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Could Putin’s meeting with the founder of Ethereum signal that Russia is about to embrace the digital economy?

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Putin’s meeting with the founder of Ethereum

Russia’s economy; two words that are generally followed by the words “is collapsing”. Western sanctions and low oil prices forced the Russian economy into recession for the previous two years, although it looks as though Russia is slowly beginning to bounce back. Given the risks of a double dip recession it is unsurprising that the Russians would be looking for new ways to bolster their economy. Putin’s meeting with the founder of Ethereum, Vitalik Buterin, seems to imply that the Russian government believes that the digital economy might be the answer to Russia’s woes.

Mr Putin meeting with the founder of Ethereum took place during the St. Petersburg international economic forum (SPEIF). A conference attended by top business leaders from across Russia and the rest of the world. The theme of the 2017 meeting was to find “a new balance in the global economy.”

Mr Buterin was at the panel in order to discuss the impact of blockchain technology. He spoke alongside First Deputy Prime Minister Igor Shuvalov and Central Bank Deputy Governor Olga Skorobogatova. Both of whom were panelists in the same session. Putin’s meeting with the founder of Ethereum took place after the Russian President met with a number of foreign business leaders. It appears that Mr Buterin and Putin discussed the possibilities of the technologies developing in Russia and the potential of establishing ties with Russian partners. Although Mr Buterin did confirm that the meeting was a brief one.

Putin's meeting with Ethereum founder

Mr Buterin confirmed that he spoke briefly with President Putin during SPEIS

Putin’s meeting with the founder of Ethereum was not the only sign that the Russian state is taking a greater interest in the digital economy. The Russian Central Banks deputy Chairwoman, Olga Skorobogatova, confirmed that they were trialing a number of cryptocurrencies in an attempt to find the right solution for Russia. Miss Skorobogatova also confirmed the proposals to consider Bitcoin a “digital asset” and thus taxable. This marks a major shift in Russia policy and is a sign that Russia will follow Japan’s suit and legalize cryptocurrencies in one form another.

While President Putin did not outline any concrete proposals during SPEIF he did state that he believes that Russia needs to harness the digital economy. Taken in context of the announcements from the Russian central bank and Putin’s meeting with the founder of Ethereum it is safe to assume that the Russian President was alluding to utilizing the potential of blockchain technology.

Putin's meeting with the founder of Ethereum

President Putin discussed the potential that the digital economy could have for Russia – credit Reuters

An increased focus on cryptocurrencies would not only provide a much needed boost to the Russian economy but it would have the potential to further shore up investor confidence in cryptocurrencies. A russian embrace of cryptocurrencies could help to fuel the increased value of Bitcoin and Altcoins. Putin’s meeting with Mr Buterin could also be a sign that the Russian President is eyeing up Ethereum. This could push its value up even further.

With the Russians seemingly eying up cryptocurrencies as a way to boost their economy it is likely we will now see other nations follow suit. Which could lead to Ethereum, Bitcoin, Ripple and all the rest finally stepping into the mainstream.

You'll find me wandering around the Science sections mostly, excitedly waving my arms around while jumping up and down about the latest science and tech news. I am also occasionally found in the gaming section, trying to convince everyone else that linux is the future of the computer gaming.

Engineering

What is the location of the world’s tallest wooden wind turbine

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Last year, the world witnessed the inauguration of the tallest wooden wind turbine near the town of Skara, in close proximity to the city of Gothenburg in Sweden. This remarkable feat took place in a country that is widely recognized for its expertise in producing flat-pack wood furniture.

According to Modvion, the company behind this impressive achievement, the turbine has a remarkable 105-meter (345-foot) wooden tower that boasts a towering height of 150 meters (492 feet) with its blades.

According to BBC News, the tower’s 2-megawatt generator became operational and started supplying electricity to the local grid in late 2020, benefiting around 400 households with power.

Wind power is an incredibly cost-effective and environmentally friendly energy source. Nevertheless, there is a cost associated with it. Many turbines are made from steel, which has a significant carbon footprint. With the rise of more powerful turbines, the demand for larger towers has also increased, leading to a higher demand for this metal.

Modvion has developed the “Wind of Change,” which is the first commercial wooden wind turbine tower, as a solution to this problem.

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The structure can be constructed on the designated location in seven distinct sections, each consisting of a combined total of 28 individual modules. The tower’s modularity facilitates its transportation via roads and sea, in contrast to conventional steel towers that can be heavy and cumbersome to relocate.

