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  • Centre gives nod for National Quantum Mission (NQM)

    quantum

    Central idea: The Union Cabinet has approved the National Quantum Mission (NQM) with a budget of ₹6,003 crore. The mission aims to fund research and development in quantum computing technology and associated applications.

    What is Quantum Computing?

    Explanation
    What is it? A type of computing that uses quantum-mechanical phenomena to perform operations on data.
    Qubits Quantum bits, which can be 0, 1, or both simultaneously (a superposition of 0 and 1).
    Computational speed It can perform certain calculations much faster than traditional computing, especially for complex algorithms and large amounts of data.
    Entanglement The use of entanglement allows quantum computing to process multiple pieces of data simultaneously, further increasing computational power.
    Research Governments, universities, and private companies around the world are researching quantum computing.
    Challenges Building practical quantum computers is a major challenge due to the fragility of qubits and the difficulty of controlling and measuring them accurately.
    Development stage Quantum computing is still in its early stages of development.

     

    National Quantum Mission (NQM)

    Mission duration 2023-2031
    Total cost Rs. 6,003.65 crore
    Leading Department Department of Science and Technology (DST)
    Supporting departments Other government departments
    Focus Development of physical qubit-based quantum computers
    Applications Healthcare and diagnostics, defense, energy, and data security
    India’s positioning Among the top six nations involved in quantum research and development

     

    Key focus areas

    (1) Thematic Hubs

    • The mission will be structured around four broad themes:
    1. Quantum Computing,
    2. Quantum Communication,
    3. Quantum Sensing and Metrology, and
    4. Quantum Material and Devices.
    • Thematic hubs will be established at research institutes and R&D centres already working in the field.
    • The effort is to create an ecosystem that favours quantum technology development in the country.

    (2) Satellite-based Communication

    • One of the key areas of focus for the NQM will be the development of satellite-based secure communication between ground stations and receivers located within a 3,000 km range over the first three years.
    • NQM will lay communication lines using Quantum Key Distribution over 2,000 km for satellite-based communication within Indian cities.
    • Tests will be conducted in the coming years for long-distance quantum communication, especially with other countries.

    (3) Quantum Computing

    • The mission will focus on developing quantum computers (qubit) with physical qubit capacities ranging between 50 – 1000 qubits, developed over the next eight years.
    • The development of computers up to 50 physical qubits will take three years.
    • 50 – 100 physical qubits will be developed in five years, and computers up to 1000 physical qubits will be developed in eight years.

    Applications

    • The mission would have a wide range of applications, including in healthcare and diagnostics, defense, energy, and data security.
    • Quantum technologies are expected to be far more powerful than traditional computing systems and capable of performing the most complex problems in a highly secure manner.

    Various challenges

    • Sub-zero temperatures: Current prototype systems require extremely cold (close to -273 C) conditions to work, along with developing the materials capable of such computations.
    • Still evolving: Quantum computers are still a work in progress globally, and no one has built a practical computer that can actually work and solve meaningful problems.
    • No global breakthrough: IBM, D-Wave of Canada or China’s Zuchongzhi 2.1, all of whom have prototype systems, have not built a quantum computer that can solve a problem that anybody cares about.

    Conclusion

    • The NQM represents a significant step forward for India’s research and development efforts in the quantum technology sector.
    • By focusing on the development of quantum computers and related technologies, the country is positioning itself as a key player in this field, with wide-ranging applications across multiple sectors.

     

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  • India’s population to edge ahead of China’s by mid-2023: UN

    population

    Central idea: India is set to overtake China as the world’s most populous country by mid-2023, according to data released by the United Nations.

