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The new development improves privacy and lowers fees and transaction costs on the Ethereum Blockchain. Aztec has unveiled the first transactions with its new rollup.

In Short

• Aztec focuses not only on enabling lower commissions but also on more privacy.

• It had been announced in March and was in the testing phase, but now it started trading on Ethereum.

Ethereum users have a new option for cheaper and faster transactions. It is the Aztec rollup, which also adds privacy benefits when trading. Like Ethereum's other second-layer Ethereum rollup scalability solutions, Aztec's primary purpose is to lower the fees paid for each transaction at the network's main (L1) layer. The fee reduction is achieved by grouping or "rolling up" several of them into a second layer, then moving them all together and paying the fee for a single transaction.

However, as described on the Aztec official site, the new feature also allows for greater privacy by encrypting information about the participants of a transaction so that their transaction history is not visible. Thomas Walton-Pocock, CEO of Aztec, announced the development of this rollup in late March. Even Vitalik Buterin, the co-founder of Ethereum, highlighted the novelty through a Twitter post.

However, although it already existed, it was not until last Wednesday, June 15, that the rollup brought its first transactions to Ethereum's main layer (L1), as reported by Aztec through its account on the social network.

Features of the Aztec rollup for Ethereum

In a post on Medium, Aztec's CEO had explained that it is a zero-knowledge or "zero-knowledge" rollup, which uses proofs of validity to prove the existence of a valid chain. Its differences from optimistic rollups have been explained in a Vantica Trading article. They are based precisely on the method each adopts to prove the validity of the transactions it covers.

Aztec allows up to 100 transactions per second (TPS) at the core layer. Its operation and the functionality it attempts to offer in terms of privacy make the rollup somewhat less efficient than others focused solely on cost and speed. In theory, the latter rollups provide up to 2,000 TPS or even more.

Transactions with Aztec are up to 9X cheaper than on Ethereum's mainnet. (Source: Aztec)

As Walton-Pocock describes in his article, several technical factors make privacy-focused rollups like Aztec more challenging to execute, driving up the time and cost demanded by each transaction.

To offer more affordable rates and greater privacy, Aztec uses a protocol called ZK-SNARK (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge). It consists of cryptographic proof allowing a transaction participant to prove that they have specific information without disclosing it.

How much does it cost to trade with Aztec and other rollups?  

Data from the l2fees.info site shows Aztec is the rollup with the highest commission for trading Ethereum. Currently, the fees are even above those of L1, but this situation is not frequent. In April, with the rollup still in the testing phase, this newspaper reported that its fees were $0.67 lower than Ethereum's L1.

Aztec Network lists as the rollup with the highest fees. (Source: l2fees.info)

And what precisely are rollups? They are second-layer scalability solutions that "wrap" many transactions and bring them all together to the L1. In this way, the user can take advantage of the network's security by paying a lower fee than the main layer when entering the rollup.

ETH2 poses specific economic changes from the current version of the network. What will happen to ether (ETH) after The Merge?

Image by WorldSpectrum from Pixabay

In Short

• The economics of ETH will get based on two factors, coin minting, and fees.

• Cryptocurrency issuance depends inversely on the amount of ETH staked.

Aside from the changes that Ethereum 2.0 will bring to the current network, it also raises questions about what will happen to ether (ETH), Ethereum's coin, after The Merge, the network's transition to the new version, which will take place in the second half of this year. Twitter user DeFi Surfer (@808 Investor) wrote a thread on Twitter detailing the future of ether in the following months to explain what will happen.  

According to these discloser details, which relied on publications by well-known Ethereum developers such as Justin Drake, Ryan Berckmans, North Rock Digital, and 0xHamZ, the network's economy will move from two factors. These are the issuance of ETH to reward validators and the commissions paid on the network.  

The issuance of new cryptocurrency units will now remain in the hands of validators and not miners. The mechanism has its roots in a compensation structure dependent on the number of validators, as explained in the Ethereum 2.0 roadmap.

