Amid the Uncertainties, Indian Tamil Nadu State Introduce Blockchain Infrastructure

The Indian state of Tamil Nadu is actively working to adopt new technologies, including blockchain technology and artificial intelligence, to offer more accessible government processes. According to The New Indian Express, Edapaddi K. Palaniswami, chief minister of India, disclosed about the adoption of a blockchain welcoming policy.

The minister further said that Tamil Nadu is looking to introduce a unique protocol that will focus on providing Knowledge Proof Identity-based services delivery. As per Palaniswami’s consideration, this revolutionary project will restructure the government process of delivering its services to citizens.

According to the report, the State Family Database (SFDB) will be the first to execute the project. The blockchain infrastructure will act as a solitary wellspring of truth for all administration information and cycles. It might likewise be utilized to rethink administration and empower blockchain use in the state.

The introduction of the Blockchain Backbone foundation reveals that the state likewise recognizes the need to make a gathering to advance coordinated effort between industry, new companies, and the scholarly community to reconstruct the outdated system.

Garlinghouse Disappointed with Indian Officials Decisions

Although the Indian users have actively been employing blockchain technology and crypto-asset, uncertainty still circles the community. Market analysis and industry inside reports show that India’s relationships with the crypto market are very complex. 

A recent Bloomberg report showed that Indian officials intend to introduce new legislation to once again halt crypto activities in the country. However, the report unfolds that the country is highly focusing on setting up industries that offer blockchain services.

Those community members that struggle hard for the adoption of cryptocurrencies are really disappointed with the government stance. India is probably going to pass up a technology that can assist its tremendous populace without any difficulty and fairness, as per Ripple CEO Brad Garlinghouse.

“Disappointing to see India flip flop on crypto, hamstringing a nascent industry which could serve one of the biggest populations of unbanked/underbanked citizens,” Garlinghouse added comments in a tweet of the Bloomberg report

Lien

Lien is a unique protocol that for creating Options and Stablecoins out of ETH

SUN

  1. SUN is a social venture, which centers on the DeFi potential of TRON. Created as the quintessential Bitcoin equivalent on the TRON network, SUN features zero investments and is only operated by the community by its open-source smart contracts.

Linear Finance

Linear Finance is a cross-chain viable, decentralized delta-one resource convention to cost-adequately and immediately make, oversee, and exchange manufactured resources with boundless liquidity

Wing

Wing has created and is forming a platform committed to the crypto lending market, helping cross-chain collaborative interaction between multiple DeFi products.

Bella Protocol

Bella Protocol is a Decentralized Finance (DeFi) platform that aims to simplify the user experience of the existing DeFi platform and to allow users to utilize their assets and earn yield.

dHEDGE

dHEDGE is the most innovative DeFi platform that aims to create new ways to utilize the derivatives liquidity the Synthetix protocol enables.

Decentralized Exchange Uniswap Launch Governance Token Dubbed UNI

Earlier Today, a leading decentralized Exchange platform Uniswap has introduced its governance token entitled UNI. According to the report, the crypto community presented welcoming support to the new governance token. In the first couple of hours, Uniswap twitter announcement has received more than 1.2 thousand likes. 

Su Zhu, CEO of Three Arrows Capital, retweeted Uniswap post by adding comments:

“Love it. In before Synthetix and Ampleforth whales become the biggest uni simps ever.”

Uniswap is hoping that the UNI governance token will power it to lead the DeFi sector. The DEX platform faced massive liquidation after ‘Vampire Attack’ from SushiSwap. Uniswap total value lock plummeted to $518 million from almost $1.7 billion. Currently, Uniswap stands at second spot followed by its rival SushiSwap, as per the analysis of DeFi Pulse. 

Binance Announced to List Uniswap Governance Token

Observer’s the abrupt demand of Uniswap’s governance token. Binance quickly announced the listing of UNI tokens, despite the criticism that Binance faced for adding SUSHI just days after the official statement. Moreover, FTX and KuCoin also announced to offer support. 

Some crypto experts believe that the launch of UNI token is a huge setback to Sushiswap. Arthur Hayes, CEO of BitMEX parent firm 100x, passed the statement: “My Sushi is spoiled, I shall make it back on UNI,” m2lower, another Twitter user, posted a simple tweet, “DeFi war.”

According to a blog post, nearly one billion UNI tokens will be distributed as per decentralized exchange plans. Uniswap community members will receive 60% out of the total minted tokens. Whereas, the remaining 21.5% goes to Uniswap team members, and 18.5% will be located for investors. 

The announcement further states:

“Uniswap is now particularly well positioned for community-led growth, development, and self-sustainability. The introduction of UNI (ERC-20) serves this purpose, enabling shared community ownership and a vibrant, diverse, and dedicated governance system, which will actively guide the protocol towards the future.”

While the Uniswap announcement goes viral, Uniswap existing users rush to claim their 400 free tokens. The number of active addresses holding UNI tokens also surged significantly. There are more than 13000 addresses with over 42000 recorded transactions, at the time of reporting. However, the highly elevated interest for UNI slows down the Ethereum Network. Market data and industry analysis show that over $650,000 is paid on Uniswap and UNI transaction gas fees alone within 3 hours.