Exploding Prices Of Cryptocurrencies: What is behind this

So Good evening, everyone. I welcome all of you for today's session on exploding prices of cryptocurrencies. A brief introduction about myself. I am susan former CIO manager business development talentsprint are taking care of the sales and marketing of our triple it has about then talentsprint blockchain and distributed ledger technologies program. I have almost 10 years of experience in sales and business development. Prior to talentsprint. I was working with Indian School of Business and options School of Business, helping students and professionals take better career decisions. So, today's topic as we know that it is on exploring prices of cryptocurrencies, we know blockchain achieved a remarkable rise in 2020, in spite of many things that would normally make the investors wary like the US China, tensions or Brexit, and definitely agree with the global pandemic and from a very low of 4700 US dollar towards the beginning of when the of the year, Bitcoin goes up to 30,000 US dollar by the end of the year 2020. And since then, it has climbed to an all time high of about 30,000 USD, making headlines day after day and arriving at the prices of other cryptocurrencies at the same time. So what has driven the huge price appreciation in what way cryptocurrencies and blockchain will impact the companies and the economics of 2021 and how are triple it has the bar and talent Sprint's blockchain program helps professional adapt these trends and prepare them to stay informed? These are the most major areas of discussion for today's webinar. And to take this session we have Sunil Agarwal here with us. So Neil is the lead faculty and Dean of talentsprint. For our blockchain and distributed ledger technologies program. Sunil has more than two decades of experience in three integrated areas of teaching, research and startup ecosystem. He is the first in India to teach a credit based course on Bitcoin and blockchain technology or application in a university. So Neil's core areas of professional interest are emerging blockchain technology startups, online learning solutions and digital business models.

So Sunil have given a very short introduction about yourself, I would request you to take it forward from here deema Be brief introduction about yourself and then we are good to go for today's session.

Thank you, Susan. Thank you, friends, myself, Sunil Agarwal, and I'm in the space for now, over nine years, since early 2012, I have been working and learning in this particular

space.

After spending nine years, I have continuously realized that blockchain, cryptocurrencies and particularly Bitcoin, is this just a new asset? Or is there something deeper inside here? And my research, my experience, my interaction, always tells me that this is something much, much deeper. And the problem in today's world is that very few universities, very few universities, not just in India, across the world, are running full fledged programs on blockchain. Yes, there are Smith's semester long programs, there are some other credit based programs, but if you ask a master's program on blockchain, there are hardly one or two if you ask have dedicated graduate level program undergraduate level program, there are very few institutions in the world which are doing this not just that, this problem is also not only at the academic level, this is also add the journalism level as well as at the policy level. So in order to understand this entire thing, we have yet not created a quality intellectual infrastructure to understand what is Bitcoin what is cryptocurrencies and what is the true importance of blockchain, if we start looking at from a social angle from a policy angle from a futuristic angle, so there is a lot of half knowledge floating in this world around cryptocurrencies and because of that half knowledge. Lot of things happen if cryptocurrency prices go too high, people don't understand. If they go too low. People still don't understand. So the point here is that when we are discussing cryptocurrencies, should we be bothered about prices? Or should we be bothered about what is happening underneath this mega shift? So, today my session is not about cryptocurrency investment advice, my session is about showing you the fundamental transition that we are facing right now. And the core reason behind that transition is blockchain. So, let's start unpacking this entire thing. And before I start unpacking, I want you to understand one very, very interesting thing. See, I know that everybody cannot know enough about everything. But the more important thing, then having information having knowledge is your conceptual universe. When I say conceptual universe, it means that, what do you think about yourself? What do you think about your political order? What do you think about money? What do you think about power? What do you think about economy, human exchange, global order, all these things are very, very important. And this conceptually, universe is something which we don't change, when we discuss something like Bitcoin or cryptocurrencies. But I want you to remind that this world of cryptocurrencies, is actually knocking at the doors of your conceptual universe, which must change. If you think that nation states won't change, money won't change, Power Systems won't change, global monetary system global economic system won't change, then you won't understand the entire importance of this session. So if you want to enjoy this lecture, if you want to release the experience of this entire one hour or so, you must try to accept the fact that our conceptual universe is undergoing a very, very fundamental shift. If you start giving me some space, on that point, then you will start

understanding that from fear from which perspective I'm speaking, so this this session is not about Bitcoin prices alone, it is far deeper. Okay. So, based upon this, knock into your conceptual universe, I want you to understand that the way fish don't discuss water, it might look a very jovial, a very funny or very idiotic kind of imagination. Fish don't discuss water. Similarly, the fact here is, human beings don't discuss a lot of things, they take those things as constant, the way fish take water as constant. Similarly, human beings take money, power, global political order as constant. But remember, when global warming happens, big changes happened. Fish has to bear the brunt of global warming. And similarly, when large changes happen, human beings have to adapt accordingly. And if they don't adapt accordingly, they have to face the consequences. So please remind yourself that you are no different from a fish because you haven't questioned the ocean till date. And here the question is, ocean is the ocean of money, the ocean of power. So let's start. See, the fact here is what we call money is nothing but debt. And this is something which we haven't understood properly. Let me I'm sorry for this problem. Let me show it like this see, oh sorry for this

trouble.

