Today's Headlines - 04 August 2023
The crypto project WorldCoin
GS Paper - 3 (Economy)
A new cryptocurrency project called WorldCoin, from OpenAI CEO Sam Altman, has claimed over 2 million sign-ups across the world after its official launch on 24 July 2023. OpenAi was the company behind the AI chatbot ChatGPT.
What differentiates WorldCoin from many existing cryptocurrencies?
It is its use of biometrics. Its unique method of sign-up, involving scanning of irises, has rung alarm bells in countries such as France, Germany and Kenya.
India also has at least 17 sign-up locations – mostly at Delhi Metro stations in the NCR region and a few in Bengaluru. In comparison, the United States has 10 locations and Japan has three locations, according to the WorldCoin website.
What is WorldCoin?
The Worldcoin protocol is intended to be the world’s largest identity and financial public network, open to everyone regardless of their country, background or economic status.
WorldCoin wants to offer users an account that only “real humans” can get, through what it calls a “World ID”.
For this, a customer has to sign up and do in-person eyes scan at particular locations, where their irises would be scanned through a ball-like object called an ‘orb’.
Once the orb’s iris scan verifies the person is a real human, it creates a World ID for them.
The reasoning given here is that biometric data would help differentiate between humans and Artificial Intelligence systems and prevent duplication of IDs from the same person.
It can then be used as an ID in a variety of everyday applications – such as a cryptocurrency wallet – without revealing the user’s identity.
The project has three aspects: a World ID or a digital identity for “proving an individual’s unique personhood,” a Worldcoin token (WLD) that is its cryptocurrency, and a World App that enables “payment, purchases and transfers globally using digital assets and traditional currencies.”
It says that creating a World ID (through the orb scanning) is not essential for accessing the app or tokens. But it provides certain incentives for doing so.
Who owns WorldCoin?
San Francisco and Berlin-based company Tools for Humanity is behind WorldCoin. Altman is its Co-Founder and Alex Blania is its Co-Founder and CEO.
The company’s website simply states that it is a technology company that was built to ensure a “more just economic system”, and re-directs visitors to the WorldCoin website.
The Worldcoin can help address how the economy will be reshaped by generative AI technology.
#upsc #news #headline #crypto #project #worldcoin #economy #world #chatGPT #OpenAi #currencies #germany #kenya #delhimetro #US #japan #location #financial #worldID #human #intelligence #technology #visitors #humanity #berlin #francisco #CEO
The crypto project WorldCoin
GS Paper - 3 (Economy)
A new cryptocurrency project called WorldCoin, from OpenAI CEO Sam Altman, has claimed over 2 million sign-ups across the world after its official launch on 24 July 2023. OpenAi was the company behind the AI chatbot ChatGPT.
What differentiates WorldCoin from many existing cryptocurrencies?
It is its use of biometrics. Its unique method of sign-up, involving scanning of irises, has rung alarm bells in countries such as France, Germany and Kenya.
India also has at least 17 sign-up locations – mostly at Delhi Metro stations in the NCR region and a few in Bengaluru. In comparison, the United States has 10 locations and Japan has three locations, according to the WorldCoin website.
What is WorldCoin?
The Worldcoin protocol is intended to be the world’s largest identity and financial public network, open to everyone regardless of their country, background or economic status.
WorldCoin wants to offer users an account that only “real humans” can get, through what it calls a “World ID”.
For this, a customer has to sign up and do in-person eyes scan at particular locations, where their irises would be scanned through a ball-like object called an ‘orb’.
Once the orb’s iris scan verifies the person is a real human, it creates a World ID for them.
The reasoning given here is that biometric data would help differentiate between humans and Artificial Intelligence systems and prevent duplication of IDs from the same person.
It can then be used as an ID in a variety of everyday applications – such as a cryptocurrency wallet – without revealing the user’s identity.
The project has three aspects: a World ID or a digital identity for “proving an individual’s unique personhood,” a Worldcoin token (WLD) that is its cryptocurrency, and a World App that enables “payment, purchases and transfers globally using digital assets and traditional currencies.”
