New rules will be needed for this emerging world, but who will write them? How should personal data be used and not used? Can the digital divide be bridged?
The proposed ban will criminalise the possession, mining, trading or transferring of cryptocurrency assets. Offenders could face up to 10 years in jail & fines.
The price of the digital currency has surged more than 80% so far this year. A single bitcoin currently costs around $ 55,000 and there are about 18.6 million of them in circulation.
Jack Dorsey is partnering rapper Jay-Z to fund the trust with an initial investment of 500 Bitcoins (around Rs 170 crore). Trust seeks to make bitcoin 'internet’s currency’.
A bill to ban private cryptocurrency will soon be sent for cabinet approval. However, it will also enable the issuance of a digital currency by the RBI.
Israel's response to Iran's retaliatory attack was relatively small and also downplayed by Tehran. But there are factors that could jeopardise this perceived reprieve.
The 125 APAs include 86 Unilateral APAs (UAPAs) and 39 Bilateral APAs (BAPAs). The total number of APAs since the start of the APA programme has risen to 641, with 506 UAPAs and 135 BAPAs.
What an astoundingly ignorant article. I can only fathom the purpose of this article is to mislead newcomers to blockchain.
Seems like The Print has a vested interest in keeping the transparency of blockchain out of the Indian digital ecosystem. Good I stopped reading this outlet years ago.
It’s a shame this is coming from an IIT lecturer. And he’s an advisor for national blockchain project? God save our country. Look beyond Bitcoin. Bitcoin was an experiment, and a very good one. It worked. There are better blockchain technologies now. Heard about cardano’s POS? Heard about IOTA’s DAG? Bitcoin is not equal to blockchain. Keeping such people as coordinators of our country’s National Blockchain Project, I’m really worried about our future now. Meanwhile countries like Singapore are zooming forward with projects like zilliqa… What a disgrace!!!
Such a disappointing and utter trash article. Wrong on so many levels from technical stand point. Definitely not the kind of. Journalism we need. Will suggest to read about Classical consensus algorithms and open permissioned and permissioned blockchain. Seems like journalist gets his knowledge from what’s app University.
I am no IITian but I do know this
a) Blockchain != Bitcoin, there are 10000 crypto currencies today that use proof of stake or consensus which consumes negligible amount of power
b) Blockchain is permission less and can be private as well, several countries are exploring issuing CBDC’s on a private blockchain
c) The argument that half of the nodes can be bought to manipulate GST entries is utter nonsense, may be possible in bollywood. If that is the case, buying centralized GST database access should be much more easier!
Please do some research before refuting others’ claims, half knowledge is very dangerous
As idiotic as the article might be, one argument many blockchain/Bitcoin critics use is the environmental risk that it poses, Please compare it to the environmental emissions the bank sector generates and you will be amazed by how ridiculous the comparison is.
Poorly researched article ! Bitcoin is NOT Blockchain. Blockchain tech works on decentralised network, and Bitcoin is a mere first use case.
Indian Government would have to rather research hybrid or public/private blockchain models and use platform like Eth for main net transactions and side chains for micro transactions.
Google discover platforms need to identify news from poor researched blogs.
What an disappointing article. Bitcoin != Blockchain.
Bitcoin may be currently averaging 10mins a transaction but it is so because it was never built as a inflationary currency for pop transactions in the first place. There are so many Alts like Cardano, Nano which do not have transaction time and negligible transaction fees. How can anyone say blockchain is slow because bitcoin protocol is slow?
Sad to see two professors of Computer Science at an IIT writing such an ill-informed article. Comparisons with Bitcoin are meaningless. Bitcoin’s design is for deliberately keeping the volumes relatively lower. It wasn’t designed as a universal solution for blockchains. Hyperledger and many other newer platforms for blockchain can handle significantly larger workloads. Moreover Proof of Work, employed by Bitcoin, is not the only distributed consensus algorithm. Bitcoin’s choice of Proof of Work is undoubtedly environment-unfriendly. But have you heard of alternatives like Proof of Stake and PBFT?
This author is a professor of Computer Science at IIT Kanpur and coordinator of the National Blockchain Project? God help us. His knowledge of the subject is superficial at best. Has the author ever heard of “proof of stake”?
The level of knowledge about blockchain is disappointing. However one must agree, India’s tax problem does not need a blockchain. Sometimes we look to retrofit blockchain into everything.
I think article makes perfect sense in year 2012-13 or so. That’s sarcastic comment by the way!
Come 2021, there are many better blockchains which are power efficient. For example have look at DAG based blockchains like IOTA.