I will suggest to you to please ignore this thing and I will not enlarge and enlarge my screen in presentation mode let's make it like this. See the fact here is money today is nothing but debt which in simple language can be a loan from RBI. Now, you may not understand this, excuse me. Yeah,

somebody has just suggested on the chat that if you press the window plus d and open only PPT then probably this problem might sort out Can we try it for a minute?

Okay, just told window plus be the screen vanish, but it did not.

Oh.

Now, we don't see that. No, it's still there. It's still there. Yeah. No problems only let's continue like this Okay.

See, the fact here is if you just look at this paper currency notes on this, it is written, I promise to pay the bearer sum of 100 rupees. So, basically, this is a I owe you issued by a central bank. Now, if you take this IOU to Central Bank governor and ask a central bank governor, give me 100 rupees, this is a paper, I don't need that paper give me 100 rupees and central bank governor would say I don't have 100 rupees, this is 100 rupee, which means symbolic definition of money has been created by the Central Bank, which is actually a infinate debt issued by a central bank to its citizens, which means, when we think of money, we basically say that we have given central bank's infinite power to lend to any individual or group or institution in its jurisdiction, that is the true meaning of money and this is nothing but debt from a central bank, this is the reality of the world today, for last 100 years, you go to any country of the world, money is nothing but debt Okay. Now, this is something which you need to understand because if I replace paper with digital currency, still the power to create money would lie only with the central bank. So, the issue here is that money today is only debt, but the problem here is if rupee is a debt issued by RBI, if you US dollar is a debt issued by a sorry, fed reserve sorry for that mistake. And the problem here is that, if this debt issued by different countries is infinite power of central banks, the big question comes here is that, if you have to transact as two nations which currency which money would count as the real money? And that is a big question since 1971. Since the collapse of Bretton Woods system in this world for last 50 years for last two two generations, this world is living under floating currency regime system, which means that this is a system where debt issued by one country debt issued by another country are competing with each other and the debt of USA is considered as the most powerful debt. And since it is the most powerful, debt based country so we regard US dollar as the most powerful currency of the system but The system is changing. And that's where we need to understand that if today the system changes, then what new system would bring here. So, you need to understand that as a fish, as a human being, you haven't challenged this ocean of debt, which is floating around the world, not just in your own country around the world, this global GDP have such a huge value, today, there is around $14 trillion worth of money printing has been done, and this money printing has been done by central banks. So, the issue here is that are we looking at something which is going to change this system of debt, this is the fundamental lock into the conceptual universe, which is happening right now. I will come to your questions in in around 20 minutes, just wait till that.

