adoption Liam ‘Akiba’ Wright · 1 hour ago · 3 min read The Special Commission bill was filed on the same day as another bill related to increasing consumer protection against crypto exchanges.3 min read Updated: January 22, 2023 at 6:50 pm Cover art/illustration via CryptoSlate Two bills related to crypto were introduced to the Massachusetts House of Representatives on Jan.19.The first related to a new “special commission on blockchain” and the second on “protecting consumers in cryptocurrency exchanges.” Given the recent publicity received through the FTX collapse, it is unsurprising that officials would look to add extra consumer protection.The creation of a ‘special commission’ on blockchain could also be a bullish indicator for the citizens of Massachusetts, providing the commission receives adequate information to analyze.Special Commission Massachusetts Representatives Josh S.Cutler and Kate Lipper-Garabedian submitted the bill entitled “An Act establishing a special commission on blockchain and cryptocurrency” on Jan.
19 to create a steering group within the Massachusetts House to look at blockchain technology.
“For the purposes of making an investigation relative to blockchain technology to develop a master plan of recommendations for fostering the appropriate expansion of blockchain technology in the Commonwealth.” The commission is planned to contain 25 members, including the House Speaker, the minority leader, and the president of the Senate, suggesting, if passed, the commission is to be taken seriously.The commission is designed to focus on several key areas – The feasibility, validity, admissibility, and risks related to using blockchain technology for government usage within Massachusetts.- Whether its definition of blockchain is sufficient concerning enforceable laws.- The potential impact on the Massachusetts state revenues of digital assets and cryptocurrencies.
– Government and business advisory availability, with a focus on cannabis retail stores.- How energy consumption may need to be regulated.- Any additional consumer protections required for retail users of crypto.
– “Best practices for enabling blockchain technology to benefit the commonwealth.” – Which state entities should be responsible for the enforcement of blockchain regulations.
– Any other blockchain-related topic suggested by the commission.“The commission shall take input from a broad range of stakeholders with a diverse range of interests affected by state policies governing emerging technologies, privacy, business, finance, the courts, the legal community, and state and local government.” According to the bill, the commission will report its findings within one year of the authorization as it looks to “foster a positive blockchain technology environment.” Consumer protection A further bill was filled with the title “An Act protecting consumers in cryptocurrency exchanges.” The bill was submitted by Representative Susan L.
Moran to “protect” consumers engaging with crypto exchanges.The bill is directed at businesses that offer crypto trading or conversion operating in the state of Massachusetts or with Massachusetts customers.
However, given the specific wording of the bill, the new rules should not apply to Decentralized Exchanges (DEXs) within Massachusetts.The bill describes a Massachusetts customer as “a person who uses a virtual currency exchange service whose information on record with or available to said exchange service indicates a Massachusetts home address.” Therefore, any site able to operate within the U.S.without any KYC requirements would not be affected.A vital aspect of the bill is the requirement for crypto exchanges operating in the state of Massachusetts to pay the state an annual “Registration fee” of 5% of gross revenues.Further, businesses must retain any advertising materials used to promote crypto for no less than seven years.
All marketing must also include the business’s legal name and confirmation of its registration to operate a cryptocurrency business.To attempt to combat incidents such as the FTX collapse reoccurring, the bill also requires businesses to “disclose in clear, conspicuous writing all material risks to the person associated with the particular virtual currency business activities in which it engages.” Virtual Currency Insurance Fund The bill also introduced the concept of a Virtual Currency Insurance Fund to protect customers against fraud.The insurance pool will be funded through payments related to any violations of the newly proposed regulations.Each violation shall come with a fine of up to $5,000 per violation.Customers will be able to receive grants from the fund if they have crypto assets held with an exchange “that is unable to meet any monetary obligations to any of its customers.” AI avatars launch on Polygon as CharacterGPT brings NPCs to life Liam ‘Akiba’ Wright · 6 hours ago · 2 min read AI NFTs that can be trained to respond like real people are coming to Polygon 2 min read Updated: January 20, 2023 at 3:50 pm Cover art/illustration via CryptoSlate Alethea AI and Polygon Labs are jumping on the AI hype with the launch of an AI-powered NFT project that allows users to create NFT avatars through text-based prompts similar to OpenAi’s Dall-E image generator.
The project plans to allow “anyone to rapidly create, train and trade AI Characters as NFTs on Polygon.” CharacterGPT, created by Alethea AI, claims to go “beyond traditional text-to-image engines like Open AI’s Dall-E 2… to generate fully interactive and intelligent AI characters with a single-line prompt in natural language.” An example of the creation process is shown in the video below.The NFTs can be minted at mycharacter.ai via the Polygon dApp from Alethea AI.To launch the dApp, a digital version of Polygon co-founder, Sandeep Nailwal, was made into a 1/1 NFT “AI Collectible [which] is modeled on his writings, public statements, and interviews.” The gold checkmark alongside the AI collectible represents validation that the NFT was created with his permission.To manage this process, Alethea leverages “AI Protocol: a property rights and ownership layer for Generative AI that is now live on Polygon.” Talking about the project, Nailwal commented, “I have seen firsthand how Alethea AI has developed this technology over the last few years and through their CharacterGPT AI engine…We are excited to continue supporting Alethea as it builds on Polygon and to bring the power and potential of generative AI to the thriving ecosystem.” Ahmad Matyana, the COO of Alethea AI, offered some examples of the potential use cases for the new technology as “users can now create interactive, intelligent characters that could serve as their AI companions, digital guides or as NPCs in games.” The company also hopes that public figures will use the AI engine to create “digital twins’ of themselves “to serve as digital companions for their fans.” As the assets can be trained, the digital assets could also be used in the metaverse, games, museums, sports stadiums, and other real-world locations to interact with users and act as virtual guides.Recent AI Stories Infrastructure protocol Intu seeks to provide complete ownership to crypto accounts Soumen Datta · 8 hours ago · 1 min read Intu allows ownership to be distributed across multiple devices or wallets, which can be changed or revoked in the event of a compromise, according to the co-founder.
