do you begin? This step-by-step guide will illuminate the DeFi development process, equipping you to navigate the journey from concept to a functional DeFi application:

1. Conception: Birthing Your DeFi Idea

Every DeFi application starts with a compelling idea. Heres where you lay the groundwork:

2. Planning and Design: Charting the Course

With a clear idea in mind, meticulous planning lays the foundation for success:

3. Development and Testing: Building and Fortifying Your Creation

With a blueprint in place, its time to translate your vision into reality:

4. Deployment and Launch: Bringing Your DeFi App to Life

The moment of truth arrives! Heres how to usher your DeFi application into the world:

5. Maintenance and Improvement: Ensuring Continuous Growth

The journey doesnt end with launch. Heres how to ensure your DeFi application thrives:

By following these steps and remaining adaptable in this dynamic environment, youll be well-equipped to navigate the DeFi development process and contribute to the future of decentralized finance. Remember, building a successful DeFi application requires not only technical expertise but also a deep understanding of the DeFi ecosystem, its challenges, and its immense potential to revolutionize the financial world.

The realm of Decentralized Finance (DeFi) pulsates with innovation and immense potential. However, this nascent landscape also presents unique security challenges. As a DeFi developer, safeguarding user assets and ensuring the integrity of your application is paramount. Here are the top 10 security considerations to fortify your DeFi development process and build trust within the DeFi ecosystem:

1. Smart Contract Audits: A Line of Defense Against Vulnerabilities

2. Secure Coding Practices: Building a Robust Foundation

3. Reentrancy Attacks: Shielding Against Recursive Exploits

4. Flash Loan Attacks: Plugging the Liquidity Gap

5. Access Control Mechanisms: Delimiting User Permissions

6. Denial-of-Service (DoS) Attacks: Maintaining System Availability

7. Front-Running Attacks: Leveling the Playing Field for Users

8. Rug Pulls and Exit Scams: Building User Trust and Transparency

9. Decentralized Oracles: Mitigating Trusted Third-Party Risks

10. Continuous Security Monitoring: Vigilance in a Dynamic Landscape

By meticulously addressing these security considerations, you can fortify your DeFi application and contribute to a more secure and trustworthy DeFi ecosystem. Remember, security is an ongoing process, not a one-time fix. Continuous vigilance and adaptation are crucial for safeguarding user assets and ensuring the long-term success of your DeFi project.

Layer 2 Scaling Solutions: As DeFi applications gain traction, scalability challenges on base layer blockchains can arise. Layer 2 solutions offer ways to process transactions off-chain while maintaining the security of the underlying blockchain, improving transaction speeds and reducing costs.

Compliance and Regulation: As DeFi matures, regulatory frameworks are likely to evolve. Staying abreast of compliance requirements will be essential for DeFi developers to ensure their applications operate within legal boundaries.

Integration with Traditional Finance (TradFi): Potential bridges between DeFi and TradFi could emerge, allowing for the creation of innovative hybrid financial products and services.

Conclusion: Embracing the DeFi Development Journey

DeFi development presents a unique opportunity to be at the forefront of a financial revolution. By equipping yourself with the necessary knowledge, tools, and security best practices, you can contribute to building a more open, transparent, and inclusive financial system. Remember, the DeFi landscape is constantly evolving, so continuous learning and a commitment to innovation are key to success in this exciting space. So, if youre passionate about technology and finance, DeFi development might be the perfect path for you. Take the plunge, delve into the world of DeFi, and start building the future of finance!

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DeFi Development: Top 10 Intriguing Security Considerations That Can't Be Ignored - Blockchain Magazine

The electric grid, a vast and complex system of wires and power plants, is essential to our economy and underpins our industrial strength. Currently, we face a critical challenge: our electricity demands expected to nearly double by 2040 due to factors like AI compute, reshoring, and electrification are soaring, but our grid infrastructure and operations struggle to keep pace.

To seize a future of energy abundance, we must simplify the generation, transmission, and consumption of electricity; this entails decentralizing the grid. Big power plants and long power lines are burdensome to build, but technologies like solar, batteries, and advanced nuclear reactors present new possibilities. It will be these, and other more local technologies, that can circumvent costly long-haul wiring and be placed directly on-site that will help support significant load growth over the coming decades.