Now, the issue here is, if it is a debt, and this is a dangerous kind of conception, then why we have chosen debt as a major template. The reason behind it is that before Bitcoin, the only standard only template in our human thinking Human Design Thinking was only the centralized template, if a large amount of human beings have to come together, they were supposed to come together and place their belief in a centralized system. For example, if inlet people come together, and they select an MP, which means now the job of 10 lakh people would be done by an MP and job of entire India would be done by a group of MPs which means 140 140 corrode, people are now going to be ruled by a centralized Parliament Same applies in the key area of money Same applies in the area of governance Same applies in the area of law, which means the design thinking behind that was that offered centralized template and this centralized template was dominant in all walks of life. If you see this triangle here, you can see that this entire world basically comprises nine elements of nation states, we just focus on border India and Pakistan are different, but the reality is that out of these nine elements only one element is different. Whereas money, ledger law and labor, banks Corporation taxes and political regime on all these eight elements, all the nation states are exactly same, they are centralized, which means that India is not different from Pakistan, Pakistan is not different from China, China is not different from America, which means that this entire system has been plagued by a problem of limited design thinking. And that design thinking was focused only on a centralized a template. And that's why we created a centralized banking system, because lender of last resort was the only consensus that was possible among hordes of human beings. So, this was a human limitation for last hundreds of years. So, this is a problem that we have been living for a long, long time. And this is something which is basically being disrupted by Bitcoin, because Bitcoin for the first time created a monetary system without the institution of debt. Because if one person is transferring Bitcoin from to another person, then this is a basically electronic barter, a transaction. It is as good as transacting cash, which means when two people are transacting cash where the institution of debt comes nowhere because lender of last resort can create money. But here the money creation process is decentralized. Which means for the first time in human history, we created a monetary system where debt was not involved, because a centralized a template was not important. So which means that underlying technology behind Bitcoin did the magic and that underlying technology was blockchain technology. To make it more simple, this blockchain technology is also called a trust machine, because it solved the problem of agreement, because ultimately human beings have to agree, if they will agree on a centralized a template, only then they will create a centralized parliament, centralized executive, centralized judiciary, centralized, other forms of organizations. But for the first time, this centralized template was dismantled by Bitcoin, because ultimately, it created a shared database. And that shared database, this was so interesting that it was continuously auto updating itself. And to incentivize that auto updating process, it created an incentive, which was called Bitcoin mining, and everybody was getting every miner particularly was getting incentive, which means the ledger safety, ledger transparency was maintained. Now, for the first time, this made the centralization of global property. We used to have these centralization but only at a local level, you could not scale it up. But for the first time, we could scale up decentralization to the planetary level and that too, without the intermediation of nation states, corporations, comments, which means that this scalability was peer to peer, one to one, no nations, no border, no caste, no class, no race, no gender barrier, nothing of that sort. So for the first time, we got decentralization as a global property and a monetary system without debt. Now go back to my initial assumption of fish, ocean and human beings. So if fish is told that oceans are going to change, then fish have to change. Similarly, if money is going to change, then human beings have to change. That's where Bitcoin prices and all these things become very, very important. Now, the issue here is, if you start going into a bit of technological understanding, the factor is what is blockchain technology? the blockchain technology is nothing but a ledger database, but of a specific variety. Of course, it is a shared ledger database. But underlying this what fundamental shift is happening. The factor is that history of ledger technology says that there has been only three kinds of ledger technologies in the world. The first one was single entry accounting system, which started around more than 5000 years back where credit entries were in the one box and debit entries were in the other box. But this system was controlled by King's tribal chief so all the boxes used to lie at Kings office king's palace. Then around 500 years back double entry accounting system came, which was much better than a single entry system via credit and debit entries were made on the single page left and right and the next space used to start from the last entry of the previous page. And like this, it was very difficult to temper a ledger. But here, the ledger management shifted from canx to professional accountants professional auditors, and double entry accounting system created the rule of experts and that's where things got a democratised. So this this was a world when new institutions game joint stock companies came modern central banking team what And insurance system game modern Metro, civilization King, this all happened because the fundamental underlying legit technology got changed. Now, with Bitcoin there happened something much, much radical, we underwent a third way phase shift in the history of ledger technology and that was triple entry accounting system. Here, you don't need auditors of humankind, here machines are the auditors. Here if I'm sending Bitcoin to you, I'm basically incurring a debit entry at my end and credit entry at your end, but the transaction is going to blockchain which is the third entry which neither you nor me can change. So, it is an irreversible entry, which means that this credit entry at my end debit debit entry at my end credit entry at your end third entry at blockchain. So, this is beginning of a transparent triple entry accounting system without the need of human beings. So, in that sense, this is a far more important change in legit technology, because this brings machines into the world of accounting. So this is something which a human disintermediation

This is where human this intermediation would be made permanent, because this triple entry accounting system is far better than double entry accounting system. So based upon this, if Bitcoin could disrupt cash, and make it easy cash, then the point here is that the Bitcoin world created lots and lots of more innovations after Bitcoin, there came multiple blockchains and those multiple blockchains primarily, the most important one was aetherium, which added smart contract capability to blockchain, which means that in the smart contract capability, you could actually create cryptocurrencies crypto tokens, crypto assets have multiple varieties, which means that this is a world where money as cash is not only disrupted, money as value is also disrupted, you can create a decentralized organization in just one smart contract. So this is a decentralized application, offering a decentralized organization. So this was something which turned out to be a paradigm shift. Now, the issue here is out of this, who so ever offers quality option, that crypto token or that cryptocurrency price starts booming up. And beginning with Bitcoin, there are many more such public blockchain projects, which have been very, very popular in last few years and more or more projects are coming in this ecosystem, to the the fact here is to utmost happiness of blockchain entrepreneurs, we are now in third generation blockchains the first generation was Bitcoin, the second generation was aetherium and the third generation blockchains are scalable, blockchains they are interoperable. blockchains. And they're

