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Decentralization It’s More Than You Think – Clinical Leader

By Garri Zmudze, managing partner and cofounder, LongeVC

Clinical research faces the challenge of transforming breakthrough ideas into tangible solutions. Luckily, decentralization sets the stage for a new approach to the field. Decentralization carries multiple definitions within the clinical trial space. Decentralized trials (DCTs), most familiar to clinical researchers and explored further below, refers to decentralization in terms of location and study site. It removes the need for frequent in-person clinic visits and encourages patient participation. Decentralization is not only a breakthrough in trial design but also in the larger field of scientific research and represents a paradigm shift in the digital world. It drives patient empowerment, trial accessibility, and new fundraising models.

Decentralized trials enable remote participation in and democratize access to clinical research studies. Traditionally, identifying and securing trial participants is one of the most significant challenges in clinical research. Participants have to meet study criteria and be willing to undergo treatment. Whats more, location and clinic requirements often influence participant interest. Studies with regular clinic visits could be less attractive than those with digital data-sharing options. In-person studies also limit participation from individuals outside the clinics surrounding areas. Geography not only limits participation directly, but it also adds a cost-related inaccessibility layer.

DCTs are also especially beneficial for diseases whose nature makes it difficult to generate data and observe patients. For example, rare diseases have small data pools due to patients spread across the globe. Researchers found DCTs to be an an innovative and patient-centric way to reduce the burden of clinical trials on patients, caregivers, and clinical researchers, especially for the rare disease population.1

Regulatory bodies worldwide are acknowledging their positive impact. The FDA included decentralized trials in its guidance document for enhancing the diversity of clinical trial populations.2 In the EU, the regions clinical trials coordination group coordinated the publication of DCT best practices. They describe DCTs as making clinical trials available to a wider demographic of participants and [reducing] drop-out rates.3

However, the global nature of clinical trials presents both opportunities and challenges. Collaborative and decentralized efforts among international researchers, healthcare professionals, and industry stakeholders can accelerate discoveries. At the same time, the sector must navigate challenges such as varying regulatory requirements, cultural differences, and logistical complexities. DCTs offer a path forward but still need further clarity and attention to succeed. Study sponsors should view them as a resource in improving clinical trial setup and outcomes.

The second type of decentralization connects with a movement called DeSci, or decentralized science. Introduced by the blockchain community in the 2010s, DeSci calls for increased collaboration and transparency in scientific research.4 It encourages community participation and offers an alternative to data silos controlled by centralized entities. The movements goals include open and accessible research publications, starting with collaborative sites like OpenCitations and ResearchHub, public participation in research, and new streams of project funding. Well-known DeSci initiatives include Molecule, a group developing decentralized protocols for IP, Lifespan.io, a longevity platform crowdfunding anti-aging research, and the Longevity Science Foundation, a nonprofit organization encouraging donor participation in funding decisions.

What sets DeSci apart from other open science movements is its leverage of blockchain technology. While many associate blockchain with digital currencies or nonfungible tokens (NFTs), it is a powerful technology with diverse applications. Blockchain is a form of decentralized ledger technology (DLT), the foundation of the decentralized internet movement called web3. DLT creates a secure and immutable record of transactions, where nodes validate all information and reach a consensus about the ledgers accuracy.5 It is a new way to collect and analyze data, whether for Bitcoin trading or securing patient health details.

In the evolving clinical trial landscape, the patient is no longer a passive participant in the research process. Engaging patients as partners can improve study outcomes and increase participant satisfaction. Luckily, decentralized technology can improve patient engagement and encourage study completion.

Besides increasing trial accessibility as mentioned above, decentralization harnesses the power of blockchain technology to secure and anonymize patient data. Decentralization places power in the hands of individuals. Some patients may worry about sharing their data with large pharmaceutical companies.

If individuals can share their data more efficiently through DCTs, protecting these data will be vital, especially with digital data sharing. Consent is also essential here. Technology must account for the ethical and regulatory framework surrounding clinical trials. As technology advances, participants' rights and privacy become increasingly important. Striking a balance between innovation and ethical considerations is crucial. Regulatory bodies must adapt to the evolving landscape, addressing emerging challenges while maintaining integrity and safety.

Blockchain is a key component in this discussion, as it provides a secure and immutable record of transactions. It empowers participants to track their data in real time. They will know physicians are accessing their information securely. They also can withdraw their consent anytime, with no complicated forms required. Their decisions will be recorded on the blockchain, making it accessible to all study stakeholders. Dynamic consent will grant participants unparalleled control over their data.

Trial funding remains a concern for clinical researchers worldwide. Amid a biotech winter, many worry about progressing research while the economy struggles. Funding options from the decentralized world offer a promising alternative.

Clinical research and the web3 community have an intertwined past. Web3 refers to the decentralized movement for the internet, where users (rather than corporations) own their data. In 2018, Vitalik Buterin, the cofounder of the popular digital currency Ethereum, donated $2.4 million in Ethereum (ETH) to the SENS Research Foundation, a California-based group working on researching, developing, and promoting comprehensive solutions for aging-related diseases. Buterin also has donated $25 million in Shiba Inu (SHIB) tokens to the Future of Life Institute to fund Ph.D. fellowships focused on ethical AI applications and millions of dollars to the Methuselah Foundations research on tissue engineering to reverse the aging processes.

Buterins support for clinical research has set a valuable precedent for other web3 KOLs to take an active role in the space. Many healthcare nonprofits, including the Alzheimers Association, the Diabetes Research Institute Foundation, and the American Cancer Society now offer crypto donation options to encourage support from the community.

Healthcare organizations also have created NFT collections to tap into the crypto fundraising wave. Noora Health, an organization focused on empowering at-home caregivers, sold its Save Thousands of Lives NFT for 1.3k WETH, or $4.4 million. Similarly, Professor George Church of Harvard University is planning to offer his genome as an NFT hosted on a decentralized server. His genome was one of the first to be sequenced, making it significant for the clinical research community.6 Similar applications could provide a new way for participants to monetize their data by selling NFTs to study sponsors.

