Bharat Rakshak

https://economictimes.indiatimes.com/in ... s?from=mdr

SBI joins JPMorgan's blockchain-based payment network
extracts

The tie up is expected to reduce SBI customers’ transaction costs and time taken for payments, sources said. Time taken to resolve cross-border payments-related inquiries can be reduced to a few hours from up to a fortnight, they said. This will help cross-border payments reach beneficiaries faster and using limited steps.

https://blog.horizen.io/celsius-and-hor ... gn=zkAudit

Celsius And Horizen Announce ZkAudit -The First And Only Fully Decentralized And Privacy-Preserving Audit Blockchain
HORIZEN NEWS Announcements, English, Featured, news, Partnerships, Press Releases, Product Releases & Upgrades celsius, Horizen Labs, zendoo, zkAudit 0

The release of zkAudit marks a major milestone for the Horizen ecosystem. This is the first and only fully decentralized and privacy-enabled audit (proof of reserve) blockchain that doesn’t require any third-party validators.
zkAudit is a complete and integration-ready blockchain built by Horizen Labs for companies that would like to increase their transparency while preserving user privacy.

zkAudit is built to solve the inefficiency and lack of transparency in traditional auditing processes. By leveraging Zendoo with zkSNARK privacy technologies, zkAudit can secure, verify, and validate proof of reserves in near-real-time without revealing identifiable information or relying on third-party validators. This means a much faster, more transparent, more secure and more accurate auditing process.

Wondering if this can be used for GST




Jon Our Live AMA
For more insights about zkAudit and our partnership with Celsius, please tune in for a live AMA on 7/16 at 1PM EST on YouTube with Horizen co-founder Rob Viglione and Celsius CEO Alex Mashinsky.

https://www.youtube.com/channel/UC3yZY7 ... BuyNuPinbQ

We are developing a collaborative governance platform for complex projects, cybereum, at the juncture of blockchain, business networks, and complexity. It will meet critical needs in a trillion-dollar market & generate asset-backed tokens.
http://cybereum.io/
https://www.linkedin.com/showcase/cybereum

Projects on the platform will be Directed Acyclic Graphs (DAG) with the DAG vertices at project milestones containing smart contracts which will align authenticated project participants. The final draft of a paper that will shortly be published in ACM conference proceedings is here: DAG DLT for project governance: http://blockchainforprojects.com/wp-con ... t21-26.pdf

I thought it might be of interest to some of you.

Two questions.
* Cryptocrruncies can be mined and it boils down to price of electricity in your areas. This means it is at least 10 time cheaper in India then it is UK. Is it so?
*Secondly how Govt agencies track the accounts used for illegal activities ? I know govts are hammering out plans to produce the crypto currency of their own. But how they can money from being transferred?

rsingh wrote:Two questions.
* Cryptocrruncies can be mined and it boils down to price of electricity in your areas. This means it is at least 10 time cheaper in India then it is UK. Is it so?
*Secondly how Govt agencies track the accounts used for illegal activities ? I know govts are hammering out plans to produce the crypto currency of their own. But how they can money from being transferred?

Mining is very inefficient. Major currencies like BTC and ETH reached high hash rates (number of hashes produced per second) which are very difficult to mine even with specialized hardware.

Now many of the cryptos are moving to different algorithms other than Proof of Work (which is mining) to Proof of stake and other alternate algorithms which don't need electricity and high hash rates. They are not as decentralized as Bitcoin but serve the purpose by using random validator nodes which keep changing regularly.

If Govt. creates digital currency, it is easier to track because they can track which nodes are in the network by issuing only digital certificates. There are technologies like Polkadot and Cosmos which allow cross blockchain transactions to make it work between different digital currencies.

Some sort of regulation will come for cryptos

vijayk wrote:

rsingh wrote:Two questions.
* Cryptocrruncies can be mined and it boils down to price of electricity in your areas. This means it is at least 10 time cheaper in India then it is UK. Is it so?
*Secondly how Govt agencies track the accounts used for illegal activities ? I know govts are hammering out plans to produce the crypto currency of their own. But how they can money from being transferred?

Mining is very inefficient. Major currencies like BTC and ETH reached high hash rates (number of hashes produced per second) which are very difficult to mine even with specialized hardware.

Now many of the cryptos are moving to different algorithms other than Proof of Work (which is mining) to Proof of stake and other alternate algorithms which don't need electricity and high hash rates. They are not as decentralized as Bitcoin but serve the purpose by using random validator nodes which keep changing regularly.