ETH issuance on Ethereum 2.0. (Source: Ethereum 2.0 roadmap)

The chart shows that ETH issuance dilutes as users stack more ETH (i.e., deposited as collateral) on the network. Using this math, with a total of 15 million ETH staked (currently, there are 12.7 million, according to beaconcha.in), you can compute that those validators will earn around 700,000 ETH a year for their contribution to the network.  

On the other hand, speaking about commissions, since the implementation of EIP-1559, about 70% of those commissions get burnt, an improvement proposal that modified Ethereum's reward and fee mechanism. The other 30%, meanwhile, goes to reward validators.

In this regard, the more activity on Ethereum, the higher the number of fees paid. If fees go up, more cryptocurrency units will get out of circulation. Thus, in the future, the use of Ethereum will contribute to reducing the circulation of its cryptocurrency.

So far in 2022, Ethereum's gas consumption (i.e., fees) ranged from 248,400 ETH in March to 301,000 ETH in January, according to Glassnode data. Projections show that the Ethereum blockchain would consume 3.2 million ETH annually by the end of 2022, of which only 978,000 ETH would remain in circulation.

Ethereum will become deflationary in the long run

In version 2.0 of the network, users expect Ethereum to become deflationary. The issuance of its ether cryptocurrency will be less than the amount burned. For practical purposes, DeFi Surfer calculates the economic outlook for Ethereum 2.0, considering the staking of 15 million ETH and total commissions of 2.2 million ETH per year.

The consequence is that Ethereum would get a deflationary rate of 0.7% annually. Of the 2.2 million in commissions, 70% (1.5 million) will get burned. The remaining 700,000 ETH would go to validators.

ETH2 deflation, according to ETH fees (Y-axis) and total % ETH staked (X-axis). (Source: Twitter @808_Investor.)

ETH staking is likely to increase when the merger finalizes because there will already be more certainty about how the network will work. The lock-in period for funds to be a validator will be shorter than now (where coins are locked indefinitely, at least until the merger occurs). It could also raise the return for validators to be on par with other networks that operate on a proof-of-stake (PoS) basis.  

With this, the discloser's theoretical calculations indicate that it could go from the current 11% of the circulating 120 billion ETH staked to a potential 28% after the merger, translating, as stated, into lower ETH issuance. But ether deflation can be achieved, according to DeFi Surfer, even with low on-chain activity. In the event of lower-than-average fees, issuance will reduce compared to the current allocation, so not as much ETH will need to be burned to regain a correct balance.

Added to this, if the activity on the network is higher, the burns will be even higher. Therefore, the negative balance would increase even more, and with that, Ethereum would become deflationary even faster. Currently, Ethereum has a primarily positive balance in terms of daily ETH issuance, as seen in the chart below.

Ethereum net issuance. Ethereum is currently an inflationary network. (Source: Watchtheburn.com)

The merger of Ethereum 2.0, a key milestone for the network

Developers are betting on achieving the expected transition in the year's second half. However, the difficulty pump, which will end mining as we know it, has already been postponed several times. In the meantime, the whole process is still being tested and refined in test networks.

The CFXN Token is a utility token that allows users to use the platform's services. The token is based on Ethereum and uses the ERC20 standard. The token allows users to pay for goods and services on the platform, as well as receive discounts and rewards. Additionally, the token can be used to invest in projects on the platform.

CFXN Token investing is a great way to get in on the ground floor of what could be one of the next big cryptocurrencies. While there is risk associated with any investment, CFXN has a strong team behind it with a proven track record. If you're interested in getting involved, now is the time to do so before the price goes up even more.

QuickBooks Point of Sale is a software programme that helps small business owners keep track of their sales and inventory. Business owners can use the programme to track product sales and instantly see how much inventory they have left. The programme is designed to replace the traditional cash register and works in conjunction with other QuickBooks accounting software. The programme is designed to make inventory management much easier; once inventory is entered into the programme, all changes automatically update inventory status.

