California Governor Issues Executive Order On Crypto as State Embraces Blockchain Technology

The Golden State is attempting to achieve the balance between its drive to embrace new technology while still ensuring that customers and investors are adequately protected.

California Governor Gavin Newsom has issued an executive order on cryptocurrencies, laying out a regulatory and consumer framework as well as examining ways the state might benefit from blockchain technology and digital assets. The aim of the order is to establish a clear and consistent business environment for firms doing business in blockchain, including crypto assets and related financial technologies. The state's business and economic development department will partner with California's Business, Consumer Services, and Housing Agency, as well as the Department of Financial Protection and Innovation, to release findings and propose the next steps, including the involvement of applicable state authorities in federal reports on the connection between cryptocurrency assets and energy, climate change, and criminal concerns.

Blockchain offers us the potential for endless possibilities. From getting rid of middlemen in deals involving real estate and automobiles to safeguarding people's identities with services through government agencies. Nonetheless, given concerns over the safety of crypto and the speculative money that has flooded into digital assets, many will oppose it. It's critical to establish the "fence" to keep undesirable actors from maneuvering and to ensure that everybody is protected by enforceable, transparent regulations. The undesirable consequence would be for states to compete with one another to attract businesses by lowering standards or giving incentives.

continue reading!

Little By Little, Blockchain Technology Is Beginning to Appear Around the House

Blockchain has finally reached home!

Blockchain technology has the potential to transform from large-scale solutions to household use in the field of renewable energy. Users may now build "virtual power plants" with the new blockchain and cloud-based software, allowing them to become their own energy traders.

The commercial pilot phase of the software is currently in progress and will work with utilities and solar panels, battery, and electric vehicle owners. Users who join through their electric company will be able to charge their EVs during off-peak hours of the day when energy costs are cheaper. They will discharge additional stored energy by selling it back to the utility at peak hours when costs are higher. EV drivers may use the software to not just cover the costs of charging their vehicles, but also to profit from it. Consumers would see monetary credits or rebates in fiat currency, but the system would operate on a CryptoJoule token behind the scenes.

The software may also be used to tackle consumer demand response instances like home heating and cooling, which is often the most significant energy consumption in a house. Before the residents return from work or school, the system could heat or cool their home off-peak using a home battery. It would be able to shut down when demand rises, saving the customer money not just by conservation but also via the virtual power plant's advantages.

continue reading!

Blockchain Interoperability Is Essential to Avoid the Flaws of Web2

Think of the Web3 movement as a vehicle for change. It's time to get away from the "winner takes all" mentality and provide a brighter future for users and developers instead! The seamless transfer of data and tokens across multiple blockchains will be a major boost toward establishing a genuinely decentralized multichain economy.

Blockchain interoperability refers to a wide range of approaches for connecting blockchains, allowing them to communicate, exchange digital assets and data, and collaborate more effectively. There are cross-chain bridges that allow data and assets to be transferred across different blockchains. The current three main applications for interoperability are the movement of a specific cryptocurrency's liquidity from one blockchain to another; allowing consumers to exchange an asset on one chain for an asset on another chain and allowing users to borrow assets on one chain by posting tokens or NFTs as collateral on another chain. In terms of convenience, speed, security, and trust assumptions, each bridging method has certain design limits. Each blockchain runs on its own set of rules, but bridges act as a neutral zone where users can move freely between them. It drastically improves the user experience. Furthermore, the potential dangers posed by each bridge approach might be amplified when an asset passes several bridges to reach the end-user's hands.

Web3 is growing more and more popular, which means that we as members of the Web3 ecosystem have a duty not only to push for a multichain world but also to make it safer as more people join Web3. Cross-chain bridges must be transparent about risks and resist the urge to grow at all costs, as well as provide bug bounties. Public risk ratings and reports on incidents should be published by security researchers and analytics platforms. Blockchain protocols and wallet operators should formally declare which cryptocurrencies and smart contracts are supported on each chain.

continue reading!

Gucci Will Soon Accept Crypto Payments

Despite the fact that crypto markets may be plummeting, high-end businesses and brands continue to embrace blockchain technology to improve their customer engagement as cryptocurrencies become a more common form of payment.

Last week I spoke with Josh Friedeman - on the “Business Bitcoinization” podcast - and layed out a step by step approach, as well as risks and mitigations to make crypto a form of payment in business transactions.

Brands have been experimenting with blockchain technologies for some time, largely through NFT artwork collections and digital doubles that store product information, but in-store cryptocurrency payments are still rare. Gucci has established itself as a pioneer in the field of Web3 technologies with crypto payments blurring the lines between its existing physical presence. Customers that have a crypto wallet will be able to pay for their purchases at Gucci stores using cryptocurrencies. They will receive an email with a QR code, which later may be used to make payments from their crypto wallets. The payment may be complete in more than ten different currencies including Bitcoin, Ethereum, and five fiat-pegged stablecoins. The store may automatically convert the payment to fiat currency, such as US dollars, or retain the payments in bitcoin.

Now that it's feasible to integrate cryptocurrencies into payment systems, it's only natural for brands to collaborate with consumers who want this option. In-store payments made with cryptocurrency will necessitate some upskilling for in-store personnel, particularly as NFT collectors grow accustomed to receiving special rewards of ownership, such as access to unique product drops or specific places.

continue reading!

Instagram to Support NFTs From Ethereum, Solana, and Others

You know that when Instagram announces they will support new technology, it's definitely something to take note of. With over one billion monthly active users, Instagram plans to integrate non-fungible tokens (NFTs) focused on select U.S. consumers as a pilot program.

Users will be able to post and share NFTs for free with access to popular cryptocurrency wallets such as MetaMask. This is important since they will have to link their wallets to the platform before showing NFTs on their profile, displaying ownership, and tagging the creators who produced them. The NFT integration from many well-known blockchain networks is expected to spread its adoption and boost the number of people who have access to it.

Despite the fact that Instagram is a centralized platform, it's attempting to figure out a plan to embrace the tenets of distributed trust power. The company has an opportunity to make Web3 technology more accessible to a larger number of people. NFTs will be particularly appealing not just to those who create NFT art, but also to collectors. NFTs are here to stay and Instagram is aiming for bigger success than ever before. When the procedure is simple and free, nothing would stop anyone from launching their own NFTs in the future.

continue reading!

This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit veztek.substack.com