If Govt. creates digital currency, it is easier to track because they can track which nodes are in the network by issuing only digital certificates. There are technologies like Polkadot and Cosmos which allow cross blockchain transactions to make it work between different digital currencies.

Some sort of regulation will come for cryptos

It take ~700 KWHr to do one transaction on the bitcoin exchange and @Rs7/Kwhr the cost is ~Rs 5000 per transaction.
https://www.forbes.com/sites/jonathanpo ... 45c1fe6822

How is this scalable is the question. It appears the energy cost is an automatic deflator of bitcoin value? I have serious questions over the environmental sustainability of BitCoin

This may lead to search for even cheaper source of energy. More efficient and faster computing. For the moment it is like printing money. Does it means oil producing countries may print more bitcoins because oil is free (for them). Open countries need not to export anything. Just put more electric plants and mine crypto currencies.

tandav wrote:
It take ~700 KWHr to do one transaction on the bitcoin exchange and @Rs7/Kwhr the cost is ~Rs 5000 per transaction.
https://www.forbes.com/sites/jonathanpo ... 45c1fe6822

How is this scalable is the question. It appears the energy cost is an automatic deflator of bitcoin value? I have serious questions over the environmental sustainability of BitCoin

The article seems to be deliberately characterizing the cost of each transaction. I did a bit of digging and found the following:
The cost of a 1BTC transaction in Jan 2021 was about 612 KWh, 1 BTC is about Rs.23.6 Lakh odd today. The cost of an equivalent $ or Rs transaction would be difficult to calculate as it requires data centers of many financial institutions to be working in concert to enable an electronic transfer of the money from one account in one country to another account in different country. Now you should also keep in mind that the traditional transaction would take over a day or two to effect fully for cross border transaction (which is the correct way to compare as all BTC transctions are international). Now if you take India for example, an international payment transaction can take about 25 sheets of paper with many signatures and a visit to the branch by a person and we can get charged between 1000 to 2000 for this "service" by sbi. Who know how many units of electricity is used to run the Swift system by the bank network and how much energy is consumed by the whole lot of computers that are needed to process the paperwork to make the transaction. The cost for the 612 units would be slightly less than Rs.5K for an typical industrial user.

So what would be the right way to compare the transaction costs of bitcoin and traditional networks?

vcsekhar wrote:

tandav wrote:
It take ~700 KWHr to do one transaction on the bitcoin exchange and @Rs7/Kwhr the cost is ~Rs 5000 per transaction.
https://www.forbes.com/sites/jonathanpo ... 45c1fe6822

How is this scalable is the question. It appears the energy cost is an automatic deflator of bitcoin value? I have serious questions over the environmental sustainability of BitCoin

The article seems to be deliberately characterizing the cost of each transaction. I did a bit of digging and found the following:
The cost of a 1BTC transaction in Jan 2021 was about 612 KWh, 1 BTC is about Rs.23.6 Lakh odd today. The cost of an equivalent $ or Rs transaction would be difficult to calculate as it requires data centers of many financial institutions to be working in concert to enable an electronic transfer of the money from one account in one country to another account in different country. Now you should also keep in mind that the traditional transaction would take over a day or two to effect fully for cross border transaction (which is the correct way to compare as all BTC transctions are international). Now if you take India for example, an international payment transaction can take about 25 sheets of paper with many signatures and a visit to the branch by a person and we can get charged between 1000 to 2000 for this "service" by sbi. Who know how many units of electricity is used to run the Swift system by the bank network and how much energy is consumed by the whole lot of computers that are needed to process the paperwork to make the transaction. The cost for the 612 units would be slightly less than Rs.5K for an typical industrial user.

So what would be the right way to compare the transaction costs of bitcoin and traditional networks?

International transactions for $10000 == Rs 7Lakhs take no papers. My family routinely does this transferring from USA to India and vice versa. But yes the transaction costs for BTC is Rs 6000 for transfer of Rs 24L == 0.25% of value seems small. However I was asking from the perspective of BitCoin becoming common currency would the transaction cost be 0.25% for small value transactions of value say Rs 100?

tandav wrote: International transactions for $10000 == Rs 7Lakhs take no papers. My family routinely does this transferring from USA to India and vice versa. But yes the transaction costs for BTC is Rs 6000 for transfer of Rs 24L == 0.25% of value seems small. However I was asking from the perspective of BitCoin becoming common currency would the transaction cost be 0.25% for small value transactions of value say Rs 100?