1. Launch QuickBooks Point of Sale and choose "New Item" from the "Inventory" tab on the main menu. Enter the information you want to include for each individual item you're adding to your inventory. Specify the department to which the item belongs, the item's name, and any other relevant information about it, such as colour, size, brand name, and so on. You can also upload an image for the item.

2.

Indicate how many of the item you currently have in stock. Once you've entered the quantity, the programme will automatically update whenever you sell an item. QuickBooks Point of Sale also allows you to set a reordering reminder when the quantity falls below a certain threshold.

3. Fill in all of the information for the item's price and the order cost for yourself. The item price will be applied to sales of the item, and the order cost will assist you in keeping track of profit and loss each time you need to replenish the item's inventory. After adding each item, remember to save the information. If you do not save the data, you will lose everything you have entered.

4. Continue to add information about each inventory item. Once you've entered all of the product information you want to include, go to the "Inventory" tab and select "Item List." This will allow you to see all of the items in your inventory and make changes as needed.

5. Select "Reports" from the main menu's "Reports" tab, and then "Items." You will be able to review inventory reports as a result of this. Choose the report you want to look at and click "View Report." By selecting "Modify Reports," you can also change the reporting dates you want to see.

CFXN Token is an ERC-20 token built on the Ethereum blockchain, which means it’s based on the “Ethereum standard.” This makes it compatible with any wallet or exchange supporting tokens of this type.

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Offerings, token wallets, and selling non-fungible tokens (NFTs), payment rails, and other functionalities are all possible with the blockchain platforms. It's fascinating to see how different gaming platforms view games powered by this technology. The top blockchain gaming platforms are making it count with the number of blockchain games being the trend. Start your hunt with any of the top platforms to kickstart your career. Get into touch>>

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People love to sell valuable assets for a good price when they learn about NFTs (nonfungible tokens). Individuals, celebrities, companies, artists and others all prefer the NFT marketplace to directly trade their digital assets. NFT marketplaces are popular because it is easy to get ownership and rights for NFT trading. NFT facilitates users by offering them an in-depth assessment of the asset's history.

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These are some of the many benefits that Ethereum offers. Find out what advantages you will get by building an NFT marketplace on Ethereum.

1. Decentralized Nature
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1. Decentralized Nature

Ethereum's decentralized design makes it easier to distribute data and makes it more reliable. This eliminates the need for network users to depend on one authority to manage the system, and all transactions.

1. Permissioned Networks

To develop NFT on Ethereum, you will need permission from ConsenSys Quorum, an open-source protocol layer. This allows the solutions to be approved by the regulators and secures them.

1. Fast Deployment

It is not necessary to build a blockchain execution entirely from scratch. Firms have the ability to install and manage the exchange, as well as its mining and storage on Ethereum.

1. Data Privacy

Private consortia, which are secure transaction layers that allow companies to obtain privacy on the Ethereum platform, can be created by companies. ConsenSys Quorum doesn't allow any participant to access personal data. The private data is encrypted and only shared with the person who requests it.

1. Better Performance & Scalability

Firms prefer the Ethereum network because it can work with multiple nodes and can handle large numbers of users.

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The Smart Contract associated with the Ethereum upgrade surpasses the 11 million ETH barrier amid expectations ahead of the arrival of The Merge.

Pic by Michael Förtsch on Unsplash

Recent data reveals that the Smart Contract associated with "Ethereum 2.0" continues to add more support, surpassing the 11 million ETH deposited as collateral. The figure could suggest that the number of people interested in backing the new version of the Smart Contract network has grown.

Ethereum 2.0 was the name given to the Ethereum upgrade that would see the network abandon its current proof-of-work (PoW) consensus mechanism for a proof-of-stake (PoS) one. The Contract for participation (staking), launched in late 2020, was the first step toward this evolution.

The Ethereum Foundation recently renamed the update to "Consensus layer," abandoning the name Ethereum 2.0 or ETH 2.0. While, in general terms, the community seems to refer to this phase arbitrarily and, in many cases, goes by the last name, it is worth noting that ultimately, once the network moves to PoS, it will continue to be called just "Ethereum."

