Upcoming crypto in wazirx
Note: This blog is written by an external blogger. The views and opinions expressed within this post belong solely to the author. The crypto market has taken India by storm this year. With how big a year has been for cryptocurrencies, investors are already looking forward to the next cryptocurrency to invest in
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- Why Is WazirX Crypto Skyrocketing, Up 930% In A Week?
- WazirX launches new free blockchain course to unlock fresh crypto talent
- Crypto exchange WazirX fined Rs 49.20 crore for Rs 40,5 cr tax evasion
- 2022 is going to see a race on which country launches CBDC faster: Nischal Shetty
- Big blow to India's crypto scene! ED issues show cause notice to WazirX
- WazirX founder announces new blockchain called Shardeum
- India is going after crypto taxes, starting with Binance-owned WazirX
Why Is WazirX Crypto Skyrocketing, Up 930% In A Week?
The new platform called Shardeum has been built to tackle one of the fundamental problems of web 3. Wazir X founder Nischal Shetty and blockchain architect Omar Syed have launched a new platform web 3. Web 3. According to Shetty, blockchain scalability is one of the biggest barriers to crypto adoption as existing infrastructure is slow and expensive. Platforms like Algorand have been built in order to solve scaling issues in existing ones like Ethereum and Bitcoin.
The rapid growth in user base on all major blockchain networks has made them slower due to network congestion, which in turn makes them expensive to sustain. Scaling issues can either arise because of storage concerns, or because of fees called gas fees attached to cryptocurrency transactions. Unlike storage networks on web 2. Shardeum claims to address this issue using a method called sharding, which distributes the processing load of the blockchain by breaking it into smaller segments called shards.
Nodes will only have to validate data on individual shards instead of validating every piece of data on the network. Which results in increased transactions per second. In fact, sharding has been proposed as an additional feature for upcoming versions of the Ethereum platform as well.
Ethereum 2. Shetty claimed that implementing sharding on Ethereum may not be as easy as expected, since moving a non-sharded network to one that is sharded may be difficult. That is why when Ehereum will start sharding, they'll also have a limited number of shards," he said, adding that Sharedeum is built specifically with sharding as a starting point, and will have unlimited shards.
Shetty said that the need for more nodes on the network will increase as the number of users increase. More shards will be created as more nodes join the network, and transactions per second will also improve accordingly. Shetty said that the low transaction fees and immediate finality in processing transactions could make Shardeum an appealing proposition in emerging markets like India and Brazil where crypto trading has soared recently.
The mainnet, which is the final version, will launch at the end of The whitepaper for the project will be released soon, said Shetty. We will be selling minorities to the investors while the majority will be actual for the community in terms of mining and air drops," he added. Never miss a story! Stay connected and informed with Mint.
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WazirX launches new free blockchain course to unlock fresh crypto talent
In line with its recent trends, overall global crypto market was down by over 15 per cent on the weekend,. Bitcoin and all major top cryptocurrencies were trading in red at pm on Saturday, June In line with its recent trends, overall global crypto market was down by over 15 per cent on the weekend, showed CoinSwitch Kuber data. Ethereum, ranked at 2nd position globally, was trading at Rs1,84,, down 3. It reached a day high of Rs 1,90, and slid up to Rs 1,75, Ranked 3, Tether continued to trade in limited space and was marginally up by 0.
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Crypto exchange WazirX fined Rs 49.20 crore for Rs 40,5 cr tax evasion
Share This Article. Mumbai's landmark Khadi emporium, oldest such shop in country, banned from selling khadi products. Check prices and details. No deduction in respect of any expenditure or allowance shall be allowed while computing such income, except the cost of acquisition," the minister said during her Budget speech.
2022 is going to see a race on which country launches CBDC faster: Nischal Shetty
ED initiated FEMA investigation on the basis of the ongoing money-laundering investigation into Chinese owned illegal online betting applications. During the course of the investigation, it was seen that the accused Chinese nationals had laundered proceeds of crime worth Rs 57 crore approximately by converting the INR deposits into cryptocurrency Tether USDT and then transferring the same to Binance exchange registered in the Cayman Islands wallets based on instructions received from abroad. Also Read: Bitcoin rises 8. In the period under investigation, users of WazirX via its pool account, have received incoming cryptocurrency worth Rs crore from Binance accounts and transferred out cryptocurrency worth Rs Crore to Binance accounts. None of these transactions is available on the blockchain for any audit or investigation. Also Read: Crypto update!
Big blow to India's crypto scene! ED issues show cause notice to WazirX
WazirX has come under the scrutiny of the GST department. Indian cryptocurrency exchange platform WazirX has come under the lens of the Goods and Service Tax, or GST, department which has said that it had evaded paying tax worth Rs The department said that it has initiated investigation against the platform under the circumstances. The news comes amid reports that the Centre is set to regulate cryptocurrency in India, which currently enjoys a free flow in the country. The Centre is supposed to do so by introducing a new Bill first. The platform, they claimed, had launched the coins through Zamnai Labs Private Limited. The indirect tax department said that launching a new crypto coin attracts an 18 per cent GST on them, according to a report by the Economic Times. The tax department said that Zanmai Labs controls the cryptocurrency exchange operations for WazirX in India.
WazirX founder announces new blockchain called Shardeum
In the annual budget presentation to parliament on February 1, Indian Finance Minister Nirmala Sitharaman announced there would be a 30 percent tax on any income from the transfer of virtual digital assets — in effect a capital gains tax. India is believed to have one of the biggest crypto markets in the world, home to an estimated million investors. Those sheer numbers mean the industry cannot be ignored and the market has become a growing revenue channel, as the crypto rush over the last year has seen an expansion of startups and exchanges across the country. Based on statements by government officials, the initial policy response was heading towards a ban on dealing with crypto assets — one which now appears to be moving towards regulating the industry.
India is going after crypto taxes, starting with Binance-owned WazirXRELATED VIDEO: Top 5 New Coins Listed on WazirX - New Coin Listings On WazirX 2021 - Trading On WazirX
He simply tweeted IndiaWantsCrypto, a hashtag meant to indicate support for cryptocurrencies in India where the government is said to be considering a ban. A delay in the introduction of a bill in the Indian parliament that would have banned cryptocurrencies has also lifted the spirits of investors in that country, according to local Indian media. Investors said that the delay is a signal that the government is further studying the subject rather than issuing an outright ban, reported The Quint, an Indian news portal. See also: Best Cryptocurrency Apps. There might be intermittent errors, team is working on solving those.
Founder of crypto trading platform WazirX has announced a new blockchain called Shardeum, which is reportedly one of the first layer-one blockchains being developed out of India. Nischal Shetty told The Economic Times that, unlike other blockchains, Shardeum will solve for scalability and expensive transaction costs. It will, however, maintain a high level of centralisation, something he said was missing in most blockchains today. Shetty said when the number of people in the crypto-verse reaches a billion, the current systems of blockchain will not be able to solve that. He said the solution to the problem is Sharding, which is reportedly a process of breaking down a network into smaller pieces, also called shards.
Note: This blog is written by an external blogger. The views and opinions expressed within this post belong solely to the author. This one statistic is enough to show how cryptocurrency is growing by leaps and bounds. The Indian economy is enticing to any growing business.