Decentralized funding for clinical research projects helps bring even more of the public into the funding process. It can help raise awareness around study recruitment and participants and encourage new groups, including crypto enthusiasts, youth, and web3 founders to support the field. The nature of finance is changing, and decentralized funding offers a way to meet changing demographics.

Were on the brink of a new era in clinical trials, where decentralization will transform recruitment, compensation, and funding. The outcome? More efficient, inclusive, and effective processes for the space. While we are only at the beginning of this journey, one thing is sure: The impact of these technologies will resonate far beyond the realms of research. Decentralization is here to stay and will shape the future of healthcare.

References:

About The Author:

Garri Zmudze is an investor and advisor for deeptech companies developing life-changing solutions across biotech, medicine, longevity, and more. Garri is committed to building a world where everyone has more healthy years with their loved ones. He cofounded the Longevity Science Foundation, a global nonprofit funding early-stage research on extending the healthy human lifespan, in 2021. Garri is also cofounder and managing partner at LongeVC, a venture capital firm investing in visionary biotech and longevity. Outside of his work with LongeVC, Garri is one of longevitys top angel investors and has had several successful exits across biotech and emerging tech. Garri is also an advisor for top companies across web3 and biotech.

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Decentralization of Energy Systems – EnergyPortal.eu

Exploring the Future of Decentralized Energy Systems: Opportunities and Challenges

Decentralization of energy systems is a concept that has been gaining traction in recent years, as the world seeks to transition from traditional, centralized power generation and distribution systems to more sustainable, efficient, and resilient alternatives. This shift is driven by a combination of factors, including technological advancements, growing concerns about climate change, and the desire for increased energy security and independence. In this context, decentralized energy systems refer to the generation, storage, and management of energy at or near the point of consumption, rather than relying on large-scale, centralized power plants and extensive transmission networks.

One of the key drivers behind the push for decentralized energy systems is the rapid advancement in renewable energy technologies, particularly solar photovoltaic (PV) panels and wind turbines. These technologies have become increasingly cost-competitive with traditional fossil fuel-based power generation, and their modular nature makes them well-suited for decentralized deployment. By generating electricity closer to the point of consumption, decentralized renewable energy systems can help to reduce transmission losses, lower energy costs, and increase the overall efficiency of the energy system.

Another important factor driving the decentralization of energy systems is the growing awareness of the need to reduce greenhouse gas emissions and mitigate the impacts of climate change. Decentralized renewable energy systems can play a significant role in this regard, as they typically have a much lower carbon footprint than traditional, centralized power generation. Moreover, by diversifying the energy mix and reducing reliance on fossil fuels, decentralized energy systems can help to enhance energy security and reduce the risks associated with volatile fuel prices and geopolitical tensions.

Energy storage technologies, such as batteries and thermal storage systems, are also playing an increasingly important role in the decentralization of energy systems. By storing excess energy generated by renewable sources, energy storage systems can help to balance supply and demand, stabilize the grid, and ensure a reliable supply of electricity even when the sun is not shining or the wind is not blowing. In addition, advances in smart grid technologies and demand-side management strategies are enabling greater integration of decentralized energy resources into the grid, further enhancing the flexibility and resilience of the energy system.

Despite the many potential benefits of decentralized energy systems, there are also a number of challenges that must be addressed in order to fully realize their potential. One of the main challenges is the need for significant investment in new infrastructure, including distribution networks, energy storage systems, and advanced grid management technologies. This will require not only financial resources but also supportive policies and regulatory frameworks that encourage investment in decentralized energy systems and facilitate their integration into the grid.

Another challenge is the need to ensure that decentralized energy systems are accessible and affordable for all consumers, particularly those in remote or underserved areas. This may require targeted subsidies or other financial incentives, as well as innovative business models and financing mechanisms that enable low-income households and communities to access clean, reliable, and affordable energy services.

In conclusion, the decentralization of energy systems presents a promising opportunity to transform the way we generate, distribute, and consume energy, with the potential to deliver significant economic, environmental, and social benefits. However, realizing this potential will require concerted efforts by governments, industry, and civil society to overcome the various challenges and barriers that currently stand in the way. By working together to develop and deploy innovative solutions, we can help to create a more sustainable, resilient, and inclusive energy future for all.

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The Fusion of Technology and Decentralization: Sastanaqqam … – Digital Journal

DUBAI, UAE, Jul 29, 2023, ZEXPRWIRE, In a transformative announcement, Sastanaqqam, a pioneering company that blends decentralization, digitization, and entertainment in a Web 3.0 ecosystem, declared a new strategic alliance with Unicsoft, a highly respected technology consulting company. This exciting collaboration signals a leap forward in enhancing and developing innovative solutions within the blockchain sector.

Sastanaqqams varied services include a robust DeFi platform, state-of-the-art art platforms, an engaging entertainment segment, and an education platform focused on enhancing financial literacy. Their services, supported by the Blue Token, epitomize the tenets of Web 3.0 by offering users decentralized and digitized services across several domains.

Unicsoft, with its extensive experience and expertise in areas such as AI, Machine Learning, Data Science, Blockchain, and Cloud Consulting, is ideally positioned to contribute significantly to Sastanaqqams ambitious projects. The collaboration is set to infuse Sastanaqqams platforms with advanced technology, creating a more seamless, secure, and sophisticated user experience.

The partnership will harness Unicsofts capabilities in AI and Machine Learning to enhance user interaction and engagement within the Sastanaqqam ecosystem. Personalized recommendations for artists and collectors on the art platforms, predictive gaming strategies in the entertainment segment, and smart financial advice in the DeFi platforms are just a few of the potential improvements.

Furthermore, Unicsofts acumen in blockchain technology is expected to fortify the security and efficiency of transactions within the Sastanaqqam platforms. This will result in a more robust, reliable, and user-friendly platform for all stakeholders, enhancing trust and engagement

Moreover, Unicsofts data science skills can contribute to a more informed development strategy for Sastanaqqam. By analysing user data and trends, Unicsoft can provide insights that can help shape platform development, create more engaging content, and improve user experiences.

