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GS-III : S&T Computers and IT

18 December, 2020
4 Min Read

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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