Date/Time of Last Update: Wed Sep 27 12:00:40 2023 UTC
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What were NFTs? An understandable internet fad, and the next one is just around the corner | Joel Golby
Wed, 27 Sep 2023 09:30:00 GMT
We only loved non-fungible tokens – now all but worthless – during a pandemic peak of online loneliness. What will the next craze look like?
With last week’s report that 95% of them are now worthless, I think it’s just about safe to say that the NFT moment is finally over. Phew. There really was a six-week period at the start of last year when I thought I was going to have to attach my digital soul for ever to a really bad picture of a monkey with a tentacle coming out of its nose and mouth. I kept practising saying, “No, it’s actually quite cool! It’s good. And it only cost me about as much as a car!” in the mirror a lot, with a ghoulish rictus grin.
NFT, as was probably explained to you hundreds of times in the period from January 2021 to about May 2022, stands for “non-fungible token”, and essentially means that you can buy a code that says you own a digital asset, which is then stored on the blockchain, a sort of centralised public transaction ledger. There was a lot of hyped future uses for this technology, but for the most part it was used to buy jpegs of monkeys, or maybe sometimes a lion. Continue reading...
Match ID: 0 Score: 20.00 source: www.theguardian.com age: 0 days
qualifiers: 20.00 cryptocurrenc(y|ies)
Idris Elba Is Ready to Talk About Crypto
Wed, 27 Sep 2023 06:00:00 +0000
During the crypto gold rush, Idris Elba says he turned down a lot of “mad opportunities.” Now he has partnered with the “crypto-for-good” Stellar Foundation.
Match ID: 1 Score: 20.00 source: www.wired.com age: 0 days
qualifiers: 20.00 cryptocurrenc(y|ies)
What is Blockchain: Everything You Need to Know (2022)
Mon, 18 Apr 2022 05:49:00 +0000
If you want to pay online, you need to register an account and provide credit card information. If you don't have a credit card, you can pay with bank transfer. With the rise of cryptocurrencies, these methods may become old.
Imagine a world in which you can do transactions and many other things without having to give your personal information. A world in which you don’t need to rely on banks or governments anymore. Sounds amazing, right? That’s exactly what blockchain technology allows us to do.
It’s like your computer’s hard drive. blockchain is a technology that lets you store data in digital blocks, which are connected together like links in a chain.
Blockchain technology was originally invented in 1991 by two mathematicians, Stuart Haber and W. Scot Stornetta. They first proposed the system to ensure that timestamps could not be tampered with.
A few years later, in 1998, software developer Nick Szabo proposed using a similar kind of technology to secure a digital payments system he called “Bit Gold.” However, this innovation was not adopted until Satoshi Nakamoto claimed to have invented the first Blockchain and Bitcoin.
So, What is Blockchain?
A blockchain is a distributed database shared between the nodes of a computer network. It saves information in digital format. Many people first heard of blockchain technology when they started to look up information about bitcoin.
Blockchain is used in cryptocurrency systems to ensure secure, decentralized records of transactions.
Blockchain allowed people to guarantee the fidelity and security of a record of data without the need for a third party to ensure accuracy.
To understand how a blockchain works, Consider these basic steps:
- Blockchain collects information in “blocks”.
- A block has a storage capacity, and once it's used up, it can be closed and linked to a previously served block.
- Blocks form chains, which are called “Blockchains.”
- More information will be added to the block with the most content until its capacity is full. The process repeats itself.
- Each block in the chain has an exact timestamp and can't be changed.
Let’s get to know more about the blockchain.
How does blockchain work?
Blockchain records digital information and distributes it across the network without changing it. The information is distributed among many users and stored in an immutable, permanent ledger that can't be changed or destroyed. That's why blockchain is also called "Distributed Ledger Technology" or DLT.
Here’s how it works:
- Someone or a computer will transacts
- The transaction is transmitted throughout the network.
- A network of computers can confirm the transaction.