Sastanaqqams collaboration with Unicsoft exemplifies a shared vision for the future of the Web 3.0 landscape. The combination of Unicsofts technological prowess and Sastanaqqams innovative ecosystem is set to revolutionize the way users interact with and experience decentralized finance, digital art, and entertainment.

As we look towards the future of this collaboration, we anticipate a revolution in the Web 3.0 landscape. This partnership is a significant stride towards realizing the full potential of decentralization, digitization, and entertainment. The dawn of a new era in technology is upon us, and this collaboration stands as a crucial milestone in that journey.

PR Contact:

ZEX PR WIRE[emailprotected]

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LUNC News: Terra Luna Classic Proposal To Improve Governance And Decentralization – CoinGape

LUNC News: Terra Luna Classic validator Happy Catty Crypto has come up with another proposal after the community passed revised proposal to build a community-owned Station wallet by core developer Joint L1 Task Force. The new proposal aims to increase governance and decentralization transition from Agora to Commonwealth.

Terra Luna Classic validator Happy Catty Cryptos Proposal 11653 Enhancing Governance And Decentralization In The Transition to Commonwealth is up for voting.

The proposal aims to address concerns related to the transition from Agora to Commonwealth recently, which happened without community voting and transparency. He claims the transition was moderated by Edward Kim, Rexx, and Bilbo Baggins without community involvement. It caused Rexx and Bilbo Baggins to become administrators, which is against the core principles of decentralization.

Edward Kim and Rexx have declared their departures from the LUNC blockchain, and they are currently focused on developing a separate blockchain called Entropy AI Blockchain. As they have no direct involvement in LUNC, their admin roles are questionable and should be addressed and/or revoked.

As per the proposal, L1TF lead developer Vinh Nguyen should become admin until a new proposal is passed to determine future admins. Community-owned Station wallet will integrate the Commonwealth button, thus its crucial to reduce unfair control.

The community currently favors the proposal as it has received 90% Yes votes. Meanwhile, it has received 2% No and 8% No with veto votes. Validators including HappyCattyCrypto, SolidVote, and Community First LUNC have favored the proposal, but other top validators are yet to vote. The proposal has a deadline of August 1.

Also Read: Elon Musk Discloses Why Rebranding Twitter To X Is Crucial & Impact Of Shiba Inu Dog

LUNC price jumped 2% in the past 24 hours, with the price currently trading at $0.000083. The 24-hour low and high are $0.0000810 and $0.0000832, respectively. Terra Luna Classic fell below key support amid a recent selloff in the broader crypto market.

LUNC looks to again hit the $0.000090 support level amid news of USTC repeg. Meanwhile, Terraform Labs and Do Kwon seek to dismiss the US SEC lawsuit.

Also Read: Regulator To Investigate ChatGPT Founder Sam Altmans Worldcoin (WLD) Crypto Project

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

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Protecting Edge Data in the Era of Decentralization – Bisinfotech

Cyberattacks can exacerbate existing security issues and expose new gaps at the edge, presenting a series of challenges for IT and security staff. Infrastructure must withstand the vulnerabilities that come with the massive proliferation of devices generating, capturing and consuming data outside the traditional data center. The need for a holistic cyber resiliency strategy has never been greater not only for protecting data at the edge, but for consolidating protection from all endpoints of a business to centralized data centers and public clouds.

But before we get into the benefits of a holistic framework for cyber resiliency, it may help to get a better understanding of whythe edgeis often susceptible to cyberattacks, and how adhering to some tried-and-true security best practices can help tighten up edge defenses.

Human error can be the difference between an unsuccessful attack and one that causes application downtime, data loss or financial loss. More than half of new enterprise IT infrastructure will be at the edge by 2023, according toIDC.

With so much data coming and going from the endpoints of an organization, the role humans play in ensuring its safety is magnified.

Perhaps the biggest challenge is thatedge environmentsare typically not staffed with IT administrators, so there is lack of oversight to both the systems deployed at the edge as well as the people who use them.

While capitalizing on data created at the edge is critical for growth in todays digital economy, how can we overcome the challenge of securing an expanding attack surface with cyber threats becoming more sophisticated and invasive than ever?

It may feel like there are no simple answers, but organizations may start by addressing three fundamental key elements for security and data protection: Confidentiality, Integrity and Availability (CIA).

In addition to adopting CIA principles, organizations should consider applying a multi-layered approach for protecting and securing infrastructure and data at the edge. This typically falls into three categories: the physical layer, the operational layer and the application layer.

At the edge, servers and other IT infrastructure are likely to be housed beside an assembly line, in the stockroom of a retail store, or even in the base of a streetlight. This makes data on the edge much more vulnerable, calling for hardened solutions to help ensure the physical security of edge application infrastructure.

Best practices to consider for physical security at the edge include:

Edge environments tend to lag in specific security software and necessary updates, including data protection. The vast number of devices being deployed and lack of visibility into the devices makes it difficult to secure endpoints vs. a centralized data center.

Best practices to consider for securingIT infrastructureat the edge include:

Once you get to the application layer, data protection looks a lot like traditional data center security. However, the high amount of data transfer combined with the large number of endpoints inherent in edge computing opens points of attack as data travels between the edge, the core data center and to the cloud and back.

Best practices to consider for application security at the edge include:

While CIA and taking a layered approach to edge protection can greatly mitigate risk, successful cyberattacks are inevitable. Organizations need assurance that they can quickly recover data and systems after a cyberattack. Recovery is a critical step in resuming normal business operations.

By vaulting data on the edge to a regional data center or to the cloud through an automated, air-gapped solution, organizations can ensure its immutability for data trust. Once in the vault, it can be analyzed for proactive detection of any cyber risk for protected data. Avoiding data loss and minimizing costly downtime with analytics and remediation tools in the vault can help ensure data integrity and accelerate recovery.

Organizations can address edge data protection and cybersecurity challenges head-on by deploying and managing holistic modern data protection solutions on-premises, at the edge and in the cloud or by leveraging Backup as-a-Service (BaaS) solutions. Through BaaS, businesses large and small can leverage the flexibility and economies of scale of cloud-based backup and long-term retention to protect critical data at the edge which can be especially important in remote work scenarios.