the cost of transaction and a governance mechanism is far more transparent, and publicly auditable, which means that this is a system which is something very, very radical. Bitcoin is just the beginning. Don't just look at Bitcoin, look at all the other public blockchains particularly third generation blockchains which have emerged in last 10 years after the emergence of Bitcoin. So, if you connect all these dots, that now we have a system where debt is not required, we are a centralized a template for issuing debt is not required. If debt based money is not required, then what would be the new form of money? That becomes a fundamental question and this is where you need to understand Now that Bitcoin and cryptocurrencies are introducing something very, very radical, so if the best if the first model in which I started with ocean fish analogy was our database system and it had centralized template. Now, we have a zero debt based system and the template is decentralization. Earlier we had top down hierarchy. Now we have a horizontal paint feed. Imagine a world where you don't need to watch news of politicians day in day out. You don't need to wait for elections which party has won or which party has lost start looking different you have are entering into a world of horizontal playing field. And since you are living in a world where centralized legislated dominance, but in near future, open source protocols will dominate. Here, centralized executives will not be the most powerful authority, peer to peer actors would be the most powerful authority. centralized judiciary, of course, I'm not saying that it will be obsolete, but smart contracts will take up a big role of getting out getting out contracts, particular legal obligations, then the way current education is managed through a centralized curriculum, aact, UGC cbse all those things that will be replaced by a free knowledge that is already being replaced by a free knowledge, then centralized Corporation, Infosys reliance, Tatas tomorrow, you will be having decentralized autonomous Corporation. And the best logic here is that all these dead systems have around 200 nations in the world. We're fragmented. But this decentralization is planetary. And this is something which is giving this innovation a huge push. Because this is a zero debt based system, which is playing out at a planetary level. That's why people are getting attracted to not one kind of blockchain, but they are getting attracted to dozens and hundreds of blockchain projects. And that's why cryptocurrency projects are

moving ahead with fast pace in prices are moving at because everybody wants to enter this particular game. Of course, some projects would be bad projects, no doubt about that. Some projects will be Ponzi schemes, no doubt about that. That's where knowledge is required to distinguish between a good project and a bad project. And that's what we do. We basically train you into understanding of blockchain from multiple perspectives, technology perspective, policy perspective, management perspective, all these perspective because that's where change is going to happen. So, just bitcoin price is not the challenge here, all these fundamental shifts are also very, very important. So, if I can summarize the entire thing, in instance of a shift, what is the shift? The shift is from nation states to network states, because nation states will have a physical population population connected with systems that they are dependent on territoriality. But this is network stating, you may say that Facebook is already a network state. Yes, no doubt Facebook is a network state, but Facebook doesn't have the authority of creating a monetary system. But blockchain is already capable of creating a monitor the system and a payment system and a smart contract system. So in that sense, Facebook is not the ideal network state blockchains are going to create that ideal network states. So in that sense, we are moving from centralized religious to decentralized, Ledger's which are open and shared. We are moving from single point failure systems to anti fragile systems. We are also moving into us system we are singular authority will not have the money issuance power, where the future of money is going to come from five seas. Okay, you now know only one seat that is central banks, but I'm saying that this future of money will come from five C's central banks, yes, you know, commercial banks, yes, you also know, but next three are going to be very very critical corporations, which means corporate currencies are going to come cryptocurrencies, which have already come and third and fifth and final is communities, communities will be able to issue their own currencies for example, if today WhatsApp challenges signal issues, its own crypto token and build a signal community, nobody can stop people love now signal because of its privacy feature. So, this is a shift and which is a massive shift. So, that's why if I'm to say what is the future of money, then my understanding tells me that first of all money or currency is getting deterritorialized which means that connection of money with the territory is going to decline very very fast. And second thing is that if you are creating a centralized ledger, people want trust you you will have to create money with the with the help of blockchain without blockchain you can't go further because people's trust in leaders is declining very very fast. Now, if the money is going to be on blockchain, then two kinds of money would be there one money would be KYC based the way your banking system operates and the other kind of money would be non KYC based which means cash like e cash or digital cash. So, this will be the fundamental shift and very important thing here is that three functions of money unit of account medium of exchange and store of value these three functions of money are going to be separate for example, if you ask me that please pay us pay me $1,000 Okay, but pay me $1,000 in ether cryptocurrency, which means now unit of account is dollar, but medium of exchange is

ether and store of value may choose Bitcoin. So, these three functions of money are now getting seriously segregated. And this is very, very fundamental shift and all payments of all kinds would be instant, cheap and peer to peer. And that will not happen only with payments that will also happen with contracts that will also happen with other human transactions insurance payment, okay, like this. And this is something which is going to resemble almost equalent to electronic barter. So we are entering into a world where money is returning to its original value, when centralized systems were not there. And people were transacting in an in a barter age, but this barter age would be far far more efficient, it would be planetary, it would be interoperable. And here, single control will not be there. So this is what I wanted to share with you. Now let me come to your questions. Okay. Okay. Okay. Can you please go ahead with your questions directly? I will come to these questions afterwards. Can you raise your hand? Susan, can you help her in activating the links? Sure, sure. Then go ahead. Please unmute yourself and ask

yourself a question is Regarding the vulnerability of blockchain like suppose I was reading somewhere that quantum computers can disrupt the network of block blockchain or Bitcoin. Yeah.

