CHENNAI: Deuscoin, latest entrant to the cryptocurrency market, said it will be making its launch in India. Despite being launched as late as January 1, 2017, the alt-coin is expected to see traction in India, said Dana L Coe, CEO, BitLox
With cryptocurrency gaining more prominence post-WannaCry, Deuscoin becomes more relevant as it is low priced and quick in terms of transactions, transfers, arbitrage, said the company. Coe, while explaining the features of Deuscoin said it uses open sources software for developing its systems. "What it means is that our codes and plug-ins are vetted by thousands of programmers every day, thus eliminating bugs, logic errors; With the benefit of increased security and efficiency. Which is more efficient - buying a car or building a new car?" he asked.
The CEO also touched upon the need for privacy and anonymity in payments. With big data, consumer tracking websites, offline stores, the need for privacy is heightened. "Imagine if you are in store and the sales rep is looking over your shoulder and recording you as you browse the rack. Now imagine it is a website doing the tracking -- everyday dozens of websites know who you are, where you live and your spending habits," he said.
BitLox CEO also talked about how tracking people's spending habits can increase the cost of goods. "Imagine you are spending on something private, like a particular medicine for a family member. Imagine, if somebody is collecting that data and selling it to a pharmaceutical company that is also partly owned by an insurance company. First, they cut the supply of medicine - effectively increasing the market price. Then, the insurance company convinces the government to pass a law forcing every patient to have an insurance policy before they can be admitted. Imagine how that story ends in the future - with inflation pushing the buying power of fiat currency and every marketer knows the private details of your life. So the conclusion would be to use anonymous and private payments to protect yourself and your family," said Coe.
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