Study: Ethereum is More Popular than Bitcoin in India

Jana, Indian free internet provider has reported that according to its latest research, Ethereum is more popular than Bitcoin in this country
05 April 2018   1029

Quartz reported that Ethereum kept a 34.4% share of cryptocurrency search opposite 29.9% for Bitcoin when analyzing seeking requests between October 2017 and February 2018. By the end of February, alongside the tightening regulation in India, the interest in Ethereum had relatively risen twice than the one in Bitcoin.

Cryptocurrencies have been greatly demanded in India over the past year, sometimes Bitcoin was trading at a 30% bonus. The reason can be watched back to 2016, when the Reserve Bank of India removed high-value bills from circulation in a move that shocked the nation. It accentuated the value of a currency that isn’t controlled by a central official – the principal that determined the creation of Bitcoin more than 10 years ago.

Nevertheless, following previews from other central banks including the UK and the US, India’s central bank has been using regulatory impact on its local cryptocurrency exchanges and national banks. Ultimately, it has been declared that trading volumes on India’s popular bitcoin trading platforms have collapsed by 90%.

This decrease in trading volumes could illustrate that traders in India are moving away from centralized trading platforms. The might of cryptocurrencies is that they can be exchanged peer to peer. According CryptoCompare`s analysis, two-thirds of Indian Rupee transactions now take place on LocalBitcoins – a person to person bitcoin trading site that doesn’t rely on a centralized exchange in order to convert into fiat.

Growing interest in Ethereum reflects a general trend relatively to diversifying crypto-assets, it is the currency of choice for investing in Initial Coin Offerings. In a rigid market, traders have been searching for these crypto-startups in order to find returns. According to co-founder and CEO of Unocoin Sathvik Vishwanath, an Indian bitcoin exchange and as reported by Quartz, “The market is very, very dull,” as regulation and tax is weighing on people’s minds.

Probably the interest in Ethereum revealed by Jana simply reflects Sathvik’s spirits. The market has relived a difficult few months, Ethereum’s promise of decentralized apps and its ERC-20 based-ICOs offer the Indian market a more positive future in a bearish market.

AION to Unveil Future Plans

Foundation sold half the BTC and ETH, and it did it very well - at the beginning of this year
06 December 2018   141

The Aion Foundation, which is responsible for the development of the protocol of the same name and collected $ 23 million in Bitcoin and Ethereum on ICO in October last year, published a report in which it shared information about its financial operations. The report was prepared with the support of Deloitte, however, it cannot formally be considered an audit.

According to the Aion Foundation CEO Matthew Spoke, the foundation sold half the BTC and ETH, and it did it very well - at the beginning of this year. Having spent $ 10 million on launching its blockchain platform and opening offices in Canada, China and Barbados, the fund had assets of $ 14 million as of October 31 of this year, $ 5.8 million of which was placed in Fiat.

We’ve liquidated a decent amount of our bitcoin and eth that we raised as proceeds to make sure that we are stable in this type of period. As we continue to spend in our operations we’ll end up liquidating more bitcoin and eth over the course of the next few months.

Matt Spoke

CEO, Aion Foundation

The Aion protocol has already attracted active users, including the video game start-up ClanPlay, but Spoke claims that his company will continue to rely on hard currency.

The foundation has roughly 18 months of runway, Spock estimates, while developing his system to a level at which it can compete with centralized counterparts, such as Amazon Web Services, will take about five years. Aion expects to launch its first Java-based virtual  machine, thanks to which developers can use decentralized tools, by the second quarter of next year.

Spoke suggests that at this time his company will have to attract additional funding from cryptocurrency funds and accredited investors in exchange for their own tokens. His goal is to prevent the reduction of the team, which currently includes 61 people, and the operation of the Ethereum model of ConsenSys, a company sponsoring projects in its own ecosystem.

In the future, Aion intends to publish such reports on a quarterly basis and transfer data to the Messari network in order to increase the confidence of its tokens holders.