    State of World Population Report

    • The report is an annual report published by the United Nations Population Fund (UNFPA), which provides a global overview of population trends and issues.
    • The report covers a wide range of topics related to the population, such as fertility, mortality, migration, family planning, and gender equality.
    • It also includes analysis and recommendations for policymakers and governments to address population challenges and promote sustainable development.
    • The report is widely regarded as a key reference for researchers, policymakers, and international organizations working on population and development issues.

    population

    Highlights of the 2023 report

    Facts

    Data
    World Population (2022) 8 billion
    Most populous regions Eastern and Southeastern Asia, Central and Southern Asia
    World Population Growth Rate (since 2020) Less than 1%
    Fertility Rate (replacement level) 2.1 children per woman
    Population aged 65 years or above (2050) 16%
    Persons aged 65 years and above (2050) More than double that of 5-year-olds and same as 12-year-olds
    Regions with fertility rate at or below 2.1 60%
    Top countries accounting for global population increase by 2050 DR Congo, Egypt, Ethiopia, India, Nigeria, Pakistan, Philippines, Tanzania

     

    Population anxieties in India

    Facts
    India’s population India is now the most populous country in the world, having overtaken China in population, with 1,428.6 million people.
    Age distribution 68% of India’s population belongs to the 15-64 years category, and 26% in the 10-24 years group, making India one of the youngest countries in the world.
    Fertility rate National Family Health 5 Survey (2019-21) found that India attained a Total Fertility Rate of 2.0 for the first time, less than the replacement level of 2.1, falling from 2.2 in NFHS 4 (2015-16).
    Life expectancy Life expectancy for men in India is 71 years, the same as the global life expectancy, while it is marginally lower for women at 74 years.
    Population growth India’s population growth rate has decreased from 2.3% in 1972 to less than 1% now.
    Demographic dividend With 68% of its population as youth, and working population, India could have one of the largest workforces in the world, giving it a global advantage.

     

    Way forward

    The UNFPA report strongly recommended that governments introduce policies with gender equality and rights at their heart to address changing demographics. These recommendations include:

    • Parental leave programs: Introducing parental leave programs that provide paid leave to both mothers and fathers after the birth or adoption of a child. This can help promote gender equality in the workplace and support families in raising children.
    • Child tax credits: Providing tax credits or financial support to families with children to help them meet the costs of raising children. This can help address child poverty and support families in providing for their children’s basic needs.
    • Policies to promote gender equality at workplace: Implementing policies and practices that promote gender equality in the workplace, such as equal pay for equal work, flexible work arrangements, and anti-discrimination policies.
    • Universal access to sexual and reproductive health and rights: Ensuring that all people have access to comprehensive sexual and reproductive health services, including family planning, maternal health services, etc. This can help prevent unintended pregnancies, reduce maternal mortality, and promote the health and well-being of individuals and families.

     

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  • Windfall Tax back on local crude oil

    windfall

    The government has revised a windfall tax on domestically-produced crude oil. According to an official notification, the windfall tax rate of Rs 6,400 per tonne.

    What is a Windfall Tax?

    • Windfall taxes are designed to tax the profits a company derives from an external, sometimes unprecedented event — for instance, the energy price-rise as a result of the Russia-Ukraine conflict.
    • These are profits that cannot be attributed to something the firm actively did, like an investment strategy or an expansion of business.
    • The US Congressional Research Service (CRS) defines a windfall as an “unearned, unanticipated gain in income through no additional effort or expense”.
    • One area where such taxes have routinely been discussed is oil markets, where price fluctuation leads to volatile or erratic profits for the industry.

    Features of Windfall Tax

    • Imposed on unanticipated and unearned gains: Windfall tax is imposed on the profits or gains that a company earns from external events or factors beyond their control, which they did not actively seek or pursue.
    • One-time tax: It is typically imposed as a one-time tax retrospectively, over and above the normal rates of tax, and is not a regular or ongoing tax.
    • Imposed on specific sectors or industries: Windfall taxes are usually imposed on specific sectors or industries where there is a significant increase in profits due to external factors such as price fluctuations, supply disruptions, or changes in regulations.
    • Rationale for imposition: The imposition of windfall taxes is based on the rationale of redistributing unexpected gains, funding social welfare schemes, and creating a supplementary revenue stream for the government.
    • Design problems: Introducing windfall taxes may suffer from design problems, given their expedient and political nature.
    • Potential impact on investment: Windfall taxes may lead to uncertainty in the market and negatively impact future investment, as companies may feel uncertain about investing in a sector with an unstable tax regime.