Smart Contract for ETH 2.0 surpasses 11 million ETH

Data published by the block explorer Etherscan.io also reveals 11,107,700 ETH deposited there, with an estimated value of more than $38.122 million based on the current exchange rate.

Smart Contract exceeds 11 million ETH deposited. (Source: Etherscan.io)

Let's consider that each validator interested in backing the network must deposit at least 32 ETH (about $108,000 at current prices). A simple division yields an estimated 344,000 addresses that would be actively participating in the new system for block processing.

Ether becomes scarcer, and blocks get processed via PoS

The Smart Contract represents the starting point for version 2.0 of the network. Ethereum validators who sent funds for the specified amount will participate in the validation of the new blocks issued once this phase is activated.

Let's keep in mind that the development of Ethereum 2.0 continues its path progressively, so various teams are working to make it possible as soon as it is available. The transition to the new version of the network will take place after the arrival of The Merge, a key point at which it would change the paradigm for block processing. The mechanism will implement the Proof-of-Stake (PoS) method instead of the already known Proof-of-Work (PoW), the system it has operated since its inception.

It is worth noting that this new mining system would leave the rewards mainly for those who serve as network validators under this dynamic, reducing the issuance of new ETH directly. Users also expect that the price of Ethereum will go higher.

The Smart Contract race

Expectation about what the Ethereum update will offer is quite hot amid the competition in the ecosystem, among many other projects. Some will try to displace the most popular Smart Contract network by addressing problems mainly associated with scalability and transaction cost.

These include projects such as Avalanche (AVAX), Solana (SOL), Cardano (ADA), and Polkadot (DOT), whose operational proposals have already caught the attention of many developers and enthusiasts. The expectation here is to attract initiatives within the Decentralized Finance (DeFi) and the Non Fungible token (NFT) space, which currently capitalize on large volumes of operations.

However, the arrival of the final PoS version of Ethereum has no estimated date yet, so we, as users, can only look forwards to seeing how the dev teams work towards their objectives.

$1.61 billion worth of ETH tokens has left exchanges this year, ahead of Ethereum's final protocol meltdown.

  Pic by olieman.eth on Unsplash

The number of Ethereum's ETH tokens managed by crypto exchanges fell to its lowest level since last September, reflecting investors' intention to hold their tokens in the hope of an ETH price rebound throughout 2022.

Recently, nearly 550,000 ETH worth approximately $1.61 billion has exited centralized exchanges this year, according to data provided by Glassnode. The massive outflow of ETH has decreased the exchanges' net balance to 21.72 million Ethereum units. An amount below its record high of 31.68 million ETH in June 2020.

Biggest Ether tokens drop since October 2021

As IntoTheBlock data shows, more than 30% of all ETH withdrawals from exchanges witnessed in 2022 occurred earlier this week. In detail, more than 180,000 ETH left cryptocurrency exchanges on March 15. The figure made the ETH outflows to just over $500 million by March 18 in just a week.

Likewise, Chainalysis data showed similar readings. The average amount of Ether tokens leaving the exchanges this week was 120,000 ETH per day, indicating a clear bullish signal.

"Assets held on exchanges increase if market participants are more interested in selling than buying assets," Chainalysis

IntoTheBlock provided a similar bullish forecast to Chainalysis. By citing market behavior in October 2021, when Ethereum's price rose 15% ten days after the Ethereum network detected massive withdrawals of ETH from centralized cryptocurrency exchanges.

Change in ETH held on exchanges. (Source Chainalysis)

Ethereum supply crisis likely

The increase in daily Ethereum withdrawals from exchanges averaged 150,000 ETH this week. A significant amount moved to the "stETH liquid staking" pools on the Lido platform.

Lido is a non-custodial staking service that allows users to overcome the difficulties associated with staking on Ethereum 2.0 Beacon Chain. Ethereum staking requires at least 32 ETH. Lido tries to solve the capital efficiency problem by issuing a tokenized version of the staked ETH known as "stETH."