Yeah. So is it possible?

First try to understand that Bitcoin blockchain of 2020 is very different from Bitcoin blockchain of 2010. All blockchains are continuously in evolution, and they are taking care of all the challenges which are coming in the ecosystem. that's point number one. The sixth thing here is that quantum computing, yes, no doubt, quantum computing is a threat, no doubt about that. But the fact here is that the quantum computing the example which has recently been come forward with Google DeepMind experiment, the issue here is a quantum computing needs superconducting environment. When I say superconducting environment, which means you need to maintain a temperature of minus 273 degrees Celsius, which is only possible in very, very rare conditions. So industrial scale, quantum computers will take at least two decades to come into reality. That's the first thing. The second thing is that currently, already some zero knowledge proof security technologies have come which are already quantum resistant for example, z cash or Zed k stocks. Already all these things for example, grim blockchain, all these projects are already quantum resistant. And even in Bitcoin blockchain schnorr signatures and taproot like technologies are coming, which means that this challenge of quantum resistance is going to be met. And I'm only trying to say here is that there is not just one blockchain there are multiple blockchains and all those blockchains are continuously evolving. So this, this challenge would be taken care of in next two decades. Definitely. Yes, next person, please raise your hand. I'll be cheap. Go ahead. Please unmute yourself and ask.

And also also my question is if cryptocurrencies were shifting to a decentralized pattern, then and it is also reducing the dependency on the central banks like RBI or the central bank. So, why countries would be boosting the usage of this digital currencies, how country's government will be controlling this decentralized currency? For example, I have seen recent CNBC news that China has already started using this digital currency. So how they aim to gain this overall, what is the benefit that government can see on this?

Obviously, the fact here is not all governments are as innovative as China is number one. The fact is that we know today that most of country's most of people are now moving into cashless transactions. The issue here is when you move into cashless transactions, there are two ways of doing it. First is make decent, make centralized databases, or make decentralized databases like that of blockchain. The issue here is managing or planning this kind of transition is a serious capability. And this kind of capacity building is not available in every kind of country. For example, if you compare Pakistan with China, the nation state capability in managing a digital payment model would be far, far different. China is way ahead of that. And China is already creating a digital currency but that digital currency is not blockchain based. Yes, Facebook has created a digital currency which is a blockchain based currency. But the fact here is what China is trying now will be tried by USA will be by India by dozens of other countries. But the issue here is effectiveness of centralized digital currencies is going to be a serious question mark. How can a smaller country from a free car compete with Facebook libre. So the point here is that this is going to be a world where large number of choices will be available there is there is a serious possibility that tomorrow Bangladesh might float a central bank digital currency using aetherium blockchain or cardano. blockchain or Cosmos blockchain. These are very effective blockchains and very reliable blockchain. So people central banks will issue their centralized currencies on these blockchains. The issue here is that this kind of question is yet not the central question for all comments, because this is such a unique and a very radical challenge that comments and people are yet not able to imagine the scale of challenge and just have a one year back, you could not imagine what Coronavirus would do to the world. Okay, that it would create a universal shutdown across the world it will kill GDP is to that to the tune of around eight to 10 trillions of dollars, you could not see. Similarly, I'm saying that we are going to see monetary changes of a very, very large scale and large number of countries are not prepared for that. That's what I'm saying. So this is where China is way ahead of other countries. And my concern here is that most of these countries are not designing their regulatory policies in order to create a blockchain friendly regulatory environment, a country which cannot manage WhatsApp. Do you think it can manage such a big shift which is coming at our doors? So this is a big challenge and the silence of academia, the silence of journal journalism, the silence of policymakers in this space is deeply troubling. That's where the big capacity building environment has to be created. And that's what we do. Because this is a world where we feel that a lot of scope of creating quality blockchain professionals is huge. And this is our goal to build as many 360 degree prepared professionals in this world. Is that fine? a budget? Yeah,

thank you very much.

Next g i can't see the name this is GA. Can you go ahead? Please unmute yourself. Hi, sir.

Can you hear me?

Yeah, go ahead.

So will cryptocurrency encourage shadow banking and other unethical banking practices?

See, the fact here is just ignore cryptocurrencies. Don't you feel that despite cryptocurrencies, unethical practices are not happening. In GST, recently, GST administration did a lot of witch hunt and they they cleared out lots of unethical players. The point here is now let me go a bit deeper into it. You are saying that every currency transaction must be a KYC transaction j Am I right?