    When did India introduce this?

    • In July 2022, India announced a windfall tax on domestic crude oil producers who it believed were reaping the benefits of the high oil prices.
    • It also imposed an additional excise levy on diesel, petrol and air turbine fuel (ATF) exports.
    • Also, India’s case was different from other countries, as it was still importing discounted Russian oil.

    How is it levied?

    • Governments typically levy this as a one-off tax retrospectively over and above the normal rates of tax.
    • The Central government has introduced a windfall profit tax of ₹23,250 per tonne on domestic crude oil production, which was subsequently revised fortnightly four times so far.
    • The latest revision was on August 31, when it was hiked to ₹13,300 per tonne from ₹13,000.

    Reasons for re-introduction

    • There have been varying rationales for governments worldwide to introduce windfall taxes like:
    1. Redistribution of unexpected gains when high prices benefit producers at the expense of consumers,
    2. Funding social welfare schemes, and
    3. Supplementary revenue stream for the government

    Issues with imposing such taxes

    • Design problems: Windfall taxes may suffer from design problems, given their expedient and political nature. There is also the issue of determining what constitutes true windfall profits and who should be taxed, which raises questions about the threshold for exemption of smaller companies.
    • Potential impact on investment: Windfall taxes may lead to uncertainty in the market and negatively impact future investment, as companies may feel uncertain about investing in a sector with an unstable tax regime.
    • Internalization of potential taxes: Introducing a temporary windfall profit tax may reduce future investment since prospective investors may internalize the likelihood of potential taxes when making investment decisions.
    • Threshold for exemption of smaller companies: Determining the threshold for exemption of smaller companies raises questions about which companies should be taxed and what level of profit is normal or excessive.
    • Difficulty in determining true windfall profits: There is also the issue of determining what constitutes true windfall profits, as it may be challenging to differentiate between profits attributable to external events versus those attributable to a company’s active investment strategy or business expansion.

     

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  • How Web3 differs from Web2?

    web

    Central idea: The article discusses the key features of Web3, including its decentralized nature, peer-to-peer transactions, and greater control over data and digital assets for users.

    What is Web3?

    • Web3, also known as Web 3.0, is the next generation of the World Wide Web that emphasizes decentralization, security, and user privacy.
    • It is essentially a vision of the internet where users have more control over their data, identities, and online interactions.
    • It is built on blockchain technology, which enables peer-to-peer transactions without the need for intermediaries such as banks, governments, or other third parties.
    • This decentralized approach to the web allows for greater transparency and trust, as well as more secure and private transactions.
    • Web3 technologies include blockchain platforms like Ethereum, IPFS (InterPlanetary File System) for distributed file storage, decentralized identity systems like uPort, and decentralized marketplaces like OpenBazaar.

    Features of Web 3

    Feature

    Web3

    Web2

    Centralisation

    		 Decentralised Centralised

    Intermediaries

    		 Peer-to-peer Rely on intermediaries

    Data ownership and control

    		 Users have control Large corporations have control

     

    Challenges for Web3:

    Challenge

    Scalability

    		 Current blockchain infrastructure can only handle a limited number of transactions per second.

    User Adoption

    		 Despite being around for over a decade, blockchain technology is still relatively unknown to the general public.

    Interoperability

    		 Web3 is being developed by different organisations, each with their own unique vision for the technology, leading to challenges in integration.

    Complexity

    		 Technical expertise is required to use and understand Web3, which may be a barrier for some users.

     

    Examples of Web3 use:

    Use

    Cryptocurrencies

    		 Built on blockchain technology, cryptocurrencies enable secure, decentralised transactions without the need for intermediaries.

    Decentralised Finance

    		 Aims to build a new financial system on top of blockchain technology. DeFi applications enable users to borrow, lend, and trade crypto.

    Decentralised storage

    		 Used to create decentralised social networks and develop decentralised identity verification systems.

     

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  • Repeating radio signal detected from nearby Exoplanet YZ Ceti b

    ceti

    Central idea: Astronomers have detected a repeating radio signal from the YZ Ceti exoplanet that suggests the presence of a magnetic field around it.

