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Jack Dorsey Announces ‘Web 5’, A New Platform Built On Bitcoin-Based Technology.

Bitcoin supporter Jack Dorsey has announced the launch of Web 5, a new online platform that is a combination of the centralized Web 2 and the decentralized Web 3. Square’s TBD subsidiary is developing a suite of BTC-based technologies to help modernize the financial system. The new platform, which is built on Blockchain, is described as a hybrid of Web3 and Web2.0. According to the report, the platform ensures that the security of individual data is a top concern and that no breaches occur. The Block Head or TBD – the Bitcoin-focused subsidiary of Dorsey’s Block (previously SQ) – presented its new concept for a decentralized internet layer on Friday at CoinDesk’s Consensus Festival in Austin, Texas. Let’s take a look at the Web5 platform announced by Jack Dorsey.

What is Web 5?

To put it in a way, the Internet of Things (IoT) means that everything in your life, and I mean everything, may talk to each other about you, in front of your face, behind your back, and without regard for your feelings. It was amusing to wake up to a robot in the guise of a kitty cat, but Web 5.0 would go even further. The Intelligent Web foreshadows what is to come with the emergence of smart devices that estimate your wants based on your patterns without including many clues. Symbiotic web algorithms will be able to analyze data on a more complicated emotional and cognitive level. This is the Web, which coexists with daily life in perfect harmony, operating without thought and spontaneously engaging with our actions. Computers can be turned into robotic assistants via digital realities. IoT can connect all household equipment to the internet, and it predicts that extremely intelligent interactions between machines and humans could be possible via chip implantation in human brains.

While the monetary layer of Web 5 will be based on Bitcoin, the other technologies that support it are drawn from a variety of cryptography and computer science fields.

“Identity and personal data have become the property of third parties. Web 5 brings decentralized identity and data storage to individuals’ applications. It lets developers focus on creating delightful user experiences while returning ownership of data and identity to individuals.” TBD said in a statement published with CoinDesk
source: economictimes.indiatimes.com

Group of Bitcoin Entrepreneurs the Block Head who reports to Jack Dorsey is in charge of Web5 development. To refresh your memory, Web5 is a platform that empowers people to manage their data and identities.

Although TBD’s new project was unveiled on Friday, it is currently under open-source development and has no set release date. Users will be able to engage with one another without the assistance of intermediaries on Web 5, just as they did on Web 3. In theory, this means that there will be no government censorship or centralized service outages, among other claimed benefits. Web 5 will also strive to provide users with a “decentralized identity,” allowing them to fluidly go from app to app without having to log in each time.

Web5 wants people to have the ability to “own their data,” according to TBH. Consider Riya’s digital wallet, which protects her identity, data, and authorizations for external apps and connections. Riya logs onto a new decentralized social media platform with her wallet. Riya, on the other hand, does not need to establish a profile because she has connected to the app with her decentralized identity, and all of the connections, relationships, and postings she makes through the app are saved in her decentralized web node. Riya can switch apps whenever she wishes using Web5, and her social profile follows her.

Another example is Arjun, a music fan who despises having his data tied to a single vendor. It forces him to re-create his playlists and tunes across many music apps on a regular basis. Fortunately, there is a way out of this maze of vendor-locked silos: Arjun can store this information in his decentralized web node. Arjun may give any music app access to his settings and preferences in this way, allowing him to take his tailored music experience with him everywhere he goes. As a result, Web5 will provide people w control over their data. Meanwhile, Mike Brock, TBD’s Product Lead, stated that “with web5, there are no tokens to invest in.”

Roshni Ankola

I am a second-year student pursuing Liberal Arts from Nmims. I am a painter, I love reading and have a great interest in cooking. I am also a trained kickboxer. I’ve always had a passion for writing and hence in my free time, I work as a freelance writer.

Intel Makes It Entrance Into Bitcoin Mining With A New Blockchain Chip.

Intel Corp announced the launch of an energy-efficient super-fast processing chip for blockchain applications on Friday. Intel’s “blockchain accelerator,” which is said to be 1000 times faster than its closest competitors, will be available to customers later this year.
In a new online note announcing the effort, Intel claims that its new chip will attempt to address growing concerns about the enormous energy required to maintain cryptocurrency mining processes. The chip is described as an energy-efficient “blockchain accelerator” that has been designed to accelerate blockchain tasks while using far less energy than current technologies.

