1,251 players from 35 states competed in Round Rock, Texas near Austin to determine the nations top middle school chess players

ROUND ROCK, TEXAS: The 501(c)3 US Chess Federations 2023 National Middle School (K-8) Championship took place from April 21-April 23, 2023 at the Kalahari Resort in Round Rock, Texas. A total of 1,251 players from 35 states competed. This tournament was formerly known as the National Junior High School (K-9) Championship until becoming the National Middle School Championship in 2022.

The individual K-8 Co-Champion is:

Eric Liu at the start of the final round. Photo: Randy Anderson

Eric Liu with his championship medal.

In the team championships, the K-8 Champions are:

Image Caption

Millburn Middle School with their championship award. Photo by Randy Anderson

Many other winners in multiple sections below the championship section were also determined. These winners are properly identified as, Winner of the section at the National Middle School Championship. For a full list of winners, please see here: http://www.uschess.org/results/2023/ms/.

US Chess Executive Director Carol Meyer also notes, This year we were delighted to have Hamilton Chess from Novato, California attend as part of our Title I School Grant initiative. This program reflects US Chess goals and delivers on our mission toempower people, enrich lives, and enhance communities through chessas we bringchess to students who might not be able to access the game without this support. Our donors generosity underscores the chess communitys commitment to meeting the needs of students who come from underserved communities.

We will have a full round report posted tomorrow.

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FLASH REPORT: Eric Liu of Frisco, Texas is the 2023 National ... - uschess.org

Charis Stuart of Eagles Academy put in an outstanding performance last week to become the Under 10 National Open Chess Champion when he finished first, winning all his six games.

In only his second event, Charis showed great determination and never wavered as he always kept his foot on the gas during the event. Taking the sole lead from the field by the end of the first day with three points, on day two Charis racked up consecutive victories against Nathan Cullpepper, Jaeda Herbert and Darren Toppin to ensure an emphatic victory.

Finishing in second on tie-break was Darren Toppin, third was Jacob Ratteray and fourth was Jerimiah Farley. All the players finished on a respectable four points from six.

Also finishing on four points was Jaeda Herbert. This allowed her to be crowned the Under 10 girls champion as the females had to play with the boys as they were undersubscribed. Second in the girls Under 10 was Amelia Mottley.

Sameera Jaikaran was the Under 8 girls champion on 2 points ahead of Daisha Rose Parris and Nia Snow Clarke in second and third respectively. (PR/KD)

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Stuart and Herbert are new Under 10 Chess Champions - Barbados Today

Gnosis Builders, developer of blockchain network Gnosis Chain, has announced a $5 million project to increase the number and diversity of validators through incentive mechanisms. The new project is called Gnosis VIP, according to an April 18 announcement from the company.

As part of the new project, Gnosis is launching a Geographic Diversity Program that seeks to increase the number of countries Gnosis Chain validators are located within.

The network currently has over 100,000 validators spread across 60 countries, and the programs goal is to increase the number of countries to 180 by years end, the announcement said.

According to the programs official webpage, for each of the 90 countries listed, the first ten validators that start operating within them will receive 388 meta Gnosis (worth $1,368.18 at April 12 prices) over the course of six months. Meta Gnosis (mGNO) is the wrapped and staked version of the networks native coin, Gnosis (GNO). Each mGNO can be redeemed for 1/32 GNO.

The first payment of 38 mGNO ($134) will be disbursed after the first 30 days the node operates. The size of the payment will increase each month, and the last payment at the end of the six months will be for 98 mGNO ($345.57).

Related: 1Inch network expands to Gnosis Chain and Avalanche

In an email statement to Cointelegraph, Gnosis CEO Martin Kppelmann expressed hope that the new program will help to improve both the security and performance of Gnosis Chain:

Debates often rage in the crypto community over which networks are the most decentralized, with many experts claiming that a network cannot be scalable, secure, and decentralized at the same time. This conflict in design philosophy is often called the blockchain trilemma.

In his email statement,Kppelmann emphasized that geographical diversity is only one aspect of decentralization, and others are also important to ensure resilience and security.

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Gnosis Chain spends $5M on validator incentive program for decentralization - Cointelegraph

Decentralized trials (DCTs) are not a novel concept, but the disruption of nearly68 percent of clinical trials during the height of the pandemic led to more widespread interest in and adoption of hybrid and virtual trial models.Studies have shown that DCTs can lead to shorter development cycle times, lower clinical trial screen failure rates, and fewer protocol amendments. With wider DCT adoption, however, comes an increase in data sources (particularly external data sources), leading to a surge in data volume. Good data management is crucial to control this. From acquisition and analysis to data cleaning and statistical processes, data managers are the stewards responsible for guiding a modern data strategy amid the perfect storm of growing data complexity, digitization initiatives, and ever-increasing pressure to accelerate timelines.

In the past, data management was often siloed, focused on cleaning and querying listings of electronic data capture (EDC) data. However, non-EDC and external data sources now contribute significantly to overall data volume. The percentage of data coming from outside EDC continues to rise, while a rise in outsourced models has prompted the data management role to become more oversight focused.