As part of a larger zero trust or other security strategy, organizations should consider a holistic approach that includes cyber security standards, guidelines, people, business processes and technology solutions and services to achieve cyber resilience.

The threat of cyberattacks and the importance of maintaining the confidentiality, integrity and availability of data require an innovative resiliency strategy to protect vital data and systems whether at the edge, core or across multi-cloud.

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Ukraine to consider Czech Republics experience of energy system decentralization – Ukrinform

The experience of the Czech Republic in developing the distributed generation and building networks is a good example of energy system decentralization. Hence, Ukraine is interested in implementing the joint projects on distributed generation.

The relevant statement was made by Ukrainian Energy Deputy Minister Yaroslav Demchenkov during a meeting with Ambassador-at-Large for Energy Security at the Ministry of Foreign Affairs of the Czech Republic Vclav Bartuka and Ambassador Extraordinary and Plenipotentiary of the Czech Republic to Ukraine Radek Matula, an Ukrinform correspondent reports, referring to the Ukrainian Energy Ministry.

The decentralized energy system is a matter of our security. In the face of the constant threat from Russia, we must ensure that critical infrastructure continues to operate even in case of system failures and that Ukrainians are provided with electricity. Distributed generation is the one that uses renewable energy sources, and we pay a lot of attention to promoting the development of green energy, Demchenkov told.

In his words, Ukraine invited the Czech side to consider the possibility of implementing a similar project in one of Ukrainian regions in cooperation with an international organization.

A reminder that the Ukrainian Energy Ministry and the Ukrainian World Congress (UWC) signed a memorandum of understanding to coordinate efforts in providing support for Ukraines energy system and its further development.

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Web3 Wallets and Centralization: Can They Coexist? – Finance Magnates

Web3 wallets have become a crucial tool inthe new era of the Internet, where decentralization, blockchain, andcryptocurrencies are at the forefront of innovation. A Web3 wallet, also knownas a crypto wallet, is a digital wallet that enables users to store, send, andreceive cryptocurrencies, interact with smart contracts, transact NFTs, andaccess dApps on different blockchains.

As the use cases of Web3 walletscontinue to expand, the question of whether centralization can play a role inmanaging these wallets arises. I will explore the concept of Web3 walletsmanaged by Centralized Exchange (CEX) and discuss whether it aligns with theprinciples of Web3.

CEXs (centralized cryptocurrency exchanges)act as intermediaries for buying, selling, and trading cryptocurrencies in acentralized manner. They offer a user-friendly platform where users can conductvarious cryptocurrency transactions. However, users must trust the exchange tomanage their funds securely, as the exchange controls the wallets.

Web3 wallets provided by CEXs claim tointegrate with decentralized ecosystems and allow interactions with dApps andblockchains. Despite this claim, the underlying nature of these wallets remainscentralized, as the exchange retains control over users' private keys andfunds.

Keep Reading

The centralization aspect of CEXs extendsto their Web3 wallets in various ways:

For users seeking decentralization and fullcontrol over their funds, self-hosted software wallets or hardware wallets maybe more suitable.

While Web3 wallets and centralization cancoexist to some extent, the level of centralization varies depending onspecific implementation and design choices by wallet providers. Understanding thisrelationship can shed light on how these elements interact.

Reputation scores verify wallet reliability based on on-chain activity.

@OrangeProtocol assesses user activity across wallets to build Web3 scores: Reputation, activity, and creditworthiness.

Join us in exploring the evolution of identity rating.

Let me share some examples:

OKX, a well-known player in the Web3technology space and the second-largest cryptocurrency exchange in terms of tradingvolume, recently unveiled a significant upgrade to its OKX Wallet. This upgradeintroduces groundbreaking features that position it as the first Web3 wallet tointegrate advanced multi-party computation (MPC) technology.

Integrating MPC technology into the OKXWallet eliminates the need for traditional key and seed phrase storage methods.Instead, the user's private key is divided into three parts, significantlyenhancing security and reducing the risks associated with a single point offailure. Leveraging MPC ensures that users retain complete control over theirwallet assets while enjoying the highest level of security.

OKX Wallet operatesas a fully decentralized and non-custodial solution, empowering users with fullownership and control over their funds. Unlike centralized exchanges, OKX doesnot hold users' assets, creating a secure environment that allows individualsto have custody of their cryptocurrencies.

The wallet offers multi-blockchain support and automatically recognizes and connects to supported networks, providing aconvenient solution for users engaged in decentralized finance (DeFi),non-fungible tokens (NFTs), and decentralized applications (DApps).

The upgraded OKX Wallet introduces aninnovative asset recovery feature called "independent EmergencyEscape," revolutionizing the recovery process. In critical situations,users can regain access to their assets through using two out of three accesscredentials: a device, a cloud backup, or an OKX account login. This uniquefeature enhances user security and autonomy, allowing individuals to regaincontrol of their assets without relying on OKX's involvement.

In addition to its robust securityfeatures, the OKX Wallet provides completecontrol and ownership of funds, facilitating faster withdrawals withoutwithdrawal approval. The wallet allows seamless management of multiple chains,eliminating the need for manual network switching.

Users can import multipleseed phrases and derive addresses within the wallet. Easy connectivity isensured through the OKX Wallet web extension and dedicated iOS and Androidmobile apps. Integration with the OKX DEX, an integrated decentralized exchangeaggregator, enables multi-chain and cross-chain transactions.

Thanks OKX wallet for the integration support, Trait Sniper is not only in NFT domain, now also spreading to SocialFi domain.To be continued... https://t.co/Kwuuwteyt4

CaseStudy 2: Bitverse

Introducing Bitverse, an innovative MPC +AA Wallet leading the way in building the "Credit Creates Wealth"Web3 ecosystem. Bitverse combines artificial intelligence, Oracle creditprotocols, and advanced cryptographic techniques to create a secure,decentralized, and user-friendly environment for controlling and managingassets.

It aims to promote user engagement and loyalty with engaging featureslike lucky packets, event guessing, non-fungible tokens (NFTs), and airdroptools. We will explore the key advantages and how it is shaping the landscapeof Web3.