It says that creating a World ID (through the orb scanning) is not essential for accessing the app or tokens. But it provides certain incentives for doing so.
Who owns WorldCoin?
San Francisco and Berlin-based company Tools for Humanity is behind WorldCoin. Altman is its Co-Founder and Alex Blania is its Co-Founder and CEO.
The company’s website simply states that it is a technology company that was built to ensure a “more just economic system”, and re-directs visitors to the WorldCoin website.
The Worldcoin can help address how the economy will be reshaped by generative AI technology.
#upsc #news #headline #crypto #project #worldcoin #economy #world #chatGPT #OpenAi #currencies #germany #kenya #delhimetro #US #japan #location #financial #worldID #human #intelligence #technology #visitors #humanity #berlin #francisco #CEO
Today's Headlines - 22 August 2023
RBI's pilot project for facilitating frictionless credit
GS Paper - 3 (Economy)
In a move aimed at easing access to credit, the Reserve Bank of India (RBI) launched a pilot project in the form of a "Public Tech Platform for Frictionless Credit" . The move seeks to give digital information to lenders to expedite access to credit or loans.
What is the 'Public Tech Platform for Frictionless Credit'?
It is an end-to-end digital platform that will have an open architecture, open Application Programming Interfaces (APIs), and standards to which all banks can connect in a "plug and play" model.
The Reserve Bank Innovation Hub, a wholly-owned subsidiary of the central bank, has developed the platform.
What is frictionless credit?
Frictionless credit is a borrowing approach that seeks to streamline the lending process for consumers.
Unlike the traditional credit systems, where individuals need to go through extensive paperwork, credit checks and lengthy approval procedures, frictionless credit promises a smoother and faster experience.
RBI's project is designed to smoothen Kisan Credit Card lending by automating various processes within the banks and integrating their systems with service providers.
How will the public tech platform help disburse loans?
Before a credit or loan is approved, it often takes lenders several days, a week or even months to process several sets of information.
Currently, data has to be sourced from credit information bureaus, account aggregators, and banks, which has led to obstacles in the timely delivery of lending.
The public tech platform seeks to make this process seamless by providing all the required information in one place to facilitate credit.
Linkages with other services
The public tech platform will facilitate linkages with services such as Aadhaar e-KYC, PAN validation, Aadhaar e-signing, account aggregation and house/property search data, among other things.
On 17 August 2023, Axis Bank said that it would offer Kisan Credit Card (KCC) and unsecured MSME loans to small business customers on the public tech platform.
As a pilot, Kisan Credit Cards will be offered in Madhya Pradesh and will be available to customers for up to Rs 1.6 lakh to begin with.
MSME loans will be available across the country and loans up to Rs 10 lakh will be offered to customers.
#upsc #news #headline #credit #economy #RBI #project #pilot #publictech #platform #digital #architecture #plugandplay #centralbank #consumers #paperwork #smoothern #kisan #card #systems #loans #bureaus #aggregators #KYC #PAN #AADHAAR #kisancreditcards #madhyapradesh #MSME #validation #disburse
RBI's pilot project for facilitating frictionless credit
GS Paper - 3 (Economy)
In a move aimed at easing access to credit, the Reserve Bank of India (RBI) launched a pilot project in the form of a "Public Tech Platform for Frictionless Credit" . The move seeks to give digital information to lenders to expedite access to credit or loans.
What is the 'Public Tech Platform for Frictionless Credit'?
It is an end-to-end digital platform that will have an open architecture, open Application Programming Interfaces (APIs), and standards to which all banks can connect in a "plug and play" model.
The Reserve Bank Innovation Hub, a wholly-owned subsidiary of the central bank, has developed the platform.
What is frictionless credit?
Frictionless credit is a borrowing approach that seeks to streamline the lending process for consumers.
Unlike the traditional credit systems, where individuals need to go through extensive paperwork, credit checks and lengthy approval procedures, frictionless credit promises a smoother and faster experience.
RBI's project is designed to smoothen Kisan Credit Card lending by automating various processes within the banks and integrating their systems with service providers.
