In this recap of the crypto world, we will explore the events and news that had the most significant impact in the past week of Oct 30. Our focus will be on the following developments:
● Phantom Releases ‘Camera Mint’ Feature
● Mad Lads Parent Company Launches its Crypto Exchange
● MetaMask Collaborates with Blockaid to Add Privacy-Preserving Security Alerts
● President Biden Delivers an Executive Order on AI Development
● Sam Bankman-Fried Found Guilty on All Counts
Phantom Releases ‘Camera Mint’ Feature
Phantom Wallet has just released a game-changing feature that is set to revolutionize the way we interact with the digital world. Enter Camera Mint, a feature that bestows upon individuals the power to not just partake but to shape the NFT narrative. With Camera Mint, anyone, regardless of their technical pedigree, can seamlessly create and permanently preserve their digital memories on the blockchain.
Designed with the end user in mind, ‘Camera Mint’ offers a streamlined and intuitive process that simplifies the creation of NFTs. Whether you are a seasoned digital artist or someone just starting to explore the NFT space, this innovative tool caters to your needs. The minting process is so user-friendly that even beginners will find it easy to mint their own NFTs.
Here’s a step-by-step guide to using ‘Camera Mint’ on the Phantom Wallet:
- Open the Phantom app on your mobile device
- Head to the ‘Collectibles’ tab
- Click the “+” icon
- Select ‘Mint Collectible’
- Capture your vision
- Provide a name and description
- Press ‘Mint’
After following these simple steps, your newly minted NFT will be conveniently accessible under the ‘Collectibles’ tab within the Phantom Wallet app. This makes it easy for you to manage, view, and share your NFTs with the world. Read more on this here.
Mad Lads Parent Company Launches its Crypto Exchange
In a significant move that is poised to reshape the cryptocurrency landscape, the parent company of the renowned Mad Lads project is gearing up to unveil a fully regulated cryptocurrency exchange. This strategic development marks a pivotal moment in the world of digital assets, as Backpack has successfully obtained a Virtual Asset Service Provider (VASP) license from the Dubai Virtual Assets Regulatory Authority (VARA). With this regulatory green light, Backpack is all set to provide trading services for major cryptocurrencies.
What makes the Backpack Exchange particularly noteworthy are two distinct attributes that set it apart from other exchanges:
- Unprecedented Transparency – The exchange enables users to independently verify reserves using zero-knowledge proofs and multi-party computation (MPC).
- Seamless Trading Experience – Integration with the Backpack Wallet app allows direct cryptocurrency trading within the wallet interface.
In a show of appreciation for its dedicated community and Mad Lads NFT holders, Backpack is gearing up to launch a private beta testing phase in November 2022. The wider public can anticipate the grand unveiling of the Backpack Exchange in the first quarter of 2024. Read more on this here.
MetaMask Collaborates with Blockaid to Add Privacy-Preserving Security Alerts
In the ever-evolving landscape of Web3 and blockchain technology, where security and privacy are paramount, a groundbreaking collaboration between MetaMask and Blockaid is set to redefine the way users safeguard their digital assets. This remarkable partnership brings forth a transformative feature known as privacy-preserving security alerts, a shield that promises to elevate user security to new heights within the rapidly expanding world of blockchain.
At its core, this innovative feature embodies a proactive stance against potential threats, preemptively recognizing and cautioning the user of malicious actors while keeping the user’s privacy intact. MetaMask, in synergy with the experts at Blockaid, envisions this innovation as a safeguard that will protect billions of dollars worth of digital assets and usher in a new era of trust and confidence in the blockchain space.
The official launch of this revolutionary feature took place on October 31st, offering it as an opt-in option for users on the Ethereum mainnet. Initially, it is accessible to desktop users, and its rollout for the MetaMask mobile app is slated for November, ensuring that the vast MetaMask user base can benefit from this added layer of security and privacy. By the first quarter of 2024, this feature will transition from being an option to becoming a default part of the MetaMask wallet, making it available and easily accessible to all users. Read more on this here.
President Biden Delivers an Executive Order on AI Development
In a decisive move aimed at addressing the profound impacts of artificial intelligence, President Biden has issued an extensive executive order that heralds a new era for AI development. This wide-ranging directive sets forth a comprehensive framework of standards and requirements designed to ensure that AI systems are developed with the utmost emphasis on safety and responsibility.
A central facet of this executive order demands that developers engaged in the creation of high-risk AI systems provide in-depth details regarding safety testing and other critical information to the government. This directive casts a wide net, encompassing companies involved in crafting foundational AI models that have the potential to pose significant threats to national security, economic stability, or public health. The primary objective is to ensure that AI is not just innovative but also unquestionably safe and reliable before it is introduced to the world.
A key facet of this executive order entrusts the National Institute of Standards and Technology (NIST) with the formidable task of crafting clear standards, tools, and testing protocols to ensure the safety and security of AI systems. The newly instituted AI Safety and Security Board will then be responsible for applying these NIST standards across critical infrastructure, fostering a culture of consistent AI risk assessment.
Furthermore, the executive order acknowledges the global nature of AI development. It emphasizes the importance of international collaboration and instructs agencies to expand their outreach efforts to engage with international partners on matters related to AI safety, risk management, and the establishment of global AI standards. Read more on this here.
Sam Bankman-Fried Found Guilty on All Counts
A federal jury in Manhattan has delivered a unanimous verdict, finding Sam Bankman-Fried, the renowned founder of FTX, guilty of seven charges related to fraud and conspiracy. The verdict comes after a highly publicized and closely-watched trial that has sent shockwaves through the cryptocurrency community.
The charges against Bankman-Fried were connected to what has been labeled as one of the most significant financial frauds in American history, orchestrated through FTX and its associated hedge fund, Alameda Research. The trial garnered immense attention as it unfolded, with former FTX and Alameda executives taking the stand to testify against the crypto mogul after striking plea deals that reduced their charges.
The jury, composed of nine women and three men, spent four hours deliberating before reaching a unanimous decision to convict Bankman-Fried on all counts. The verdict marks a turning point in the story of the crypto entrepreneur, whose rise to prominence in the blockchain and digital asset space has been nothing short of meteoric.
A tentative sentencing date has been set for March 28, 2024, leaving Bankman-Fried facing the grim possibility of spending decades behind bars and a potential maximum sentence of up to 115 years. Read more on this here.
