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DAILY NEWS ANALYSIS

  • 18 December, 2020

  • 4 Min Read

ETHEREUM 2.0

ETHEREUM 2.0

  • Ethereum is a cryptocurrency.
  • Recently, it was launched in a faster, cheaper and more environmentally friendly platform, as the upgraded version called ‘Ethereum 2.0’.

What is Ethereum?

  • Ethereum is a decentralised and open-source blockchain platform, which is a growing list of cryptographic blocks.
  • It is the world’s second-largest cryptocurrency by market capitalization, only after bitcoin.
  • It is also the world’s most actively used blockchain.
  • Ethereum was first proposed in 2013 by a Russian- Canadian cryptocurrency researcher and programmer Vitalik Buterin.
  • The largest cryptocurrency ‘Bitcoin’ works on the principle of Mining, which in turn requires solving complex problems leading to large consumption of electricity.
  • This updated Ethereum 2.0 changes this system into ‘proof of stake’, which links the quantities of ether with the selection as validators.
  • Cryptocurrencies cannot be used as a legal currency in India.

What are cryptocurrencies?

  • It is a specific type of virtual currency that is protected by cryptographic encryption techniques.
  • Some of the popular cryptocurrencies are ripple, Bitcoin, and Ethereum.
  • There is no central authority to record the transactions.
  • Cryptocurrencies use technologies such as distributed ledger technology or blockchain technology to store transaction data.

What are the current cryptocurrency regulations in India?

  • In December 2017, the Government of India clarified that virtual currencies do not have protection or regulator permission in India.
  • In 2018, the Reserve Bank of India notified that the entities operating under it should not deal with cryptocurrency.

Subhash Chandra Garg committee on cryptocurrency

  • The inter-ministerial committee constituted under the chairmanship of Subhash Chandra Garg has submitted its report suggesting the draft bill, “Banning of Cryptocurrency and Regulation of Official Digital Currency bill, 2019”.

Source: TH


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