How will the public tech platform help disburse loans?
Before a credit or loan is approved, it often takes lenders several days, a week or even months to process several sets of information.
Currently, data has to be sourced from credit information bureaus, account aggregators, and banks, which has led to obstacles in the timely delivery of lending.
The public tech platform seeks to make this process seamless by providing all the required information in one place to facilitate credit.
Linkages with other services
The public tech platform will facilitate linkages with services such as Aadhaar e-KYC, PAN validation, Aadhaar e-signing, account aggregation and house/property search data, among other things.
On 17 August 2023, Axis Bank said that it would offer Kisan Credit Card (KCC) and unsecured MSME loans to small business customers on the public tech platform.
As a pilot, Kisan Credit Cards will be offered in Madhya Pradesh and will be available to customers for up to Rs 1.6 lakh to begin with.
MSME loans will be available across the country and loans up to Rs 10 lakh will be offered to customers.
#upsc #news #headline #credit #economy #RBI #project #pilot #publictech #platform #digital #architecture #plugandplay #centralbank #consumers #paperwork #smoothern #kisan #card #systems #loans #bureaus #aggregators #KYC #PAN #AADHAAR #kisancreditcards #madhyapradesh #MSME #validation #disburse
Today's Headlines - 02 September 2023
The Organised Crime and Corruption Reporting Project (OCCRP)
GS Paper - 3 (Economy)
After Hindenburg, the Organised Crime and Corruption Reporting Project (OCCRP) has made fresh allegations of stock manipulation against the Adani Group. OCCRP’s report, published, claims that exclusive documents obtained by it show that “in at least two cases … [supposedly public] investors turn out to have widely reported ties to the group’s majority shareholders, the Adani family”, and helped manipulate Adani companies’ stock prices. The Adani Group has categorically rejected these allegations, terming them as a “concerted bid by Soros-funded interests” to “revive the meritless Hindenburg report”.
A global network of investigative reporters
OCCRP wasn’t really planned – it was born of necessity. We were all working on the same intractable problems in our own countries. But a couple of us realised this, and communicated. This is a quote from one of OCCRP’s co-founders, Drew Sullivan.
American Sullivan and Bulgarian Paul Radu, both investigative journalists, founded OCCRP in 2006, after they realised the similarities in their experiences of investigating and reporting on organised crime and systemic corruption.
Initially funded by the United Nations Democracy Fund (UNDEF), the OCCRP network first opened an office in Sarajevo.
Over the years, the OCCRP has grown from six journalists working in five countries to more than 150 journalists in 30 countries.
The idea is to have a global network of journalists with easy communication and information-sharing so that global networks of corruption and crime can be better understood and exposed.
The OCCRP also collaborates with regional partners, including Arab Reporters for Investigative Journalism (ARIJ), Centro Latino Americano de Investigacion Periodistica (CLIP), and Radio Free Europe/Radio Liberty (RFE/RL). It is a member of the Global Investigative Journalism Network as well.
Impact over the years
As per its own records, since 2009 reporting by the OCCRP has directly led to 398 official investigations, 621 arrests and sentences, 131 resignations, and $10 billion+ in fines levied and money seized.
It has been involved in many high-profile probes over the years, including multiple investigations on Russia’s oligarchs and Vladimir Putin.
The OCCRP also worked on the Panama Papers project with the International Consortium of Investigative Journalists, producing more than 40 stories on corruption through the use of offshore entities, which won the 2017 Pulitzer Prize Journalism.
The organisation has been nominated for this year’s Nobel Peace Prize for its work “contributing to peace by unmasking political corruption and organized crime.”
