Fortnightly Crypto Insights 4/10/2023

October 4, 2023

Brazil Blockchain ID System

Rio de Janeiro, Goiás and Paraná will be issuing blockchain-based IDs to their citizens before this initiative is released to the entire country by the 6th of November, as announced by the Brazilian government. As part of the announcement, the government cited blockchain’s added security, decentralisation and streamlining as the reason behind their use, seeing it as useful in targeting organised crime. The country will be using the b-Cadastros blockchain.

Proof of Moon Landing Using Blockchain-like Technology

As part of its plans for its 2025 Artemis 3 mission to the Moon, NASA will be using blockchain-like technology to prove that it is real. A year before the mission is set to occur, the agency will send a payload with “data cubes” verified by the blockchain. While these are designed to help with tests relating to solar panels, a side effect of these is that any astronaut’s interaction with them will be able to prove the Moon landing as accurate. 

Crypto Scam Sees Closure of Bank

Local Kansas bank Heartland Tri-State Bank was shut down following a multi-million dollar loss in a cryptocurrency scam. While full details have not yet been shared, the failure likely concerned a ‘pig butchering’ scheme, where the bank’s CEO Shane Hanes was likely promised millions in profit for providing millions to aid with (fake) payment issues. All bank customers have been able to retrieve their deposits, though shareholders may have lost out.

ChatGPT to Change up Crypto?

OpenAI founder Sam Altman has announced changes to ChatGPT that could transform the cryptocurrency industry. While the AI-powered chatbot has been used in cryptocurrency predictions and risk mitigation before, the recently announced changes, including the ability to browse the internet in real-time and provide source links, could prove even more useful. 

Paysafe users to swap EUR for USDT on Binance

After Paysafe stopped any EUR deposits to Binance, Binance has asked users of this European payment partner to convert their EUR balance to USDT by the end of October. The decision is likely to have significant repercussions for the site, affecting trading options such as EUR spot trading pairs since Paysafe users will no longer be able to participate in these activities.

Paypal Crypto Patents

A further series of PayPal patent applications have been made public, indicating PayPal’s plans to further expand its cryptocurrency involvement. Among the mentioned plans are an NFT marketplace, an omniverse operating across multiple metaverses, and an improved transaction system for between-layer payments. 

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