Escalation in the Startup Ecosystem by Virtual Currencies

1. Introduction Escalation in the Startup Ecosystem by Virtual Currencies • We live in the sphere of digital currencies and one of the huge imaginable accomplishments for the startups in the current economic system is to get its coin listed on a major cryptocurrency exchange. The world is aggressively heading towards digital currencies and the combined effects of earning the seal of approval from a reputable platform with millions of users worldwide on the asset’s brand recognition, audience reach, market price and trading volumes cannot be overstated. • So, what are the leading cryptocurrency exchanges looking at now? The digital currencies continue to make significant changes across the world by making everyone exponentially crazy about it every day. It is like digital gold which is secure from political influence. But nobody is known to the fact that these cryptocurrencies emerged as a side product of another invention by the mysterious developer Satoshi Nakamoto. In the beginning, he set a goal of inventing something but later on, he found a way to invent more which gave birth to the sensation of the new generation called “cryptocurrencies”. • The growing fever of cryptocurrencies is gripping the start-up world because of its underlying technology called Blockchain. The technology has been proven globally as an effective and protected data storing ledger which uses Proof of Work for keeping records. Blockchain technology is being adopted worldwide in every domain including logistics, cyber security, smart contracts, and the rest.

2. Benefits of Blockchain in Indian Start-ups • A report by the National Association of Software and Services Company says that Block chain technology has the prospective to put in $5 billion to the Indian economy in just five years, merely by escalating the efficiency of resources. And thus, it will gradually increase the overall productivity as well as reduce costs even with only 20 to 30 realistic Block chain start-ups which are operational currently in the country. At present, India’s policy-making commission the NITI Aayog also is working towards creating India’s largest Block chain network dubbed as IndiaChain which is supposed to be the world’s biggest government-sponsored Block chain scheme. • However, due to the early adoption of both crypto currency and the Blockchain technology, North America takes the most important position in the digital currency ecosystem. Although the virtual currencies do not yet achieve committed support in India, there are numerous digital currency exchange platforms that are operational in the country. As there is no law against crypto currencies, the transactions do not have to go through banking institutions. P2P trading system has revolutionized the way people used to perform transactions earlier.

3. Cryptocurrencies have gone far away from making payments Nowadays, the virtual currencies with the exception of serving as a payment method also provided evidence of becoming efficient while executing Proof of Work. As the name depicts, Proof of Work is the justification of the work that took place and demonstrating that it is accurate and true. Some cryptocurrencies follow this way of contract to ensure that the legitimacy of the chain is fine. These virtual currencies are also being used as an asset class by the young generation who perform most of their works online and distinguish cryptocurrencies as an improved as well as a quick-moving asset as compared to the old conventional asset classes for example stocks or gold.

4. Helping hand - the ICOs Initial Coin Offerings help the Blockchain start-ups by providing financial support and endorsing the whole Blockchain network. Some constructive cryptocurrency platform regulations in every country could help generate an additional opportunity for people across the globe to trade in cryptocurrencies, to a large extent similar to the way they do in the stock market. People should also introduce such new technologies within the school/college curriculum so everyone can gratify to the rapidly increasing global demand.

5. If the regulatory framework of the virtual currencies gets established all over the world, it will enable everyone to experience advantages comparable to the above-mentioned points. The regulations will also help to create all together with a perfect technological ecosystem for the growing startups. Consequently, it will also help people preventing the decrease of forthcoming intelligence around the globe; get other business applications acquainted with the emerging blockchain technology via startups. This will eventually make the world better with original development.

6. In the present condition, it is obvious that the virtual currency trading and the connected services will provide a large number of prospects in the coming times, and all the startups, as well as the entrepreneurs, are running towards grabbing this opportunity. But it is still unclear whether this is a fresh proverbial goose which will give golden eggs in the future or merely a delicate splash which will soon explode? Well, we should leave it to time. Meanwhile, if you are someone who is looking to start trading in the virtual currencies, there will be plenty of options for a cryptocurrency exchange platform for you to try out.