“Our customers want scalable and sustainable solutions, so we’re focusing our efforts on realizing the full potential of blockchain by developing the most energy-efficient computing technologies at scale,” writes Raja M. Koduri, senior vice president and general manager of Intel Corporation’s Accelerated Computing Systems and Graphics (AXG) Group.
Source: www.indiatoday.in

He mentions that the architecture of the new chip is implemented “on a tiny piece of silicon.” This is intended to have a minimal impact on the supply of current products, as the world is experiencing a severe shortage of chipsets.
The first round of buyers for Intel’s upcoming blockchain accelerators has already been identified. The note mentions that the Jack Dorsey-led Block Inc, which recently changed its name from Square Inc to emphasize its focus on the blockchain, and Bitcoin mining company GRIID Infrastructures will be the first buyers of the Intel chip.

In terms of performance, Intel claims that its blockchain chip will outperform mainstream GPUs for SHA-256 mining by 1000 times. At the International Solid-State Circuit Conference (ISSCC) later this month, Intel will reveal more information about its blockchain accelerator.

In addition, Intel has established a new Custom Compute Group within its AXG business unit to support the upcoming blockchain accelerator and other emerging technologies. The new team will concentrate on developing custom silicon platforms that are optimized for the workloads of customers. These could be used to address use-cases such as “blockchain and other custom accelerated supercomputing opportunities at the edge.” Intel also claims that it will try to leverage technologies from its zetta-scale computing initiative in the future to deliver energy-efficient solutions.

About Intel

Intel Corporation is a multinational technology corporation headquartered in Santa Clara, California. It is the world’s largest semiconductor chip manufacturer in terms of revenue, and it created the x86 series of microprocessors, which are found in the majority of personal computers (PCs). Intel, based in Delaware, was ranked No. 45 on the 2020 Fortune 500 list of the largest corporations in the United States by total revenue for nearly a decade, from 2007 to 2016. Intel provides microprocessors to computer system manufacturers such as Lenovo, HP, and Dell. Intel also makes motherboard chipsets, network interface controllers and integrated circuits, flash memory, graphics chips, embedded processors, and other communications and computing devices.

The name of the company was conceived as a portmanteau of the words integrated and electronics, as co-founder Noyce was a key inventor of the integrated circuit (the microchip). The name was also appropriate because “intel” is the term for intelligence information. Intel was a pioneer in the development of SRAM and DRAM memory chips, which accounted for the majority of its revenue until 1981. Intel became the dominant supplier of microprocessors for personal computers, and it was known for using aggressive and anti-competitive tactics to maintain its market position, particularly against Advanced Micro Devices (AMD), as well as a battle with Microsoft for control of the PC industry’s direction.

Team YTS

What Industry Stakeholders Think Of The Digital Rupee In 2022–23?

Leave a Comment / News, Tech News / By Team YTS

The anticipated Central Bank Digital Currency (CBDC), the Digital Rupee, will be launched in 2022-23, according to Finance Minister Nirmala Sitharaman, who presented the Union Budget for the financial year 2022 on Tuesday. The Reserve Bank of India (RBI) will issue the digital currency, which will be based on blockchain technology, according to the minister. It will, however, differ from traditional cryptocurrencies such as bitcoin and ether, which are decentralized.

In her budget speech, Sitharaman, 62, said the digital rupee aims to “give a big boost to the digital economy” and lead to a “more efficient and affordable currency management system.” The exact name of the digital rupee will be decided later. The finance minister gave no further details about the long-awaited CBDC in her hour-and-a-half speech. She later explained in a press conference, however, that the digital rupee will be treated differently than other digital assets and cryptocurrencies.

“Currency is only currency when it is issued by the central bank, even if it is cryptocurrency. Anything beyond that, loosely speaking, we all refer to cryptocurrencies, they are not currencies,” she explained.
Plans for a digital rupee, for example, have been rumored for some time. In response to a question from the upper house, Finance Minister Anurag Singh Thakur proposed its formation in February of last year.
The government’s decision to create its own digital currency was applauded by the industry.

