Pratik Gauri News

Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

Blockchain layer 1 network 5ire, which secured series A funding last year valuing the company at $1.5 billion, is now bidding farewell to one of its co-founders.

Ethereum's much awaited software update named 'The Merge' is just a few hours away, which will shift its mechanism to proof-of-stake (PoS) from existing proof-of-work (PoW). The Merge has attracted numerous headlines, hogged ample limelight, philosophical debates about the future of Ethereum and multiple technical analysts, but one can not look past the energy efficient mechanism after the update. According to the Ethereum Foundation, PoS will cut Ethereum’s energy usage by around 99.95 per cent. The foundation is a non-profit organization that funds Ethereum ecosystem development. PoS advocates also argue that PoW mining centralizes control in the hands of those who can afford to buy fancy crypto mining rigs, called ASICs. It is also argued that PoS is a less battle-tested system than PoW.

Reserve Bank of India (RBI) said that the central bank will launch its digital currency as a pilot project this year. Addressing the India Ideas Summit, Sankar said that Central Bank Digital Currency (CBDC) is the most efficient system for cross-border payments. Though, it reiterated that RBI aims to give viable alternatives and not going for a cashless society. Finance Minister Nirmala Sitharaman had announced the launch of CBDC during her union budget speech, which was tabled earlier this year. Pratik Gauri, Co-founder & CEO, 5ire said that as cautious as the government has been about both VAs and digital currency, it is a novel step to be taken by a central bank.

crypto market in India, which attracted a big chunk of new and amateur investors in 2021, is suffering from a lack of trading volumes in 2022 due to a number of factors. The government implemented 30 per cent flat taxation in gains from the sale of crypto assets from April 1, 2022, and levied one per cent TDS on all crypto transactions since July 1, 2022. Market participants believe that despite a panic among the crypto investors, the froth has settled, and high tax rates are now sinking in among the traders. However, the unwillingness may not end anytime soon. Punit Agarwal, Founder and CEO, KoinX, said that the taxation framework was not something that a crypto investor in India was expecting. For the trader that works on small percentage margins, the TDS has been reducing the volume of the funds.

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

Disclaimer: The text below is a press release that is not part of Cryptonews.com editorial content.

An ambitious sustainability-based blockchain project has secured $100 million in a Series A funding round to drive its development.

Crypto players have been under criticism for high energy requirements for mining of tokens. Although crypto trading is paperless, the process of mining consumes a lot of energy and machinery to perform sophisticated algorithms to authenticate each transaction. Separate parties verify the records and transactions stored on a blockchain in the first generation of cryptocurrencies, which is known as 'proof of work' or the PoW model. If prices and user acceptance of the crypto asset continues to rise, the quantity of energy needed by cryptocurrency mining is likely to rise as well.

According to a tweet from Aditya Singh, Co-Founder of Crypto India, the major crypto trading platforms have registered a two-third in the trading volumes on their platforms. As announced in the union budget 2022, the Indian government is levying 30 per cent taxations on the gains arising from the trade of crypto assets. Many of the market players saw this move as an anti crypto stance.

World Earth Day, carbon emission in the globe due to crypto missing and transactions is a much discussed issue. Carbon footprint left behind by mining crypto assets. According to a sustainability think tank called Thinkthrough Consulting, the Bitcoin network consumed 131.80 TWh (terawatt-hours) of power in 2020 in order to execute the algorithms that power its mining operations. For context, that is the equivalent to the power consumed by the entire country of Argentina. Bitcoin production is estimated to generate between 22-22.9 million metric tons of carbon dioxide emissions a year, equivalent to emissions by countries like Jordan and Sri Lanka, or about 1 per cent global electricity consumption.

Sitharaman pitched for a global framework to regulate the crytpo tokens, particularly their use in money laundering and terror financing. Speaking in a discussion hosted by the International Monetary Fund (IMF) in Washington DC, Sitharaman said, «I think the biggest risk for all countries across the board will be the money laundering aspect and the aspect of currency being used for financing terror.» The crypto industry is echoing the similar voices and said that global regulations are the need of the hour as no country can handle this alone. However, it will not be a cakewalk, they warned.

In the last 24 hours alone, the global market cap has tumbled more than 5 per cent to $1.85 trillion. It was over $2.05 trillion a week ago. That said, the volumes have remained strong in the digital token market.Crypto tokens fell ahead of Tuesday’s US Consumer Price Index report, said OKX research team.

Metaverse,' their much-awaited virtual reality project. Ether, Ethereum's native cryptocurrency, has been fixed as the pricing token for land deals. The latest project by the much-followed meme coin will have 1,00,595 land plots, of which some will remain private. Though the plots will be released in a phased manner. The main goal behind the SHIB project is to create one of the strongest communities in crypto history, said Edul Patel, CEO and Co-founder of Mudrex. «Its big announcements of getting into metaverse space and offering more than 100 thousand plots of virtual space have gathered more than 3 million followers, adding to the token.»

5ire, a 5th generation blockchain network, has bagged the AIBC Asia's 'Social impact Project of the Year' award held in Dubai, the United Arab Emirates on March 20th, 2022. 5ire is founded by two entrepreneurs of Indian origin, Pratik Gauri and Prateek Dwivedi, along with crypto financier Vilma Mattila from the United Kingdom. Appreciating the winners, AIBC underlined the importance of Social Impact, saying, «The stronger our ties develop, the more powerful blockchain becomes.»

Minister of State for Finance Pankaj Chaudhary, in a written reply to the Lok Sabha on March 28, said that the government had initiated action against 11 cryptocurrency exchanges in India for tax evasions worth a total Rs 81.54 crore.

Almost two months after the government proposed a taxation policy for income from trading in virtual digital assets (VDAs), there is still a lack of clarity on various aspects, experts said.

ASCI) released guidelines for crypto or virtual digital assets (VDAs) related advertisements on Wednesday, applicable from April 1. Earlier advertisements and promotions must not appear in the public domain unless they comply with the new guidelines after April 15, 2022. Pratik Gauri, Founder and CEO of 5ire, said that India does not have room for laissez-faire market notions. The government is aiming to protect hard-earned money with the updated ASCI regulations.

The majority of stablecoins are pegged to the US Dollar but there is a demand to create more coins with alternative denominations. That said, a few stablecoins are pegged to currencies like Singapore Dollar, Indonesian Rupiah or Euro. Large currencies have volume, some established form of consistency and track record and tangible backing, and thereby make for a good standard in the virtual currency world, said Raj A Kapoor, Founder, India Blockchain Alliance.

Blockchain network 5ire has raised $100 million investment from GEM Global Yield LLC SCS (GGY), a Luxembourg-based private alternative investment group, with the aim to go public.