    What is YZ Ceti b?

    • YZ Ceti b is an earth-sized exoplanet (a planet that orbits a star other than our sun).
    • It is located barely 12 light-years from Earth, and it rotates around a small red dwarf star called YZ Ceti.

    How was the discovery made?

    • The researchers had to make multiple rounds of observations before they could detect the radio signals from the star YZ Ceti, which seemed to match the orbital period of the planet YZ Ceti b.
    • From this, they deduced that the signals were a result of the interaction between the planet’s magnetic field and the star.

    Why does the magnetic field matter?

    • Intense bursts of energy from the YZ Ceti star-exoplanet exchange produce spectacular auroral lights, similar to the energy surges from the sun that disrupt telecommunications on earth.
    • The radio waves confirmed the existence of an exoplanetary magnetic field.
    • This can only be produced if the exoplanet orbits very close to its parent star and has its own magnetic field to influence the stellar wind and generate the signals.

    What’s the implication for YZ Ceti b?

    • The small orbit of YZ Ceti b indicates that the planet takes just a couple of earth days to circle its star.
    • Nearly half of all the stars visible in the sky could potentially harbor rocky, earth-sized planets in habitable orbits around them.
    • Astronomers indicated that the possibility of the existence of a magnetic field on the Earth-like exoplanet, called YZ Ceti b, probably hints at the habitability of life on that planet.

    How common are such magnetic fields?

    • Planetary scientists have never been able to identify magnetic fields on smaller, rocky exoplanets until now.
    • The survival of a planet’s atmosphere may depend on its having, or not having, a strong magnetic field, since the field protects its atmosphere from being eroded by the charged particles blowing in from its star.

     

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  • Importance of Science of Empathy and Inclusivity in IITs

    Empathy

    Central Idea

    • The recent spate of suicides among IIT students and the subsequent media attention, which has brought to the fore the social behavior and anxieties within the IIT student community. It emphasizes that studying at the IITs can be highly stressful, especially for students from socially marginalized backgrounds.

    For instance: JEE Exam and Social Inequality

    • There are disparities among students from different social strata in the JEE Advanced entrance exam, with lower cut-offs for SC/ST students compared to general category students.
    • This disparity in scores can be attributed to cultural and material inequalities faced by SC students, such as lack of basic amenities like water, sanitation, and transportation.

    What is mean by material inequality?

    • Unequal distribution of resources and basic amenities: Material inequality refers to the unequal distribution of resources and basic amenities such as food, water, shelter, healthcare, education, and access to opportunities, among individuals or groups in a society.
    • Factors responsible: It is a result of various factors such as income, social class, gender, race, ethnicity, and geographical location.
    • Negative effects: Material inequality can have negative effects on the well-being and opportunities of individuals and communities, leading to disparities in access to resources and basic needs.

    How IITs can engage with local communities?

    • Conduct Field and Community Studies: Students from all disciplines can conduct field and community studies to understand the causes of material inequality in the surrounding areas. This will provide them with insights into the problems that exist and help them design effective solutions.
    • Interdisciplinary Field Work: IITs can adopt an interdisciplinary fieldwork pedagogy where professors from different disciplines work together to design solutions for societal challenges. This will help students to develop mutual respect, empathy, and a collective understanding of how the state and the market work.
    • Local Problem Areas: IITs can identify and work on concrete problems of all sizes and difficulty levels, such as cooking energy, public transport, small enterprises, and pollution, in the surrounding districts. Faculty members can work with district administrations to address these and involve both IIT and local college students.
    • Collaboration and Teamwork: Engaging with local communities will reduce competitive stress and increase collaboration and teamwork within the student body. Students will appreciate the diversity of backgrounds and understand the adversities many among them have had to face.
    • Democratic Science: Students should demand training in a science of empathy and diversity that probes and explores all nooks and crannies of knowledge and society. Only when Indian science turns more democratic will the university become more empathetic and the society more equal and prosperous.