The news of the launch of digital rupees on the blockchain, according to Nischal Shetty, CEO of crypto exchanges and wallet WazirX, is “amazing,” indicating that the country is on the road to legalizing the crypto sector. Yes, I am.
“This move will pave the way for the adoption of cryptocurrencies and put India at the forefront of innovation,” he said.
Other cryptocurrency stakeholders agree with Shetty’s viewpoints and are optimistic about the future.

“The introduction of a CBDC clearly shows that India is a digital-first, efficiency-driven, and transparency-led system,” said Sumit Gupta, co-founder, and CEO of cryptocurrency exchange CoinDCX.
The launch of the digital Rupee by the RBI, according to Avinash Shekhar, CEO of cryptocurrency exchange ZebPay, will help familiarise Indian consumers with the benefits and efficiency of virtual currency and build an appetite for crypto and blockchain.

“The Budget focused heavily on integrating technology across sectors, and the gradual acceptance of a digital currency, blockchain, and virtual digital assets has the potential to make India a leader in this new paradigm of blockchain-enabled revolution,” Shekhar said.
The launch of the digital currency, according to Shivam Thakral, CEO of cryptocurrency exchange and wallet BuyUcoin, will catalyze the growth of blockchain infrastructure in the country.
“If RBI allows the trading of CBDC on private exchanges, it will add a new dimension to public-private partnerships in India’s fintech space,” he said. The arrival of the new currency, according to Ashish Singhal, Founder, and CEO of cryptocurrency exchange CoinSwitch Kuber and Co-Chair of the Blockchain and Cryptocurrency Assets Council (BACC), will accelerate digitization in the country.

“We also believe that various budget measures to improve digital payments adoption will induce more digital-savvy Indians into the financial ecosystem willing to explore newer forms of investing and wealth creation,” Singhal added.
Fintech companies have reacted positively to the government’s announcement to enter the digital currency space, in addition to cryptocurrency exchanges.
“The official announcement of India’s CBDC (Digital Rupee) launch is a long-awaited positive move that will create a wave of preparatory work among retail payment providers,” he said.
The introduction of digital rupees, according to Harshil Mathur, CEO, and co-founder of payment gateway RazorPay, will help reduce the financial and physical effort required to manage money.
Puneet Gupta, managing director and vice president of data management firm NetApp India, agreed that the announcement would aid in the creation of a framework for emerging technologies.
Users can only go from traditional digital senders to digital recipients, according to digital payment strategist Ram Lastgi, when it comes to how central bank digital currencies, or CBDCs, can help boost the domestic digital economy. He stated that he would be able to conduct digital transactions. From a digital sender to an offline receiver, in a sense.

He explained that “smartphone users can make payments for digital currencies via QR codes, while non-smartphone users can make payments via SMS string-based electronic vouchers.”
Payments via SMS string-based electronic vouchers, he added, will gradually allow people who don’t have smartphones to accept digital methods.
Market analysts also believe that the addition of a digital currency to the existing Rupee would reduce economic leakages by reducing reliance on physical cash.
Abheek Barua, Chief Economist at HDFC Bank, believes that digital currency will have an impact on banks. “The implications of the same will have to be thought through further,” he said.

According to Pankit Desai, Co-Founder, and CEO of Mumbai-based cybersecurity startup Sequretek, the government should focus on raising awareness and education among businesses and consumers about the importance of cybersecurity, privacy, and data security, as well as bringing technological advancements in digital payments for sustainable growth.
Madhusudan E, a member of the Fintech Association for Consumer Empowerment (FACE) and Co-Founder and CEO of personal loan platform KreditBee, also emphasized the importance of paying attention to the digital currency’s implementation process.
While the government is finally moving to launch the country’s digital currency as an alternative to cryptocurrencies, some experts have pointed out that the government does not recognize any other digital currencies in the country.

Team YTS

Bitcoin Price continues to fall as Chinese officials exclusively target Crypto Mining.