- When it is confirmed a transaction is added to a block
- The blocks are linked together to create a history.
And that’s the beauty of it! The process may seem complicated, but it’s done in minutes with modern technology. And because technology is advancing rapidly, I expect things to move even more quickly than ever.
- A new transaction is added to the system. It is then relayed to a network of computers located around the world. The computers then solve equations to ensure the authenticity of the transaction.
- Once a transaction is confirmed, it is placed in a block after the confirmation. All of the blocks are chained together to create a permanent history of every transaction.
How are Blockchains used?
Even though blockchain is integral to cryptocurrency, it has other applications. For example, blockchain can be used for storing reliable data about transactions. Many people confuse blockchain with cryptocurrencies like bitcoin and ethereum.
Blockchain already being adopted by some big-name companies, such as Walmart, AIG, Siemens, Pfizer, and Unilever. For example, IBM's Food Trust uses blockchain to track food's journey before reaching its final destination.
Although some of you may consider this practice excessive, food suppliers and manufacturers adhere to the policy of tracing their products because bacteria such as E. coli and Salmonella have been found in packaged foods. In addition, there have been isolated cases where dangerous allergens such as peanuts have accidentally been introduced into certain products.
Tracing and identifying the sources of an outbreak is a challenging task that can take months or years. Thanks to the Blockchain, however, companies now know exactly where their food has been—so they can trace its location and prevent future outbreaks.
Blockchain technology allows systems to react much faster in the event of a hazard. It also has many other uses in the modern world.
What is Blockchain Decentralization?
Blockchain technology is safe, even if it’s public. People can access the technology using an internet connection.
Have you ever been in a situation where you had all your data stored at one place and that one secure place got compromised? Wouldn't it be great if there was a way to prevent your data from leaking out even when the security of your storage systems is compromised?
Blockchain technology provides a way of avoiding this situation by using multiple computers at different locations to store information about transactions. If one computer experiences problems with a transaction, it will not affect the other nodes.
Instead, other nodes will use the correct information to cross-reference your incorrect node. This is called “Decentralization,” meaning all the information is stored in multiple places.
Blockchain guarantees your data's authenticity—not just its accuracy, but also its irreversibility. It can also be used to store data that are difficult to register, like legal contracts, state identifications, or a company's product inventory.
Pros and Cons of Blockchain
Blockchain has many advantages and disadvantages.
- Accuracy is increased because there is no human involvement in the verification process.
- One of the great things about decentralization is that it makes information harder to tamper with.
- Safe, private, and easy transactions
- Provides a banking alternative and safe storage of personal information
- Data storage has limits.
- The regulations are always changing, as they differ from place to place.
- It has a risk of being used for illicit activities
Frequently Asked Questions About Blockchain
I’ll answer the most frequently asked questions about blockchain in this section.
Is Blockchain a cryptocurrency?
Blockchain is not a cryptocurrency but a technology that makes cryptocurrencies possible. It's a digital ledger that records every transaction seamlessly.
Is it possible for Blockchain to be hacked?
Yes, blockchain can be theoretically hacked, but it is a complicated task to be achieved. A network of users constantly reviews it, which makes hacking the blockchain difficult.
What is the most prominent blockchain company?
Coinbase Global is currently the biggest blockchain company in the world. The company runs a commendable infrastructure, services, and technology for the digital currency economy.
Who owns Blockchain?
Blockchain is a decentralized technology. It’s a chain of distributed ledgers connected with nodes. Each node can be any electronic device. Thus, one owns blockhain.
What is the difference between Bitcoin and Blockchain technology?
Bitcoin is a cryptocurrency, which is powered by Blockchain technology while Blockchain is a distributed ledger of cryptocurrency
What is the difference between Blockchain and a Database?
Generally a database is a collection of data which can be stored and organized using a database management system. The people who have access to the database can view or edit the information stored there. The client-server network architecture is used to implement databases. whereas a blockchain is a growing list of records, called blocks, stored in a distributed system. Each block contains a cryptographic hash of the previous block, timestamp and transaction information. Modification of data is not allowed due to the design of the blockchain. The technology allows decentralized control and eliminates risks of data modification by other parties.