    Value addition box

    IIT Bombay as an example:

    • IIT Bombay can use the communities in surrounding districts as problem areas for research and academics. From cooking energy to public transport, there are concrete problems of all sizes for students and faculty members to grapple with.
    • Faculty members can work with district administrations to involve both IIT and local college students, thereby creating an ecosystem of higher education that satisfies its institutional and cultural roles.

     What is empathy?

    • Empathy is the ability to understand and share the feelings of another person. It involves being able to put oneself in another person’s shoes and perceive things from their perspective.
    • Empathy allows individuals to connect with others emotionally, recognize their needs and respond with sensitivity and compassion.
    • It is an important aspect of emotional intelligence and plays a crucial role in building strong relationships, effective communication, and social cohesion.

    What do you understand by mean science of empathy?

    • Science of empathy refers to the study and application of empathy as a scientific concept, including understanding its mechanisms, impact, and potential applications in various fields such as healthcare, education, and social justice.
    • It involves using scientific methods to study empathy, including neuroscience, psychology, and social science research.
    • The goal is to deepen our understanding of empathy and how it can be applied to improve social and emotional outcomes for individuals and communities.

    Why Empathy is important in IITs?

    • Addressing social inequalities: IITs are known for their rigorous academic curriculum and high-achieving students, but they also have a responsibility to address social inequalities that exist in society. Empathy can help students and faculty understand the challenges faced by underprivileged communities and develop solutions that address these challenges.
    • Fostering collaboration: Empathy can help IIT students and faculty work together more effectively by understanding each other’s perspectives and experiences. This can lead to better collaboration and teamwork, which is essential for tackling complex problems.
    • Developing socially responsible professionals: IITs aim to produce professionals who can make a positive impact on society. Empathy is an important quality for professionals who want to understand the needs and concerns of their clients or users, and develop solutions that meet those needs.
    • Enhancing research: Empathy can also enhance research by promoting interdisciplinary collaborations that consider a wide range of perspectives and experiences. This can lead to more innovative and effective solutions to complex problems.

    Why Empathy is important along with science in higher education?

    • Social Responsibility: Higher education institutions have a social responsibility to produce graduates who understand the societal impacts of their work and who are capable of creating solutions that benefit all members of society. Empathy helps students to understand the perspectives of those who may be affected by their work and to create solutions that are more inclusive and equitable.
    • Collaborative Work: In higher education, collaborative work is increasingly common across disciplines, cultures, and even national borders. Empathy enables students to understand the needs and motivations of their collaborators and to work effectively as part of a team.
    • Diversity and Inclusion: Diversity and inclusion are key principles of higher education, and empathy plays a crucial role in achieving these goals. Empathy helps students to understand and appreciate the experiences and perspectives of others who come from different backgrounds, leading to a more inclusive and welcoming learning environment.
    • Ethical Considerations: Science and technology can have ethical implications, and empathy is necessary to understand the impact of scientific and technological advancements on different groups of people. Empathy can help students to identify potential ethical dilemmas and to create solutions that align with ethical principles.

    Conclusion

    • The issues of social inequality and stress among students in the Indian Institutes of Technology (IITs) suggests the need for an empathetic and inclusive approach towards higher education. Interdisciplinary fieldwork and community engagement can create a diverse and inclusive ecosystem of higher education, preparing students to become better professionals and citizens.

    Mains Question

    Q. Empathy along with science is an essential ingredient in higher education in India. In light of this statement discuss how IITs can play a critical role in promoting empathy and reducing social inequalities in India.

  • Macron’s Statement On China and India’s Own Possibilities In Europe

    Macron

    Central idea

    • French President Emmanuel Macron’s recent declaration that France is an ally but not a vassal of the United States and his comments that Paris does not share Washington’s hostility towards China have generated significant reactions in the US and Europe. Beijing’s official media has praised Macron’s strategic autonomy approach towards China, and Russia hopes that France and other European countries will be less politically tied to the US.

    Macron’s comments on China and Taiwan and reactions

    • Outrage in the US and Europe: Macron’s comments that France does not share the US’s hostility towards China and does not see the Taiwan crisis as a threat to Europe have generated outrage in the US and Europe.
    • China praised: Beijing sees Macron’s model of strategic autonomy as a positive example for other nations to follow regarding China.
    • India criticized: India has criticized the remarks, noting that the principle and power are at stake in both Ukraine and Taiwan.