According to Etherscan data, more than 1 million ETH were added to the Ethereum 2.0 contract in the last 30 days as the protocol prepares to completely switch to the new "Proof of Stake (PoS)" algorithm later this year.

ETH price rally continues

Optimism surrounding Ethereum's switch to Proof of Stake (PoS) has led Ether to enter a rebound mode this week. The price of ETH rose more than 17% during the week to position itself at nearly $3,000.

IntoTheBlock noted that users deposited around 190,000 ETH in the last week for staking on the Ethereum 2.0 network (the next Ethereum network upgrade) using the Lido platform. The Ethereum 2.0 staking contract, or staking contract, currently has more than 10,000,000 ETH staked on it. That accumulates to more than $29 billion in wagered value on the ETH 2.0 network.

You cannot ignore Ethereum's gains in the current crypto market situation. Each of the top 10 cryptocurrencies in the market, plus Terra, have seen their share price rise by at least 5% this week. Particularly after the Federal Reserve announced a 25-point interest rate hike on Wednesday. Bitcoin, in particular, has risen by 8%. However, BTC also suffered an outflow from exchanges of 39,000 BTC on Friday, amounting to around $1.6 billion.

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Ethereum 2.0 reaches a new milestone regarding the number of validators and ethers deposited, an important landmark as the second-largest blockchain migrates to the Proof of Stake consensus algorithm.

Pic by Shubham Dhage on Unsplash

In Short

• The role of validators is central in the new version of the network.

• ETH deposits from new validators lead to new records in this contract.

As Ethereum transits its way to its new version, some important milestones are being reached that lead to it taking hold. Last Sunday, February 27, the number of validators reached 300,000, its all-time high, and deposited funds already exceeded 9.6 million ethers (ETH).

According to statistics reflected on the Beaconcha.in site, the number of current Ethereum 2.0 validators is 300,500. The 300,000 validator milestone was reached less than 24 hours ago when writing this article.

During the Ethereum 2.0's 101,800th epoch, the network reached 300,000 validators.

Since its launch in December 2020, Beacon Chain (the first shard of 64 that the new blockchain will have) has already had 21,000 validators. By December 2021, that number was already at 270,000; this equates to a 1,100% growth in one year. Two months later, it grew another 10% to over 300,000.  

Far from being just a number, this figure indicates the Ethereum network is growing and becoming more secure. Validators are in charge of confirming new blocks in the so-called consensus layer, i.e., Ethereum 2.0. Their role is fundamental to the functioning of this consensus algorithm, called Proof of Stake (PoS).

The new version of this blockchain will no longer work with miners like the current one but will rely on validators who must have at least 32 ETH in staking (equivalent to $85,000) to confirm new blocks.

While this increase in the number of validators is noteworthy for the network, it is also important that other conditions, such as decentralization, are met. Recently, some sites saw high centralization in Ethereum 2.0 due to many stake pools using the same client, Prysm, for their nodes. Coinbase, one of the pools with the most validators, dismissed this alert and assured that it further diversifies the clients it works with.

Deposits in Ethereum 2.0, also at record highs

Just as the number of validators grew, so too have the ethers deposited in the new consensus layer smart contract reached an all-time high. There was more than 9,646,000 ETH deposited in it, according to etherscan.io, representing 8.15% of the total stock of the cryptocurrency in circulation.

Users added 170,528 ETH to this Smart Contract in the last ten days. From the chart below, the number is three times higher than that recorded on the same day (February 28) in 2021.

Deposits in Ethereum 2.0 tripled in one year.

Of course, such a milestone directly relates to the rise in the number of validators. As detailed, each must have 32 ETH to validate new blocks on the chain, so both figures are directly related.

Need to use the Ethereum blockchain? Take advantage of low rates while they last. Ethereum fees are at levels not seen since September 2021.

