Today is the first-ever International Day of Clean Energy. This important day January 26th, 2024 ordained by the United Nations General Assembly (UNGA), is intended to encourage the transition to clean energy and ultimately inspire a transformation of the world as we know it. However, as we mark this milestone on the calendar, it is clear that the world is failing at this task. The global community remains mired in unclean energy, which creates emissions that warm the Earth. Because of the complacency surrounding this issue, the world has fallen behind in the UNs Sustainable Development Goal 7 (SDG7): affordable and clean energy for all by 2030. While the global community is lagging in its efforts, there is still hope. By implementing decentralized energy infrastructure, such as solar and wind systems, the possibility of achieving SDG7 by 2030 still exists.

Decentralized energy, also known as an autonomous energy grid (AEG), generates energy near the point of consumption and eliminates the energy lost in transport. However, with centralized energy, energy use can take place up to 300 miles (480 km) from production, squandering up to five percent of produced energy. From the late 1800s beginning with Nikola Teslas implementation of the alternating current to the 2000s, centralized energy was the most efficient and cost-effective energy production to serve as many people as possible. This efficiency came from the idea that bigger is better, so having one large plant or station for a large geographic area made it easy to maintain and monitor. However, as populations grew and spread out geographically, efficiency decreased. Energy that is produced but not consumed emits carbon. Technology in the late 1800s was limited, making decentralized energy unobtainable. However, decentralized energy has become an efficient and attainable alternative. In our world today, bigger is not always better.

So, how does decentralized energy production help reach the UNs clean energy goals? Clean energy technology is suitable for small-scale implementation. By implementing clean energy like solar and wind turbines on a decentralized basis, efficiency will be close to one hundred percent with zero emissions. The energy lost in distribution is eliminated.

Many countries in the Global North will vehemently oppose the transition from centralized energy because of their deeply ingrained, well-established systems, which would have an enormous cost and effort to uproot. Inversely, the Global South, which has less developed energy systems, is positioned well to transition to decentralized systems to satisfy the energy needs of all citizens, especially rural ones who are not connected to the grid. Ultimately, to be successful, governments cannot be solely responsible, particularly in the Global South. Private organizations and NGOs can play a vital role by prompting and creating trusting relationships by demonstrating successful decentralized clean energy systems.

In Morocco, the High Atlas Foundation (HAF), in conjunction with Germanwatch, successfully implemented a decentralized energy system of solar panels in the province of Youssoufia, specifically El Kdirat village in the rural Jnane Bouih commune. The residents reached out to HAF because they saw that their village and land held the potential to flourish. However, they faced socio-economic challenges as a rural and low-income community. Coming together, the community followed HAFs Imagine Program to determine their highest priority needs. The El Kdirat village determined that a decentralized system would be the most useful in powering irrigation for a tree nursery and providing running water in their school for drinking and bathrooms. The residents followed HAFs directive of adopting a participatory labor model, where the residents successfully constructed the solar system that fed energy into a pump system connected to the tree nursery and pipes in the school to the irrigation system. This decentralized solar system has given the El Kdirat village true sustainability that has bolstered the community and improved the villages economy.

As a whole, Africa has the potential to change the climate surrounding decentralized energy while helping all rural Africans with energy-related insecurities. Rural Africans comprise 60-80 percent of the African population; by turning to decentralized clean energy, African countries can become global leaders in clean energy. According to Statista and the World Bank, Africa has the worlds highest solar potential, making this leadership possible. While Africa is spearheading this new economic energy model, the Global North must commit to transitioning away from the centralized systems they have relied on for decades to reach the attainable goal of affordable and clean energy for all.

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Decentralization: The Future Of Clean Energy OpEd - Eurasia Review

Ethereums claims of decentralization are ringing ever more hollow due to the networks lack of client software diversity, an overreliance that could pose an existential threat to ETH stakers.

Last weekend, around 8% of Ethereumproof-of-stake(PoS) transaction validators suddenly beganproducing invalid blocksdue to a critical flaw in the Nethermind client software. The issue followed the release ofNetherlands v1.23.0 update, requiring a frantic patch to get these network nodes back in business.

While the order was eventually restored, a similar scenariobefell the Besu client earlier this month. Besus share of the Ethereum execution client market was around 5% at the time and has since fallen to 4%.