    What is mean by Vassalisation?

    • The term vassalisation refers to a state or country that is in a subordinate or dependent relationship with another, usually more powerful, state or country.
    • It suggests a lack of independence and autonomy in decision-making and an obligation to follow the policies and interests of the more powerful state.

    Important trends highlighted by the debate on the vassalisation of Europe and Russia

    1. Different perspectives on Taiwan and Ukraine
    • Macron’s claim on Taiwan not being a concern to Europe reinforces India’s External Affairs Minister S Jaishankar’s criticism of Europe’s mindset that their problems are the world’s problems.
    • The Ukraine conflict has debilitating consequences for the world, and a shooting war between the US and China over Taiwan could be more devastating and costly to the international system.
    • Macron’s contradictory approach to the Indo-Pacific is disappointing, and his wavering resolve on China may lead Asian countries to think less of French resolve.
    1. Macron does not represent all of Europe
    • President of the European Commission, Ursula von der Leyen, has a different take on China than Macron.
    • Central Europeans trust the US more than France or Germany to defend their security interests.
    • Europe is deeply divided on how to address contemporary security challenges, undermining Macron’s ambition to turn Europe into the world’s third superpower.
    • The only common belief in Europe today is the political faith in Beijing’s capacity to end Russia’s war in Ukraine.
    1. A weaker and divided Europe enhances the prospects for a bipolar world
    • Multipolarity has been an important objective of India’s foreign policy for over three decades.
    • The talk of multipolarity could become academic as the US and China pull way ahead of other powers, get deeper into confrontation, and shape the choices of the rest of the world.
    • The belief that Europe and Russia can act as elements of a multipolar world is becoming increasingly untenable.
    1. India’s possibilities in Europe and Russia
    • Delhi should not turn its back on Europe despite its current predicament with China.
    • Macron’s China push underlines India’s own possibilities in Europe.
    • Western Europe that follows the money in China could do the same in India, providing much strategic benefit to India in its partnerships with Brussels and individual European actors.
    • India is stepping up its engagement with Russia on the calculation that Moscow’s current dependence on Beijing is temporary.
    1. India needs to work more closely with the US and its Asian allies
    • The inability or unwillingness of both Russia and Western Europe to balance China means India needs to work much more closely with the US and its Asian allies to secure a more favourable balance of power in its Indo-Pacific neighbourhood.
    • India’s strategic value will only go up for the US amidst the European reluctance to stand up to China’s hegemonic ambitions.
    • Few countries in Asia face more urgent and daunting challenges from China than India, and few Asian capitals have more political will to stand up to Beijing than Delhi.
    • The reduced standing of Europe and Russia in great power relations is accompanied by Asia’s rise, with emerging strategic opportunities for Japan, India, and South Korea.

    Europe-China relations

    • Europe-China relations have been complex and multi-faceted over the years: On the one hand, China is Europe’s second-largest trading partner, and there is a lot of economic interdependence between the two. On the other hand, there are concerns about human rights violations, lack of market access for European companies in China, and China’s increasing assertiveness in the Asia-Pacific region.
    • Some important developments include
    • The EU-China Comprehensive Agreement on Investment (CAI): Negotiated in December 2020, the CAI is a landmark investment deal between the EU and China aimed at improving market access for European companies in China and increasing investment flows between the two regions. However, the agreement has been met with criticism from some EU member states and civil society groups, who argue that it does not do enough to address human rights abuses in China.
    • Increasing concern over Chinese human rights abuses: Europe has been increasingly critical of China’s human rights record, particularly in the wake of the crackdown on pro-democracy protesters in Hong Kong and the treatment of Uighur Muslims in Xinjiang. The EU has imposed sanctions on Chinese officials involved in human rights abuses, and there is growing support for a boycott of the 2022 Winter Olympics in Beijing.
    • Growing competition in the Indo-Pacific region: Europe is becoming more engaged in the Indo-Pacific region, which is seen as a key area of strategic competition between China and the US. Some EU member states, such as France and Germany, have developed their own Indo-Pacific strategies and are seeking to deepen security partnerships with countries in the region.
    • Belt and Road Initiative (BRI): China’s massive infrastructure project, the BRI, has raised concerns in Europe about China’s growing influence in the region. Some EU member states, such as Italy and Greece, have signed on to the initiative, while others have been more cautious.