Photo by @theshubhamdhage on Unsplash)

In Short

• Migration of users to other blockchains may cause low fees on Ethereum.

• A month ago, it came to pay almost five times more than now, on average, to use Ethereum.

Fees on the Ethereum network are at their lowest level, on average, in the last five months. When writing this article, the amount expressed in U.S. dollars is $13.9. Data from block explorers show a similar average of commissions not seen since last September.

Last January 10, Ethereum saw an average transaction size almost five times higher than today: $53. Unlike on other blockchains, Ethereum's fees are not only for sending money (i.e., transactions in the native ether currency) but also for interactions with Smart Contracts. The latter includes, for example, trading transactions on non-fungible token (NFT) marketplaces, movements on decentralized finance (DeFi), or shipments of ERC-20 tokens, e.g., tether (USDT), DAI, or Shiba Inu (SHIB), among others. Gas limits the amount of computation running in a Smart Contract. Gas expenditures are helpful when a poorly programmed code loops forever, for example, since the Ethereum Virtual Machine (EVM) uses programming languages that are Turing Complete, such as Solidity.

Hourly gas evolution since Dec 2021 (Source: VanticaTrading.com)

Why did Ethereum fees drop?

The average fee chart does not provide a definite cause for the drop in fees, but we can think that it is due to the migration of users to other blockchains. BSC, Solana, or Fantom have scraped some of the markets, usually in the hands of Ethereum.

Also, layer 2 solutions, such as Polygon sidechain, help decongest the network. Something similar happens with rollups, Ethereum's second layers, that bundle transactions and execute them outside the main network.

It would not be unusual that, in a few days, Ethereum fees will again increase significantly in value. If the low amounts of trade on the network attract massive users again, the network will become congested, and the cycle will repeat itself.

Ethereum remains the blockchain of choice for dApps and Smart Contracts. Despite the expensive and slow user experience that Ethereum's mainnet can offer in its current state, the blockchain created by Buterin nearly monopolizes the market for DeFi and decentralized applications according to the trading volume and total value locked (TVL).

The Block's metrics show that the value locked in Ethereum significantly outperforms its major competing blockchains - Terra, Binance Smart Chain, Avalanche, and Fantom, plus ten other smaller networks.

Opensea will be the First choice if you want to acquire heights in NFT Marketplace in a short span of time. It is the only platform to have a trading volume of $46.75 million according to DAppRadar. So entrepreneurs can boldly leap into the NFT marketplace like OpenSea platform development process. The white label opensea comes with an actionable dashboard that gives you a clear-cut view of the trading assets, Dual Auctions, Drop selections, filter, and sorting options, finally integration with the various digital wallets. Hence the Cryptoprenuers can easily induce endless growth by launching opensea clone.

Know More: https://www.turnkeytown.com/opensea-clone

Numerous blockchain development companies are available in the current era. And undergoing the white-label NFT marketplace development is much more affordable than starting from its groundwork. That is why the entrepreneurs prefer the instant solution and a way to flourish in the cryptoverse, so if you are willing to start with a budget-friendly solution venture with a white-label NFT platform now.

Wow cardano #ADA crossed the 3 dollars barrier! Looks unstoppable at this stage. Most probably it has to do with the imminent release of mainnet and smart contracts later this month, but still wow! 🤯

VeChain VET Promo Video - #VeChainVideoContest
Here's my submission for the #VeChainVideoContest !

I appreciate the voting of this crypto community on my tweet and YouTube video if you liked the video and found it beneficial, thank you!

