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UAE Forges Partnership to Develop Blockchain-Based Carbon Credit SystemIn an endeavor to combat climate change, the UAE Ministry of Climate Change and Environment (MOCCAE) has joined forces in an initial collaboration with the Industrial Innovation Group and the Venom Foundation to pioneer a groundbreaking blockchain-based carbon credit system.Photo by Daniel Zacatenco on UnsplashThis is the latest commitment by the Middle Eastern country to combat climate change after announcing an ambitious target to slash carbon emissions by a substantial 40% before 2030, a significant escalation from its prior commitments.According to local news sources, a memorandum of understanding (MoU) outlining the partnership was signed by the three entities at MCCE offices in Dubai recently.Carbon credits on blockchainAt the heart of this innovative endeavor lies blockchain technology, heralded as a pivotal tool for both organizations and nations to meticulously trace carbon credits. By virtue of its immutability, data enshrined within the blockchain ensures ironclad security, enabling the seamless sale or exchange of credits while upholding complete transparency among stakeholders.Functioning as crucial intermediaries, government entities such as the UAE’s MOCCAE are poised to either allocate or sell dual-purpose credits to businesses. Beneficiaries can deploy the credits, authorizing the emission of a predetermined quantum of carbon within specific timeframes, or they can be lucratively traded, thereby aiding other establishments in mitigating their ecological footprint.Venom blockchainVenom blockchain is a network developed by the Abu Dhabi-based Venom Foundation. As an asynchronous blockchain, its design implements dynamic sharding with flexible nodes that adapt to traffic changes, rendering it infinitely scalable. The project has established itself within the Abu Dhabi Global Market (ADGM), an international finance center and fintech hub.Revised environmental goalsThe UAE leadership recently orchestrated a sweeping recalibration of the nation’s environmental goals and carbon offset strategies. Envisioning a sustainable horizon, their overarching aspiration revolves around achieving carbon neutrality by 2050.Mariam Al Mheiri, UAE Minister of Climate Change and Environment, articulated how these shifts have cast a positive impact on the nation’s emissions reduction roadmaps:“The UAE believes in its ability to make a difference in this field and has pledged, through the third update of its second Nationally Determined Contributions (NDCs), to reduce its emissions by 40% compared to a business-as-usual scenario, an increase of 9% over its previous pledge.”Even though the UAE ranks 31st on a global scale in terms of total carbon emissions as of 2023, there stands a more sobering reality — the nation ranked sixth worldwide in terms of per capita emissions according to 2021 data. It also emitted a staggering 21.79 tonnes of carbon per capita in the same year.Concurrently with its overarching national push towards emissions reduction, each of the UAE’s seven emirates has unveiled localized initiatives to align with the bold “net zero by 2050” target.Among these, a comprehensive program championed by Crown Prince Sheikh Khaled bin Mohamed bin Zayed Al Nahyan has recently gained approval in Abu Dhabi, emblematic of a collective commitment to fostering a sustainable future.

Okto commits $5 million treasury fund to support Vauld usersOkto, the self-custody DeFi wallet app offered by Indian crypto exchange CoinDCX, has pledged a $5 million treasury fund to provide support to Vauld users.Vauld, a Singapore-based crypto lending platform, brought a halt to all trading, withdrawal and deposit activities in 2022 as it ran into liquidity issues. The business has been undergoing a process of restructuring under the protection of the courts in Singapore ever since.Photo by Towfiqu barbhuiya on UnsplashIncentivizing user asset transferIn response, Okto has stepped forward with a proactive approach to assist Vauld users in their transition. Okto is offering a 2% bonus to users who opt to transfer their assets from Vauld to Okto.Neeraj Khandelwal, the Founder of Okto, emphasized the company’s overarching mission while unveiling this $5 million initiative. He said: “While this $5 million fund represents one of our initiatives to support the crypto ecosystem, our overarching vision is to empower the Web3 community through cutting-edge technology-backed platforms and apps designed to tackle the broader challenges within the ecosystem.”Self-custody assurance featureIn addition to this incentive, Okto is also offering a self-custody assurance feature. This feature allows users to gain complete ownership of their private keys, ensuring that access to their funds remains exclusively in their hands. Moreover, users can benefit from round-the-clock access to monitor their assets. That delivers a reassuring sense of control and peace of mind regarding the users’ cryptocurrency holdings, against a backdrop of those users having had the experience of being unable to withdraw their funds when the Vauld platform paused trading.The concept of self-custody is central