Leave a Comment / News, Tech News / By Annasha

Digital currencies have gained a lot of popularity and demand in a very short span of time. Unfortunately, the world’s largest and most popular cryptocurrency which hit an all-time high under $65,000 during mid-April has fallen to 45% of its valuation. Many people, especially the younger generation, invest and trade using digital currencies. But, China has recently imposed stricter regulations and speculative measures so that the financial risks are minimized on mining and trading of the world’s largest cryptocurrency.

The Financial Stability and Development Committee of China which is chaired by Vice Premier Liu He, said that Bitcoin needs more regulation. So, last Friday, the valuation of Bitcoin fell more than 11% after doubling the monitoring efforts. For most of the London and Asian session, the value of Bitcoin was $40,000 which dropped to $35,928.

Imposing Strict Speculation on Cryptocurrency

The Chinese Government and other officials of the country are now determined to rule out any possible loophole that will increase the chances of fraud in Cryptocurrency. Before the Chinese officials made any public statement, three Chinese industries already imposed a ban on banks and payment companies which carried out crypto-related services. This escalated the situation and finally Liu He released the order of crackdown on Bitcoin publicly. It is for the first time that crypto mining is targeted by the government.

After the statement by China, John Wu, President of Ava Labs commented that the statements made by China were not very specific. So, it might be difficult to understand the course of action or the real impact of the situation that will take place in the following days. He further added that the statement by Liu He makes it clear that Bitcoin mining is very risky in China as it relies on the will of the government.

The New Rules

With China imposing double measures on digital currencies, there are new rules proposed by the Chinese government. According to the government proposal, every cryptocurrency exchange that is operating in Hong Kong is bound to be licensed by the city’s market regulators. From now onwards, they can only provide services to professional investors. In response to this new announcement by the Chinese government, Ruud Feltkamp, chief executive officer at crypto trading bot Cryptohopper, said that, China is trying to tackle Bitcoin, its mining and trading since 2013 so again doubling down efforts to stop fraud in digital currencies is not a surprise anymore. But, he further said it will be a surprise if this has substantial long-term effect on Bitcoin.

Last Friday, China’s state broadcaster CCTV warned its audience against the systemic risks of cryptocurrency trading during a commentary on its website. The exact words that CCTV said were, “Bitcoin is no longer an investment tool to avoid risks. Rather, it’s a speculative instrument.” It further mentioned that cryptocurrency is a very lightly regulated asset which makes it a good option for trading in the black market, money laundering, drug dealing, and every other kind of illegal business. While the Chinese government is trying to enforce strict rules on Bitcoin, the rival cryptocurrency Ether is also losing its valuation.

Sudden Awareness of the Chinese government

Before China decided to declare a crackdown on Bitcoin, the U.S.Treasury Department just a day before China’s declaration announced some new rules. According to these new rules, the large cryptocurrency transfer should be reported to the Internal Revenue Service and the Federal Reserve flagged the risks cryptocurrencies posed to financial stability (Gadgets 360). The Bitcoin market operates around the clock so the traders have to be vigilant as any time unpredictable price swings might occur.

For many people, the concept of Bitcoin is not very clear. One should know that Bitcoin is a form of digital currency that does not have any relationship with the bank or government and the user can spend it in any possible way. The users also have the option to buy or sell Bitcoins in exchange for U.S. dollars and other currencies. But, seeing that digital currencies especially Bitcoin are becoming a very dominating source of monetary trading in illegal activities, the Chinese government is enforcing strict rules and regulations.

Annasha

Annasha Dey is an NIT student, who apart from studying engineering is also a content writer. She has a great interest in photography, writing, reading novels, and travelling as well. She is a foodie who loves socializing and hanging out with her friends. She is also a trained Kathak dancer and a big fashion enthusiast. Dey also loves watching TV series, which includes F.R.I.E.N.D.S. and Big Bang Theory. To be a better writer she prefers to read more

Nakamoto Mystery Worth Billions of Dollars: How Bitcoin founder Nakamoto left with no trace.

