Ethereum co-founder Vitalik Buterin acknowledged that high fees are threatening the future of the decentralised economy. He noted that the increased fees are disrupting Ethereum's usability. He also expressed his frustration with high fees and how such fees hinder the implementation of critical projects. Despite this, he was optimistic that sharding could reduce the fees…
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Meta is bringing interactive 3D ads to Facebook and Instagram feeds, inspired by the metaverse pivot the company has begun to execute since its name change. This is possible due to a new integration in Meta’s AR (Augmented Reality) publishing library with a development from a company called Vntana. Vntana Integrates 3D Ads in Meta’s […]
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The traditional finance world, or TradFi as we know it, lacks inclusivity. According to the data published and endorsed by the World Bank, only 69% of the world’s adult population has an account. Although financial inclusion is the enabler for seven out of the seventeen Sustainable Development Goals, 1.7 billion people are unbanked. Lack of inclusion stems from the entry barriers that the TradFi has itself cultivated in the form of unnecessary documentation needs, involvement of too many intermediaries and approvals in the process, and more. The current financial structures are rigged, believes Brian Pasfield, CTO of Fringe Finance. In an interview with beINcrypto’s Alexandra Kons, Brian said that his observations held ground for other segments as well, including gold, commodities, silver, metals, energy markets, and so forth. He added that this “gave him a bit of an insight at how things operated at a global and macro scale.” Therefore, Brian believes, the decentralization of financial systems is not an option but a necessity. A catalyst for decentralization The 2008 global financial crisis was devastating, as it wiped off $22 trillion from the United States economy. If we distribute these losses to all Americans, they would average at $72000 per citizen. The crisis made it clear that the global financial ecosystem is under the control of a few financial institutions. At a global level, the combined GDP of all countries dropped by 4%, an effect still felt by the world a decade later. However, amidst this chaos, no solution seemed like it could change the situation until Bitcoin aimed to take the world towards the path of decentralization. Bitcoin, a breath of fresh air, was truly independent, and its value wasn’t linked with the situation in any particular country. Brian, too, realized the crucial differences between Bitcoin and the rest of the financial system. While talking about Bitcoin, he said to Alexandra Kons that “it represents opportunity. Its decentralization, uncensorability, a limited supply, ushered in a way to transfer value.” He further added, “Of course, it (Bitcoin) is the first underlying component that will manifest into a truly decentralized and distributed world.” In addition, Brian sees Bitcoin as a perfect option for people to opt in for instead of being forced into by legacy centralized institutions. The first layer of transfer of value Bitcoin and other cryptocurrencies have started a revolution that isn’t stopping any time soon. Decentralized Finance, for example, is open and accessible, qualities rarely found in the financial services offered by centralized institutions. Brian says, “in DeFi, people can take part in financial services, and they do not require any permission, and (it works) in a manner that is uncensorable and (lets them) access the whole host of financial services that otherwise they would not have been able to take advantage of.” A new era? The evolution of mechanisms around pseudonymous identity and reputation is a game-changer, believes Brian. He says it’s because “this usher in a new era where individuals and organizations, particularly DAOs, will now be able to undertake dispute resolution in a pseudonymous manner.” He further adds that “dispute resolution will be based on maintaining users’ reputation because their reputation will be the largest part of the currency of their ability on a continuing and evolving basis within the decentralized domain.” What this will do, then, is add a layer of force or compulsion, which they can use to enforce rules within the decentralized space. “Reputation will be a key driver for that,” says Brian. Brian also explains that once these pseudonymous systems are established, people will be able to interact and access services within the decentralized web trustlessly. It will enable DAOs to interact among themselves and with users to hear and adjudicate disputes with real implications for users. The implications won’t be physical per se, but they will impact the reputation that a user will wish to retain. Real-world example of reputation today If we look at it from the perspective of an individual, it isn’t as if reputation is not already a part of the traditional financial space because it already is, and it is known as a “Credit Score.” Yes, a credit score is on similar lines to reputation, as it influences the chances a person will be able to avail of loans or not. But, credit scores serve the needs of exclusion rather than being vehicles of entry for a larger population. Reputation in DeFi is enabling rather than being prohibitive. It will open the way to uncollateralized loans and access other services on the web without any permission. Image: Pixabay
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Pete Sessions, Texas rep, stated clearly that the growth of the Bitcoin mining sector could expand energy independence in the US. US Congressman Peter Sessions has graced the public with an audacious statement on Bitcoin mining in the country. Pete suggests that Bitcoin mining will significantly impact the United States’ power independence in his commentary. In a tweet, the Texan rep, a Bitcoin mining supporter, took to the public on Tuesday, announcing that Bitcoin mining plays a vital role in redeveloping the United States’ energy independence. His statement attracted tons of reactions from both critics and proponents. Related Reading | Malice Or Ignorance? The New York Times Keeps Printing Lies About Bitcoin Mining Among the proponents was Senator Cynthia Lummis of Wyoming, who retweeted the post and commented on the tweet with a brief “Indeed.” Both Lawmakers Have Commented An Innovation Of The Crypto Industry Both Statespersons have been outward supporters of policies that promote further development in the crypto sector.. Currently, United States residents struggle with exorbitant gas prices because of global tensions. Thus, debates have been spurring about how the United States can minimize its reliance on external energy providers. Impact Of Texas Bitcoin Mining On The Economy Session’s perspective highpoints an increasing volume of research that suggests the developments from the Bitcoin mining sector could impact industrial energy production and consumption on a global scale. Presently, Texas has arisen to contribute more than 14% of the US’s total Bitcoin hash rate. The Texas electrical grid’s stability and the impact of miners on the environment have emerged at the frontline of the increasing criticism. This is happening just similarly to other crypto mining hubs across the world. Regardless of these concerns, several researchers have projected that Texas’s increasing Bitcoin mining industry could minimize its net energy demands and environmental impact on the mainstream energy grid. In March 2021, a research paper outlined how versatile data centers could endorse renewable energy resources. A flexible data center produces its power either from a smaller specific renewable power plant or receives energy from the grid, depending on the power grid’s present state. United States EIA’s Data Data from the United States EIA (Energy Information Administration), Texas emerged as the country’s top wind power generator. Thus, crypto miners may already have the renewable energy they require. Transferring the crypto miners to use the flexible data center structure could rally expansion in renewable energy reliability and accessibility. Related Reading | TA: Ethereum Gains Traction, A Strengthening Case For More Gains Software innovations company Lancium released similar research in October 2021. It concluded that the growth of the crypto mining industry and the increase in flexible data implementation. It would inhibit energy grid shortages while simultaneously increasing the development of renewable energy resources. Featured image from Pexels, chart from TradingView.com
Although Huobi Tech shares a common name with the popular crypto exchange platform Huobi Global, it has no relation with the crypto firm and works independently.
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