Okay, so

can you please repeat? Can Can you tell me your name Jay is very

friendly. So my name is twitch?

Twitch. Okay. Which my question to you is, do you want every transaction to be KYC enabled or not just answered this question yes or no?

Sir, I haven't thought much about it.

The point is, if anybody's doing a cash transaction, will you call it unethical? Yes or no?

No, sir.

It means if cash is taking care of human needs in the way they want. Similarly, digital cash can do the same. Yeah, so the issue here is, governments want every transaction to be tracked, which means they want every transaction to be KYC based, which means they want it to be You only centralized Am I right? Yes. So, the issue here is the way cash is going to be a permanent privacy need of human beings. Similarly, similarly KYC based business transaction will also be there, I'm saying that we will have two kinds of blockchains, one would be permissioned KYC, and another would be permissionless KYC. Both would exist. The issue here is, privacy can be used for both meals. legal means as well as illegal means, for example, you might not want to declare some transactions, where you feel that your privacy might be, might be compromised. For example, if somebody is a homosexual and doesn't want to share the details of one's purchases, then that person would like to maintain privacy and would not share KYC. So the issue here is this is fundamentally a question of privacy versus centralized control. And this, this kind of debate is a permanent debate, this will not be settled so easily. And that's where I would say that this kind of debate will continue and cryptocurrencies would definitely be more suitable for privacy driven transactions. And that's where I personally think that privacy would be more preferable in crypto world. But the fact here is that if you look at third generation blockchains, on a third generation blockchain, you can create both a KYC driven transaction and you can also create a non KYC driven transaction, this is a choice. So blockchains are basically shared and open, Ledger's, it is going to be a policy choice for individuals, for institutions, for governments, for corporations, to make that choice. And that choice would not be dependent on a technology that would be dependent on how we want to design future of money and value. So this is a fundamental question and you will never have an easy thing. If you give too much power to governments. They might compromise your privacy. And that's going to be a big concern. People will never give that privacy domain rights to the government. Is that fine? Okay. Rajeev, go ahead. So big but Dogger please unmute yourself,

you have enough

Yeah, go ahead.

My question is regarding non fiscal applications of blockchain come again

come again

for non fiscal that means use cases which are not concerned with money or currencies, if and when we want to utilize the fundamental feature of trust that is provided by blockchain in order to get more credibility and faith in the transactions that take place in such applications, is it possible to get around the onerous activity of proof of work or proof of stake and merely look at the application of distributed ledger into and the cryptography which ensures security non hacked ability and trust in those transactions.

The fact here is since the today's topic was focused on Bitcoin and cryptocurrency so that's why I did not discuss permissioned blockchains. But the fact here is in our program, we basically teach number of permission blockchains or enterprise blockchain use cases for example, supply chain, trade finance, vehicle Lifecycle Management, custody of assets, all these standard use cases are huge use cases where blockchain can actually play a very very fundamental role. For example, just let me share one case study for example, today, if you look at securities transaction on Stock Exchange transactions, though, you can make trades in milliseconds but the settlement happens normally in t plus three days, which means that The money comes to your account in three days. But the problem here is that 10 to 15% transactions are disputed transactions and the time for settlement in those 10 to 15% transactions is sometimes even two weeks, sometimes even four weeks. The issue here is that if you start looking at millions of transactions, so, there is a huge number of transactions which are not settled even in t plus three times with blockchain, you can make t plus zero, which means every transaction can be instant and Australian Stock Exchange is going to implement t zero settlement system in a few weeks from now, they are in advanced stage of implementing blockchain in the stock exchange. So, I can give you hundreds of such examples, but, this is one example where trillions of dollars imagine Indian stock market is around $2.3 trillion worth $2.3 trillion. And imagine the amount of daily trading and if Israel settlement happens, how much liquidity would be unlocked and imagine it this thing at a global level. So, similarly, we can do a lot of changes in supply chain or in trade finance, for example, in trade finance, one shipment can can take 45 to 60 days because of so much paperwork involved. But with blockchain, every party can see a smart contract letter of credit importer banks, exporter, bank, exporter, importer, all these parties can share the data on blockchain with restricted rights, which means that this data can be shared. And the time can be brought down from days, two hours. So there are multiple applications which we actually create a sandbox environment in our labs where you actually build a PLC you have a hands on training environment for building those applications. Is that fine? Raji?

Yes, thank you.