Your example is correct for personal transactions, however, part of the cost built into the system is the % the banks take by reducing exchange rate in their favour.
My example was related to business transactions which we do all the time for purchase of materials from our suppliers all over the world. There is a whole different set of rules to be followed for these transactions.
Bitcoin as a common currency has a ways to go as it is currently limited in the number of transactions per second overall. An improved blockchain architecture is required to achieve the huge numbers of transactions that the traditional banks can accommodate currently.
here is an article on the speeds of various digital currencies
https://blog.tezro.com/cryptocurrency-t ... on-speeds/
here is a quote: "Bitcoin can process up to seven transactions per second and has a confirmation time of 15 minutes"
This tech has a long ways to go to achieve the millions of transactions per second that is actually required for wide adoption.

Cheers..

I just published an article on the dangers of blockchain technology, despite being a blockchain startup founder.

It was prompted by a recognition of the danger of the technology being very effectively used for purposes contrary to what it was envisaged for.
This is an acute danger with blockchain technology.

Hope it is informative and interesting.
https://cybereum.medium.com/blockchain- ... 1d0a279980

https://swarajyamag.com/news-brief/fina ... s-industry
Finance Ministry Launches Blockchain-Based Pilot Project To Improve Efficiency In Logistics Industry

On 15 October, the Finance Ministry's Central Board of Indirect Taxes and Customs (CBIC) began a prototype Electronic Cargo Tracking System(ECTS) initiative based on blockchain technology. The initiative seeks to achieve secure container documentation and GPS-based tracking.

According to a recent tweet from Prasar Bharati News Services (PBNS), CBIC India “explores new frontiers for promoting #DigitalIndia by adopting blockchain for tracking movement of containers to a bonded warehouse”.

This warehouse is located in Delhi Customs' Inland Container Depot or ICD Tughlakabad Import Commissionerate. It was reported that the Finance Ministry has cooperated with the Asian Development Bank for this initiative.

The Quartz reported that a senior government official said: “The test run is being done within Delhi…for liquor [which] is a sensitive item, and it changes hands very frequently. It has been done in consultation with all stakeholders—the customs, the importers, the warehouse owners.”

https://docs.google.com/document/d/16bc ... t8mldcomlv

Point Network - A Holistic Framework for Web 3.0

This paper describes a holistic framework for web 3.0, also known as decentralized internet—open for everyone, decentralized, transparent, neutral, permissionless, censorship-resistant, privacy-preserving network—the shared ideal vision of the internet for the people and communities that invented the stepping stones on the way to it, such as Tor, Bittorrent, Bitcoin, Ethereum, IPFS and others. We show how by combining a storage layer, web3-enabled browser, identity manager and other components into the system we codenamed Point Network, significant improvements on the core protocols of the legacy internet can be achieved in regards to privacy, security, censorship-resistance and transparency.



Web 3.0

rsingh wrote:Two questions.
* Cryptocrruncies can be mined and it boils down to price of electricity in your areas. This means it is at least 10 time cheaper in India then it is UK. Is it so?
*Secondly how Govt agencies track the accounts used for illegal activities ? I know govts are hammering out plans to produce the crypto currency of their own. But how they can money from being transferred?

10 times cheaper??

banrjeer wrote:

rsingh wrote:Two questions.
* Cryptocrruncies can be mined and it boils down to price of electricity in your areas. This means it is at least 10 time cheaper in India then it is UK. Is it so?
*Secondly how Govt agencies track the accounts used for illegal activities ? I know govts are hammering out plans to produce the crypto currency of their own. But how they can money from being transferred?

10 times cheaper??

Most cryptos moved from Proof work to Proof of stake (no electricity charge) with fundamentally different consensus algorithm. Only BTC is costly in terms of electricity. Even Ethereum (ETH) is moving to Proof of stake

https://twitter.com/karandi65/status/14 ... 5615537152
Amazing News


Abhay Karandikar
@karandi65
The digital certificates are stored on #digital wallets installed on the mobile devices of the recipients. The digital certificates issued using the #blockchain driven technology are unforgeable, globally verifiable, selectively disclosable and sensitive to user content.
4:58 AM · Jan 24, 2022·Twitter Web App
2
Retweets
5
Likes