While historical industrial expansion relied on large, centralized power plants, the 21st century marks a shift towards decentralized and intermittent energy sources, transitioning from a hub and spoke model to more of a distributed network. Of course, such evolutions breed new challenges, and we need innovation to bridge the gap.

The United States electric grid comprises three major interconnections: East, West, and Texas, managed by 17 NERC coordinators, with ISOs (independent system operator) and RTOs (regional transmission operator) overseeing regional economics and infrastructure. However, actual power generation and delivery are handled by local utilities or cooperatives. This structure functioned in an era of low load growth, but expanding the grids infrastructure to meet todays demand is becoming increasingly challenging and expensive.

Grid operators use an interconnection queue to manage new asset connections, evaluating if the grid can support the added power at that location without imbalance, and determining the cost of necessary upgrades. Today, more than 2,000 gigawatts (GW) are waiting to connect, with over 700 GW of projects entering queues in 2022 alone. This is a lot: the entire United States electric grid only has 1,200 GW of installed generation capacity.

In reality, however, many projects withdraw after confronting the costs of grid connection. Historically, only 10-20% of queued projects have materialized, often taking over 5 years post-application to finally connect and those timelines are only lengthening. Developers frequently submit multiple speculative proposals to identify the cheapest interconnection point, then withdraw unfavorable ones after costs are known, complicating feasibility studies. Because of this surge in applications, CAISO, Californias grid operator, was forced to stop accepting any new requests in 2022, and plans to do so again in 2024.

This is a critical ratelimiter and cost driver in our energy transition. A recent report by the Department of Energy found that to meet high-load growth by 2035, within-region transmission to integrate new assets must increase by 128% and inter-region transmission by 412%. Even far more optimistic projections estimate 64% and 34% growth, respectively.

There are proposed reforms to help alleviate this development backlog. The Federal Energy Regulatory Commission (FERC) is pushing a first ready, first serve policy, adding fees to filter proposals and speed up reviews. The Electric Reliability Council of Texas (ERCOT) utilizes a connect and manage method that allows for quicker connections, but disconnects projects if they threaten grid reliability this has been remarkably successful in quickly adding new grid assets. While these policies mark progress, streamlining other regulations, such as NEPA, is also crucial to expedite buildout.

But even if approved, grid construction still faces supply chain hurdles, including lead times of more than 12 monthsand a 400% price surge for large-power transformers, compounded by a shortage of specialized steel. Achieving a federal goal to grow transformer manufacturing hinges on also supporting the electric steel industry, especially with upcoming 2027 efficiency standards. All of this comes at a time when grid outages (largely weather-related) are at a 20-year high, necessitating replacement hardware.

Ultimately, cost overhauls in building grid infrastructure manifest themselves in higher prices for consumers. The retail price that consumers pay is a combination of wholesale prices (generation costs) and delivery fees (the cost of the infrastructure needed to move that electricity to you). Critically, while the price to generate electricity has declined with cheap renewables and natural gas, the price to deliver it has increased by a far greater amount.

There are many reasons for this. Utilities use distribution charges to offset losses from customer-generated power, aiming to secure revenue from fixed-return infrastructure investments (similar to cost-plus defense contracting). Renewable energy development requires extending power lines to remote areas, and these lines are used less due to intermittency. Additionally, infrastructure designed for peak demand becomes inefficient and costly as load becomes more volatile with greater electrification and self-generation.

Policy and market adjustments are responding to these rising delivery costs, with Californias high adoption of distributed power systems, such as rooftop solar, serving as a notable example.

Californias Net Energy Metering (NEM) program initially let homeowners sell surplus solar power back to the grid at retail prices, ignoring the costs to utilities for power distribution. Recent changes now essentially buy back electricity at variable wholesale rates, reducing earnings for solar panel owners during peak generation times, which often coincide with the lowest electricity prices. This adjustment lengthens the payback period for solar installations, pushing homeowners and businesses to invest in storage to sell energy at more profitable times.

California utilities also proposed a billing model where fixed charges depend on income level and usage charges depend on consumption. This aimed to make wealthier customers cover more of the grid infrastructure costs, protecting lower-income individuals from rising retail power prices. And although this specific policy was recently shelved for a similar, but less extreme, version, ideas like this might lead affluent users to disconnect from the grid entirely. Defection could lead to higher costs for remaining users and trigger a death spiral. Some argue this is already happening in Hawaiis electricity market and in areas rapidly switching to electric heat pumps.