#upsc #news #headline #organised #crime #corruption #project #OCCRP #economy #hindenburg #manipulation #Adanigroup #shareholders #soros #interests #investigative #global #network #reporters #PaulRadu #journalists #systemic #sullivan #bulgarian #UNDEF #Sarajevo #Arab #ARIJ #CLIP #RFE #Network #Russia #oligarchs #vladimirputin #Panama #pulitzer #NobelPeacePrize
The Organised Crime and Corruption Reporting Project (OCCRP)
GS Paper - 3 (Economy)
After Hindenburg, the Organised Crime and Corruption Reporting Project (OCCRP) has made fresh allegations of stock manipulation against the Adani Group. OCCRP’s report, published, claims that exclusive documents obtained by it show that “in at least two cases … [supposedly public] investors turn out to have widely reported ties to the group’s majority shareholders, the Adani family”, and helped manipulate Adani companies’ stock prices. The Adani Group has categorically rejected these allegations, terming them as a “concerted bid by Soros-funded interests” to “revive the meritless Hindenburg report”.
A global network of investigative reporters
OCCRP wasn’t really planned – it was born of necessity. We were all working on the same intractable problems in our own countries. But a couple of us realised this, and communicated. This is a quote from one of OCCRP’s co-founders, Drew Sullivan.
American Sullivan and Bulgarian Paul Radu, both investigative journalists, founded OCCRP in 2006, after they realised the similarities in their experiences of investigating and reporting on organised crime and systemic corruption.
Initially funded by the United Nations Democracy Fund (UNDEF), the OCCRP network first opened an office in Sarajevo.
Over the years, the OCCRP has grown from six journalists working in five countries to more than 150 journalists in 30 countries.
The idea is to have a global network of journalists with easy communication and information-sharing so that global networks of corruption and crime can be better understood and exposed.
The OCCRP also collaborates with regional partners, including Arab Reporters for Investigative Journalism (ARIJ), Centro Latino Americano de Investigacion Periodistica (CLIP), and Radio Free Europe/Radio Liberty (RFE/RL). It is a member of the Global Investigative Journalism Network as well.
Impact over the years
As per its own records, since 2009 reporting by the OCCRP has directly led to 398 official investigations, 621 arrests and sentences, 131 resignations, and $10 billion+ in fines levied and money seized.
It has been involved in many high-profile probes over the years, including multiple investigations on Russia’s oligarchs and Vladimir Putin.
The OCCRP also worked on the Panama Papers project with the International Consortium of Investigative Journalists, producing more than 40 stories on corruption through the use of offshore entities, which won the 2017 Pulitzer Prize Journalism.
The organisation has been nominated for this year’s Nobel Peace Prize for its work “contributing to peace by unmasking political corruption and organized crime.”
#upsc #news #headline #organised #crime #corruption #project #OCCRP #economy #hindenburg #manipulation #Adanigroup #shareholders #soros #interests #investigative #global #network #reporters #PaulRadu #journalists #systemic #sullivan #bulgarian #UNDEF #Sarajevo #Arab #ARIJ #CLIP #RFE #Network #Russia #oligarchs #vladimirputin #Panama #pulitzer #NobelPeacePrize
Today's Headlines - 03 September 2023
Navy's stealth frigate Mahendragiri launched
GS Paper - 3 (Defence)
The seventh stealth frigate, under the Indian Navy's Project 17 A, Mahendragiri, was launched on 1 September 2023. Built at Mazagon Dock Shipbuilders Ltd (MDL), the vessel was developed as part of the push towards the Aatmnirbhar Bharat idea.
More about the frigate
Mahendragiri, a technologically advanced warship stands as a symbol of India's determination to embrace its rich naval heritage, while propelling itself towards a future of indigenous defence capabilities.
Mahendragiri, named after a mountain peak in Eastern Ghats located in the state of Odisha, is the seventh ship of the Project 17A Frigates.
These warships are follow-ons of the Project 17 Class Frigates (Shivalik Class), with improved stealth features, advanced weapons and sensors, and platform management systems.
#upsc #news #headline #navy #stealth #frigate #mahendragiri #launched #defence #Indiannavy #mazagon #dock #shipbuilders #MDL #Aatmnirbharbharatidea #technologically #warship #navalheritage #easternghats #project #shivalikclass #weapons #sensors #systems
Navy's stealth frigate Mahendragiri launched
GS Paper - 3 (Defence)
The seventh stealth frigate, under the Indian Navy's Project 17 A, Mahendragiri, was launched on 1 September 2023. Built at Mazagon Dock Shipbuilders Ltd (MDL), the vessel was developed as part of the push towards the Aatmnirbhar Bharat idea.
