@jimmysedillo
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NFT Defined
If you ended up right here, you could have heard about bitcoin and cryptocurrency at least. You could even ended up investing or trading some crypto assets. As bitcoin worth has sky-rocked again (on the time of writing the article 1 BTC is price nearly sixty twok USD!) it’s really hard to not see any headlines about bitcoin.
This article is meant for all audiences. You could know nothing about crypto literally but after reading this article you will understand some fundamental concepts. You don’t have to have a degree in cryptography to answer what NFT is!
Just for the sake of completeness let’s just recap some primary knowledge: bitcoin is a digital currency that makes use of the process of mining (calculating cryptographic numbers, called hashes, used to verify and sign transactions). Miners use software and hardware to perform the calculations and are rewarded with bitcoins that can be exchanged for other currencies, products or services.
Blockchain is a decentralised, distributed network of verified transactions (blocks). These are chained together utilizing cryptography, which makes alterations of data impossible.
BTC stands for bitcoin clearly and is the preferred cryptocurrency. There are could more digital currencies nowadays.
Ethereum is the second hottest cryptocurrency. Well, the truth is, Ether is the currency and Ethereum is the blockchain. ETH is the acronym for Ether and the big distinction between bitcoin and ethereum is that the latter allows creating and exchanging NFTs. However what is NFT?
NFT stands for Non-Fungible Token. We've deciphered the acronym however what does it really mean?
NFT is basically a unique data that may’t be altered. We cannot change NFT but we will still sell it to someone else.
It’s a relatively new idea in the crypto world but it’s getting more and more interest and media coverage.
Basically, unique data can be utilized to digitally sign other digital data and serves as proof of ownership. Signing data using cryptographic functions isn’t anything new in laptop science but the proof of ownership is.
You will have heard a couple of recent jaw-dropping auctioning document where a chunk of digital art was sold for $69.3 million! Sure, you read that right — digital artwork — 0s and 1s transformed into bytes converted into image on screen — one in all many digital images you may simply right click and save to your desktop. An ideal 1 to 1 copy. Actually, indistinguishable from the original!
You may really copy and save the image from Christie’s website within seconds (right click is blocked but that’s not any security). Well completed! Are you a fine artwork thief now? Not really… as this is how the Internet works! Before you'll be able to truly view any image, your computer or smartphone will download a copy of all images for you! It already copied it for you!
NFT is basically a proof of purchase or ownership. It works the identical way as a chunk of paper with handwritten last will or a legal document that transfers ownership of an asset to a new owner.
The paper itself is price nothing but what makes it valuable is what’s written on it and the truth that other folks will recognise the writing as legal and not questionable.
Clearly, paper documents could be modified, changed or reproduced. There may be counterfeit money and documents in circulation. We have to be able to distinguish real ones from fake and thus we started to build organisations that function trust creatorities — banks, courthouses, land registry etc.
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Website: https://nftiming.com/top-cardano-nfts/
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