Ex-Coinbase CTO Claims India Could Be Back-Up for USA ‘Till Crypto Scales’

News
Tue, 06/30/2020 - 12:54
article image
Vladislav Sopov
Engineer and scientist Balaji Srinivasan has given a surprising statement on the possible benefits the Indian IT segment may reap from banning Chinese applications
Ex-Coinbase CTO Claims India Could Be Back-Up for USA ‘Till Crypto Scales’
Cover image via www.youtube.com
Contents

Yesterday on June 29, 2020, it was announced that the Indian government decided to restrict the use of Chinese mobile applications, including TikTok, Baidu, QQ and WeChat. Balaji Srinivasan claims this may have far-reaching implications for the local IT sector.

Tendencies of bans

According to Mr. Srinivasan, the Indian IT segment could grow its own ecosystem and compete with the U.S., China and Russia. He admitted that part of the nation’s population might use foreign applications due to the restrictions put in place by governments.

Balaji Srinivasan predicts the growth of Indian IT segment
Image via Twitter

India is capable of building a clone of every application from the black-list. So, he highlights, ‘hundreds of teams in India have begun work’ on these alternatives right now.

The results of this progress would be useful even for the people outside of India. Mr. Srinivasan outlines that the Indian approach in this sphere is free of political prejudices and restrictions, unlike in China or Russia. So, U.S. citizens unsatisfied with American services could use Indian platforms.

However, the growth of decentralized technologies will put an end to these bans. So, Indian supremacy is possible, but it would only last ‘till crypto scales’.

Searching for good apps

That said, Balaji Srinivasan is treating India as a ‘black horse provider’, which is less subject to U.S. surveillance measures. It may allow India to fill the gap that the banning of Chinese apps has created.

Mr. Srinivasan also invited every development team to showcase the projects they are working on. He announced that he will analyze these products together with legendary investor Naval Ravikant.

Within the framework of their ‘India Stands App’ program, the devs are asked to send working prototypes while pitch decks are not allowed.

article image
About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)

2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250

News
Fri, 01/15/2021 - 18:02
article image
Vladislav Sopov
Ethereum 2.0 enthusiasts deposited whopping sum in its contract launched six weeks ago
2,500,000 Ethers Locked in Ethereum 2.0 Deposit Contract as ETH Rejected From $1,250
Cover image via stock.adobe.com
Contents

While crypto markets are trying to get out of the most painful correction in this bullish cycle, the Ethereum 2.0 deposit contract accomplishes another crucial milestone.

ETH2 deposit contract surpasses $3,000,000,000 level

According to leading Ethereum network observer Etherscan, the Ethereum 2.0 deposit contract (0x00000000219ab540356cBB839Cbe05303d7705Fa) allocated more than 2.5 million Ethers. New 32-ETH stakes are transferred to it every minute.

ETH2 deposit contract breaks above $3B
Image by Etherscan

As the correction of the Ethereum (ETH) price ended, ETH is changing hands at $1,225: the $1,250 level was too difficult for bulls to conquer. Meanwhile, even at press time, it is worth almost $40,000 to join the club of Ethereum 2.0 stakers.

Therefore, the USD-denominated value of assets locked in the contract surpassed $3 billion for the first time ever and keeps surging.

It should be noted that Ethereum 2.0’s deposit contract went live on Dec. 1, 2020, heralding the start of ETH2 Pase Zero or Beacon Chain, the inaugural stage of Ethereum 2.0.

Ethereum 2.0 “entry tickets” become really expensive

At press time, more than 52,267 addresses transferred money to the deposit contract.

Ironically, Black Thursday in Crypto (March 13, 2020) was the most convenient time to join Ethereum 2.0 staking with Ether at $95. Today, Ethereum (ETH) enthusiasts should pay 13 times more to have a minimum amount of Ethers required for staking.

Ethereum 2.0 is a proof of stake (PoS) iteration of the Ethereum (ETH) protocol. It replaces mining by staking and splits the whole Ethereum (ETH) network into several interconnected sub-chains (shards).

According to Staking Rewards analytical dashboard, annualized rewards for ETH staking are estimated between 10.4 and 10.6 percent.

article image
About the author

Blockchain Analyst & Writer with scientific background. 5+ years in IT-analytics, 2+ years in blockchain.

Worked in independent analysis (Crypto Briefing) as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)