• Tweet - https://twitter.com/_C_R_Y_P_T...461831759597576?s=19

• YouTube -

https://youtu.be/K1B-BEJxl9Q

Learn more about Vechain!
• Whitepaper 2.0 - https://www.vechain.org/whitepaper/#b...
• Reddit - https://www.reddit.com/r/Vechain/
• Twitter - https://twitter.com/vechainofficial

Sources used:
• Official Vechain Youtube channel - https://www.youtube.com/channel/UCqKE...
• Official Vechain Medium channel -
https://medium.com/vechain-foundation
• DNV GL Youtube channel - https://www.youtube.com/user/DNVGL
• Whitepaper https://www.vechain.org/whitepaper/
• VeChain Latest News: https://www.vechain.org/news/
• https://www.prnewswire.com/news-relea...
• https://manager.vechainstats.com/vnt-...
• https://www.nasdaq.com/articles/vecha...
• https://www.pwc.com/gx/en/industries/...
• https://medium.com/@tylerjayboyd/can-...
• https://coinmarketcap.com/alexandria/...

Free and licensed footage obtained from:

• Google Images (Free to use assets)
• https://www.pexels.com/

#Vechain #VET #crypto #cryptocurrency #blockchain

Roadmap to #Vechain #VET PoA 2.0!
#VeFam #crypto #blockchain #cryptocurrency

#VeChain $VET is definitely destined for greatness and the value of this coin will appreciate multiples folds in the future (at least a dozen) no doubt about it. With their rock solid partnerships and real life use cases / applications it's really just a matter of time before its mass adoption by more nations like San Marino and more institutions like Walmart China and the likes. This beast of a blockchain project will awake again soon and soar like a bald eagle.

#VeChain $VET ecosystem. Who's here a #VET hodler / trader?
#crypto #cryptocurrency #supplychain #blockchain

After such a long consolidation #Cardano $ADA finally crosses the long awaited 2 dollars mark! 🚀 🌚 Congrats to all #ADA hodlers! Your patience has well paid off! 🎉🎊💪🏻

Non-fungible tokens have been on the market for a long time. They have become a buzzword when we talk about the blockchain.  However, for many people, NFTs are very difficult to understand.

What are NFTs?

An NFT is a digital asset which represents a real world product, thing or cameo.   Most people know NFTs which are associated with music, pieces of art, videos, minerals and real estate. Like cryptocurrencies NFTs are purchased and sold online.  In other words NFTs are tokenized real world objects, physical features or snapshots of events.  

What is the difference between NFTs and cryptocurrencies?

Basically, NFTS are created using the same kind of programming as cryptocurrency. Nonetheless, the two categories of digital assets are very different. Cryptocurrencies are fungible, meaning that units of the same cryptocurrencies are identical and people can interchange them. For example, two units of bitcoin are interchangeable.

In contrast, this is not the same with NFTs. A single NFT is completely unique; therefore, people cannot interchange them. Usually, each NFT shows ownership of an object such as a house, artwork or music.

Here are a few facts to help you understand what an NFT is:

• Every NFT has each own unique identifier.
• Each NFT has an owner and which people can verify on the blockchain.
• Currently people create, purchase and sell them on the ethereum blockchain.
• The creator of every NFT can therefore, prove his/her ownership of it.

Characteristics of NFTs

More importantly, the easiest way to understand NFTs is to study their characteristics.

Uniqueness: Two NFTs are completely unique or different. There can never be 2 or more NFTs which are identical. That is why people say that NFTs are rare digital assets.

Indivisible: We cannot divide NFTs as we do with cryptocurrencies. With cryptocurrencies we can send a fraction of a unit, such as 0.6 BTC. On the contrary people can only sell complete NFTs.  

Ownership: An NFT represents an ownership of an object or snapshot of a moment.  

Uses of NFTs

There are different types of NFTs, based on their functions.

Gaming: NFTs are used to show ownership of some in-game assets, such as weapons as well as fuel. If the game item you buy is tokenised, it means that you can recoup the money you used to purchase it, if you no longer need the tool.

Digital content: Artists can tokenise their work thereby showing ownership of it and act as intellectual property. For instance, musicians can tokenise their music or videos and protect them from copyright infringement.

Real estate: People can also tokenise their real estate such as houses and use the NFTs to prove ownership of the real world assets.

Conclusion

In a nutshell, NFTs are digital assets, like cryptocurrencies, which represent some physical objects or cameos. People can buy and sell NFTs, whose values can change from time to time.