Blockchain has a wide spectrum of applications and, over the next 5-10 years, we will likely see it being integrated into all sorts of industries. From finance to healthcare, blockchain could revolutionize the way we store and share data. Although there is some hesitation to adopt blockchain systems right now, that won't be the case in 2022-2023 (and even less so in 2026). Once people become more comfortable with the technology and understand how it can work for them, owners, CEOs and entrepreneurs alike will be quick to leverage blockchain technology for their own gain. Hope you like this article if you have any question let me know in the comments section
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Match ID: 2 Score: 4.29 source: techncruncher.blogspot.com age: 527 days
qualifiers: 2.86 cryptocurrenc(y|ies), 1.43 bitcoin(|s)
Most Frequently Asked Questions About NFTs(Non-Fungible Tokens)
Sun, 06 Feb 2022 10:04:00 +0000
Non-fungible tokens (NFTs) are the most popular digital assets today, capturing the attention of cryptocurrency investors, whales and people from around the world. People find it amazing that some users spend thousands or millions of dollars on a single NFT-based image of a monkey or other token, but you can simply take a screenshot for free. So here we share some freuently asked question about NFTs.
1) What is an NFT?
NFT stands for non-fungible token, which is a cryptographic token on a blockchain with unique identification codes that distinguish it from other tokens. NFTs are unique and not interchangeable, which means no two NFTs are the same. NFTs can be a unique artwork, GIF, Images, videos, Audio album. in-game items, collectibles etc.
2) What is Blockchain?
A blockchain is a distributed digital ledger that allows for the secure storage of data. By recording any kind of information—such as bank account transactions, the ownership of Non-Fungible Tokens (NFTs), or Decentralized Finance (DeFi) smart contracts—in one place, and distributing it to many different computers, blockchains ensure that data can’t be manipulated without everyone in the system being aware.
3) What makes an NFT valuable?
The value of an NFT comes from its ability to be traded freely and securely on the blockchain, which is not possible with other current digital ownership solutionsThe NFT points to its location on the blockchain, but doesn’t necessarily contain the digital property. For example, if you replace one bitcoin with another, you will still have the same thing. If you buy a non-fungible item, such as a movie ticket, it is impossible to replace it with any other movie ticket because each ticket is unique to a specific time and place.
4) How do NFTs work?
One of the unique characteristics of non-fungible tokens (NFTs) is that they can be tokenised to create a digital certificate of ownership that can be bought, sold and traded on the blockchain.
As with crypto-currency, records of who owns what are stored on a ledger that is maintained by thousands of computers around the world. These records can’t be forged because the whole system operates on an open-source network.
NFTs also contain smart contracts—small computer programs that run on the blockchain—that give the artist, for example, a cut of any future sale of the token.
5) What’s the connection between NFTs and cryptocurrency?
Non-fungible tokens (NFTs) aren't cryptocurrencies, but they do use blockchain technology. Many NFTs are based on Ethereum, where the blockchain serves as a ledger for all the transactions related to said NFT and the properties it represents.5) How to make an NFT?
Anyone can create an NFT. All you need is a digital wallet, some ethereum tokens and a connection to an NFT marketplace where you’ll be able to upload and sell your creations
6) How to validate the authencity of an NFT?
When you purchase a stock in NFT, that purchase is recorded on the blockchain—the bitcoin ledger of transactions—and that entry acts as your proof of ownership.
7) How is an NFT valued? What are the most expensive NFTs?
The value of an NFT varies a lot based on the digital asset up for grabs. People use NFTs to trade and sell digital art, so when creating an NFT, you should consider the popularity of your digital artwork along with historical statistics.
In the year 2021, a digital artist called Pak created an artwork called The Merge. It was sold on the Nifty Gateway NFT market for $91.8 million.
