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Monday, 2 April 2018

AirAsia To Launch Its Own Cryptocurrency Called BigCoin

While cryptocurrency leads the dark web space, a currency is one of the primary reasons behind all the illegal and sinister things that happen in the society, even when it is just a legal tender of getting things done.

Speaking at a NASSCOM Conclave, Bengaluru, Rohas Nagpal, Cofounder of Primechain Technologies, a blockchain startup explained, “Currency itself is not a resource. Read the INR 2,000 note, it doesn’t say anything but, ‘I promise to pay the bearer the sum of two thousand rupees,” followed by the signature of the RBI Governor General.”
If you could recall, “Soon after the demonetisation, as PM Modi announced that the 500 and 1000 rupee-notes’ won’t be a legal tender anymore, the notes became nothing but a piece of paper,” he added.

Why is there so much fuss about currency?

After all, the fact of the matter is, currencies are just another way to get what you want. However, the underlying power is the perceived ‘timeless’ value that most of the conventional currencies offer. This creates a desire amongst the people to want to store more and more currency values. And, the sinister mishaps start from there.

Besides, a few still believing in the #HODLGANG, most of the people are uncertain about the Bitcoin value in the long term.

While cryptocurrencies are bound to replace all the conventional currencies in the future, as more and more Internet connectivity and consumer awareness are realised, the structure that allows a few people capturing the entire currency continues.

In India and many other countries, if it is the top 3% of the citizens who own over 70% of the wealth or the currency in the country, in the case of cryptocurrency as with Bitcoin or Ripple, the power equation remains the same.

What if, we could add additional parameters such as life-span of cryptocurrency transacted against certain trade, and storage capacity (depending upon the nature of account/wallet) of wallet to the existing architecture of cryptocurrencies? The architecture that would allow the value of transacted cryptocurrencies only for a certain period of time, depending upon the time-flag set by the user!

While this could stop the unnecessary storage and mining of currencies and transactions allowing more space for the democratisation of currencies, it might take another decade reach to such point of consensus.

Moving on, let’s take a look at the recent developments from the world of Cryptocurrency!

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