Virendra Singh Rawat
A Singapore based Indian entrepreneur has launched a crypto currency a la Bitcoin and plans to mop up almost 15 million US dollars in the Initial Coin Offer (ICO).
The crypto currency named Ginni, promoted by Singapore-based organisation Miners At Work, targets investment by Indian businessmen and retail investors.
A crypto currency is a digital currency (based upon an encrypted and highly secured computer programme), which is designed to function as a medium of exchange using cryptography. Bitcoin is the world’s most famous cryptocurrency.
With the help of a process called mining, the miner must solve a complex computational problem (like a mathematical puzzle) to earn a coin. Mining controls unauthorised entry and manipulation by unverified hackers or computer programmers.
Miners At Work CEO Vikas Gupta said in Lucknow that the company was holding a series of interactive sessions in major Indian cities, including Lucknow, Delhi, Chandigarh, Mumbai, Rajkot, Kolkata besides Singapore to create awareness about the concept of cryptocurrency.
“There are a lot of misconceptions about cryptocurrency among the people and we want to bust such myths to unlock the potential of this evolving concept. No Indian law has declared cryptocurrency or trading as illegal,” he claimed.
However, there are only a few countries such as Japan and Australia which have openly allowed trading in cryptocurrency over exchanges, since governments the world over are sceptical about losing their domination of money and financial controls, since cryptocurrency bypasses the conventional bank route.
Meanwhile, Ginni would also be listed on several cryptocurrency exchanges, once the ICO is completed.
Traditional currency is defined by a physical object, such as gold, but crypto currency is all digital. Digital coins are stored in digital wallets and transferred digitally to other digital wallets.
Investors send the Ethereum and tokens are sent back to the same wallet instantly and automatically without human involvement, which is claimed to be a very transparent process where each individual can see how much funds have been raised by this start-up.
“We are making mining simple and user friendly for investors so that they can get decent rewards without hassles. ICO is a new and transparent way of arranging capital for technology start-ups by crowd funding where investors get tokens for that. We expect to have an average turnover of more than 1 billion US dollars per year,” Gupta added.