I suggest you remove IIT reference. That’s disgrace.
Adding a block by proof of work is not the only way, Professors. There are other ways like delegated proof of stake, proof of stake, and chains that are scalable like hashgraphs, etc. So, it won’t eat the planet to develop the application. However, there aren’t many successful and examples as well.
Although point taken, a tax collection system does not need blockchain, it needs no trustless mechanism to collect tax because at any given point there are only two parties involved in a many to one system. So, where is the trust getting added bcz of the blockchain? In some cases, Blockchain is a hammer looking for a nail.
Bitcoin algorithm =/= blockchain.
Bitcoin uses proof of work algorithm which is compute intensive, there are other algorithms such as proof of stake which are cheap to run. Its upto the network to choose the algorithm they decide. For example upcoming ethereum uses PoS.
Other argument makes sense, which is few entities controlling the nodes which would more supposedly be owned by govt. Which makes no sense, as the true benefits of blockchain is supposed to be trustless and decentralised.
The person who wrote it has two points against it. First point is couldn’t be more wrong, this guy read somewhere that bitcoin consumes too much power. Bit coin does that so does ethereum right now. No other cryptos do that, and ethereum won’t do that either after 2.0 update. This guy knows less about block chain than my grandma. Second point is invalid for people who like to know what’s going on. If I live in a space with few other and I contribute for the place, I want the records to be as transparent as it could be. A country is same. Transparency is good.
NDTv doesn’t know that blockchain doesn’t just run on old mining tech. New staking tech is already established which doesn’t consume lot of computing power like mining does by Proof of work architecture. Staking is best n fast, it is very scalable. Ndtv shouldn’t circulate bias n propaganda which could make masses hate this wonderful evolving tech. Blindly. Research before posting.
Level of ignorance is astounding. The block chains proof of work which consumes energy is outdated and has been replaced with proof of stake in all but the oldest of block chains. Block chains are open transparent . Block chains is secure. Block chain is open to everyone. Block chain cannot be manipulated. Blockchain is freedom. Block chain is love.
As far as I understand this would be an issue with what are called proof of work blockchains. If implemented without the approach of mining it shouldn’t cost anything energetically apart from distributed storage and retrieval.
What an astoundingly ignorant article. I can only fathom the purpose of this article is to mislead newcomers to blockchain.
Seems like The Print has a vested interest in keeping the transparency of blockchain out of the Indian digital ecosystem. Good I stopped reading this outlet years ago.
It’s a shame this is coming from an IIT lecturer. And he’s an advisor for national blockchain project? God save our country. Look beyond Bitcoin. Bitcoin was an experiment, and a very good one. It worked. There are better blockchain technologies now. Heard about cardano’s POS? Heard about IOTA’s DAG? Bitcoin is not equal to blockchain. Keeping such people as coordinators of our country’s National Blockchain Project, I’m really worried about our future now. Meanwhile countries like Singapore are zooming forward with projects like zilliqa… What a disgrace!!!
Such a disappointing and utter trash article. Wrong on so many levels from technical stand point. Definitely not the kind of. Journalism we need. Will suggest to read about Classical consensus algorithms and open permissioned and permissioned blockchain. Seems like journalist gets his knowledge from what’s app University.
I am no IITian but I do know this
a) Blockchain != Bitcoin, there are 10000 crypto currencies today that use proof of stake or consensus which consumes negligible amount of power
b) Blockchain is permission less and can be private as well, several countries are exploring issuing CBDC’s on a private blockchain
c) The argument that half of the nodes can be bought to manipulate GST entries is utter nonsense, may be possible in bollywood. If that is the case, buying centralized GST database access should be much more easier!
Please do some research before refuting others’ claims, half knowledge is very dangerous
There is a world of blockchain that exists apart from Bitcoin increase your Knowledge about it…
Mislead, misrepresent, mis-interpret. Truth be dammed. This is Print for you.
As idiotic as the article might be, one argument many blockchain/Bitcoin critics use is the environmental risk that it poses, Please compare it to the environmental emissions the bank sector generates and you will be amazed by how ridiculous the comparison is.
Poorly researched article ! Bitcoin is NOT Blockchain. Blockchain tech works on decentralised network, and Bitcoin is a mere first use case.
Indian Government would have to rather research hybrid or public/private blockchain models and use platform like Eth for main net transactions and side chains for micro transactions.
Google discover platforms need to identify news from poor researched blogs.
What an disappointing article. Bitcoin != Blockchain.