Anybody else? Let's be good. Down to the chat box. bg chaudry has asked what are the key skills for someone to understand the crypto technologies and develop use cases? See a budget? This question is a very, very general questions, lots and lots of people ask this question. I would say Basically, there are three kinds of skills which are required in this sector. And I'm not saying that everybody needs to have these three skills, if you have one of these three skills you can grow in this particular sector. First skill is that you have a developer or technological understanding of the ecosystem. For example, you know, Java, you know, Python, you know, go land. If you have a technology understanding, then you can grow into this system. As a blockchain developer as a blockchain architect. This is one kind of a rule. The second kind of role is blockchain business model developer or blockchain consortium manager. If 10 different companies are to come together to build a supply chain blockchain use case on blockchain then who will bring together these large enterprises that's the job of a blockchain consortium manager and a blockchain consortium manager is a very seriously in demand thing and here you will require a techno functional skills where more focus more weight would be on the functional or a business side. And you need somebody who can communicate blockchain model blockchain organization, how smart contracts would operate, what will be the rules engine that would be operational there. So that's where a broadly a techno functional understanding of blockchain would be very, very critical. And third area is a miscellaneous area which we are community building, network building, policy, research, teaching, training, all these things would Be involved. So, broadly these three skills, if you have interest in any three of these, then you can grow a lot. Mr. gsbs chaudry what are the types of cryptocurrencies? How can general public make use of cryptocurrencies in their day to day transactions? Mr. choudry The fact here is there are multiple kinds of currencies there are some cryptocurrencies which are which can be just used as cash or there are some cryptocurrencies where you can use cryptocurrency as a fuel principle ether is a transaction fuel for all aetherium blockchain transactions or you can use a particular cryptocurrency for distributed data storage for example, file coin is a coin is a cryptocurrency which is dedicated to hosting of decentralized databases. So, this can be done then there is a cryptocurrency called bat basic attention token, which is basically a token a cryptocurrency which which you get as a reward by watching ads on on internet. So, there can be multiple varieties, the fact here is there can be dozens of varieties, but broadly you can say that one cash, another business fuel and third utility these broadly are the three major categories

is one more question, what kind of job requirements will be there with this change? how it will affect existing jobs and this is this is a huge question. The fact here is, in this world, if you want to become a blockchain developer and architect it, there are already huge requirement then blockchain consortium management then community builders. So, in all these sectors, there are huge requirements coming up

praful Sahu How is blockchain and cryptocurrency job marketing USA Canada, UK Germany. See as far as Canada is concerned, Canada is very very pro blockchain very pro blockchain. Even Australia and New Zealand are very pro blockchain. Germany is pro blockchain. USA is turning pro blockchain. All these countries are very, very pro crypto. profil. Okay, let me go to the other chat box. bg Tez I think already asked. Sherry's beta how blockchain will impact supply chain I have already answered. Anil Kumar, what is the reason of sticking at Bitcoin currency and blockchain discretion when we know cryptocurrencies? Just the fact here is that I have already done dozens of such workshops and cryptocurrency is something which I am discussing only for the first time. There are multiple possibilities of looking at blockchain and today because Bitcoin prices have zoomed up, and that's why the context was such that I, I offered offered this particular topic, the fact is that there there are hundreds of POS potential use cases of blockchain. So that's why today, we are discussing Bitcoin, otherwise, I don't discuss Bitcoin on a general basis. ashoke If public has a variety of cryptocurrencies, how is exchanged between these types of currencies managed? Does this exchange incur any cost? I showed the factor is that today there are multiple ways of exchanging cryptocurrencies. One is centralized crypto, currency exchanges, second is decentralized exchanges. And third one is peer to peer exchanges, and fourth one is interoperable blockchains. So all these options are there where you can actually exchange currencies and for your information, nearly five to 6 million cryptocurrency transactions are happening on a daily basis. Roughly 100 million users of cryptocurrencies are already there. Mr. Babu Can you please hi Lead DLT use cases adoption rate for financial institutions consensus challenges, supply chain, trade finance, mortgage backed securities all these are areas where blockchain is going to be fundamentally required. And we have already built some use cases in that in our labs harshvardhan Bitcoin is the only product which has proved itself and has mass adoption. Harsh The point here is, you cannot be more wrong here. Bitcoin has only 300 to 400,000 transactions a day, but ether has more than 100 1 million transactions a day. So there are more blockchains where a number of transactions are way higher than Bitcoin. So in that says, Yes, Bitcoin being the early mover has got a big chunk of media. So that's where people know about Bitcoin. But in terms of transaction, which is around five to 6 million transactions a day, Bitcoin share is less than 10%. So I want to accept the fact that Bitcoin is dominating in terms of transactions or usage.

