I am reasonably confident that the blockchain will change a great deal of financial practice and exchange. — Larry Summers, US Former Treasury Secretary
Headstart Network Foundation, in association with Startereum hosted “ All About Blockchain — The Future of Money and Business” at SAP Labs campus, Bangalore on the 9th of December, 2017. The event, which was sponsored by the DERBI Foundation, saw an audience full of blockchain and cryptocurrency enthusiasts, entrepreneurs and experts.
The event started at 9:30 AM with the eminent blockchain and cryptocurrency expert, Mr. Sunil Aggrawal, Blockchain Advisor, Signzy and author of the much acclaimed Bitcoin Magnet. Mr. Sunil explained the concept of blockchain, the various altcoins (cryptos other than bitcoins) and the various ways of investing in cryptocurrencies. He has been following the crypto space closely since 2012, when the entire market capitalization was around USD$4 million. As a contrast, today the crypto market capitalization stands at around USD$400 billion.On the question of enormous power consumed by mining of bitcoins, he gave a very simple explanation — the banks around the world consume hundreds or thousands of times more power to secure the fiat currencies handled by it !
Mr. Sunil’s session was followed by a brief introduction to Startereum — multicity accelerator program based in India. It is focused on finding and mentoring blockchain based startups and communities throughout the country. This was followed by a networking gap — where people interacted with each other over cups of coffee. During the networking gap, some of the startups such as Throughbit exhibited their product in dedicated stalls within the premises.
The network gap was followed by a panel discussion on different cryptocurrencies and Initial Coin Offerings. Few key takeaways from this are –
- The sky rocketing prices of bitcoin has bought about enormous media attention, and as a result a fresh bunch of buyers.
- More important than bitcoin is its underlying technology — the blockchain.
- Ethereum is a cryptocurrency that has been phenomenal in establishing various use cases.
- Initial Coin Offerings are based on the Ether token. Every single step in a smart contract is a transaction or a complex computation and would have a cost that is measured in “gas”. The price of this gas is paid by the requester in “Ether”. Ether is the currency with which everything runs in the Ethereum. When people talk about ETH and ETC they are actually talking about the value of the Ether in their respective blockchain.
- Smart Contract is another feature implemented by Ethereum that eliminates the need for third party guarantors — it is one of the most important use cases for cryptocurrencies.
The audience used the Crowd Product solution to interact with the presenters as well as other crypto enthusiasts within the audience. Doubts were clarified, questions were raised and even answers to questions were provided by the interactive audience at the event.
You can find out more about the event, from the audience viewpoint here.
By Shibangsh Chowdhury