    Facts for prelims

    Category

    Information
    Location East Asia
    Capital Taipei
    Population 23.58 million (2021)
    Official language Mandarin Chinese, Hokkien, Hakka, and indigenous languages
    Currency New Taiwan dollar
    Form of government Unitary semi-presidential constitutional republic
    Topography Mountainous with fertile plains in the west
    Climate Subtropical

    Conclusion

    • Macron’s comments on China have sparked debates about Europe and Russia’s relationship with China and the US. A weaker and divided Europe enhances the prospects for a bipolar world dominated by the US and China, which makes it important for India needs greater engagement with European geopolitics and to work closely with the US and its Asian allies to secure a more favorable balance of power in the Indo-Pacific region.

    Mains Question

    Q. What do you understand by mean vassalisation in terms of international politics? Discuss the latest trends that have emerged from the debate on the vassalisation of Europe derived from French president Macron’s recent comments on China.

  • What are Stablecoins?

    stablecoins

    The US Congress (Parliament) has made another attempt to create a legislative framework for the increasingly popular stablecoins, a sort of cryptocurrency that is pegged to a particular commodity or currency.

    What are Stablecoins?

    • Stablecoins are cryptocurrencies designed to maintain a stable value, typically by being pegged to a stable asset such as the US dollar.
    • Investing in stablecoins can help mitigate market volatility because they are less susceptible to price fluctuations than other cryptocurrencies such as Bitcoin or Ethereum or any other.

    Types of stablecoins

    Fiat-backed stablecoins Backed by reserves of fiat currency held in a bank account or other secure location. Example: Tether (USDT)
    Commodity-backed stablecoins Backed by reserves of a physical commodity, such as gold or silver. Example: PAX Gold (PAXG)
    Algorithmic stablecoins Use algorithms or smart contracts to maintain a stable value. Example: Dai stablecoin (DAI)

     

    How can Stablecoin mitigate market volatility?

    Explanation
    Hedging against volatility
    • Help investors hedge against volatility and reduce their risk exposure.
    • Pegged to a stable asset, which can provide a haven during market turbulence.
    • If the value of Bitcoin or Ethereum drops suddenly, investors can move their funds into stablecoins to protect their portfolio from further losses.
    Greater flexibility in transferring funds
    • Greater flexibility and convenience compared to traditional fiat currencies.
    • Quickly and easily transferred between wallets and exchanges, making them ideal for cross-border transactions.
    • Investors take advantage of investment opportunities in other markets and avoid currency exchange fees and delays.
    Arbitrage trading
    • Used for arbitrage trading, which involves buying an asset in one market and selling it in another market for a higher price.
    • As stablecoins are pegged to a stable asset, investors can quickly move funds between exchanges without worrying about price fluctuations, making arbitrage trading easier and potentially more profitable.

     

    What are the risks?

    Explanation
    Stability of the asset
    • Stablecoins are reliant on the stability of the asset they are pegged to.
    • If the value of that asset drops, it can lead to a drop in the stablecoin’s value as well.
    • This could result in losses for investors who hold the stablecoin.
    Transparency and regulation
    • There are concerns over the transparency and regulation of stablecoin issuers.
    • This could result in a loss of trust in the stablecoin and a subsequent drop in its value.
    • There is no proper regulation and oversight.
    • There is a risk that stablecoin issuers may engage in fraudulent or unethical behaviour, which could lead to losses for investors.
    • It is important for investors to carefully assess the reputation and credibility of the stablecoin issuer before investing in a stablecoin.