One of the primary advantages is itsimplementation of the Bitverse Credit Protocol (BCP) and Credit Oracle. BCP isa decentralized credit protocol that leverages AI and Oracle technology. Itestablishes a hybrid credit system (OCC + RWC) that operates on both theblockchain and off-chain.

Extending credit capabilities to both realms ensuresthat credit is accessible and convenient for all industry members and users.This innovative approach addresses common pain points in the industry, such aslow fund utilization and limited benefits for high-credit users.

Toachieve robust security, it employs MPC. It also prioritizes convenience for itsusers and incorporates a secret key partition management system withcryptography principles, zero-knowledge proofs, trusted execution environments(TEE), and robust authentication mechanisms.

In its development, it is actively workingon an Account Abstraction (AA) wallet that supports non-main chain currencies.This AA wallet enables users to pay gas fees using alternative tokens. For compatibility, it supports single-signed wallets usingtraditional mnemonic phrases. This compatibility ensures a seamless transitionfor users already familiar with existing Web3 wallet practices while expandingthe user base.

With its unique features and user-centricapproach, it is shaping the future of decentralized finance and revolutionizinghow users control and manage their assets in the digital world. It's worthnoting that Bitverse is integrated into the Bybit exchange, furtherexpanding its reach and capabilities.

' #Dexalot willl continues deliver the look & feel of centralized exchanges further fulfilling objective, they replicate user experience of centralized exchanges (CEX) without compromising on decentralization & transparency.

1/2#Avalanche$AVAX

The examples provided above serve toillustrate two distinct aspects. The first example showcases how a CEX can develop its own Web3 solution, while the second demonstratesthe integration of a third-party solution. Both integrations have their meritsand represent a positive step towards enabling users to experience thefunctionality of Web3.

In contrast, Web3 is founded on theprinciple of decentralization, ensuring that no single entity maintains controlover the network. Decentralization enhances security, transparency, andresilience against attacks by eliminating a central point of failure.

So, can CEXs manage Web3 wallets?Technically, the answer is yes, but it contradicts the principles of Web3. Whenusers entrust their assets to a CEX-managed Web3 wallet, they place their faithin the CEX, which undermines the concept of decentralization.

CEXs have a historyof security breaches, and if it is hacked or goes bankrupt, users maypermanently lose their funds. Moreover, they may impose restrictions on users'funds, such as freezing or seizing them, which contradicts the financialsovereignty that Web3 aims to achieve.

Another concern with CEX-managed Web3wallets is the risk of censorship. They may comply with government regulationsand limit users' access to specific decentralized applications (dApps) orblockchains, eroding the idea of an open and permissionless internet envisionedby Web3 further.

However, it is essential to note that notall CEXs are identical. Some have taken steps towards decentralization byadopting non-custodial features, enabling users to retain control over theirprivate keys and assets while benefiting from the user-friendly interface of acentralized exchange.

Many also offer cross-chain interoperability, allowingusers to access multiple blockchains from a single platform, which can beconvenient for those who trade various cryptocurrencies. Nevertheless, despitethese efforts, CEX-managed Web3 wallets still diverge from the core principlesof Web3.

Web3 wallets managed by CEXs may offer auser-friendly interface for cryptocurrency trading and accessing differentblockchains, but they deviate from the fundamental principles of Web3.Decentralization is a pivotal aspect of Web3, distinguishing it fromtraditional Internet and financial systems.

While Web3 wallets and centralization cancoexist, users should be cognizant of the degree of centralization involved andmake informed decisions based on their priorities. For users seekingdecentralization, the ideal scenario entails utilizing wallets prioritizingclient-side control, locally stored private keys, and open-source code allowingindependent verification.

The usual "Anndy Lian" quote toend the article: "Whether championed by a centralized or decentralizedentity, this is the journey of Web3. We must respect this entire process."

Web3 wallets have become a crucial tool inthe new era of the Internet, where decentralization, blockchain, andcryptocurrencies are at the forefront of innovation. A Web3 wallet, also knownas a crypto wallet, is a digital wallet that enables users to store, send, andreceive cryptocurrencies, interact with smart contracts, transact NFTs, andaccess dApps on different blockchains.

As the use cases of Web3 walletscontinue to expand, the question of whether centralization can play a role inmanaging these wallets arises. I will explore the concept of Web3 walletsmanaged by Centralized Exchange (CEX) and discuss whether it aligns with theprinciples of Web3.

CEXs (centralized cryptocurrency exchanges)act as intermediaries for buying, selling, and trading cryptocurrencies in acentralized manner. They offer a user-friendly platform where users can conductvarious cryptocurrency transactions. However, users must trust the exchange tomanage their funds securely, as the exchange controls the wallets.

Web3 wallets provided by CEXs claim tointegrate with decentralized ecosystems and allow interactions with dApps andblockchains. Despite this claim, the underlying nature of these wallets remainscentralized, as the exchange retains control over users' private keys andfunds.

Keep Reading

The centralization aspect of CEXs extendsto their Web3 wallets in various ways:

For users seeking decentralization and fullcontrol over their funds, self-hosted software wallets or hardware wallets maybe more suitable.

While Web3 wallets and centralization cancoexist to some extent, the level of centralization varies depending onspecific implementation and design choices by wallet providers. Understanding thisrelationship can shed light on how these elements interact.

Reputation scores verify wallet reliability based on on-chain activity.

@OrangeProtocol assesses user activity across wallets to build Web3 scores: Reputation, activity, and creditworthiness.

Join us in exploring the evolution of identity rating.

Let me share some examples:

OKX, a well-known player in the Web3technology space and the second-largest cryptocurrency exchange in terms of tradingvolume, recently unveiled a significant upgrade to its OKX Wallet. This upgradeintroduces groundbreaking features that position it as the first Web3 wallet tointegrate advanced multi-party computation (MPC) technology.

Integrating MPC technology into the OKXWallet eliminates the need for traditional key and seed phrase storage methods.Instead, the user's private key is divided into three parts, significantlyenhancing security and reducing the risks associated with a single point offailure. Leveraging MPC ensures that users retain complete control over theirwallet assets while enjoying the highest level of security.

