Unocoin hosted Cryptothon, a hackathon for creating Bitcoin-Blockchain related value adding system

The innovative hackathon also centered around Micro payments, Merchant Services, Smart Investments, Augmented reality and Hyperledger

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Bangalore, April 13, 2017: Unocoin – India’s leading Bitcoin & Blockchain Company hosted “Cryptothon”- A Bitcoin – Blockchain hackathon on April 8th – 9th at 91Springboard, Koramangala. The Hackathon was organised with an aim to provide a platform for developers to tinker around the Bitcoin – Blockchain space and build products that would create a value addition to the present system.

Cryptothon witnessed participation from 120 developers from different walks of life, from school goers to highly experienced professionals. The team spent 24 hours building solutions using Bitcoin – Blockchain involving complex areas like Micropayments, Merchant Services, Smart Investments, Augmented reality and Hyperledger. As Sathvik Vishwanath, CEO and Co-Founder, Unocoin puts it in his own words “Something remarkable is going to come out of this room,” the event was electrifying with energy.

With an aim to build a product that would set them apart from the rest, each team put in their tireless work which continued throughout the night. The Jury selected 11 teams out of 32 teams to present their hack and give a live demo. The Jury comprised of Mr. Jayavardhan, Head of Emerging Trends & Technologies in Innovation Department of Societe Generale, Mr. Mani Madhukar, Architect and Developer Advocate at IBM and Mr. Sathvik Vishwananth, CEO and Co-Founder, Unocoin.

The winning team and their challenges included:

  1. Gizmo_geeks (Winner)

Hack: BitGo – Gamification platform for Bitcoins using Augmented Reality. Players can find Bitcoins pretty much anywhere such as the street, local landmarks, malls, college campus, and working places. BitGo makes revenue using Advertisement and In-App purchases. The hack was further linked to the UNOCOIN android and iOS app which has more than 500 merchants.

  1. Dmaniax (1st Runner Up)

Hack: Hyperbit – A Bitcoin and Hyperledger amalgam, which is a decentralised system for pay-rolling and job allotment.

  1. TeamIron (2nd Runner Up)

Hack: Uniform Payment Gateway for Bitcoin – A chrome extension that lets you shop “ANYWHERE” with your Unocoin Wallet

The Jury had selected 11 teams for the final presentation out of the 33 teams.

Cryptothon – Reimagine the future of Bitcoin in India

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As India transitions from a cash economy to a cashless one, digital currency will be at the forefront! The most famous form of digital currency is bitcoin. It promises to be the currency of the future.To expose people to the power of bitcoin and the underlying technology, Unocoin is conducting India’s first ever Bitcoin only hackathon. The theme of this hackathon is to “Reimagine the future of Bitcoin in India”.

At the hackathon, work on this exciting new technology, and facilitate the transition to a cashless economy by leveraging the power of Bitcoin!

This hack is open for all Developers.

Prizes
First Prize Rs. 50,000 worth bitcoin
Second Prize Rs. 30,000 worth bitcoin
Third Prize Rs. 20,000 worth bitcoin

Venue
91springboard, Koramangala, Bangalore

Start
08 Apr 2017 – 10:00 am
End
09 Apr 2017 – 10:00 am

Application
Please visit http://www.venturesity.com/challenge/id/403 to apply

Bitcoin is not illegal in India

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Recent media propositions have brought serious concerns to the users about change in the legal stance of Indian government towards the disruptive technology of Bitcoin.

There is a misbelief spreading among the community that Bitcoin has been regarded as illegal by the government and it is not true.

This is to clarify the people that Bitcoin is not illegal as per the provisions of Indian law and it is completely legal business to trade Bitcoin in India.

Very recently, a statement made by a respectable Minister of Parliament portraying Bitcoin as a Ponzi scheme started these media propositions. There are various MLM companies operating scams using Bitcoin and his statement is a possible indication of that and does not reflect the business of trading Bitcoins. His statement in no way can be considered as the government’s stance on this matter.

While it is to be noted that disruptive technologies are always hard to be adopted easily and demand such hard opinions in the stages of early adoption. It would be an unwise decision to undermine the potential of these technologies without proper research and analysis. Fortunately, the apex financial institutes in the country such as RBI and SEBI are adopting a ‘Wait and watch’ mode to come up with comprehensive guidelines along with regulations to impose upon the industry soon.

Cryptocurrency industry comes together to form Digital Asset and Blockchain Foundation of India

~ Officials of Zebpay, Unocoin, Coinsecure and Searchtrade will be the board members ~

~ Appoints Nishith Desai to develop self-regulations ~

 

February 23, 2017 – Mumbai: Bitcoin start-ups Zebpay, Unocoin, Coinsecure and Searchtrade jointly launched Digital Asset and Blockchain Foundation of India (DABFI) for the orderly and transparent growth of virtual currency market. Nishith Desai Associates, an international law firm has been appointed to develop self-regulations for the industry.