More about the frigate
Mahendragiri, a technologically advanced warship stands as a symbol of India's determination to embrace its rich naval heritage, while propelling itself towards a future of indigenous defence capabilities.
Mahendragiri, named after a mountain peak in Eastern Ghats located in the state of Odisha, is the seventh ship of the Project 17A Frigates.
These warships are follow-ons of the Project 17 Class Frigates (Shivalik Class), with improved stealth features, advanced weapons and sensors, and platform management systems.
#upsc #news #headline #navy #stealth #frigate #mahendragiri #launched #defence #Indiannavy #mazagon #dock #shipbuilders #MDL #Aatmnirbharbharatidea #technologically #warship #navalheritage #easternghats #project #shivalikclass #weapons #sensors #systems
Today's Headlines - 11 September 2023
India-Middle East-Europe mega economic corridor
GS Paper - 2 (International Relations)
Prime Minister Narendra Modi announced the launch of the India-Middle East-Europe mega economic corridor. The project includes India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US.
What is the project?
The rail and shipping corridor is part of the Partnership for Global Infrastructure Investment (PGII) — a collaborative effort by G7 nations to fund infrastructure projects in developing nations. PGII is considered to be the bloc’s counter to China’s Belt and Road Initiative.
The project will aim to enable greater trade among the involved countries, including energy products.
It could also be one of the more ambitious counters to China’s massive infrastructure program, through which it has sought to connect more of the world to that country’s economy, AP said.
The corridor will include a rail link as well as an electricity cable, a hydrogen pipeline and a high-speed data cable, according to a document prepared by European Commission President Ursula von der Leyen.
The document also called the project “a green and digital bridge across continents and civilizations.”
Why is the project being proposed?
First, it would increase prosperity among the countries involved through an increased flow of energy and digital communications.
Second, the project would help deal with the lack of infrastructure needed for growth in lower- and middle-income nations.
Third, it could help “turn the temperature down” on “turbulence and insecurity” coming out of the Middle East
#upsc #headline #news #india #middle #East #Europe #mega #economic #corridor #international #relations #UAE #saudiarabia #europeanunion #france #Itlay #germany #US #project #rail #PGII #China #BELT #Road #intiative #ountries #trade #hydrogen #pipeline #speed #data #cable #civilizations #infrastructure #income #nations #turbulence #insecurity #prosperity
India-Middle East-Europe mega economic corridor
GS Paper - 2 (International Relations)
Prime Minister Narendra Modi announced the launch of the India-Middle East-Europe mega economic corridor. The project includes India, the UAE, Saudi Arabia, the European Union, France, Italy, Germany and the US.
What is the project?
The rail and shipping corridor is part of the Partnership for Global Infrastructure Investment (PGII) — a collaborative effort by G7 nations to fund infrastructure projects in developing nations. PGII is considered to be the bloc’s counter to China’s Belt and Road Initiative.
The project will aim to enable greater trade among the involved countries, including energy products.
It could also be one of the more ambitious counters to China’s massive infrastructure program, through which it has sought to connect more of the world to that country’s economy, AP said.
The corridor will include a rail link as well as an electricity cable, a hydrogen pipeline and a high-speed data cable, according to a document prepared by European Commission President Ursula von der Leyen.
The document also called the project “a green and digital bridge across continents and civilizations.”
Why is the project being proposed?
First, it would increase prosperity among the countries involved through an increased flow of energy and digital communications.
Second, the project would help deal with the lack of infrastructure needed for growth in lower- and middle-income nations.
Third, it could help “turn the temperature down” on “turbulence and insecurity” coming out of the Middle East
#upsc #headline #news #india #middle #East #Europe #mega #economic #corridor #international #relations #UAE #saudiarabia #europeanunion #france #Itlay #germany #US #project #rail #PGII #China #BELT #Road #intiative #ountries #trade #hydrogen #pipeline #speed #data #cable #civilizations #infrastructure #income #nations #turbulence #insecurity #prosperity