Ethereum watchers soon warned that the fallout could be catastrophic if/when a similar situation impacted the Geth (Go Ethereum) client. Geth accounted for around 84% of network execution clients at the time of the Nethermind bug, but a concerted effort to sound the eggs in one basket alarm has sincepushed this down to a mere 79%.

Geth is client software developed by the Ethereum Foundation that supports network functions like transaction validation and smart contract execution. Geth is generally considered a more robust option than its rivals, which, along with the Foundations stamp of approval, is why it accounts for such an outsized market share.

Regardless, such a high concentration level would be problematic in any sector. But in an industry so prone to probing by malicious actorsparticularly those adept atsoftware supply chain attacksits a recipe for disaster.

A Geth failure would bring Ethereum finalization to a screeching halt, but as Labrys developerLachlan Feeneyrecentlysuggested, this vulnerability could also result in the loss of the majority of the roughly 29 million ETH currently staked by validators.

Because validators are penalized for being offline, an inactivity leak could rob validators of two months worth of staking rewards in just two days. Should the downtime extend for five days, a years worth of rewards would be lost. A weeklong outage could cost validators 10% of their staked ETH, while 90% of that stake could be lost if the outage extends to six weeks. While such a prolonged outage may be unlikely, its also not impossible.

Geth-based validators would likely stampede for the exits rather than watch their stake bleed away to nothing. But theyd get caught in a logjam of similarly minded validators, all of whom would continue bleeding ETH as they wait their turn to disembarkthis sinking ship. Given the sheer number of Geth-based validators, this bottleneck could mean that only one in 12 could exit with more than 50% of their stake.

Fork me

The potential repercussions of a serious Geth bug dont stop there. Should a Geth-based validator produce an invalid block, Geths domination of the network could result in this invalid block being added to the chain, resulting in a fork that would quickly become the dominant chain. Geth validators would be blocked from the valid chain until the smaller chain is finalized.

As Feeney put it, Because the Geth validators are stuck on the invalid chain, they are considered inactive on the non-Geth chain and will suffer the inactivity leak. No software update or bug patch to Geth will save these validators. They will be bled out until their stake represents < of the network, allowing the non-Geth chain to finalize.

Feeney estimates that this bleeding could result in an 18% reduction in the total supply of ETH. (Thats definitely one method of creating artificial scarcity and thus losing the tokens fiat value.)

Feeney offered this warning: Staked ETH is not risk-free yield. Would you invest a minimum of $75,000 USD [the rough value of the 32 ETH required for serving as a validator] into an instrument where the maximum potential gain is 3.5% p.a. but the potential for loss is 100% (even if that loss is unlikely)? Probably not, but this is what 84% of the Ethereum stakers are doing today.

Lido shuffle

Retail users lacking the 32 ETH necessary to stake on their own have several options for pooling their resources, but staking via a service wont necessarily protect them from the potential carnage described above.

Lido Finance, the largest staking service with around 9.4 million ETH staked, relies on Geth for most of its operations. On January 23, Lidostated that its preliminary Q4/23 data put Geth usage across Lido protocol validators at 67%, down from 76% in Q3/23 and 93% in Q3/22. Lido said client diversity is fundamental to its mission to decentralize Ethereum.

Lido added that its Lido DAO (decentralized autonomous organization) node operators are afforded high degrees of autonomy, but they have already begun to signal their commitments to reduce majority client usage, or explain how their setups avoid the possibility of being affected by supermajority bugs.

Coinbase has a plan to make a plan

TheCoinbase(NASDAQ: COIN)exchangehas faced similar queries this week about its reliance on Geth. On January 22, CEOBrian Armstrongpersonally responded to a Coinbase customer whotweeted that they had unstaked all of the ETH I had staked with you since you offered it as a service. The user added that this single client staking setup made it not worth the risk of losing a large percentage of my deposit. Armstrong replied: Taking a look.

Later that day, the Coinbase Cloud accounttweeted that when it launched its ETH staking service, Geth was the only client that met our technical requirements. Coinbase claimed that execution client diversity is a critical concern, and thus, it was conducting an updated technical assessment with the goal of adding another execution client to our infrastructure. Coinbase promised to provide an update on its progress by the end of February.