Peter, he's asking what kind of training and learning can be started with do you provide training and complete guidance? Yes, that's what we do in this program. This is a 24 week long program and it is distributed in four modules, five modules. The first module is where we basically train you into fundamentals of blockchain. Then the second module is dedicated to building daps using aetherium blockchain. The third one is dedicated to hyper ledger, blockchain where we basically train you in building applications on hyper ledger fabric framework. Then the fourth one is where we teach you how to write a white paper, what are enterprises, enterprise blockchains, how to distinguish between multiple technology platforms, how to create corporate currencies, what is cbdc how what are the different cbdc models? What is the future of regulation, all those things we do in that that part?

shamshir and what are the tax laws in India taxation on cryptocurrency see, at present taxation framework on cryptocurrency is not fully available, but broadly, if you have a entry price, officially recorded on a cryptocurrency exchange, let's assume you bought Bitcoin at $10,000 and you're selling it at $30,000. So for Bitcoin you are getting a $20,000 profit. Now on this $20,000 if you pay 20%, capital gains tax that said current law is 20%, capital gains tax.

Whichever was Pawan is asking best crypto investment options. To be honest, I don't give investment advice to anybody in my classroom, so I can't answer this thing right now. But are they going to be considered legal in India? See the fact here is today, six to 7 million people are already doing cryptocurrency investments right now. So it is legal in India.

Questions continuously coming on. Susan. What should we do right now because there are even questions on the attendee list. Deepak wants to ask question. So what is the time limit?

Sony lights already about 10 minutes so we can wind up in another five to 10 minutes maximum. Okay,

I will take two more questions. Let me take

five time. Can I launch the poll so that you keep on answering and I can continue with the

Yeah, you can you can people go ahead.

Yeah, hi, hi, fidelity city back here. So my concern is, I'm an advocate network administrator. So a community developer you said one of his skills to make anyone scarier. So can you I am network developer, I build offices in terms of the credit side connectivity of minutes of all these things. What my previous experiences going to benefited in if I started my career with because I'm more interested in learning with Bitcoin and all that, because I'm keep reading all these things so good, that experience would get any benefit because you said network build is one of our Okay,

what did you use? When I say network building? I basically mean meant community building. Okay. So, are you asking in a people sense or in a technology since network capabilities?

Yeah, technology since technology since the most securities? Okay. Okay.

Got it. Got it. So can you tell me your core competence in terms of programming languages?

I know Python, I use Python as automation.

Okay. See currently, if you know Python, then two blockchains are very easily. Those blockchains can be mastered pretty easily. First blockchain is ether Ethereum blockchain and the second blockchain is tasers, for example, on tasers, blockchain, you can basically build smart contracts using Python in a few minutes. And today, if you want to learn how to build smart contracts on tasers, blockchain, you need a proper training. And the issue here is that within blockchain world, the world is actually very, very massive. I have realized that when people come to our program, their initial understanding of blockchain world is very, very limited. Now, the issue here is that blockchain is not just remaining in the world of programming and development, it is far more important. The issue here is that when you come into the program, the program is basically of self discovery. So if you want to remain in the world of Python, then tasers and aetherium are good choice for you. But if you want to shift into blockchain architect role, then I would suggest Java kotlin and golang would be the additional advantages for you. But that's something I can discuss only when I know much more about you.

Okay, okay. Yeah.

Okay, Ashish

said I wanted to know I'm unconverted Can you

be bit louder?

Sir I low C c++ and Java and I wanted to know whether there is any scholarship or audit track for this course like edX

comm again,

is there any scholarship or audit track for this course like edX, like in edX, you see, there is a lot of courses which are which we can do audit and accordingly if we feel that we want certificate then we can give exams. So,

see, see, actually, this is not a MOOC like course, MOOCs, MOOC like courses are basically our synchronous courses where content is pre recorded and you can use that recording as per your own time choices, but this course which is 140 hours long is conducted live, which means completely synchronous. So, here, auditing facility will not be available rather you will at the end of the course you will get a certificate from triple it Heather about so you will be considered triple it Heather aluminide. Is that fine?

Thank you very much. I am randomness of IIT Kharagpur. I have done Computer Science from IIT Kharagpur. And I would love to get certificates from Hyderabad as well.

Yeah, fine. Fine with us. Okay, friends. I will take just one last question from agenda ready. Agenda. Go ahead. Agenda Go ahead. I think there is some

issue with be generous Mike.

Okay, I have still space for one last question anybody. Please raise your hand so that I can allow you. Okay, friends, let's wind up for the day. I hope you you would have enjoyed the session. Let's meet next time very soon. Till then, bye.

Thank you so much for taking today's session. Thanks everyone for attending the session. For any further queries you can get in touch with me regarding the program.

Watch the entire interview here https://www.youtube.com/watch?v=MMsVwHuDaYs