Electricity is not magic; grid operations are complicated. At all times, electricity generated must match electricity demand, or load; this is what people mean when they say balance the grid. At a high level, grid stability relies on maintaining a constant frequency 60 Hz in the United States.

Congestion from exceeding power line capacities leads to curtailments (dumping electricity) and local price disparities. Any frequency deviations can also cause equipment damages to generators and motors. Wind, solar, and batteries inverted-based resources lacking inertia also complicate frequency stabilization as they proliferate. In extreme cases, deviations may provoke blackouts or even destroy grid-connected equipment.

Because of the grids inherent fragility, careful consideration must be made to assets connected to it, aligning reliable supply with forecasted demand. The growth of intermittent power sources (unreliable supply) coinciding with the rise of electrification (spiky demand) is causing serious challenges.

Around two-thirds of load is balanced by wholesale markets through (mostly) day-ahead auctions, where prices are determined by the cost of the last unit of power needed. Renewables, with no marginal cost, typically outbid others when active, leading to price volatility extreme lows when renewables meet demand and spikes when costlier sources are needed (note: bid price is different from levelized cost of energy (LCOE).)

The unpredictability of solar and wind, alongside the shutdown of aging fossil fuel plants, strain grid stability. This leads to both blackouts (underproduction) and curtailment (overproduction), like Californias 2,400 GWh waste in 2022. Addressing this requires investment in energy storage and transmission improvements (discussed below).

Moreover, as power supply becomes more unpredictable, the role of natural gas grows due to its cost-effectiveness and flexibility. Natural gas often backs up renewables with peaker plants that activate only when needed. In general, the intermittency of solar and wind subjects natural gas plants, and other types of plants, to profit intermittently, sometimes even running continuously at a loss for technical reasons. Consequently, when peaker plants set wholesale prices when renewables are offline, it leads to higher costs and thus volatility for consumers.

The demand for electricity is also changing shape. Technologies like heat pumps, while energy-efficient, can cause winter load spikes when renewable output may be low. This requires grid operators to keep a buffer of power assets, and often ignore renewable sources in their resource adequacy planning. Grid operators typically adhere to a 1 in 10 rule, accepting a power shortfall once every decade, though the actual calculation is more complex. In ERCOT, which lacks a traditional capacity market in lieu of price spike incentives, weve already seen emergency reserves grow as renewables enter the grid.

High-solar-penetration areas, like California, also face the duck curve, requiring grid operators to quickly ramp up over 20 GW of power as daylight fades and demand rises. This is technologically and economically challenging for plants intended for constant output.

Renewable intermittency incurs hidden costs, forcing grid operators to embrace risk or invest in new assets. While the levelized cost of energy assesses a projects economic feasibility, it oversimplifies the assets true value to the broader grid. LCOE does, however, underscore the economic challenges of constructing new assets, like nuclear plants. Despite being costlier than natural gas today, nuclear offers a compelling path to decarbonizing reliable power. We just need to scale reactor buildout.

But we cant just rely on nuclear power. Relying solely on a single energy source is risky, as shown by Frances nuclear challenges during Russian energy sanctions and the southern United States issues with natural gas in cold weather, not to mention commodity price swings. Regions with lots of renewables, like California, also face uncertainty due to routine reliance on imports. Even places operating at nearly 100% clean energy, like Iceland or Scandinavia, maintain reliable backups or import options during crises.

As electricity demand grows, the grid struggles to manage growing complexity from both decentralization and intermittent renewables. We cannot brute force this shift; if were going to do it, we really need to get smart.

The current grid, aging and dumb, depends on power plants to align production based on predicted demand, while making small, real-time adjustments to ensure stability. Originally designed for one-way flow from large power plants, the grid is challenged by the concept of multiple small sources contributing power in various directions, like your rooftop solar charging a neighbors electric vehicle. Moreover, the lack of real visibility into live power flow presents looming issues, specifically at the distribution level.

Residential solar, batteries, advanced nuclear, and (possibly) geothermal provide decentralized power that reduces the need for infrastructure buildout. Yet integration into an evolving, volatile grid still demands innovative solutions. Additionally, efficient use of even utility-scale power systems can also be significantly improved by local storage and demand-side responses like turning down your thermostat when the grid is strained that reduce the need to build underutilized assets that are online for only brief peak periods.