As DCTs become more widely adopted and as the volume of disparate data continues to grow, data management processes will become even more complex. An Industry Standard Researchsurvey in 2019 revealed that 38 percent of pharma and contract research organizations anticipated DCTs to make up a large portion of their portfolios, and 48 percent expected trials to operate with the majority of activities taking place from the participants homes. When revisiting the same questions only one year later, all of the respondents anticipated decentralized trials would make up a significant portion of their research profiles.

Although remote participation is pleasing for patients, it results in even greater data source volume and variety, which is difficult for clinical trial teams to manage.Research from the Tufts Center for the Study of Drug Development in 2019 found 75 percent of life sciences organizations still using SAS and Excel to integrate and analyze data. Over 80 percent of respondents reported data management activities as time consuming and labor intensive.

The same study also found that over two-thirds of clinical trial sponsors were using or piloting at least four types of data. The number of sources has nearly doubled since then and will continue to rise as DCT models are widely operationalized. A 40 percent increase in last patient, last visit (LPLV) to database lock cycle times for companies with five or more data sources was reported; the study concluded that contending with disparate data sources was contributing to longer database lock cycle times. In our services organization, trials frequently average eight or more data sources but many include over 15!

The trends that contributed to the Tufts study findings have only accelerated since the onset of the pandemic, which means one thing: data chaos. If the industry doesnt adopt new approaches, data management will only get more challenging.

Identifying and creating a data strategy roadmap in the midst of these growing pains can present a challenge, but it is essential, if you want your organization to be ready to face the future. The increased adoption of virtual and DCT approaches to clinical trials necessitates a balance between the use of advanced solutions that connect trials with a greater number of patients, and maintaining efficient, high-quality data review and analysis. Improving the overall patient experience is a motivating factor for DCTs, as is easing the burden of traveling to and from sponsor sites. The problem is that many organizations lack the infrastructure to accommodate the shift.

Operational leaders plagued by oversight and monitoring challenges in DCTs need methods to streamline and standardize data from increasingly non-traditional sources. However, there are now a number of data solutions available in the industry that can help. Below are just two examples of how companies are using data management platforms to help manage more external data streams.

With an increasing volume of external data streams, Bristol Myers Squibb (BMS) sought out a data management platform that would integrate with and support its current EDC platform, while also supporting data curation and aggregation. Implementing the platform streamlined clinical data flow, providing quicker access to clean data, streamlined data acquisition, and mapping and standardization all of which resulted in faster access to data by downstream teams. The platform alleviated pain points experienced with BMS previous infrastructure by compiling all data into a unified source, giving the company the ability to create cross-study analytics reports for deeper insights.

A second example:Karyopharm Therapeutics worked on randomized clinical trials with hospital patients suffering from severe COVID-19 it was the first study of an XP01 inhibitor in patients with viral infections. To support rapid data collection, cleaning, and review for this program, Karyopharm partnered with a data management platform, working closely to build a fully validated database to collect data from physicians and patients in just 15 days. This accelerated timeline enabled Karyopharm to meet the first patient milestone in its critical research initiative.

Cloud-based centralized data management platforms allow clinical trial teams to manage their data more efficiently, mitigate costs, minimize timeline delays, and improve cycle timelines. Put simply, cloud-based platforms modernize data infrastructure by compiling data sources into a unified source of truth. By implementing a cloud-based platform with expert data configuration, management, and statistical analysis, some companies have seen up to a50 percent decrease in cycle time was experienced from LPLV to database lock in 2021.

In short, the right data management tools facilitate data transformation, delivering consistent real-time updates and allowing researchers to analyze data faster and uncover insights needed for critical decision making. Moreover, identifying areas and opportunities to pivot earlier in the trial process can help prevent avoidable delays. To keep up with the evolving clinical trial landscape, companies must employ a modern strategy, which requires three core elements: an interoperable approach to DCTs and other non-traditional trial models, investment in resources to ease the data management burden, and the ability to generate meaningful insights from a good data platform.

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Pharma Clinical Trials: Decentralization and Digital Trends - The Medicine Maker

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

Singapore, Singapore --News Direct-- KISS PR Brand Story

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

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

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

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

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Contact Person: Yurii Gromov

Company: DefiLabs

Email: support@defilabs.farm

Website: https://defilabs.farm/

Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.

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

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

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

The EUs Smart Contact Kill Switch

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

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

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

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

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

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

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

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

Why did the EU introduce it?

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

How the Kill Switch Affects Decentralization

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

Pros of the Kill Switch for Decentralization

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

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

Compliance with GDPR

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

Consumer Protection

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

Regulatory Compliance

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

Risk Management

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

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

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

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

Cons of the Kill Switch for Decentralization

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

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

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

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

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

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

Daniel Dizon, Swell Labs founder and CEO, said:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Related: Federal regulators are preparing to pass judgment on Ethereum

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

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

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

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

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

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Ethereum is going to transform investing - Cointelegraph

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

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

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

What are Blockchain Bridges?

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

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

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

How does Blockchain Bridge operate?

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

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

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

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

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

Advantages offered by Blockchain technology to different industries

Unparalleled Transparency

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

Incremental Efficiency

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

Extreme Security

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

Industries Revolutionized by Blockchain Technology

Insurance

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

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

Real Estate

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

Data Management

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

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