     

     

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  • Indian scientists identify and probe EMIC waves

    emic

    Central idea

    • Scientists working at the Indian Antarctic Station, Maitri, have identified and probed Electromagnetic Ion Cyclotron (EMIC) waves to study their characteristics.
    • The study aims to understand the impact of energetic particles in the radiation belts on low orbiting satellites.

    About Indian Antarctic Station, Maitri

    Description
    Name Maitri Antarctic Station (Friendship Research Centre)
    Establishment 1984
    Location Schirmacher Oasis, East Antarctica
    Distance from other stations 5 km away from Novolazarevskaya Station
    Purpose Conducting scientific research as part of the Indian Antarctic Programme
    Features Second permanent research station of India in Antarctica
    Named by Then-PM Indira Gandhi
    First camp commander Squadron Leader D.P. Joshi
    First huts Completed in 1989 by the IV Antarctica Expedition

     

    What are EMIC Waves?

    • Electromagnetic Ion Cyclotron (EMIC) waves are a type of plasma wave that occurs in the Earth’s magnetosphere.
    • They are caused by the interaction of energetic particles in the radiation belts with the Earth’s magnetic field.
    • These waves have frequencies in the range of a few hundred hertz to a few kilohertz and are known to play an important role in the acceleration and loss of energetic particles in the Earth’s magnetosphere.
    • The study of EMIC waves is important for understanding the effects of space weather on satellite communication and navigation systems.

    Identification and study of EMIC waves

    • A team of scientists from the Indian Institute of Geomagnetism (IIG) analysed data collected between 2011 and 2017 by the Induction Coil Magnetometer.
    • The device was installed at the Indian Antarctic station Maitri to bring out several aspects of the ground observation of the EMIC waves.

    Significance of the study

    • This study is important to improve our understanding of EMIC wave modulation and how they interact with energetic particles that impact satellites and their communication.
    • It could help understand the impact of energetic particles in the radiation belts on low orbiting satellites and lead to improved satellite communication systems.

    Back2Basics:  Indian Antarctic Programme

    • It is a scientific program run by the National Centre for Antarctic and Ocean Research under the Ministry of Earth Sciences.
    • It was launched in 1981 and since then India has been operating research stations in Antarctica.
    • It gained global acceptance with India’s signing of the Antarctic Treaty and subsequent construction of the Dakshin Gangotri Antarctic research base in 1983, superseded by the Maitri base from 1989.
    • The program conducts research in areas such as geology, oceanography, atmospheric sciences, and earth sciences.
    • India currently operates two permanent research stations in Antarctica – Maitri and Bharati.
    • The program also has plans to set up a third research station called ‘Siddhanta’ in the coming years.
    • Apart from conducting research, the program also engages in logistics support, environmental monitoring, and outreach activities.

     

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  • ISRO to launch TeLEOS-2 Satellite

    teleos

    The Indian Space Research Organisation (ISRO) will launch Singapore’s TeLEOS-2 satellite this week, from the Satish Dhawan Space Centre in Sriharikota.

    What is TeLEOS-2?

    • TeLEOS-2 is a Singaporean Earth Observation satellite built by ST Electronics (Satellite Systems).
    • It carries a made-in-Singapore Synthetic Aperture Radar (SAR) capable of providing 1 m resolution data.
    • It will be equipped with a 500 GB onboard recorder for recording the data captured and a high speed 800 Mbps downlink.
    • In 2015, ISRO launched TeLEOS-1, the first Singapore commercial Earth Observation Satellite, which was launched into a low Earth orbit for remote sensing applications.
    • ISRO has so far launched nine satellites belonging to Singapore.

    About the launch vehicle: PSLV-CA

    • The PSLV-CA was manufactured by ISRO with the first launch on 2007-04-23.
    • CA means “Core Alone”, model premiered on 23 April 2007.
    • PSLV-CA has 15 successful launches and 0 failed launches with a total of 15 launches.
    • The CA model does not include the six strap-on boosters used by the PSLV standard variant.
    • The fourth stage of the CA variant has 400 kg less propellant when compared to its standard version.
    • It currently has the capability to launch 1,100 kg to a 622 km Sun-synchronous orbit.

     

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