The turbine tower is constructed using 144 layers of laminated veneer lumber, each measuring 3 millimeters in thickness, which have been bonded and compressed together. The timber originated from approximately 200 spruce trees, all of which belonged to the same species commonly utilized for Christmas trees. It is worth noting that these trees were cultivated in a sustainable manner.

“It is our proprietary formula,” stated David Olivegren, a former architect, boat builder, and co-founder of Modvion, in an interview with the BBC.

“Wood and glue have been recognized as an ideal pairing for centuries.” “Furthermore, due to the lower weight of wood compared to steel, it is possible to construct taller turbines using a reduced amount of material,” he stated.

Isolated in the rural landscape of Sweden, the solitary and comparatively diminutive wooden wind tower will not have a substantial impact on the worldwide climate emergency.

However, Modvion is confident that this proof-of-concept holds significant potential and aspires to pursue even more ambitious plans in the future. The company aims to construct 100 wooden towers annually by 2027, potentially on a significantly larger scale than the current scale.

The maximum attainable height of a wooden tower is 1,500 meters (4,921 feet). “A distance of 150 meters (equivalent to 492 feet) appears to be an ideal starting point,” states Modvion on its official website.

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Engineering

Artificial diamonds produced within minutes, rather than days, have the potential to disrupt the economics of natural gemstones

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A novel approach to diamond production eliminates the need for extreme temperatures and pressures, thus making it possible to create diamonds at a significantly reduced cost. The world of precise crystal manipulation, as depicted in the science fiction novel The Diamond Age, may be within reach sooner than anticipated.

Despite our knowledge of synthetic diamond production dating back to the 1950s, the prevailing method still involves subjecting materials to extreme temperatures of 1,300–1,600 °C (2,400–2,900 °F) and applying 50,000 atmospheres of pressure for a period of 5–12 days. This has been instrumental in meeting the industrial demand for diamonds as cutting instruments while also offering unique colors for those with a preference for rare hues. Nevertheless, the expense of the procedure is comparable to that of discovering natural diamonds, whether for industrial use or as high-quality gemstones, which allows the mining industry to persist.

There might be a significant shift on the horizon as a method to produce diamonds under normal atmospheric pressure has been unveiled. The temperatures remain high at 1,025 °C (1,877 °F), but even at this level, significant savings can be achieved compared to the current heat requirements.

Low-pressure diamonds were once considered a paradoxical concept. Natural diamonds form deep within the Earth’s mantle under immense pressure from layers of crust above, and many of them were created long before complex life forms existed. The synthetic version utilizes liquid metal catalysts, but high pressures in the gigapascal range are still deemed necessary.

Nevertheless, scientists at Korea’s Institute for Basic Science have challenged this notion by demonstrating that diamonds can be grown using a liquid metal alloy of gallium, iron, nickel, and silicon, even without applying significant pressure in a hydrogen/methane atmosphere. The carbon in the diamond is derived from methane.

“This groundbreaking achievement was made possible through human creativity, persistent dedication, and the collaborative efforts of numerous contributors,” Professor Rod Ruoff stated. He omitted a significant amount of trial and error, which the team at the Institute employed while fine-tuning the combination of metals and other variables. When the team switched to a smaller chamber, they were able to make real progress in a surprisingly short amount of time, even though making the diamond itself was a quick process.

After extensive research, it was discovered that the diamonds tend to form at the lower part of the liquid alloy consisting of 77.75 percent gallium, 0.25 percent silicon, and 11 percent each of iron and nickel. It’s not a ratio that comes to mind right away. In addition, seed particles are not necessary for the production of these synthetic diamonds, unlike traditional methods.

“One day, when I conducted the experiment, subsequently cooled the graphite crucible to solidify the liquid metal, and extracted the solidified piece, I observed a fascinating pattern resembling a rainbow that extended over a few millimeters on the bottom surface of this piece,” shared graduate student Yan Gong. “We discovered that the colors of the rainbow are caused by diamonds!”

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The process typically takes around 10 to 15 minutes to initiate diamond formation, with growth ceasing after approximately 150 minutes. However, the team is actively exploring methods to address this limitation.

The diamonds produced thus far are of a smaller size, resembling a film rather than a precious gemstone. As a result, diamond companies do not need to be overly concerned at this point. That could potentially change if scientists discover ways to enhance the supersaturated carbon layer that comes before the formation of diamonds. The silicon vacancy, which is highly sought after for creating colored diamonds, can also be created by nitrogen impurities. This characteristic makes these diamonds perfect for conducting experiments in the field of quantum computing.

