🥛 The DMV is going on chain
- Writer Milk Man
- January 30, 2023
- •3 Min Read
GM. This is the Milk Road, the daily newsletter that covers crypto like Allstate insurance. When you’re here, you’re in good hands.
Here’s what we’re covering today:
- Cali’s DMV is hitting the blockchain
- The Super Bowl, Valentines Day, and Bitcoin prices
- NY Taxes 🤝 Bitcoin
CA DMV IS HITTING THE BLOCKCHAIN
Cali’s DMV is testing out the digitalization of vehicle titles on the blockchain.
For non-U.S.ians, the Department of Motor Vehicles aka. DMV is the state agency in charge of anything related to cars and drivers. (i.e drivers licenses, car registrations, etc). It’s also 🔥Hell on Earth🔥
But California wants to quench the fires of eternal damnation at its motor vehicles dept by using a blockchain. Here’s what we know:
- The California DMV is creating a private blockchain called a “shadow ledger” that will serve as a blockchain-based copy of the agency’s existing database
- It’s partnering up with the Tezos blockchain and Oxhead Alpha (a blockchain software company) to make it all happen
- A successful proof-of-concept has already been completed where smart contracts were used to ensure compliance, reduce processing time, and securely transfer vehicle titles
- The California DMV hopes to have the shadow ledger fully functional & live within the next 3 months
- There are also plans to roll out apps (i.e digital wallets) that keep and transfer vehicle titles in the form of NFTs, where the DMV would be the mediator
Why this matters: If you’ve ever stepped foot in a DMV, you know how painful the process is. You wait in long lines for hours, get bounced from one department to the next, and never know if you have the right paperwork.
It’s like a trip to the principal's office in middle school: you know you’re in trouble, but you don’t know what for.
Why does it suck so much? Because most state systems are old, many are paper-based, allergic to innovation and haven’t changed much in decades. Seriously, it makes Southwest Airlines’ system look like that weird 45-year guy with an 18-year old body.
So the fact that at least one is looking to innovate and trialing a blockchain to make it happen is kinda cool. Plus, if California’s trial is successful, other states might look to adopt it.
Finally! One step closer to not having to bring your birth certificate, social security card, 1st tooth lost, and 2nd grade report card when renewing your license.
TODAY'S EDITION IS BROUGHT TO YOU BY METAMASK
Every now and then you come across tools that make your life a whole lot easier. Well, Portfolio Dapp from MetaMask offers various features to satiate the curious web3 explorer and make the entire journey much smoother.
- Bridging assets across chains?
- Accessing liquid staking providers?
- Aggregated portfolio viewing across token balances and NFTs?
- Swapping tokens conveniently?
Whether you’re new to web3, or a crypto dinosaur, there’s something for you.
Brought to you by the world’s leading self-custodial wallet, Portfolio Dapp is your one-stop shop to aggregating assets across accounts, viewing multi-chain token balances and NFTs, bridging to different networks, and staking, all in one place!
Head over and connect your MetaMask wallet for the full experience!
THE SUPERBOWL, VALENTINES DAY, AND BITCOIN
Everyone has their own theory on what makes crypto prices move. And they’ll use it to predict when and why prices move up or down.
Some people look at monthly inflation rates.
Others look at the phases of the moon and retrograde motion of the planets.
Well, some person on Reddit thinks there might be a correlation between the Super Bowl, Valentines Day, and the price of Bitcoin going up. Here’s why:
- Over the last six years, the price of Bitcoin has increased four times in the weeks leading up to the Super Bowl and Valentines Day
- The last two years, Bitcoins price increased by over 25%
- Price increases historically range anywhere between 12-26%
What gives? Who knows. It could be people placing bets on the big game using Bitcoin. It could be people buying Bitcoin for their significant others. (Sorry honey, sticking to flowers & chocolates). Maybe those Matt Damon ads actually worked?
It’s most likely just a random correlation but one thing we do know is: history might not repeat but it sure does rhyme.
MILK AND COOKIES
In today's episode of Keeping Up With The Bankman-Frieds… Samuel purchased a guard dog, Sandor, that is described as “welcoming, but trained to attack with the utterance of a secret word.” That word? Liquidity.
Taxes 🤝 Bitcoin. New York introduces a new bill that would let people pay fines, taxes, fees, civil penalties and other state-related dues using crypto. We’re lovin that NY State of Mind…
A new crypto tracking system. The Ministry of Justice in South Korea is launching the “Virtual Currency Tracking System” that will be used to monitor transaction history, extract information related to transactions and check the source of funds before and after remittances. Hmm, Virtual Currency Tracking System sure is a funny way of saying “Public Ledger ''...
6-figure hack in 30 minutes. Azuki, a popular NFT project, had its Twitter compromised over the weekend. The hackers posted a link to a malicious “wallet drainer” site that ended up stealing ~$750k worth of crypto.
Health > Everything. Wylie Aronow, cofounder of Yuga Labs, announced he has congestive heart failure and will be stepping down from his position. We wish you a speedy recovery, Wylie!
That's a wrap for today. Stay thirsty & see ya tomorrow! If you want more, be sure to follow our Twitter (@MilkRoadDaily)
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DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.
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