8) Can NFTs be used as an investment?
Non-fungible tokens can be used in investment opportunities. One can purchase an NFT and resell it at a profit. Certain NFT marketplaces let sellers of NFTs keep a percentage of the profits from sales of the assets they create.
9) Will NFTs be the future of art and collectibles?
Many people want to buy NFTs because it lets them support the arts and own something cool from their favorite musicians, brands, and celebrities. NFTs also give artists an opportunity to program in continual royalties if someone buys their work. Galleries see this as a way to reach new buyers interested in art.
10) How do we buy an NFTs?
There are many places to buy digital assets, like opensea and their policies vary. On top shot, for instance, you sign up for a waitlist that can be thousands of people long. When a digital asset goes on sale, you are occasionally chosen to purchase it.
11) Can i mint NFT for free?
To mint an NFT token, you must pay some amount of gas fee to process the transaction on the Etherum blockchain, but you can mint your NFT on a different blockchain called Polygon to avoid paying gas fees. This option is available on OpenSea and this simply denotes that your NFT will only be able to trade using Polygon's blockchain and not Etherum's blockchain. Mintable allows you to mint NFTs for free without paying any gas fees.
12) Do i own an NFT if i screenshot it?
The answer is no. Non-Fungible Tokens are minted on the blockchain using cryptocurrencies such as Etherum, Solana, Polygon, and so on. Once a Non-Fungible Token is minted, the transaction is recorded on the blockchain and the contract or license is awarded to whoever has that Non-Fungible Token in their wallet.
12) Why are people investing so much in NFT?
Non-fungible tokens have gained the hearts of people around the world, and they have given digital creators the recognition they deserve. One of the remarkable things about non-fungible tokens is that you can take a screenshot of one, but you don’t own it. This is because when a non-fungible token is created, then the transaction is stored on the blockchain, and the license or contract to hold such a token is awarded to the person owning the token in their digital wallet.
You can sell your work and creations by attaching a license to it on the blockchain, where its ownership can be transferred. This lets you get exposure without losing full ownership of your work. Some of the most successful projects include Cryptopunks, Bored Ape Yatch Club NFTs, SandBox, World of Women and so on. These NFT projects have gained popularity globally and are owned by celebrities and other successful entrepreneurs. Owning one of these NFTs gives you an automatic ticket to exclusive business meetings and life-changing connections.
That’s a wrap. Hope you guys found this article enlightening. I just answer some question with my limited knowledge about NFTs. If you have any questions or suggestions, feel free to drop them in the comment section below. Also I have a question for you, Is bitcoin an NFTs? let me know in The comment section below
Match ID: 3 Score: 4.29 source: techncruncher.blogspot.com age: 598 days
qualifiers: 2.86 cryptocurrenc(y|ies), 1.43 bitcoin(|s)
Video: What you need to know about the race to the first Bitcoin ETF
Tue, 25 May 2021 14:35:25 GMT
Several bitcoin ETFs have been filed with the U.S. Securities and Commission, but none have been approved. Cryptocurrency skeptics and supporters have cited benefits and concerns about what the approval of a bitcoin ETF may mean for investors.
Match ID: 4 Score: 4.29 source: www.marketwatch.com age: 854 days
qualifiers: 2.86 cryptocurrenc(y|ies), 1.43 bitcoin(|s)
Using Hacked LastPass Keys to Steal Cryptocurrency
Remember last November, when hackers broke into the network for LastPass—a password database—and stole password vaults with both encrypted and plaintext data for over 25 million users?
Well, they’re now using that data break into crypto wallets and drain them: $35 million and counting, all going into a single wallet.
That’s a really profitable hack. (It’s also bad opsec. The hackers need to move and launder all that money quickly.)
Look, I know that online password databases are more convenient. But they’re also risky. This is why my Password Safe...
Match ID: 5 Score: 2.86 source: www.schneier.com age: 9 days
qualifiers: 2.86 cryptocurrenc(y|ies)
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