This Is The Blockchain And It May Rule The World
If you write apps, whether it be native Windows development, or perhaps targeting a broader market encompassing mobile devices, cryptocurrency is an area of incandescent growth and potential opportunity. Like the white-hot-topic of AI, cryptocurrency is a new frontier, and it seems everybody wants to stake their claim. Cryptocurrency has evolved into a global sensation in recent years, although much is yet to be learned about this evolving technology. Numerous concerns and worries are stirring around technology and its capacity to disrupt traditional financial systems. Cryptocurrency innovators wish to claim that these new forms of monetary exchange are all financial ‘trustless’ systems that are not directly tied to any government or nation-state. But some claim that cryptocurrency, non-fungible tokens – NFTs, the buzz word of the moment, and Blockchain, the technology underpinning these wispish intangibles, are an independent and reliable system. According to Joseph A. Grundfest, an American academic, regardless of whether you think that’s a good or bad thing, it is not entirely accurate. Cryptocurrencies are still reliant on the underlying infrastructure powering cryptocurrencies like Bitcoin, much of which is located in China. So, the Chinese government could theoretically push changes to cryptocurrencies at a fundamental level by setting its will on the data miners who keep them operating. What is the story of NFTs and art? Right now, NFTs are dominating the tech news. News media loves to gorge on stories of life-changing amounts of money being paid for an NFT associated with a piece of art, particularly focusing on facts like the buyer has, in effect, got nothing tangible to show for their hard-earned cash. Combine that with the use of AI to produce original and unique paintings and artworks and you have an almost impossible to resist temptation for a journalist looking to fill out a blank page with some exciting headlines: “anonymous author pays a million dollars for an NFT of an abstract painting by an AI artist”. As a tech person, this use of Blockchain, to secure the details of the sale, might look frivolous when compared to the many different companies solving complex problems with Blockchain and AI. While some others are generating similar non-human “art pieces” using AI or one of the many open-source projects that use layers of images which they combine to generate dozens of variations of images for you to sell online, in the NFT market. It’s less of Bob Ross and more Robot Ross. What is an NFT? NFT stands for “Non-Fungible Token”. This means that you can interchange one asset, here in our case images or animated NFT. This is a unique digital asset representing objects like digital artworks, tweets, pictures, videos, and music. The NFT acts a little like a digital checksum – except it’s a checksum of a moment in time combined with an object. So, the NFT refers to a very specific image or group of images in a way which is incontrovertibly that object or objects. A bit like having a postal code for a train which always meant that someone sending a letter to that postal code would always end up reaching the train no matter where it was or when you sent the letter. It’s a weird thing worthy of the best Wachowski sister movie plot. Hard to understand until someone explains […]