OKX Wallet operatesas a fully decentralized and non-custodial solution, empowering users with fullownership and control over their funds. Unlike centralized exchanges, OKX doesnot hold users' assets, creating a secure environment that allows individualsto have custody of their cryptocurrencies.

The wallet offers multi-blockchain support and automatically recognizes and connects to supported networks, providing aconvenient solution for users engaged in decentralized finance (DeFi),non-fungible tokens (NFTs), and decentralized applications (DApps).

The upgraded OKX Wallet introduces aninnovative asset recovery feature called "independent EmergencyEscape," revolutionizing the recovery process. In critical situations,users can regain access to their assets through using two out of three accesscredentials: a device, a cloud backup, or an OKX account login. This uniquefeature enhances user security and autonomy, allowing individuals to regaincontrol of their assets without relying on OKX's involvement.

In addition to its robust securityfeatures, the OKX Wallet provides completecontrol and ownership of funds, facilitating faster withdrawals withoutwithdrawal approval. The wallet allows seamless management of multiple chains,eliminating the need for manual network switching.

Users can import multipleseed phrases and derive addresses within the wallet. Easy connectivity isensured through the OKX Wallet web extension and dedicated iOS and Androidmobile apps. Integration with the OKX DEX, an integrated decentralized exchangeaggregator, enables multi-chain and cross-chain transactions.

Thanks OKX wallet for the integration support, Trait Sniper is not only in NFT domain, now also spreading to SocialFi domain.To be continued... https://t.co/Kwuuwteyt4

CaseStudy 2: Bitverse

Introducing Bitverse, an innovative MPC +AA Wallet leading the way in building the "Credit Creates Wealth"Web3 ecosystem. Bitverse combines artificial intelligence, Oracle creditprotocols, and advanced cryptographic techniques to create a secure,decentralized, and user-friendly environment for controlling and managingassets.

It aims to promote user engagement and loyalty with engaging featureslike lucky packets, event guessing, non-fungible tokens (NFTs), and airdroptools. We will explore the key advantages and how it is shaping the landscapeof Web3.

One of the primary advantages is itsimplementation of the Bitverse Credit Protocol (BCP) and Credit Oracle. BCP isa decentralized credit protocol that leverages AI and Oracle technology. Itestablishes a hybrid credit system (OCC + RWC) that operates on both theblockchain and off-chain.

Extending credit capabilities to both realms ensuresthat credit is accessible and convenient for all industry members and users.This innovative approach addresses common pain points in the industry, such aslow fund utilization and limited benefits for high-credit users.

Toachieve robust security, it employs MPC. It also prioritizes convenience for itsusers and incorporates a secret key partition management system withcryptography principles, zero-knowledge proofs, trusted execution environments(TEE), and robust authentication mechanisms.

In its development, it is actively workingon an Account Abstraction (AA) wallet that supports non-main chain currencies.This AA wallet enables users to pay gas fees using alternative tokens. For compatibility, it supports single-signed wallets usingtraditional mnemonic phrases. This compatibility ensures a seamless transitionfor users already familiar with existing Web3 wallet practices while expandingthe user base.

With its unique features and user-centricapproach, it is shaping the future of decentralized finance and revolutionizinghow users control and manage their assets in the digital world. It's worthnoting that Bitverse is integrated into the Bybit exchange, furtherexpanding its reach and capabilities.

' #Dexalot willl continues deliver the look & feel of centralized exchanges further fulfilling objective, they replicate user experience of centralized exchanges (CEX) without compromising on decentralization & transparency.

1/2#Avalanche$AVAX

The examples provided above serve toillustrate two distinct aspects. The first example showcases how a CEX can develop its own Web3 solution, while the second demonstratesthe integration of a third-party solution. Both integrations have their meritsand represent a positive step towards enabling users to experience thefunctionality of Web3.

In contrast, Web3 is founded on theprinciple of decentralization, ensuring that no single entity maintains controlover the network. Decentralization enhances security, transparency, andresilience against attacks by eliminating a central point of failure.

So, can CEXs manage Web3 wallets?Technically, the answer is yes, but it contradicts the principles of Web3. Whenusers entrust their assets to a CEX-managed Web3 wallet, they place their faithin the CEX, which undermines the concept of decentralization.

CEXs have a historyof security breaches, and if it is hacked or goes bankrupt, users maypermanently lose their funds. Moreover, they may impose restrictions on users'funds, such as freezing or seizing them, which contradicts the financialsovereignty that Web3 aims to achieve.

Another concern with CEX-managed Web3wallets is the risk of censorship. They may comply with government regulationsand limit users' access to specific decentralized applications (dApps) orblockchains, eroding the idea of an open and permissionless internet envisionedby Web3 further.

However, it is essential to note that notall CEXs are identical. Some have taken steps towards decentralization byadopting non-custodial features, enabling users to retain control over theirprivate keys and assets while benefiting from the user-friendly interface of acentralized exchange.

Many also offer cross-chain interoperability, allowingusers to access multiple blockchains from a single platform, which can beconvenient for those who trade various cryptocurrencies. Nevertheless, despitethese efforts, CEX-managed Web3 wallets still diverge from the core principlesof Web3.

Web3 wallets managed by CEXs may offer auser-friendly interface for cryptocurrency trading and accessing differentblockchains, but they deviate from the fundamental principles of Web3.Decentralization is a pivotal aspect of Web3, distinguishing it fromtraditional Internet and financial systems.

While Web3 wallets and centralization cancoexist, users should be cognizant of the degree of centralization involved andmake informed decisions based on their priorities. For users seekingdecentralization, the ideal scenario entails utilizing wallets prioritizingclient-side control, locally stored private keys, and open-source code allowingindependent verification.

The usual "Anndy Lian" quote toend the article: "Whether championed by a centralized or decentralizedentity, this is the journey of Web3. We must respect this entire process."

Link:

Web3 Wallets and Centralization: Can They Coexist? - Finance Magnates

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DeFi needs to be secure, stable and accessible for all. Here’s how – Cointelegraph

True decentralization is something that many crypto projects strive for, but the result is often too complicated for everyday users to rely on. So, whats the solution?