Abhay Karandikar
@karandi65
·
Jan 24
Replying to
@karandi65
#BlockChain and #SelfSovereign Identity are being used for the first time by
@MinistryWCD with the support of @IITKanpur for giving certificates to the awardees. Abhay Karandikar @karandi65 Jan 24
Thank you Hon’ble Union Cabinet Minister of Ministry of Women & Child Development, Smt. Smriti Zubin Irani ji for appreciating our efforts.
@smritiirani

@MinistryWCD
Abhay Karandikar
@karandi65
Jan 24
Also thanks to Indevar Pandey, Secretary of the Ministry of Women and Child Development & his team for working with
@IITKanpur
to successfully implement this project.
@MinistryWCD

@IndevarPandey
Abhay Karandikar
@karandi65
Jan 24
The technology is being implemented by
@CRUBNOfficial
Foundation, a #startup incubated under National Blockchain Project of National Security Council Secretariat and @HubC3i, Technology Innovation Hub setup by the @IndiaDST, at @IITKanpur
@agrawalmanindra

https://twitter.com/karandi65/status/14 ... 9889705984
Abhay Karandikar
@karandi65
I am happy to share that CRUBN, an IITK incubated company, has partnered with Centre for Smart Governance to develop a permission #blockchain network as a decentralised trust and efficiency layer for all e-Government #Procurement (e-GP) systems.
@CMofKarnataka


Abhay Karandikar
@karandi65
·
Nov 18, 2021
Replying to
@karandi65
It will be used for validating the claims of suppliers along with their identities. It shall also digitize bank guarantees by powering them using the trust-based automation of #blockchain.
Abhay Karandikar
@karandi65
·
Nov 18, 2021
The proposed system will connect all the e-GP systems through a network, which will help retrieve and validate relevant supplier data between various e-GP Systems that are in use within India.
Abhay Karandikar
@karandi65
·
Nov 18, 2021
When fully operational, this system will be a PAN #India system that would reduce the time & cost associated with public procurement made using e-GP systems.
Abhay Karandikar
@karandi65
·
Nov 18, 2021
With its vision to empower India in technological self-reliance,
@IITKanpur
has been contributing to various national initiatives.
Abhay Karandikar
@karandi65
·
Nov 18, 2021
My best wishes to the team members Mukul Verma, Nilesh Vasita, Ras Dwivedi and Tanmay Yadava and their mentors Profs Manindra Agrawal and Sandeep Shukla.
@agrawalmanindra

@sandeepkshukla

@CRUBNOfficial

@C3iCenter

@HubC3i

^^^ As I have posted in other dhaga's:
- PM Modi, who was the chief guest at recent IIT Kanpur convocation, "distributed" - for the first time to my knowledge anywhere in any large world class institute - the degree certificates in digital form (using IITK' above mentioned technology) to about 2000 graduates.
(See: viewtopic.php?f=2&t=3951&p=2531129&hili ... l#p2531129
- Some of the honors in this 26th January function - were also distributed as electronic digital certificates.
See: Blockchain assumes limelight as PM takes to new tech to award Bal Puraskar certificates

IITK (and Prof Manindra Agrawal's team's contribution) leadership shows in SUTRA model and this.
Truly amazing!

People intuitively understand Blockchain method as a 'Store of Value'. But conventional Money performs a very useful function as a 'Medium of Exchange'. What will be the transaction cost of validating a cryptocurrency for putting through a commercial transaction? Let us say I want to buy a litre of milk and I tender a Bitcoin (just as an illustration) what does it take to validate my ownership claim?

vijayk wrote:

banrjeer wrote:
10 times cheaper??

Most cryptos moved from Proof work to Proof of stake (no electricity charge) with fundamentally different consensus algorithm. Only BTC is costly in terms of electricity. Even Ethereum (ETH) is moving to Proof of stake

They have planned. I dont see ETH having moved yet. EIP-3675 is not yet completed.

RBI Deputy Governor on Crypto currency

I must say that I haven't read such clear conceptual thoughts anywhere (the best so far was the original Bitcoin paper). Crypto fans (I'm not one) may disagree with the conclusions, but this is great reading even for laymen - the lack of financial jargon is remarkable !

IITKanpur prof Manindra Agrawal (Sutra model) here explains use of Blockchain for criminal database, land-records etc..(Started in 2017, the project was given to IIT-K by the National Cyber Security Secretariat)
https://economictimes.indiatimes.com/te ... 596355.cms