×

UPSC Courses

DNA banner

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


India–Azerbaijan

A year after tensions arising from Operation Sindoor, India and Azerbaijan have taken steps to restore and normalise bilateral relations. The 6th round of Foreign Office Consultations, held in Baku, marked the first such engagement since 2022, signaling renewed diplomatic momentum. Recent Diplomatic Engagement During the consultations, bo

India–Australia Economic Cooperation and Trade Agreem

The India–Australia Economic Cooperation and Trade Agreement has completed four years since its signing. Both countries now aim to build on this progress through strengthened collaboration and ambitious targets, including reaching AUD 100 billion in bilateral trade by 2030. What is the India–Australia Economic Cooperation and Tra

ADR Report on Political Funding

A recent report by the Association for Democratic Reforms (ADR) analyses donations of ?20,000 or more declared to the Election Commission of India (ECI) by national political parties for FY 2024–25, highlighting transparency and accountability in political financing. Key Findings Massive Funding Surge Total donations to nationa

Maritime Chokepoints

Maritime chokepoints are narrow channels along global shipping routes where maritime traffic is concentrated. These points are geopolitically and economically critical, as they handle a large proportion of global trade, especially energy shipments. Current Relevance Over two-thirds of seaborne energy trade passes through a handful o

US-Israel-Iran War

Following the launch of Operation Epic Fury (U.S.) and Operation Roaring Lion (Israel), the geopolitical landscape has shifted fundamentally with the confirmed death of Iran’s Supreme Leader, Ayatollah Ali Khamenei.Iran retaliated through Operation True Promise 4, launching missile attacks against Israel and nearby Gulf states. The escala

DNA

05 Apr,2026

Toppers

Search By Date

Newsletter Subscription
SMS Alerts

Important Links

UPSC GS Mains Crash Course - RAW