Overview of current news of the crypto-space
In our digest, we reviewed some important news from the crypto industry. Last week marked the 13th anniversary of Bitcoin Pizza Day, we told about the fact that Formula One started selling NFT tickets and how Russia used blockchain in triathlon competitions. Cryptocurrency exchange Hotbit has officially shut down. Decimal is moving to an autonomous decentralized organization, and BIt.team shared platform updates. All of this and more in our roundup of current news in the crypto space. Let’s get started.
Bitcoin Pizza Day
Last week began with a historic event, namely May 22 marked the 13th anniversary of Bitcoin Pizza Day. This event takes us back to the time when Bitcoin was first used to buy a physical commodity. In 2010, programmer Laszlo Hanec ordered two pizzas, paying with 10,000 BTC. Today, this story has become emblematic of the cryptocurrency revolution and the explosive growth of Bitcoin. The value of the two pizzas, given the bitcoin exchange rate, is about $40 on the day of purchase and about $268mn today. Congratulations to all crypto holders on this delicious celebration. And let’s continue with news about the use of cryptocurrency as a means of payment.
Formula One has announced the sale of NFT tickets
On May 26 it was announced that Formula One will start selling NFT-tickets starting May 28 at the Monaco Grand Prix. The tokens are issued on the Polygon blockchain and in addition to admission to the event, NFTs allow holders various bonuses, such as discounts and passes to parties. A unique ticket ID number is embedded in the token, which is read by a standard scanner. We are glad that sports are picking up blockchain technology and have appreciated the security of using distributed registries. For example, the Russian Federation has also picked up the baton.
Russia used blockchain in triathlon competitions
In Almetyevsk, in the Republic of Tatarstan, sports judges tested the possibility of using smart contracts to announce results. Judges signed their scores electronically and, using a smart contract, the data were imported to the “My Sport” platform, which is already accessible to the participants of the competition. Software support was provided by the Russian blockchain platform Masterchain, which uses Ethereum blockchain for interaction.
More and more blockchain companies are starting to support sports and show the world that cryptocurrency can be part of life. For example, using technology to automate business processes and even for charity, as Decimal did in 2021 when it helped fundraise for the I Grow Up With Sports Foundation. Speaking of Decimal.
Decimal’s blockchain is moving into an autonomous decentralized organization (DAO)
In mid-May, Decimal launched the first of five rounds to issue a DDAO management token, which allows owners of that token – to be part of the company’s management. All tokens were redeemed in 5 days, which showed the interest of the cryptocurrency community in this new round of company development. Decimal is becoming a decentralized organization where users themselves are responsible for managing the blockchain through voting. Details can be explored in the DAO white paper and Decimal’s roadmap. And this news was noticed by the Binance exchange as well. Decimal now posts its video news and holds ama sessions on the provided Binance Live platform.
Binance on the use of AI to bypass KYC verification
Binance’s head of security, Jimmy Su, commented this week that artificial intelligence provides new opportunities for fraudsters, who are already trying to use dipfakes to bypass verification procedures:
“Some checks require the user to, for example, blink their left eye or look left or right, look up or look down. Dipfakes today are advanced enough to actually perform those commands.”
Security professionals are aware of this problem and are already working to improve the identification system. The solution that is used now when in doubt is live communication, where you are asked to make irregular movements in the “here and now” mode. Specialists are confident that the human eye will long remain more perfect than AI and that it is able to notice what the computer is not yet capable of.
Crypto exchange Hotbit has officially announced its closure
On May 22 at 7:00 a.m., the HotBit team announced that operations on the platform had stopped. In their message, the exchange team asks all users to withdraw their remaining assets by 07:00 on June 21.
The true reasons can only be guessed and there are many of them. It all started in 2022, when law enforcement authorities stopped operations and blocked the funds of HotBit. The investigation process was very slow and the frozen assets remained inaccessible for a long time. This caused liquidity problems.
We left some positive news for the finale.
Exchange Bit.team updated on May 23 and pleased its usersю.
🔸 Changes were made to the header and main menu;
🔸 the profile menu was updated (combined with the balance menu);
🔸 new bell menu;
🔸 second level header with quick access to instructions and active trades;
🔸 language and currency are correlated, i.e. when you select Russian – default RUB is set;
🔸 currency and payment systems have dependency, now when selecting RUB only ruble payment systems are displayed;
🔸 the list of payment systems was expanded to 445 systems;
🔸 cryptocurrencies are collected in the dropdown menu.
Also, we are glad to inform you that https://bit.team/price page where all cryptocurrencies are collected, information about them, rate and possibility to vote for free listing. This update has already brought its results in the search appeared more than 60 thousand pages and we regularly receive requests for listing new coins.
All changes are made within bit.team promotion on global market, which every time brings bit.team closer to its goal – to get into top 100 global exchanges according to CMC.