The smart grid aims to accomplish all of this and more, and can be organized into three main technology groups:

Specifically, there are two broad trends that are crucial for the smart grid future.

First, we need to build a lot of energy storage to smooth out peak load locally and stabilize intermittent power supply across the grid. Batteries are already critical for small bursts of power, and, as prices continue to decline, even longer periods of time could be covered. But scaling hundreds of gigawatt-hours of batteries will also require expanded supply chains. Fortunately, strong economics will likely continue to accelerate deployment; entrepreneurs should seek to connect batteries anywhere they can.

Second, we need to accelerate the deployment and integration of a network of distributed energy assets. Anything that can be electrified will be electrified. Allowing these systems to interact with home and grid-scale energy systems will require a variety of new solutions. Aggregations of smart devices, like electric vehicles or thermostats, could even form virtual power plants that mimic the behavior of much larger energy assets.

A core challenge in grid expansion is carefully balancing the shift between centralized and decentralized systems, considering economic and reliability concerns. Centralized grids, while straightforward and (generally) reliable, face issues with complex demand fluctuations and high fixed costs for example, most large nuclear plants globally are government-financed and China can build a ton of big power assets, but it does so very inefficiently. Decentralized grids, while still in early stages of deployment, are cheap but dont automatically ensure reliable power, as preferences in some rural Indian communities indicate.

To be clear, the centralized grid we have today will certainly not disappear in fact, it also needs to grow in size but it will be consumed by networks of decentralized assets growing around it. Ratepayers will increasingly adopt self-generation and storage, challenging traditional electricity monopolies and prompting regulatory and market reform. This self-generation trend will reach its extreme in energy-intensive industries that especially prioritize reliability Amazon and Microsoft are already pursuing nuclear-powered data centers, and we should do everything we can to accelerate the development and deployment of new reactors.

More broadly, ratepayers want reliable, affordable, and clean power, typically in that order. ERCOT, with its blessed geography, innovation-receptive energy-only markets, and relaxed interconnection policy, will be key to watch in order to see if, when, and how this is achieved with a decentralized grid. And successfully navigating this shift will, no doubt, result in significant economic growth.

Critically, to build this decentralized grid demands our most talented entrepreneurs and engineers: We need a smart grid with serious innovation across ahead-of-the-meter, behind-the-meter, and grid software technology. Policy and economic tailwinds will accelerate this electricity evolution, but it will fall to the private sector to ensure this decentralized grid works better than the old one.

The future of the United States electric grid lies in harnessing new technology and embracing free-markets to overcome our nations challenges, paving the way for a more efficient and dynamic energy landscape. This is one of the great undertakings of the 21st century, but we must meet the challenges.

The world is changing fast, and the electric grid must change with it. If youre building the solutions here, get in touch.

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Decentralizing the Electric Grid - Andreessen Horowitz

In the 19th century, the California Gold Rush completely reshaped the United States as prospectors flocked to the region in search of riches. Today, a new kind of gold rush is underway: the rush for computing power to fuel the AI revolution. At the heart of this whirlwind stands NVIDIA, whose stock price surged 239% in 2023 as demand for its GPUs (graphics processing units) skyrocketed.

On the other hand, centralized cloud giants Amazon, Microsoft, and Google, whose combined $6 Trillion market cap has benefited greatly from the high demand for cloud services, are struggling to keep up with the insatiable demand for AI compute (computational power), leading to high prices, long wait times, and limited options for AI startups and innovators.

Enter io.net, a decentralized cloud compute provider which has achieved a $1 billion private market valuation and raised $40 million from various venture capital firms, showcasing significant market confidence in both its vision and the scalability of its network since its launch in November 2023.

Here, we discuss the decentralization and accessibility of the AI compute market by io.net, its technological and economic innovations, and plans for market expansion.

io.net is on a mission to disrupt the AI compute market through decentralization. The centerpiece is the IO Cloud, a permissionless, distributed network of GPUs and CPUs (central processing units) that anyone can tap into on-demand without long-term contracts or KYC.

Developers can quickly deploy ML clusters, while hardware providers earn rewards for contributing compute to the network. The result is a more accessible, flexible, and cost-effective alternative to big-box centralized cloud behemoths.

io.net was born out of necessity. In 2020, founder Ahmad Shadid was building quantitative trading systems and ran into the common roadblock of high GPU costs from existing providers. So, he built his own distributed GPU network to cut expenses.