to what crypto was supposed to be about. It grants complete ownership of assets to the user. Khandelwal outlined that Okto was established on the basis that it could strike a balance between security, convenience and custody. In this way, it felt that it could resolve what could be termed as the crypto wallet trilemma. “Okto’s enduring mission has been to provide users with a secure and user-friendly app, and we will persistently strive to achieve this objective,” Khandelwal added.Mitigating riskLaunched globally earlier this year, Okto is a keyless, self-custody Web3 wallet that ensures secure access to DeFi services while prioritizing the safety of users’ funds. This all-in-one Web3 app approach eliminates the cumbersome need to safeguard seed phrases, ensuring users have full control of their funds.Moreover, it mitigates the risk of a single point of failure through its state-of-the-art, custom-built, consensus-driven Multi-Party Computation (MPC) technology. With MPC, private keys required for fund access and control are never fully exposed, guaranteeing the constant security of users’ assets.Vivek Gupta, Chief Technology Officer at Okto, elaborated on the technology behind Okto’s product offering, stating:“Okto uses state of the art Multi-Party-Computation algorithms to create users’ private keys. Our MPC algorithm never produces a complete private key. Our MPC algorithm uses three nodes which communicate with each other under proprietary encryption channels and create a unique sensitive material on each node.”In addition to its security measures, Okto wallet boasts compatibility with multiple Web3 chains such as Polygon, BSC and Avalanche, along with protocols like Stader and WooFi, among others.

Beijing-headquartered crypto mining equipment manufacturer Canaan recently revealed its financial results for the fourth quarter of 2023, demonstrating that it continues to struggle with profitability despite positive numbers relative to revenues and growth.Photo by Sasun Bughdaryan on UnsplashIncreased revenues and salesAccording to the company’s filing, during the last quarter of 2023 Canaan reported a surge of 45.7% in total computing power sold compared to the preceding quarter, reaching 5.5 million Thash/s. This ascent, which reflects a 191.9% increase from the same period in 2022, signifies not just a recovery but a robust resurgence in demand and operational ability. The company's dispatch of 19.6 million Thash/s throughout the year, marking a 29.6% leap from 2022, aligns with the rebound in bitcoin prices observed in Q4 2023, a pivotal factor shaping Canaan's operational revitalization. 47% growth on previous quarterA closer examination of the financials reveals not only surpassing total revenues but also a notable 47.3% quarter-over-quarter growth. Canaan's foray into international markets, bolstered by securing substantial orders from esteemed public company clients, underscores a buoyant sales performance and a positive outlook for the computing sector. Despite the buoyant sales and revenue figures particularly in the mining machine market, the sector has faced ongoing regulatory uncertainties and market fluctuations. Nonetheless, the company's strategic initiatives, alongside the positive market effects of the approval and listing of spot bitcoin exchange-traded funds (ETFs), have been positive. Moreover, Canaan's investments in wafer supply capabilities and strategic financial maneuvers garnered approximately US$136 million through at-the-market (ATM) programs and preferred shares. Recording a lossYet, the company’s journey in 2023 was not without its hurdles. Q4 2023 witnessed a significant increase in product revenues from the previous quarter but a decline from Q4 2022, attributed to dwindling sales prices as the halving event loomed, underscoring the volatility inherent in the cryptocurrency market. Results published last year are indicative of the company’s difficulty. In Q2 2023, revenues were strong, yet the company wasn’t turning a profit.With Q4 results, it’s now clear that the firm lost $421 million in 2023. In Q4, Canaan recorded a net loss of $139 million. That compares with a loss of $91 million in Q4, 2022. The company also expects tough market conditions in 2024. In its forward-looking outlook, it stated:”For the first quarter of 2024, and the second quarter of 2024, the Company expects total revenues to be approximately US$33 million and US$70 million, respectively, considering the challenging market conditions across the industry. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change.” The crypto mining sector remains a very challenging market. With the upcoming Bitcoin halving event set to occur in April, it’s expected that as much as 20% of mining capacity could be forced offline, as some equipment would simply fail to mine on a profitable basis. Indicative of the challenges within the sector, crypto miner Core Scientific was forced into bankruptcy due to market difficulties in December 2022. It has only recently exited that bankruptcy process and now expects to generate revenues of $600 million in 2024. Another Bitcoin miner, Riot Platforms, has warned that profitability may be difficult to achieve in 2024 due to chip shortages.