Not everyone found this reassuring, with at least one customersuggesting that the situation wasnt a review and plan kind of phase. This is take serious and urgent action, with informed customers phase. Coinbase was urged to set up an insurance fund or allow us to opt in to other clients because the risk of supermajority failure is a *bigger* risk to your customers than minority client failure.

This probably wasnt the best week for Coinbase to runa sponsored post on Decrypt promoting the claim that its staking service aims to be a one-stop shop for crypto staking. One stop, one point of failure Synergy!

Coinbase rival exchangesBinance,Kraken, andBitfinex (among others) also rely solely on Geth to power their staking services. However, they have kept quiet regarding any plans they may have to inject a little diversity into their operations.

All in one

Decentralization theater has been Ethereums stock-in-trade from its inception, starting with the Ethereum Foundations oversight-bereft crowd sale that delivered the majority of ETH into the hands of a few whales. This concentration of wealth and power continues to this day via the PoS consensus mechanism thatfurther enriches the whales who can afford to run multiple validators.

This centralization was recently cited by the U.S. Securities and Exchange Commission (SEC) as part of the reason it was delaying decisions on applications to offer Ethereum spot-basedexchange-traded funds(ETF). BlackRock, Grayscale Investments, and Fidelity are among those chomping at the bit to offer Ethereum ETFs to the public following the launch of multipleBTC spot-based ETFs earlier this month.

In approving those BTC ETFs, SEC chairman Gary Gensler stressed that the decision was limited to one non-security commodity (BTC) and should in no way signal the Commissions willingness to approve listing standards for crypto asset securities. Gensler, who has previously stated his belief thatETH is an unregistered security, reiterated his dont expect ETH ETF approvals anytime soon message earlier this week.

On Thursday, the SEC posteda list of ETH-related questions for public comment before making any ETF decision. For instance, the SEC wonders if there are particular features related to ETH and its ecosystem, including its proof of stake consensus mechanism and concentration of control or influence by a few individuals or entities, that raise unique concerns about ETHs susceptibility to fraud and manipulation?

Interested parties are instructed to submit their comments within three weeks. Just remember Ethereum Foundation members, you have to at leasttry to make it look like theyre not all coming from the same address.

FollowCoinGeeks Crypto Crime Cartelseries, which delves into the stream of groupsfromBitMEXtoBinance,Bitcoin.com,Blockstream,ShapeShift,Coinbase,Ripple, Ethereum,FTXandTetherwho have co-opted the digital asset revolution and turned the industry into a minefield for nave (and even experienced) players in the market.

New to blockchain? Check out CoinGeeks Blockchain for Beginners section, the ultimate resource guide to learn more about blockchain technology.

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Ethereum's decentralized mantra in tatters after execution of client bug - CoinGeek

Have you ever considered what it means to truly own your digital assets? In the burgeoning realm of Web3, youre witnessing a fierce competition as wallet providers vie for dominance, each promising to revolutionize the way you interact with decentralized networks. Security is paramount, of course you wouldnt entrust your assets to a vault with flimsy locks, would you? Yet, as crucial as robust protective measures are, simplicity cannot be sacrificed; a wallet too complex to use is akin to a door with too many keys. Binance Web3 Wallet, with its blend of accessibility and security, stands as a testament to this delicate balance. But its not alone in the arena; a myriad of contenders are constantly emerging, each armed with unique features, seeking to streamline your experience without compromising safety. The stakes are high, and the implications far-reaching. With each innovation, the question looms: which wallet will ultimately pave the way to a decentralized future, and what will that mean for you and your digital sovereignty?

Web3 wallets, often your gateway to the decentralized web, consistently offer you more control over your online interactions and assets, with solutions like Binance Web3 Wallet leading the charge in balancing security and user-friendliness. Youre not just getting a vault for your digital currencies; youre getting an entire financial management system. Token management is a breeze with Binance Web3 Wallet, as it simplifies the complexities of handling various tokens, providing easy token swapping and opportunities to earn yields.

In this decentralized landscape, though, youll encounter interoperability challenges. Different blockchains operate on distinct protocols, making seamless interaction a sophisticated affair. Best UK crypto exchange platforms play a vital role in overcoming these challenges. Binance Web3 Wallet tackles this by integrating with Binance Bridge, easing the transfer of assets across chains. This feature is a significant step towards a more interconnected decentralized ecosystem, enabling you to navigate various networks without the usual friction.

