Technology

Decoding cryptocurrency

Virtual wealth: Girish Nair  

Cryptocurrency and blockchain have been global buzzwords since last year, but precious few fully understand what it is and how it works. To help sift through the jargon, Girish Nair, CEO of Curiosity Gym will hold an interactive workshop, ‘Up Your Cryptocurrency Game’ today. “We will be playing a game based on blockchain technology. It explains how it works, the data, the hashes. We have made a game out of this to make the participants better understand how blockchain works,” explains Nair. He adds there are no prerequisites for participating in the workshop. “You don’t even need to be tech-savvy. We’ve actually run the workshop with high school students and it was a success,” he says.

Currency debates

Explaining the tech terms he says, “Blockchain and virtual currency is jargon that not many people understand well. Virtual currency is a layer that is built on top of blockchain. Blockchain can actually be used in several industries where it’s not necessarily dealing with money but those dealing with contracts. With any supply chain – wherever there’s movement of data, such as land, or health and even birth records – it can be maintained and tracked using blockchain.

Entire governments can potentially move into using blockchain as a technology to track all their records. Blockchain will be the underlying technology to integrate the systems.”

There is a raging debate about the usage of bitcoin as legal tender the world over, while the RBI is yet to present a clear set of regulations about virtual currency. “There’s no control and potentially no taxation on virtual currency, especially when the government doesn’t know where the money is coming from. Virtual currency can be traced back only to an anonymous entity. An anonymous user can, then, potentially use the currency for illegal activities. So the law is definitely within its rights to be concerned,” shares Nair.

Nair is concerned about the uncertainty of using bitcoin and other virtual currencies in the real world. “People should not deal in virtual currency until there’s solid regulation [governing] it and they have an understanding of it. Otherwise there’s always the risk of losing your money to hacks. Virtual currency is a layer that is built on top of blockchain. Blockchain itself can be used in several industries, while most of the media and public thinks that it’s all about virtual currency,” concludes Nair.

Cryptocurrency 101 will be held today at The A, One India Bulls, Lower Parel; more details on www.insider.in


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Printable version | Jul 28, 2021 9:03:31 PM | https://www.thehindu.com/sci-tech/technology/decoding-cryptocurrency/article25074075.ece

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