After the ChatGPT launch, Shadid realized the opportunity to bring this network architecture to the broader market. A few months and a Solana hackathon victory later, io.net officially launched.

The IO Cloud already boasts an impressive 300,000 GPUs and 40,000 CPUs distributed globally. Crypto partners, like Filecoin, Render, and Gaimin, have surfaced their own GPU networks to the IO Cloud to take advantage of io.nets self-service cluster virtualization and AI-ready orchestration layer.

Accessing compute is simple through the intuitive dashboard at cloud.io.net. Here, developers can view stats, manage clusters, and track network performance. Hardware providers can also monitor their machines and earnings.

Under the hood, the io.net stack is powered by the IO-SDK and a specialized fork of Ray, the same open-source network architecture used by OpenAI and Uber. The modular architecture is designed for reliability and flexibility while scaling up parallel processing capabilities to handle AI/ML workloads. APIs enable connectivity while the infrastructure layer handles core functions like GPU provisioning, monitoring, and ML ops. This layered approach prevents single points of failure and allows the swapping of components as needed.

Compute power is the new oil for the AI era, said Ahmad Shadid, CEO and co-founder of io.net. By leveraging GPU power as a decentralized resource, io.net will continue to play a crucial role in the future of technology and economy, with compute power backing the value of $IO.

However, io.nets biggest advantage may be its crypto-economic model. By building on Solana, the network gains a trustless settlement layer without legacy inefficiencies. Plus, the $IO token set to launch in April following io.nets Ignition Program has the ambition to become the currency of compute, attracting users and incentivizing infrastructure buildout in a continuous growth cycle.

The Ignition program aims to incentivize and reward IO Network suppliers and community members for their contributions to the network. Participants can earn rewards by supplying GPUs to the network, with factors such as job hours completed, node bandwidth, GPU model, and uptime taken into consideration by the rewards algorithm.

We are thrilled to launch the Ignition program as the first step in our mission to decentralize the IO Network and transition governance to the community, said Garrison Yang, Chief Strategy & Marketing Officer at io.net. By incentivizing and rewarding our suppliers and community members, we aim to expand access to underutilized GPU resources and make the power of AI accessible to anyone in the world.

With its strong unit economics and token incentives, io.net is poised to grow exponentially, grabbing market share from the cloud giants. The timing could not be better, as the world is waking up to the transformative potential of AI. By making AI/ML compute more accessible, io.net is democratizing access to this critical resource.

While centralized providers struggle with capacity, io.net offers an elegant solution through decentralization: It provides the tools and infrastructure for anyone to participate in the AI revolution. As more developers and suppliers plugin, network effects should drive rapid expansion and adoption.

The California Gold Rush completely reshaped the Western United States in the 1800s. Now, io.net is in pursuit of reshaping computing for the AI age. If successful, it could become an essential backbone for the next generation of AI innovation. The IO Cloud may very well enable the next OpenAIs and Anthropics but in a more open and permissionless way. Keep an eye on this project as the decentralized AI compute wars heat up.

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The Rise of io.net: Decentralizing AI Compute - Grit Daily

I was deeply moved by the recent two-part series discussing the need for decentralization in Haiti. It echoes sentiments I have long held, but often felt were isolated. For me, decentralizing major infrastructures is not merely a matter of debate me; it is a passionate advocacy grounded in a desire for a more equitable and resilient future for our nation.

For too long, those of us advocating for decentralization have faced criticism and ridicule, accused of being insensitive to the plight of those suffering from gang activities in metropolitan Port-au-Prince. However, I firmly believe that the concentration of resources and infrastructure in certain urban centers exacerbates rather than alleviates these issues. While insecurity may be concentrated in less than 10% of the country, its impact extends far beyond those boundaries, affecting a quarter of the population. We cannot afford to neglect the peaceful regions, where a majority of the people reside while focusing solely on the concentrated hotspots of violence.

One glaring example of the consequences of centralization is the fuel crisis that regularly grips our nation. The blockade of roads leading to Varreux, Haitis primary fuel storage location, paralyzes the entire economy and disrupts the lives of countless citizens. This is not simply a matter of gang activity; it is a systemic flaw stemming from overreliance on a single point of distribution. Imagine the resilience we could achieve if we decentralized fuel storage to at least three dispersed geographic locations across the country, mitigating the impact of such disruptions and ensuring a more reliable energy supply.