The high-profile failures of big industry players namely the cryptocurrency exchange FTX exposed just how centralized the crypto space has become. Former FTX CEO Sam Bankman-Fried now faces a flurry of criminal charges amid allegations that his decision-making directly affected the exchanges collapse.

While true decentralization has been touted as crucial for unlocking this nascent markets potential, some protocols that meet this requirement are simply too complicated to use. Poor interfaces and convoluted mechanisms mean customers are at a higher risk of making costly mistakes or even losing their funds altogether. Its little wonder that a recent CoinShares survey of asset managers (which drew 51 responses from investors who manage $900 billion worth of funds) cited custody as one of the biggest hurdles when adding crypto to portfolios.

There are also practicalities to consider. In the old-fashioned world of fiat, its common for consumers to have just one bank account a single destination where funds flow in and out. However, in the fragmented and diverse crypto ecosystem complete with hundreds of platforms and thousands of altcoins, investors can lose count of how many logins they have. This adds friction and slows down the process of managing ones finances.

Super apps, which allow users to perform a dizzying array of tasks in one place, have taken China by storm. The likes of WeChat bring everything from payments to gaming under app, with millions of third-party applications for users. Its little wonder that Elon Musk has been hoping to emulate its success by transforming Twitter into an everything app.

All of this raises a compelling point: Why arent more decentralized platforms delivering an all-in-one experience? Thats where YieldFlow is vying to address what it believes is a big gap in the market.

YieldFlow says its goal is to combine true decentralization with a simple and easy-to-use interface. The entire platform runs on smart contracts publicly listed and audited by CertiK, meaning anyone can check and scrutinize them. The project does not collect personal data either, as Know Your Customer (KYC) checks arent required to connect a wallet. This is achieved by eliminating fiat gateways and offering a crypto-only experience.

As the name suggests, YieldFlow aims to open up yield farming to the masses without the risks posed by centralized providers all while supporting those who may lack technical understanding.

Source: YieldFlow

Explaining the projects ambitions, Peter David, co-founder of YieldFlow, said:

DeFi, especially when it comes to yield farming, should be secure, stable and accessible for everyone looking into it. Transparency of the protocol and security of funds are of utmost priority and we are actively working on setting new standards.

A fundamental tenet of YieldFlows philosophy involves automating the complex processes that crypto enthusiasts have to perform manually, enabling users to focus on what matters most.

An ambitious roadmap has been established for the years to come, allowing users to vote on future proposals. Staking and lending products will be integrated into its singular product next year, alongside digital real estate and art. By 2025, YieldFlow is also planning to offer fully-backed digital assets linked to commodities and stocks.

Bear markets are for building, and YieldFlow says its determined to offer a platform that provides a little more certainty for crypto enthusiasts in uncertain times.

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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DeFi needs to be secure, stable and accessible for all. Here's how - Cointelegraph

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A flip through the contribution of Dr. Callistus Mahama to decentralization in Ghana on his birthday – Modern Ghana

By Issifu Seidu Kudus Gbeadese

On Your Birthday Sir,I wish to start this episode by first wishing you, Dr. Callistus Mahama, a special birthday. It is indeed a blessing to be alive, active and still contributing to the positive growth of humanity, Ghana and the world at large. Your reward is not just in heaven but on the lips of many whose lives your benevolence has had a touch on.

Ghana, a small country where tongues are always begging to wag, as usual had a free fall to gossip on an alleged witchcraft followed by lynching and torturing of a 90-year old Akua Denteh in small community call KAFABA, in July 2020. This torturing exercise was well conducted by a self-classd fetish priest and her accomplices. Thankfully, the criminal prosecution has ended with some convictions.

Indeed, when the conversation waged, as usual of the media and the agenda setters of this country, all the people of KAFABA and by extension the people of Kpembe Traditional area and Gonjaland as a whole were branded witches and murderers at the same time. Most commentators never took the pain to know where KAFABA was and who her illustrious sons and daughters were. Well, if you didnt know, one of the illustrious sons of KAFABA is Dr Callistus Mahamaa man who is neither a witch nor a murderer. Indeed, a man who has distinguished himself in both academia and in public service. A simple, result-oriented, principled and hard working man whose character is unquestionable and with an unblemished reputation.

I had to take some time off the usual gossip centres just to personally know the person whose path has crossed with mine. Before I could get to know the real Dr. Callistus Mahama, I stopped wondering why the likes of Abdul Hayi Moomin and his class of gossips kept their ranks closed with him.

Quite a private man, with a PhD in Land Law and an Mphil in Land Economy, both from the Cambridge University, England, and BSc Land Economy from the prestigious KNUST, Dr. Callistus Mahama has had his footprints in many an institution in Ghana. Tracing these footprints in human resource development, Dr Callistus has paid his dues for about half a decade (2004 2007) as a lecturer in the Department of Land Economy in his alma mater, KNUST. During the same period, he doubled as a Junior Partner at the Valuation and Estate Service Ltd, Kumasi, Ghana. And almost the same period (2004 2005), Dr was also a Junior Partner with Padfield and Woodman Associates, a UK firm based in Kumasi.

Dr. Callistus appointment in March 2013 to head the Local Government Service was preceded with hard work and dedication in the area of local governance for yet another half decade. Three years of service as a Deputy Director at the Tamale Campus of the Local Government Institute and about another three years in the same position at the Accra Campus of same institution until 2013, was no mean a period and valuable contribution to Local Government sector. So, his appointment in 2013 to head the Local Government Service was spot on just as it was meritorious.

Established in 2003 by Act 656, the Local Government Service had its fair share of transformation and reformation under the 4-year leadership of Dr. Callistus Mahama. No wonder he was lauded by Head of Co-operation at the EU delegation to Ghana, Mr Ignacio Burrull for the lead and effective role he played as the Chairman of the Decentralization Sector Working Group in the decentralization drive of Ghana.

As Head of the Local Government Service, Dr. Callistus did not just see a position or an office to occupy, but an institution to transform into an effective and efficient development machinery. As the Executive Secretary to the Inter-ministerial Co-ordinating Committee, he spearheaded the bi-partisan process of reviewing the First National Decentralization Policy Framework and Action Plan, and eventually led the development of the Second framework anchored on five thematic areas. These included: political and legal reforms (political decentralization), administrative decentralization, fiscal decentralization, decentralized planning and popular participation.