As you dive deeper into this space, the wallets curated list of DApps hands you the power to transition between centralized finance (CeFi) and decentralized finance (DeFi) with a single tap. Its not just about storing assets; its about optimizing your digital financial experience. Youll find that, with Binance Web3 Wallet, security alerts and round-the-clock customer support are part of the package, ensuring your journey is as smooth as it is secure.

In an era where digital assets are increasingly targeted by cyber threats, Binance Web3 Wallet stands out for its rigorous security measures, ensuring that youre not just in control, but also protected. The wallets architecture discards the traditional seed phrase, which while enhancing convenience, doesnt compromise on security or self-custody. Its a delicate balance thats difficult to strike, yet Binance does so with aplomb.

Youll appreciate how the wallet integrates secure authentication methods, which act as a bulwark against unauthorized access. The seamless toggle feature between CeFi and DeFi, within Binance Web3 Wallet, not only exemplifies flexibility but also fortifies your digital assets against the vulnerabilities inherent in both systems.

Moreover, the real-time alerts serve as your digital sentinel, warning you of insidious addresses and suspicious contract actions. This proactive approach to security, coupled with user education, cultivates a vigilant mindset. Youre not just executing transactions; youre navigating the decentralized landscape with an informed perspective.

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And should you ever find yourself in a quandary, the 24/7 customer support is there to guide you, further underscoring the wallets commitment to a secure, user-centric experience.

Striving for simplicity, the Binance team has meticulously crafted their Web3 wallet to ensure that your initial dive into the world of digital assets is as effortless as snapping your fingers. Theyve distilled the onboarding process down to mere seconds within the Binance app, acknowledging that time is of the essence in the fast-paced crypto sphere.

Gone are the days of wrestling with complex seed phrases, as Binance leans into a more user-friendly interface. This approach not only reduces the intimidation factor for new users but also streamlines the experience for seasoned crypto enthusiasts. Intuitive navigation is at the heart of this wallets design, guiding you smoothly through its features and functions.

The wallets integration with Binance Exchange allows for seamless movement of funds between your centralized exchange account and your decentralized Web3 wallet, enhancing your overall user experience. With a single tap, you can navigate the transition between CeFi and DeFi, and explore curated decentralized applications without getting bogged down by convoluted processes. Binances commitment to simplicity ensures that your journey through the decentralized web is as straightforward as it is secure.

As you navigate the bustling landscape of digital wallets, its crucial to recognize the key market players shaping the Web3 experience beyond Binances sleek offering. In the competitive landscape, these players are not just participating; theyre actively sculpting a new financial ecosystem.

Heres what sets them apart:

This competitive arena is about more than just securing your digital assets; its about an experience that feels as empowering as it is effortless. As you immerse yourself in this tech-savvy domain, remember: the key market players are not just offering tools theyre crafting the very fabric of your Web3 journey.

While the key market players in the Web3 wallet space are enhancing functionality with features like one-tap switches and multi-chain strategies, these advancements bring forth significant user experience challenges. Youre faced with wallets that must balance robust security with the convenience youve come to expect. This tightrope walk isnt without its pitfalls.

The leap from traditional finance to decentralized finance within a single wallet interface poses a complex challenge. You need a dashboard thats intuitive yet comprehensive, allowing seamless navigation between CeFi and DeFi spaces. The integration of multi-chain token swapping and yield earning options adds another layer of complexity. As youre seeking to maximize returns across various blockchains, the wallets interface must not only support these activities but also present them in a way that doesnt overwhelm or confuse.

Moreover, DApp integration challenges wallet designers to curate a selection of decentralized applications without cluttering the user interface. A smooth user experience demands not just the availability of these DApps, but also their seamless operation within the wallet ecosystem.

Breaking down barriers to entry, the Binance Web3 Wallet has set a benchmark in making the world of decentralized finance both accessible and user-friendly. By improving the onboarding process and crafting user-friendly interfaces, Binance is tackling the steep learning curve that often deters newcomers.