Decentralization is not a mere buzzword either. It is a fundamental shift in governance that holds the key to unlocking Haitis full potential. By empowering local communities and distributing resources more equitably, we can foster economic development and social cohesion across the nation. By the way, the Haitian constitution mandates for the country to be decentralized. Decisions have been made not to implement what is required, thus contributing to the reality we face today.

I refuse to rest until I witness a paradigm shift in policy-making towards decentralization. It is time for our leaders to prioritize the long-term interests of the entire nation over short-sighted gains. Let us work together to build a Haiti where prosperity and security are not privileges reserved for the few, but rights enjoyed by all. A decentralization of the country significantly contributes to this much better future.

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Letter | Decentralization: A path to stability and progress in Haiti - Haitian Times

Editorial Note: The following content does not reflect the views or opinions of BeInCrypto. It is provided for informational purposes only and should not be interpreted as financial advice. Please conduct your own research before making any investment decisions.

One of the leading DeFi protocols for advanced crypto trading, dYdX, took to Twitter, now X, to announce their new collaboration with Privy. dYdX, a decentralized exchange focusing mainly on perpetual futures trading, entered the partnership to enable its users to create new accounts using their already existing social media credentials or email.

dYdX announced on 9th April 2024 that users will now have a straightforward approach to creating accounts with them. James Hallam, Head of Business Development at dYdX Foundation, spoke about the new event and said the collaboration would make dYdX faster and more intuitive.

Thanks to Privy, transitioning to dYdX Chain is now as easy as using your existing email or social media profiles, ensuring a faster, simpler, and safer experience for users. This streamlined process removes traditional barriers to entry, allowing newcomers to seamlessly enter the world of perpetuals, he said.

Furthermore, he added that one of the primary reasons for the collaboration is to attract a larger audience due to the ease of onboarding Web3 users.

dYdX Chain now feels instantly more accessible to everyday users. This increased accessibility has the potential to attract a wider audience, promoting a more inclusive and rapidly expanding dYdX Chain user base, he added.

Indeed, Privy quoted the dYdX announcement on X, acknowledging the importance of the key partnership. First, they said they were excited to work closely with dYdX and look forward to accomplishing new things together. Moreover, the major objective is to ensure that dYdX maintains the transparency and security of a DEX while integrating the speed and usability of CEX.

Were so proud to support them as they work to make the experience accessible for all, Privy said.

Privy is a company dedicated to helping crypto organizations onboard and engage new users seamlessly. It offers developer libraries that help provide wallet management solutions and an efficient onboarding process. With their latest collaboration, dYdX users can now create a web3 wallet by simply logging in to their social media accounts. Subsequently, they eliminate the need for a seed phrase while creating crypto wallets.

dYdX is a decentralized exchange built on the dYdX blockchain, an open-source application-specific blockchain software. Furthermore, the creation of the dYdX blockchain is based on the Cosmos SDK and CometBFT proof-of-stake (PoS) consensus protocol.

This DEXs primary service is trading perpetual futures contracts for more than 62 cryptocurrencies, including Bitcoin, Ethereum, Cardano, XRP, and Solana. It was founded in August 2017 by Antonio Juliano, a California-based entrepreneur, and initially offered crypto margin trading, lending, and borrowing services. However, it soon transferred to cross-margin perpetual trading in August 2021.

The dYdX DEX and Chain were created in a way that introduces interested users to web3. Together with decentralization, it features other things such as matching engines, order books, and consensus mechanisms. Recent data from DefiLlama indicates a total value locked (TVL) of $505 million. Furthermore, the total value of fees generated in the past year is about $50 million.

Disclaimer

This article contains a press release provided by an external source and may not necessarily reflect the views or opinions of BeInCrypto. In compliance with the Trust Project guidelines, BeInCrypto remains committed to transparent and unbiased reporting. Readers are advised to verify information independently and consult with a professional before making decisions based on this press release content. Please note that ourTerms and Conditions,Privacy Policy, andDisclaimershave been updated.

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Advanced Decentralized Exchange dYdX Partners With Privy to Onboard Users to Web3 - BeInCrypto