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In case you ended up here, you should have heard about bitcoin and cryptocurrency at least. You might even ended up investing or trading some crypto assets. As bitcoin worth has sky-rocked once more (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 meant for all audiences. You might knothing about crypto literally but after reading this article you will understand some primary concepts. You don’t must 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 confirm and sign transactions). Miners use software and hardware to perform the calculations and are rewarded with bitcoins that may be exchanged for different 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 obviously and is the most well-liked cryptocurrency. There are might more digital currencies nowadays.

Ethereum is the second hottest cryptocurrency. Well, actually, 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. But what is NFT?

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

NFT is basically a novel data that can’t be altered. We cannot change NFT but we are able to still sell it to somebody else.

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

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

You might have heard a couple of current jaw-dropping auctioning report where a bit of digital art was sold for $69.three million! Yes, you read that right — digital art — 0s and 1s converted into bytes converted into image on screen — one of many digital images you possibly can simply right click and save to your desktop. An ideal 1 to 1 copy. The truth is, indistinguishable from the original!

You may truly copy and save the image from Christie’s website within seconds (right click is blocked but that’s not any security). Well done! Are you a fine artwork thief now? Not really… as this is how the Internet works! Before you may truly view any image, your pc 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 final will or a legal document that transfers ownership of an asset to a new owner.

The paper itself is value nothing but what makes it valuable is what’s written on it and the truth that other individuals will recognise the writing as legal and never questionable.

Clearly, paper paperwork might be modified, modified or reproduced. There is counterfeit cash and documents in circulation. We have to be able to differentiate real ones from fake and thus we started to build organisations that serve as trust authorities — banks, courthouses, land registry etc.

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