A committee spearheaded by Saurabh Agrawal, CEO of Zebpay has been constituted with members comprising Sandeep Goenka (Zebpay), Mohit Kalra (Coinsecure), Sathvik Vishwanath (Unocoin), Harish B.V. (Unocoin) and Vishal Gupta (Searchtrade), Rashmit Gupta (Searchtrade).

DABFI will lay down self-regulatory regimes for trading of bitcoins and other blockchain based digital assets. They will also standardise KYC/ AML/ STRS norms for the member companies. Apart from this, the organization will build credibility and create awareness about the benefits and risks of CC, liaise with regulators and get clarity on taxation, attract investment and set up incubators to promote startups, build global relations and actively engage with International community, create a public website and regularly print reports on and around bitcoins and blockchain.

Addressing the media Saurabh Agrawal said, “This organization aims to drive education and create market for blockchain and bitcoin in the Indian market which is now on the path of digital economy. Our vision would be to work with regulators and develop strong framework for our industry to provide required impetus for the growth of the industry.”

Providing legal support to this organization, Nishith Desai said, “Bitcoin and other crypto currencies (CC) have tremendous benefits for most marginalised people, merchants, tax departments and regulatory authorities. It has better price discovery, is anti-inflationary and the transactions are irreversible.

Under the current banking system the poor, currently ‎pay heavy transaction fees for sending small amounts of money to their families in rural areas. In contrast, there is no or very low fee for large transactions. So the current system is loaded in favour of the rich.

The CC also helps merchants as the transactions have instantaneous settlement, irreversible and for the customers it is more secured.

Globally the demand for CC is increasing. Due to its benefits, in the coming years, several countries may stop printing their own money and adopt CC’s such as Bitcoin as their legal tender.

On the other hand, Bitcoins and virtual currencies, just like any other cash, are known to be also used for illicit purposes. The virtual currency transactions are more traceable than the cash. Often that gets more highlighted than its benefits.”

Saurabh Agrawal added, “It is absolutely important to check the ‘bad’ use of CC. Industry has to play an important role in shaping the future of CC and blockchain. Almost no country including India has declared Bitcoins or CCs as per se illegal. And therefore we (DABFI) believe that it is our responsibility to self-regulate itself strictly to check any ‘bad’ use of the new system, work with the regulatory authorities and create awareness about the benefits of CC.”

Sathvik Vishwanath of Unocoin says “The price of Bitcoin has gone up from 450 USD per Bitcoin in February 2016 to 1100 USD in February 2017 Per Bitcoin. DABFI would also warn ordinary people who do not understand the digital currency market not to be lured into ‎trading Bitcoin as it is volatile.”

Unocoin associates with PayUmoney to enable mass adoption of bitcoin currency

The association between India’s leading digital payments players comes as a sweet Christmas surprise amidst the cashless frenzy

Bangalore, India – December 23, 2016 – Unocoin, India’s leading Bitcoin Company announced its association with PayUmoney, one of the avant-garde digital payments solutions providers in India. The partnership enables Unocoin users to buy Bitcoin using PayUmoney Wallet, hence giving them more alternatives than restricting to NEFT/IMPS/RTGS transfers.

“The partnership with PayU is coming at a time when we are seeing a huge increase in the number of wallet users in India. The ease with which payments can be made via wallets like PayU is certainly going to benefit the Bitcoin buyers and increase accessibility to Bitcoin markets. This is our Christmas gift to Unocoin users.” says Sathvik Vishwanath, CEO, Unocoin.

To buy Bitcoin with PayU money, Unocoin users will have to create a registered PayU wallet. Both the Unocoin wallet and PayU wallet must be registered under the same mobile number. The user needs to load his PayU wallet using debit/credit card/ internet banking and then can log into the Unocoin wallet and select the buy with PayU money option under the ‘Buy Bitcoin’ tab.  Once the payment is confirmed, the user will receive the requested amount of Bitcoin in their Unocoin Wallet.

Elucidating upon the partnership, Rahul Kothari, Head, PayUBiz added, “We are glad to associate with Unocoin and embark upon a journey towards mainstreaming Bitcoin adoption and utility in India. Given the current digital payments drive, following the demonetization of currency notes, we are optimistic about the future Bitcoin. I am affirmative that our users will appreciate the complete assortment of valuable services now available at PayUmoney, and will show agility in adopting Bitcoin by Unocoin.”

 Unocoin had recently launched its mobile app on iOS and Android, becoming the first company in India to offer a full featured mobile bitcoin app. The app offers 24/7 access to real-time bitcoin market prices and instantaneous trading transactions. In another development, Unocoin had previously opened up its API for public to build businesses over its services.