1 min read Updated: January 19, 2023 at 12:07 am Cover art/illustration via CryptoSlate Infrastructure platform Intu seeks to allow web3 users to protect their digital assets account like a crypto wallet with minimal cost.
Intu users will be protected by local cryptography and native decentralization of their chosen blockchain, according to a recent report.The co-founder of the Intu platform, James Bourque, told CryptoSlate: Accounts created with Intu still have a public address like normal accounts, are non-custodial and decentralized like normal accounts, and work across most EVM-based chains, but boost users’ confidence knowing they can independently recover lost accounts, proactively secure them, and never have to rely on a third party company, network, or token.According to the co-founder, Intu accounts don’t have a single private key to lose or expose as it allows ownership to be distributed across multiple devices or wallets, which can be changed, replaced, or revoked in case of a compromise.As part of Intu’s web3-native encryption initiative, the platform allows end-to-end encryption without needing additional passwords, keys, or data.As reported, web3 projects can integrate Intu into their dApps to provide users with ‘uncompromised’ asset ownership.The platform would reportedly permit anyone to share and recover web3 accounts safely.
Intu claims that, at present, the only alternative to traditional web3 wallets is either complex MPC solutions or smart contract wallets that are centralized and incompatible with some dApps.Market uncertainty has devastated the crypto ecosystem and led to a decline in VC investments last year.In spite of this, infrastructure firms received the largest share of funding among all the other sectors in the crypto space, in December 2022, at about 22%.adoption IPwe, Casper Labs converting 25 million patents to NFTs as enterprise blockchain usage grows IPwe, Casper Labs converting 25 million patents to NFTs as enterprise blockchain usage grows Liam ‘Akiba’ Wright · 12 hours ago · 2 min read Patent industry to be overhauled with dynamic NFT usage to track IP management 2 min read Updated: January 18, 2023 at 9:19 pm Cover art/illustration via CryptoSlate During the World Economic Forum meeting in Davos, IPwe Inc.and Casper Labs announced a historic move to convert 25 million patents to dynamic NFTs.The announcement marks one of the most significant enterprise implementations of blockchain technology and the realization of a long-standing theorized use case for NFTs.
IPwe is a digital intellectual property management company that provides IP services through artificial intelligence and blockchain.Casper Labs (CSPR) offers a business-focused proof-of-stake blockchain with a market cap of $401 million as of press time.Leann Pinton, the president of IPwe, described digital assets as a “revolutionary technology” while publicizing the patent mint.“IPwe is proud to announce the minting of 25 million patent NFTs to foster the digital transformation of IP.
IPwe Digital Assets are a revolutionary technology and the true manifestation of the promise of blockchain for enterprise.” An NFT blockchain solution called IPwe Digital Assets has been developed by the partnering companies leveraging “permissioned distributed ledger technologies.” Alongside the proprietary network, the project also leverages the “open source Hyperledger Fabric and the public Casper Blockchain” to secure the information.Clarivate, a global leader in data and analytics, will provide the data backing the blockchain.IPwe described the solution as offering “a simple, transparent digital representation of asset ownership” for patents.Executive Director of the Hyperledger Foundation, Daniela Barbosa, commented.
“The innovation and scale of this deployment demonstrates the power of hybrid networks to manage critical assets in a secure and extremely efficient but also transparent and accessible manner.” The tokenization of the patent process brings “verifiable ownership data and auditable, [and] compliant aggregated evidence records” to an essential sector for global business.CSPR, the native token of the Casper blockchain, is down 6% on the day following the news.Integrating permissioned blockchains with public networks is divisive within the crypto industry.Many see open, transparent blockchains as the only faithful implementation of the technology.However, Casper Labs and IPwe, through this new project, are showcasing the potential of merging public and private networks for enterprise products.Top posts Bank4 hours ago Binance Banking Partner To Ban Crypto Trading Transfers Under $100K Clients of one of the banks facilitating fiat operations with Binance will not be able to trade crypto through SWIFT…adoption6 hours ago Liam ‘Akiba’ Wright · 1 hour ago · 3 min…Azuki6 hours ago NFT Market Sales Climb 16% Higher; 43.48% Increase In Buyers In Third Week Of 2023 Closing out the third week of January 2023, non-fungible token (NFT) assets saw a 16.39% increase in overall sales.
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