Bitcoin may be currently averaging 10mins a transaction but it is so because it was never built as a inflationary currency for pop transactions in the first place. There are so many Alts like Cardano, Nano which do not have transaction time and negligible transaction fees. How can anyone say blockchain is slow because bitcoin protocol is slow?
Sad to see two professors of Computer Science at an IIT writing such an ill-informed article. Comparisons with Bitcoin are meaningless. Bitcoin’s design is for deliberately keeping the volumes relatively lower. It wasn’t designed as a universal solution for blockchains. Hyperledger and many other newer platforms for blockchain can handle significantly larger workloads. Moreover Proof of Work, employed by Bitcoin, is not the only distributed consensus algorithm. Bitcoin’s choice of Proof of Work is undoubtedly environment-unfriendly. But have you heard of alternatives like Proof of Stake and PBFT?
This article is utter trash.
When apes who only know how to write alk about science and technology, the article is what you get. Full bs opinionated article without any facts.
True the article is thrash.. Apparently any story from a sewer is passed off as information theses days..
Please check @ Holochain.org
I am writing comment to author especially to know that not everything will be rely in future on Blockchain.
One must consider this article against Blockchain Technology is an good sign.
But we have to understood that every problem has a solution,
So thus replacement of Blockchain has come
Holochain – post blockchain technology.
One must look it. How it change our life as well as governance in coming future.
Even UN and some global universities has done research on it and present it usecases in IOT as many other field.
Do visit the website.
Thanks.
This author is a professor of Computer Science at IIT Kanpur and coordinator of the National Blockchain Project? God help us. His knowledge of the subject is superficial at best. Has the author ever heard of “proof of stake”?
The level of knowledge about blockchain is disappointing. However one must agree, India’s tax problem does not need a blockchain. Sometimes we look to retrofit blockchain into everything.
I think article makes perfect sense in year 2012-13 or so. That’s sarcastic comment by the way!
Come 2021, there are many better blockchains which are power efficient. For example have look at DAG based blockchains like IOTA.
I suggest you remove IIT reference. That’s disgrace.
Adding a block by proof of work is not the only way, Professors. There are other ways like delegated proof of stake, proof of stake, and chains that are scalable like hashgraphs, etc. So, it won’t eat the planet to develop the application. However, there aren’t many successful and examples as well.
Although point taken, a tax collection system does not need blockchain, it needs no trustless mechanism to collect tax because at any given point there are only two parties involved in a many to one system. So, where is the trust getting added bcz of the blockchain? In some cases, Blockchain is a hammer looking for a nail.
Bitcoin algorithm =/= blockchain.
Bitcoin uses proof of work algorithm which is compute intensive, there are other algorithms such as proof of stake which are cheap to run. Its upto the network to choose the algorithm they decide. For example upcoming ethereum uses PoS.
Other argument makes sense, which is few entities controlling the nodes which would more supposedly be owned by govt. Which makes no sense, as the true benefits of blockchain is supposed to be trustless and decentralised.
If you don’t have proper knowledge about blockchain don’t write such bullshit articles.
The person who wrote it has two points against it. First point is couldn’t be more wrong, this guy read somewhere that bitcoin consumes too much power. Bit coin does that so does ethereum right now. No other cryptos do that, and ethereum won’t do that either after 2.0 update. This guy knows less about block chain than my grandma. Second point is invalid for people who like to know what’s going on. If I live in a space with few other and I contribute for the place, I want the records to be as transparent as it could be. A country is same. Transparency is good.
NDTv doesn’t know that blockchain doesn’t just run on old mining tech. New staking tech is already established which doesn’t consume lot of computing power like mining does by Proof of work architecture. Staking is best n fast, it is very scalable. Ndtv shouldn’t circulate bias n propaganda which could make masses hate this wonderful evolving tech. Blindly. Research before posting.
Which illiterate wrote this article
Level of ignorance is astounding. The block chains proof of work which consumes energy is outdated and has been replaced with proof of stake in all but the oldest of block chains. Block chains are open transparent . Block chains is secure. Block chain is open to everyone. Block chain cannot be manipulated. Blockchain is freedom. Block chain is love.
Have a look into HOLOCHAIN
Visit holochain.org
Point one is baseless. I think the author knows only about Bitcoin and not about many other efficient coins out there.
Ever heard about Proof of Sfake concensus on Blockchain ? Stop with spreading half knowledge. It’s more dangerous than knowing nothing.
As far as I understand this would be an issue with what are called proof of work blockchains. If implemented without the approach of mining it shouldn’t cost anything energetically apart from distributed storage and retrieval.
disappointing to see the lack of knowledge in behalf of the author