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Should you ended up right here, you have to have heard about bitcoin and cryptocurrency at least. It’s possible you’ll even ended up investing or trading some crypto assets. As bitcoin worth has sky-rocked again (at the time of writing the article 1 BTC is worth virtually 62k USD!) it’s really hard to not see any headlines about bitcoin.

This article is intended 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 fundamental 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 different currencies, products or services.

Blockchain is a decentralised, distributed network of verified transactions (blocks). These are chained collectively utilizing cryptography, which makes alterations of data impossible.

BTC stands for bitcoin clearly and is the most popular cryptocurrency. There are may more digital currencies nowadays.

Ethereum is the second hottest cryptocurrency. Well, in truth, Ether is the currency and Ethereum is the blockchain. ETH is the acronym for Ether and the big difference between bitcoin and ethereum is that the latter allows creating and exchanging NFTs. But what’s NFT?

NFT stands for Non-Fungible Token. We’ve deciphered the acronym however what does it really imply?

NFT is basically a unique data that may’t be altered. We can not change NFT however we will still sell it to someone else.

It’s a comparatively new concept within the crypto world however it’s getting more and more curiosity and media coverage.

Basically, distinctive data can be utilized to digitally sign different digital data and serves as proof of ownership. Signing data utilizing cryptographic functions isn’t anything new in computer science yet the proof of ownership is.

You will have heard about a recent jaw-dropping auctioning file the place a bit of digital artwork was sold for $69.3 million! Sure, you read that right — digital artwork — 0s and 1s converted into bytes converted into image on screen — considered one of many digital images you’ll be able to easily proper click and save to your desktop. A perfect 1 to 1 copy. In truth, indistinguishable from the unique!

You’ll be able to truly copy and save the image from Christie’s website within seconds (right click is blocked but that’s not any security). Well accomplished! Are you a fine artwork thief now? Not really… as this is how the Internet works! Earlier than you possibly can truly view any image, your pc or smartphone will download a duplicate 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 authorized document that transfers ownership of an asset to a new owner.

The paper itself is worth nothing but what makes it valuable is what’s written on it and the truth that different individuals will recognise the writing as authorized and never queryable.

Clearly, paper paperwork may be modified, changed or reproduced. There may be counterfeit money and paperwork in circulation. We need to be able to distinguish real ones from fake and thus we started to build organisations that function trust authorities — banks, courthouses, land registry etc.

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