Indeed, many a Ghanaian did not know that it was out of this second framework the country realized very important legislations and strategic reforms for effective governance and decentralization to reflect what the framers of the 1992 Constitution of Ghana envisaged.

In fact, under each of the five thematic areas, there were corresponding legislations and reforms to effectuate the efficient decentralization machinery for effective and seamless service delivery.

The following legislations and reforms were realized under the first theme, political decentralization: Local Governance Act, 2016 (Act 936); National Sports Authority and Youth Authority Act, 2016 (Act 934); Local Government (Sub-metro and District Councils) Establishment Composition and Functions Instruments, 2016; Land Use and Spatial Planning Act and National Development (systems) Regulations.

Under the second theme, thus Fiscal Decentralization, the following reforms were realized: the Medium Term Expenditure Framework (MTEF) was developed for the effective implementation of the Regional Integrated Budgeting System (RIBS), and a sector wide approach to decentralization. Also, under the third theme, Administrative Decentralization, the Inter-service and Sectoral Collaboration and Co-operation Systems (ISCC) was developed to among others serve as an integrated service delivery system between the Local Government Service, MDAs, SoEs and NGOs.

The forth theme, Decentralized Planning realized the following legislations: Land use and Spatial Planning Act, 2016 (Act 925); Public Procurement (Amendment) Act, 2016 (Act 914); and National Development Planning Instrument. Finally, under the firth theme, Popular Participation, a national framework for popular participation and a Practitioners Manual was developed to improve engagement, accountability and service delivery.

The above reforms and corresponding legislations were the products of the Second National Decentralization Policy Framework and Action Plan, which was developed under the supervision of Dr Callistus Mahama as the Executive Secretary to the Inter-ministerial Co-ordinating Committee (IMCC) on Decentralization. Flipping through his farewell message to the Local Government Service (LGS) and its staff in March 2017, I was not surprised when Dr Callistus proudly intimated that he took very tough decisions as head of the LGS as a display of his good will and the collective interest for the service and Ghana at large and not for his personal interest.

So, next time you hear the name Kafaba, please do not tag the name to witchcraft or lynching, but to academic excellence and selfless service to mother Ghana. Next time when you hear that East Gonja has indeed contributed to academia, let your search spread wide beyond the likes of Dr. Clifford and others to also catch Dr. Callistus. And when next you are looking for those who have contributed immensely to national development from Gonjaland, please let your search engine not jump over Dr. Callistus Mahama.

Today, we are all witnesses to the effective and smooth administration at the Office of H.E John Dramani Mahama. Maybe, just maybe, some were somehow ambivalent of the appointment of Dr Callistus to play the administrative role (aide) in this office. I will forever be proud to read and learn from you.

Once more, a Happy Birthday to Dr. Callistus Mahama, Aide To H.E John Dramani Mahama.

Disclaimer:"The views expressed on this site are those of the contributors or columnists, and do not necessarily reflect ModernGhanas position. ModernGhana will not be responsible or liable for any inaccurate or incorrect statements in the contributions or columns here."

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A flip through the contribution of Dr. Callistus Mahama to decentralization in Ghana on his birthday - Modern Ghana

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Unlocking the Potential of Blockchain for Enhanced Security in … – Fagen wasanni

Unlocking the Potential of Blockchain for Enhanced Security in Financial Services: A Comprehensive Guide

Blockchain technology, a decentralized and distributed digital ledger system, is rapidly gaining recognition for its potential to revolutionize the financial services industry. This technology, which underpins cryptocurrencies like Bitcoin, has the potential to enhance security, reduce fraud, and streamline operations in the financial sector.

Blockchains inherent security features make it an attractive proposition for financial services. Each transaction recorded on a blockchain is encrypted and linked to the previous transaction. This creates an immutable chain of transactions that is virtually impossible to tamper with. If someone attempts to alter a transaction, it would require changing all subsequent transactions, which is computationally impractical. This level of security is particularly appealing in an industry where trust and security are paramount.

Moreover, blockchains decentralized nature eliminates the need for a central authority or intermediary, such as a bank, to validate transactions. Instead, transactions are verified by a network of computers, or nodes, reducing the risk of a single point of failure. This decentralization also makes the system more resilient to cyber-attacks. If one node is compromised, the rest of the network remains unaffected, ensuring the integrity of the blockchain.

In addition to enhancing security, blockchain can also reduce fraud in financial services. Fraud often occurs when there is a lack of transparency or when data can be easily manipulated. However, with blockchain, all transactions are transparent and can be traced back to their origin. This transparency makes it harder for fraudulent activities to go unnoticed and easier for auditors to detect anomalies.

Blockchain can also streamline operations in the financial sector. Traditional financial systems often involve complex processes and multiple intermediaries, leading to inefficiencies and increased costs. Blockchain, on the other hand, allows for peer-to-peer transactions, simplifying processes and reducing costs. For instance, cross-border payments, which typically take several days to process, can be completed in a matter of minutes using blockchain.

Despite its potential, the adoption of blockchain in financial services is not without challenges. Regulatory uncertainty, lack of standardization, and concerns about privacy are some of the hurdles that need to be overcome. However, many financial institutions are already experimenting with blockchain and are making strides in addressing these challenges.

For instance, some banks are collaborating with technology companies to develop blockchain solutions that comply with regulatory requirements. Others are working on creating industry standards for blockchain to ensure interoperability and compatibility. As for privacy concerns, new blockchain models are being developed that offer the benefits of transparency and traceability while ensuring that sensitive information remains confidential.

In conclusion, blockchain holds significant potential for enhancing security in financial services. Its unique features, such as immutability, decentralization, and transparency, make it a powerful tool for combating fraud and improving operational efficiency. While challenges remain, the financial sectors ongoing efforts to harness the power of blockchain are a testament to its potential. As the technology continues to evolve, it is poised to play an increasingly important role in shaping the future of financial services.

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Unlocking the Potential of Blockchain for Enhanced Security in ... - Fagen wasanni

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