Leave a Comment / Founder, Tech Story / By Athulya

Bitcoin has emerged as a game-changer in world-economics attracting millions of users and buyers. An international digital currency that took the world by a storm at the start of the decade still continues its run. Rewarding investors handsomely, and turning them into millionaires has made this commodity very valuable. However, one of the most fascinating aspects of Bitcoin is its founder, Satoshi Nakamoto. This mystery remains unsolved as people know little about him. After releasing this commodity which forever changed the dynamics of international economics, he disappeared. Here’s a look behind the scenes at the mystery and the success of the Bitcoin.

What is Bitcoin?

Bitcoin is a type of decentralized digital currency or cryptocurrency, having no banks or administrators. This currency goes from one person to another, without relying on middle-men, via a network. The system works on the principle of block-chain technology through which transactions are verified and recorded in a public ledger. The idea started taking shape in 2008 by a person or group who used the pseudonym Satoshi Nakamoto. The platform went open source in 2009 and quickly gained popularity. People started trying to learn more about, and ‘mine’ these bitcoins to exchange them for other currencies and products. By 2017, over 4.8 million unique users had their own cryptocurrency wallets.

Nakamoto Creation of the Bitcoin

In August 2008 the domain name “bitcoin.org” was registered and within a couple of months, Satoshi Nakamoto authored a paper titled “Bitcoin: A Electronic Cash System”. It came out as open-source software in January 2009 with Nakamoto’s identity remaining unknown. The author himself mined the first block, called the genesis block two days after launching. Hal Finney became the first receiver when Nakamoto sent him 10 bitcoins, and soon enough other people joined the chain. The first commercial exchange occurred in 2010 when 10,000 coins gave Laszlo Hanyecz two Papa John’s pizzas. Since then, the coin has become an international phenomenon and currently, one single Bitcoin costs around 5.5 lakhs!

Disappearance and Mystery

Nakamoto mined around a million bitcoins and disappeared in 2010, leaving everyone in shock. Before leaving, he handed over the network key to Gavin Andresen, who became the lead developer at the Bitcoin Foundation. Silk Road was a major investor early on, carrying out transactions worth more than $214 million. The coin started 2011 at $0.30 and grew to $5.27 by the end of the year, having hit $31.50 in June. Alternate coins soon came out with the first one being Litecoin, which came out in 2011. A year later, Bitcoin rose to $13.30 and in the same year, investors and developers found the Bitcoin Foundation.

Explosion and Growth

In 2013, the industry really exploded and the Bitcoin grew exponentially, starting the year at $13.30 and ending it at $770. The same year, FinCEN built some regulatory guidelines for the bitcoin, making it a legal entity. A huge hit came in late 2013 when the People’s Bank of China banned Chinese institutions from utilizing bitcoins. After two years of constantly rising and falling prices, in 2016, the prices steadily rose to $998. In 2017, the prices sky-rocketed, hitting their highest value of $19,783.06 on 17th December 2017. In 2018, the prices fluctuated, mostly staying above $5000, being negatively affected by hacks and thefts. Also read

Who is Nakamoto?

As the Bitcoin grew, Nakamoto’s importance grew with it, with him being a figurehead to the entire institution of digital currency. Most discussions regarding the future development of the bitcoin constantly feature his name. Also, the founder also holds cryptocurrency worth around $5.8 billion, making him an important investor. While people made numerous efforts over the years, the search for Nakamoto’s identity has proved difficult and elusive. Here’s a look at the three most probable candidates.

In 2014, Newsweek stated that Dorian Nakamoto is Satoshi Nakamoto via an article, creating a storm within the crypto-environment. The article claimed several similarities between the two, including a Japanese connection and similar philosophies. However, Dorian denied these claims, but still profited from it as people gifted him 67 bitcoins worth $273,000.

Australian scientist, Craig Wright announced in 2015 that he had been involved with bitcoin for a while. This led to large-scale investigations with people claiming he was Nakamoto. However, over time, the proof came out which unraveled Wright’s claim to being Nakamoto. Even Ethereum cofounder Vitalik Buterin, who is in most cases silent came out against him. Conspiracy theorists have even stated that the founder could be a group of companies. For example, Samsung + Toshiba= Satoshi and Nakamichi +Motorola=Nakamoto! Like “Finding Nemo”, the quest for finding Satoshi Nakamoto is on, and let us hope we get a name soon enough! However, in spite of this mystery, the industry continues to grow, being already worth billions of dollars.

