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Fixing The DMV With Crypto | Web3 Daily

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Fixing The DMV With Crypto | Web3 Daily



TL;DR

The DMV’s new partnership with Avalanche is going to streamline the title & registration transfer process, lowering required physical appointments and bringing 42M Californian drivers onchain in the process.

Full Story

Did you know all the dreary, soulless office scenes from Fight Club were based on the director’s experience at the DMV?

How did we learn that?

We didn’t. We just made it up. But you believed it because everyone knows the DMV is a hellscape (with paperwork).

Good news for those of you in California: those visits to the DMV are about to be heavily reduced, thanks to the department’s new partnership with Avalanche.

Here’s an A/B comparison of the old/new experience:

A) The Old Way

You buy a second hand car (nice!)

To transfer the title and registration, you need to visit the DMV or Post Office and provide some or all of the following documents…

Completed Application for Title or Registration (Form REG 343), vehicle’s out-of-state title, vehicle’s out-of-state registration, proof of insurance, valid smog certificate, VES statement…

* Deep inhale of breath *

California Certificate of Title or an Application for Replacement or Transfer of Title (REG 227), signatures of seller(s) lien holder (if any) and buyer(s), and payment for the transfer fee.

B) The New Way

Most of that is logged, verified, and updated on the blockchain, so when you want to transfer a title and registration…

You just fill out a digital transfer form and click a button to sign in the DMV app.

It’s a massive step towards change for Californian drivers; and it will bring 42M new users onchain in one fell swoop.

We love to see it.



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The (Small) Impact of The Fed’s Rate Decision on BTC | Web3 Daily

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The (Small) Impact of The Fed’s Rate Decision on BTC | Web3 Daily



TL;DR

The Fed just announced that they weren’t touching interest rates in the US for now, leaving them unchanged at 5.25%-5.50%, which resulted in a small drop in value for BTC, but the impact was small.

Full Story

There ya have it: the Fed just announced that they weren’t touching interest rates in the US for now, leaving them unchanged at 5.25%-5.50%.

(Which means people won’t have more money in their pockets to spend on risky-ish assets like crypto).

The decision to hold interest rates was widely expected by analysts!

What wasn’t widely expected, though, was that the Fed Chair, Jerome Powell, gave little-to-no indication that a September rate cut is happening.

(Something he probably would have done if this decision was teetering on the edge of a ‘yes, we’ll make he cut now’).

As a result, the crypto markets dipped slightly (with BTC ~2% down at the time of writing, compared to before the Fed rate decision announcement).

But here’s the good news:

In the past, when interest rates rose or stayed the same (i.e. anything besides an interest rate cut), the crypto markets dropped significantly.

Less volatility related to the news cycle shows a maturing asset class.

(We love to see it).

And in other good news, earlier this week, Jerome Powell did say, and we quote – “inflation has eased substantially” – which sparked a small uptick in the value of BTC.

Whether they hold rates steady in September, or make their first cut since March 2020, is anyone’s guess at this point.

A lot can happen in just a couple of months!



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