Mon 04/12

Good Morning. Bengaluru launched the world's first Metaport ( you heard that right!), Bharat Web3 Association is pushing for crypto laws in next year's budget, Putin wants a global blockchain payment solution and new crypto on the block is on the rise. Happy Reading and have a great week ahead!

• Bengaluru Launches World’s First Airport Metaverse: Giving a boost to passenger experience in India’s silicon valley, Bangalore International Airport Limited (BIAL) has launched Metaport, the world’s first airport metaverse. The metaverse will showcase terminal T2, which was inaugurated by Prime Minister Narendra Modi on 11 November 2022. Flyers who are using the airport can dig into the metaverse experience by logging into blrmetaport.com. The website gives users a taste of phygital socializing, shopping, and entertainment. The Metaport arrives months after Polygon was roped in to bring Web 3.0 to the aviation industry. In June 2022, Polygon joined the Joint Innovation Centre (JIC) pioneered by Kempegowda International Airport, Bengaluru along with Amazon Web Service (AWS), and Intel India. JIC was created with the aim of enabling startups to accelerate innovation in aviation and build smart infrastructure, utilities, and mobility.  

• Godwoken To Host First Ever Premier Indian Blockchainxgaming Conference In Bangalore: Aiming to educate the blockchain gaming community, Canada-based Godwoken Games, the world's first modular gaming Blockchain and infrastructure building platform is organizing the first edition of the Premier Indian BlockchainXGaming Conference in Bangalore. Co-organised by Nervos Foundation, the knowledge-based event is the first of its kind and most sought-after for aspiring coders and techies looking to enter the exciting world of blockchain gaming. The one-day conference is being held at The Den on 5th December 2022. Over 500 participants including Blockchain experts and technology innovators are expected to attend the Premier BlockchainXGaming Conference.

• Bharat Web3 Association Calls For Rationalisation Of Taxes: Bharat Web3 Association (BWA), a newly formed cryptocurrency and web3 industry body, has written to the finance ministry sharing its concerns and recommendations on taxation and regulatory uncertainty ahead of the Union Budget 2023-24. The industry body is expected to meet concerned officials from the Central Board of Direct Taxes (CBDT) and others next week, according to a source familiar with the developments. “The BWA aims to highlight the impact of the existing tax provisions such as TDS, tax on income from VDAs (virtual digital assets), and not allowing carrying forward of losses on the wider industry and share its inputs on suitable amendments which can help address the concerns of the government and at the same time allow growth of this sector,”- a BWA spokesperson. Gains from Virtual Digital Assets (VDAs), which include cryptocurrency tokens, Non-fungible tokens (NFTs), and others, are subject to a 30 percent income tax as of April of this year. “There is also an expectation to have regulations and a regulatory body like Sebi to oversee and defend the rules of the game,” the source added.

• Putin Calls For An Independent Blockchain-powered Global Payment Network: Russian President Vladimir Putin has called for a blockchain-based international payment system in light of Western economic sanctions being imposed on his country. According to a report by Cointelegraph, President Putin made his comments at the International AI Journey Conference in Moscow. During the event, organized by Russia’s largest bank Sberbank, Putin criticized the Western monopoly on global financial payment systems, including the ability to impose economic sanctions on other countries. President Putin argued that the world was in need of an international and independent payment network that could be based on blockchain settlement. He said, "The technology of digital currencies and blockchains can be used to create a new system of international settlements that will be much more convenient, absolutely safe for its users, and, most importantly, will not depend on banks or interference by third countries." He continued, "The existing system of international payments is expensive, the system of its correspondent accounts and regulation is controlled by a narrow club of states and financial groups."

• Bullish On Bitcoin, US Senator Ted Cruz Wants Texas To Be A Crypto Oasis: United States Senator Ted Cruz wants to make the American state of Texas an oasis for Bitcoin (BTC) and cryptocurrencies. Speaking at the Texas Blockchain Summit 2022 in late November, the politician empathized with how the crypto industry can be strategic for the U.S. energy supply and technological development. Cruz argued that Bitcoin mining could be used to monetize energy created from oil and gas extraction, rather than burning it. In addition, he emphasized how mining activity can be used as an energy storage and supply alternative. The Senator highlighted that Texas combines abundant and relatively low-cost energy and embraces free enterprise, making Texas an attractive state for crypto industry development in the US. Cruz also unveiled why he described himself as an enthusiastic fan of Bitcoin. He said, "I like Bitcoin because the government can’t control it.".

• Ethereum Rival Fantom (FTM) Up 31% After It Was Revealed How Much Money It Has: Fantom's native blockchain token, FTM, is up 31% and continues to rise for the week. The reason for such a big positive in the crypto asset's price may be the recent clarification on Fantom's finances from the project's founder, Andre Cronje, a well-known DeFi developer. As reported by U.Today, Fantom's financial estimate is about $350 million, which should be enough to sustain the project for another 30 years. In addition, this data gives the right connotation for comparison with other metrics that determine the price of FTM. Thus, comparing the size of Fantom's holdings with FTM's current market capitalization of $600 million and the total value locked in the project of $460 million makes it easier to make investment decisions.

Solidity Developer At Enigmasoft Technologies 

What is proof-of-stake (pos)?: Proof-of-stake underlies certain consensus mechanisms used by blockchains to achieve distributed consensus. In proof-of-work, miners prove they have capital at risk by expending energy. Ethereum uses proof-of-stake, where validators explicitly stake capital in the form of ETH into a smart contract on Ethereum. This staked ETH then acts as collateral that can be destroyed if the validator behaves dishonestly or lazily. The validator is then responsible for checking that new blocks propagated over the network are valid and occasionally creating and propagating new blocks themselves.

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