Crypto On LYO: The Blend — Win 100 LYO Credit Tokens with LYOPAY Pro Campaign, Japan Launches Digital Yen Pilot Project, NFT Tickets Introduced for Formula 1

Crypto On LYO: The Blend — Win 100 LYO Credit Tokens with LYOPAY Pro Campaign, Japan Launches Digital Yen Pilot Project, NFT Tickets Introduced for Formula 1

What happened in the crypto world in the last week? Let’s see some interesting news together! 

Win Free LYO Credit Tokens with LYOPAY Pro Campaign

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Japan Launches Digital Yen Pilot Project

The Bank of Japan (BOJ) has released the results of the second phase of its central bank digital currency (CBDC) proof-of-concept (PoC) experiment and confirmed that its CBDC pilot project launched on schedule in April. The second-phase PoC ran for a year, from April 2022 to March 2023, and considered functions to complement the basic ledger functions tested in the first year-long experiment. 

According to the BOJ report, the second phase tested technology to implement upper limits on CBDC holdings, which it described as “safeguards ensuring the stability of the financial system” in case of a sudden shift from bank accounts to the CBDC. That included cases where a single user had multiple accounts with multiple intermediaries. User convenience in initiating and scheduling payments was also examined.

In the backend, experiments were made with the database language and ledger design, and a flexible-value token model was tried. An orchestration system was implemented to handle multiple transactions with the same account more quickly.

F1 Ticket Provider Platinum Group Introduces NFT Tickets

Platinium Group, the leading ticket issuer for Formula 1, is releasing non-fungible token (NFT) race tickets – starting with the Monaco Grand Prix this weekend.

Platinium Group has teamed up with blockchain infrastructure company Elemint and Web3 agency Bary to help create, mint and sell the NFT tickets.

According to a press release, the tickets will be minted on Ethereum sidechain Polygon. Not only will the NFTs provide access to the race, but they will continue to provide utility to holders after the event, such as hospitality benefits and future race discounts to encourage collectors to stay loyal to the brand.

Elie Zerbib, Co-Founder of Bary told CoinDesk that NFTs in the form of tickets offer buyers transparency, traceability, seamless digital ticketing, personalization and engagement. However, for a sport that has amassed fans from all over the world, easy onboarding is an essential tenet.

Jacques-Henri Eyraud, CEO of Elemint said in a press release that leveraging blockchain technology for event ticketing will extend far beyond F1 and into the greater world of sports and entertainment.

Stay tuned for next week’s crypto news! Follow LYOPAY social media pages: 

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