Consider the following:

As a tech-savvy individual, youre aware that a tools adoption hinges on its accessibility. Binance has recognized this, hence their commitment to not only maintaining robust security but also to ensuring that the user experience is smooth and intuitive. This strategic focus is pivotal in the Web3 wallet race, where the winner will likely be the one who can turn complexity into a frictionless experience for all.

Navigating the complexities of regulatory compliance, Web3 wallets such as Binances must innovate to align with financial oversight without sacrificing the decentralized ethos that underpins their existence. As youre aware, regulatory considerations are not just a hoop to jump through; theyre integral to the widespread adoption of Web3 wallets. Compliance with a sound legal framework protects users and fosters trust, which is indispensable for any financial service.

Innovative solutions are already emerging to bridge the gap between the decentralized nature of Web3 and the regulatory demands of traditional finance. These solutions must balance scalability, ensuring that as the user base grows, the system remains robust and compliant. The integration of Fintech stack and Virtual Digital Assets (VDAs) is a promising step forward, streamlining the process of regulatory alignment while keeping an eye on the scalability concerns.

The future of Web3 wallets hinges on such agile adaptations. Boosting the adoption of DeFi platforms requires a deep understanding of the regulatory landscape, which is still in flux. Youll see that the most successful wallets will be those that can navigate this evolving terrain, turning regulatory compliance into a competitive advantage rather than a stumbling block.

As we delve into the future of wallet technology, its clear that advancements such as enhanced interoperability and AI integration will redefine the way you interact with digital assets and manage your online financial sovereignty. The promise of Web3 wallets extends beyond mere storage; theyre becoming intelligent agents that can navigate the complex landscape of decentralized finance (DeFi) on your behalf.

Heres what you can expect:

The convergence of these trends signifies a monumental leap toward a future where your digital wallet acts as a sophisticated command center for your financial life, equipped to tackle the complexities of an evolving digital economy.

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basics opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.

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Web3 Wallet Wars: Security, Simplicity, And The Race To Dominate Decentralization - The Crypto Basic

As we step into the year 2024, the blockchain technology landscape continues to evolve, with significant contributions from pioneering layer 2 companies like Scroll. Co-founder Sandy Peng, through a recent Twitter update, has outlined Scroll's ambitious technical roadmap for the year, highlighting their commitment to making blockchain technology more accessible, secure, and decentralized.

Reducing Costs and Enhancing Efficiency

One of the primary focuses of Scroll in 2024 is to significantly reduce operational costs. The upcoming upgrade promises a 50% reduction in bridge costs, a move that is expected to make transactions more affordable for users. Furthermore, the integration of data compression techniques and the implementation of 4844 data blobs are anticipated to drastically lower transaction fees. This initiative aligns with Scroll's goal of making blockchain technology more economically feasible for a broader user base.

Compatibility and Security Enhancements

In terms of compatibility, Scroll is set to embrace the EIP 1559 transaction type and incorporate SHA256 precompile. These technical advancements are not only about keeping up with the latest Ethereum Improvement Proposals (EIPs) but also about ensuring that Scroll's platform remains compatible with wider blockchain standards.

Security is another cornerstone of Scroll's 2024 agenda. The introduction of multi-provers aims to enhance the robustness and integrity of the network. This move is a proactive step towards safeguarding against potential security threats, ensuring that the platform remains secure and reliable for its users.

Decentralization and Future-Alignment

Decentralization, a core principle of blockchain technology, is being further emphasized by Scroll. The shift towards decentralized provers marks a significant step in distributing control and reducing reliance on centralized entities. This strategy not only aligns with the ethos of blockchain but also contributes to a more resilient and democratic network structure.

Looking towards the future, Scroll is set to implement Parallel EVMs (Ethereum Virtual Machines). This development is a forward-thinking approach to address scalability and efficiency, preparing the platform for increasing demands and potential technological shifts in the blockchain ecosystem.

Community Engagement and Upcoming Projects

Lastly, Scroll is placing a strong emphasis on community engagement. Several fair launch projects are set to debut on the Scroll platform in January 2024. This initiative is a testament to Scroll's commitment to fostering a vibrant and active community, driving innovation and participation in the blockchain space.

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Scroll's 2024 Agenda: Lower Costs, Enhanced Security, and Increased Decentralization - Blockchain.News