The exact reasons behind the desired outcome of this particular combination of metals and gases remain a subject of ongoing investigation. The resemblance between silicon and carbon bonds is believed to play a crucial role. It is possible that carbon clusters containing silicon atoms could act as precursors to diamonds.

Mass production rarely relies on the initial iteration of a process demonstrated in a laboratory. According to Ruoff, there are several lower melting point metals that could be beneficial in terms of cost reduction or in creating diamonds with specific shades or properties.

The study has been published in the prestigious journal Nature.

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Engineering

Solar power surpassed coal in Texas for a whole month, marking the first time this has occurred

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There is a significant shift taking place in the way we generate electricity, even in the areas where it faces strong opposition. Texas is a prime example of the remarkable progress in renewable power, with continuous record-breaking achievements despite facing opposition from influential individuals.

In February 2021, a severe cold snap placed immense strain on the Texas electricity grid, resulting in extensive blackouts that tragically resulted in the loss of life and brought the region perilously close to catastrophe. As expected, certain individuals quickly pointed fingers at wind power as the cause of the issues, despite the fact that the majority of the capacity loss occurred in gas-fired power stations. They were, however, accompanied by a large number of influential Texas politicians, including the governor, which strongly suggested that they would favor continuously operating energy sources.

Instead, there has been a remarkable increase in the installation of photovoltaic panels since then. In March, solar power surpassed coal as the leading source of electricity in Texas, marking a significant milestone.

According to the Institute for Energy Economic and Financial Analysis (IEEFA), the Electric Reliability Council of Texas (ERCOT), the main power grid for most Texans, used a significant amount of solar-generated electricity in March. The total consumption reached 3.26 million megawatt hours (MWh). In comparison, 2.96 million MWh were generated from coal, making the difference approximately 10 percent.

In March, solar production experienced a significant increase of 56 percent compared to the previous year. This growth was three times higher than the March that occurred after the devastating freeze.

IEEFA highlights a series of significant achievements. In March, solar energy accounted for over 10 percent of ERCOT’s electricity generation, marking a significant milestone. At the same time, coal’s contribution fell below 10 percent for the first time.

Even in January, solar power played a crucial role in preventing a system meltdown during a cold snap by meeting nearly a quarter of the demand in the middle of the day.

The records will continue to be broken. By the end of the year, Texas is projected to add over 7 gigawatts (GW) of solar capacity to its grid, representing a nearly 30% increase from current levels. Despite potentially less favorable weather conditions, next March is expected to bring even more significant growth in solar energy. Exciting developments are in the works for additional enhancements in 2025. According to the Energy Information Administration, a government agency, solar power is projected to surpass coal as the primary source of electricity in Texas for the entire year.

The demand in Texas is not experiencing significant growth to accommodate the surplus production, especially when considering the slower growth of wind power. Consequently, there is a need to eliminate something from the market. Up until now, the primary source has been coal, not gas. In 2017, approximately 30% of the energy consumed in Texas came from coal. This year, it might exceed 10 percent for the year, even though it dipped below in March, but if it does, it won’t be by a significant margin.

Texans have been known for their tendency to go big in everything they do, including their use of coal. However, times are changing. Last year, it consumed twice as much coal for electricity compared to any other state. The decrease in coal usage in Texas has outpaced the national average, although other states are also making significant progress.

Critics of renewable energy often claim that solar power is ineffective when the sun is not shining. However, it is worth noting that Texas is currently at the forefront of battery installation in the United States. Actually, it’s going above and beyond. When it comes to solar, Texas and America as a whole lag significantly behind China in absolute terms and many countries on a per capita basis. However, when it comes to large-scale battery systems that can store surplus energy during the day and discharge it in the evening, Texas is at the forefront of global innovation.

In a recent report, it was stated that Texas currently has 5.2 GW of operational battery storage, with projections indicating that this number will increase to 10.9 GW by the end of the year. Solar power will ensure that the lights stay on long into the night.

Renewable energy has faced opposition for years from skeptics who doubted its viability, only to be proven wrong time and time again by its success in various locations.

One of the main factors driving the rapid growth of solar energy in Texas, despite the challenges posed by a government that is not particularly supportive of renewable power, is its significantly lower cost compared to other alternatives. If that’s true in Texas, the largest source of fossil gas in the United States, it’s likely that other places will soon follow suit with the energy revolution.

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