Athulya

Being a cinephile with a love for all things outdoorsy, Athulya never misses a chance to chase inspiring stories or poke fun at things, even when the subject is herself. Currently pursuing a degree in mechanical engineering, she is someone innately interested in technical and scientific research. Music reviews and op-eds define her as they allow her to explore different perspectives. Though sometimes she thinks she makes more sense playing the guitar than she does while writing.

Kraken, One Of The World’s Oldest And Largest Cryptocurrency Exchanges

Leave a Comment / start-up, Tech Story / By Annasha

With the arrival of the twenty-first century, everything around us has been transforming at light speed. The progress in every field is astounding. With every nation striving hard to build a fantastic economy, the founders of digital currency exchanges are raising a toast.

The digital currency has shown a whole new side of a financial system. It is not only for transferring assets but cryptocurrency provides a huge opportunity for investment. The value of crypto assets has been increasing with every passing day. And, speaking of digital currency the companies transferring and trading with such assets are becoming billionaires.

Kraken is one such digital currency company based in San Francisco, California. In July 2011, Jesse Powell established the company.

Jesse Powell

Jesse Powell completed his education from California State University-Sacramento. He is a well-known entrepreneur who did more than just founding Kraken.

His entrepreneurial life started with co-founding Lewt, Inc in 2001. In July 2006, he co-founded Internet Ventures & Holdings and also served as the CEO. He founded Verge Gallery and Studio Project in June 2007. This start-up of Jesse gave a lot of opportunities to the potential artists out there. It ale became Sacramento’s largest commercial fine arts gallery.

Jesse seems to have a soft corner for arts. In April 2010, he co-founded Verge Center for the Arts and after a year he co-founded Kraken.

The Beginning

Mt. Gox was the world’s largest bitcoin exchange. In 2010, Jed McCaleb founded the company. It was just a year before Kraken came up. But, who knew that the world’s leading digital currency platform would go out of business within four years.

In 2011, when Jesse started working on Kraken he suspected the downfall of the company. And, it happened in 2014. A company that carried out 70% of the world’s bitcoin transaction suddenly went bankrupt. Today, the company is still struggling hard to get back on track.

This was the golden hour for Kraken. Jesse worked on his company for two long years. And, after several tests and developments, Jesse launched Kraken in September 2013. The platform initially allowed exchange via bitcoin, Litecoin and euro trades.

Jaw-dropping Success

In July 2013, Kraken became a part of the Digital Asset Transfer Authority (DATA). The company’s trade began escalating since the very year of its launching. It came into a partnership with Fidor bank.

The company’s funding started in 2014 with a massive amount of $5 million in Series A funding. The funding round was led by Hummingbird Ventures. Just a year after its formation, Kraken became the first-ever digital currency exchange to be listed on Bloomberg Terminal.

In May 2015, Kraken launched the beta version of margin trading and later that year it opened the dark pool.

Expansion

In 2016, Kraken expanded its service to thirty-seven other states of the U.S. and all Canadian residents. In the same year, Kraken came into a joint venture with SynpasePay and Vogogo. Kraken completed its Series B funding this year. SBI Investment led the investment round.

Kraken acquired CleverCoin and Glidera in the same year. 2016 proved to be a very vital year of Kraken. Though it expanded gigantically the alleged crimes pulled down its face value.

The Turmoil

In July 2016, news spread out through media about the stolen funds of Kraken. Tension grew among customers when they heard accounts were compromised as well. The investigation went on for one long month. And, finally, the FBI informed that Kraken was safe and no such attack took place.

It took time for Kraken to build up the reputation. Because no matter a company has been under serious threats or attacks, once the word goes out it tends to fall apart.

Present Day

It is a platform that allows both the exchange of digital currency and exchange between digital currencies and normal currency like USD.

In March 2017, they acquired both Cryptowatch and its founder. Kraken also witnessed 50,000 new users signing up every day.

In April 2018, Kraken put an end to its business in Japan. The company announced that after four years of doing business in Japan suddenly the expenses started rising and they have to cease the business.

In February 2019, company received $100 million at a valuation of $4 billion. Though the company is making pocket-full for itself investigation continues.