government panel calling for a national online gaming law; Ethereum completes integration

A panel of senior government officials, which has been drafting regulations for the country’s online gaming sector for months, has called for a federal regulator and rules to regulate the sector and crack down on outright gambling, according to a Reuters report.

Credit: Giphy

Also in this message:
■ Ethereum cuts power usage with ‘merge’ software upgrade
The Bengaluru Mayhem: Is India’s Silicon Valley Dying?
■ Senior management of the sea to waive salaries amid cost cuts


Indian panel calls for new online gaming regulator and law: report

online games

Citing a report by a government commission, Reuters reported that India should establish a regulatory body to rank online games on the basis of skill or chance, introduce rules to ban prohibited formats and take a tougher stance on gambling sites.

Industry formation: The committee has been working for months on drafting regulations for the country’s online gaming sector, with foreign investors such as Tiger Global and Sequoia Capital backed by startups such as Dream11 and Mobile Premier League.

The much awaited report is seen as shaping the future of India’s $1.5 billion mobile gaming industry, which is estimated to reach $5 billion by 2025.

Read also | The Online Games Task Force may set spending limits in the framework of the work

Ongoing issue: The development comes amid growing concerns about gaming addiction and “inconsistent state laws” that are disrupting businesses.

The definition of games was simply controversial. The Supreme Court has said that rummy and some fantasy games are skill-based and legal, but at least one state court has classified games like poker as being based on luck, or similar to gambling, which is prohibited in most states.

News Leadership: In its draft confidential report dated August 31, the Committee of Government Officials called for the creation of a new regulatory body under the Indian Ministry of Information Technology to define online games that qualify as skill games, and then “request compliance and enforcement.”

The 108-page report also said India needed a new federal online gaming law, which would provide regulatory flexibility “with punitive provisions, along with prohibition powers, for the government against prohibited forms of gaming”.

What’s Next? The Ministry of Information Technology will finalize the report after receiving further comments from committee members. It is then sent to the Cabinet Secretariat for approval. There is no timetable for finalization.

Google allows some Indian fantasy game apps: The news comes a week after Google Play announced that it is conducting a limited-time beta program that will allow the distribution of daily fantasy sports (DFS) games and rummy apps to users in India by India-based embedded developers.

Read also | Google has criticized for allowing only fantasy sports and rummy apps on the Play Store in India

Currently, such apps – which include Dream11, Mobile Premier League, and many others – are not available on the Play Store because they fall under the gambling realm. The pilot program is scheduled to run from September 28, 2022 to September 28, 2023.


Ethereum cuts energy usage with ‘Merge’ software upgrade

Ethereum

The Ethereum blockchain has successfully completed “merging,” a major software upgrade that will significantly reduce its energy use, its inventor said Thursday.

The upgrade, which changes how transactions happen and how Ether tokens are generated, could give Ethereum a huge advantage as it seeks to overtake the competing Bitcoin blockchain.


Frenzy Feeding: We reported Thursday morning that Indian crypto exchanges are seeing a jump in Ether trading volumes before the merger as investors anticipate a higher Ether price after the merger.

But so far, the second highest crypto token in the world has fallen by 2.86% to around $1,592 in the past 24 hours.

Merge: Most blockchains eat up large amounts of energy and have been criticized by environmentalists and some investors. Prior to the upgrade of the software, which is known as Merge, a single transaction on Ethereum used the same amount of energy as the average American household in a week, according to the researcher Digiconomist.

With the software upgrade, Ethereum has moved from a “Proof of Work” system, where power-hungry computers validate transactions by solving complex math problems, to a “Proof of Stake” system, where individuals and companies act as validators, using ether as collateral, to win tokens that Newly created.

According to the Ethereum Foundation, the new system will use 99.95% less energy.

Web3 promotion: Ethereum was born in 2013. Proponents believe it will form the backbone of much of the widely promoted but still unrealized “Web3” vision of the Internet where crypto technology takes center stage in applications and commerce.

Read also | Biggest Crypto Event of 2022

Tweet today


The Bengaluru Chaos: Is India’s Silicon Valley Dying?

Bengaluru

Massive floods that occurred last week in Bengaluru, the capital of India’s information technology, have sparked a debate over the city’s future as a technology hub in India. A few days of torrential rain were enough to bring India’s Silicon Valley to its knees.

How it all started: Once a city of parks, lakes and cool climate in the 1990s, Bengaluru quickly became a major technology center in India and the unrestricted expansion of the city led to encroachments on wetlands and floodplains. Concrete replaced green spaces and construction around the edge of the lakes closed the connecting canals, limiting the city’s ability to absorb water.

In the early 1970s, more than 68 percent of Bengaluru was covered in vegetation. By the late 1990s, green cover had decreased to about 45% and by 2021 to less than 3% of its total area of ​​741 square kilometers. If this trend continues, by 2025, 98.5% of the city will be smothered with concrete.

Indian IT Problems: The recent chaos has raised new concerns about India’s $194 billion IT services industry, which is centered around Bengaluru. Insurers said initial estimates of property losses could be in the millions of rupees, with the numbers expected to increase.

Read also | Startup founders, venture capitalists hit by Bengaluru floods bemoan the city’s infrastructure


Sea’s top management forgoes salaries amid cost cuts

pay cut

Sea Ltd’s senior management will step down. on its salaries and tightening company expense policies as the gaming and e-commerce giant in Singapore tries to protect itself from an economic slowdown that threatens technology companies.

The company will limit business travel to economy class fares, with travel meal expenses restricted to $30 per day. It will also limit spending on hotel stays for business trips to $150 per night, and eliminate reimbursement for meals and entertainment bills.

sea ​​of ​​problems “With investors fleeing for ‘safe haven’ investments, we don’t expect to be able to raise money in the market,” CEO Forest Lee said.

The sea is facing increasing pressures to grow and control costs at the same time. Consumers are pulling back from online spending as higher interest rates and prices affect the economy, while investors become less willing to fund profit-free growth.

Recently, Shopee, Southeast Asia’s largest e-commerce company – a subsidiary of Sea – canceled dozens of job offers shortly after the parent company reported widening losses and much slower revenue growth.


ETtech Done Deals

startup financing

■ Sigmoid, a data engineering and artificial intelligence (AI) solutions provider, said Thursday that it has raised $12 million in funding in a combination of primary and secondary funding, as part of the latest funding round from Sequoia Capital India. With the current round, Sequoia has $19.3 million in Sigmoid. The startup will use the capital to develop its market offerings, expand delivery centers and cater to new industries.

Cross-border raw materials supplier Ximkart said it has raised $2.4 million in funding led by Matrix Partners India. The startup will use the funds to strengthen its position in existing categories, launch new categories and expand into new geographies.

■ Edtech subsidiary Upgrad has acquired Centum Learning, a leading provider of corporate training solutions, in a stock exchange deal. Through this transaction, Bharti Enterprises Limited and its subsidiaries will join the Upgrad cap schedule. Centum is expected to generate revenue of Rs.170 crore in FY23.

■ Dubdub.ai’s AI-powered dubbing platform gets $1 million from Waveform Ventures and Accel Atoms. The new money will help the startup build technical expertise on the team and validate several use cases for global clients. It was founded in August 2021 by Anubhav Singh, Rahul Sankhwar, Rahul Garg and Anchal Jaiswal.

Today’s ETtech Top 5 newsletter is organized by Zaheer Merchant in Mumbai and Gaurab Dasgupta in New Delhi. Drawings and drawings of the middle Rahul.

Related Posts

Leave a Reply

Your email address will not be published.