What is NFT (Non-Fungible Token)?

NFT stands for “Non-Fungible Token”. Something being non-fungible means it is unique and cannot be replicated or divided. In the context of cryptocurrencies, an NFT means that each token on the given blockchain network has some unique characteristics, which makes it different from the rest. Each token contains some small bits of data which is unique to the token. As in the case of all blockchain networks, NFT’s have provenance; i.e. its uniqueness can be proven.

Let’s look at some examples to understand this further.

Qantas Frequent Flyer is one of the most loved loyalty programs in Australia. More than 12 million members are being rewarded with Qantas Points across various categories, including travel, financial services, retail, health & wellbeing, food and wine, and small business services.

When it comes to redeeming your Qantas Frequent Flyer points, there are a number of ways, ranging from flights (seats + upgrades), travel insurance (Qantas only), hotel booking, Qantas wine, getting a hire-car, and shopping from a range of retailers via the reward store. …

Ethereum has some serious scaling issues.

Since it’s launch in mid-2015, the blockchain 2.0-darling has struggled to chug along; gasping for transaction breathing room with every successful initial coin offering.

Let’s do some quick math by comparing Ethereum’s current capabilities to a flagship social utility app such as Facebook.

Currently, the Ethereum network currently caps out at around 13 transactions per second; ETH-based tokens such as OMG, Golem, & Civic cap out at around half of that, 7 transactions per second. An app of Facebook’s size makes around ~200K API requests per second. …

Photo taken from Pexels.

Blockchain technology has been a popular buzzword in the last 12–18 months. 2017 is often rated as the year of ICO’s by many people. Along with so much of the useful information, there is a lot noise on the internet as well, which makes it a challenge for anyone to absorb and comprehend what the technology is, and how an individual/company may use it to their benefit.

Finding precise information about the blockchain technology and its usefulness can be a challenge.

In simple words, blockchain technology is the new way to automate and manage exchange and transfer of data/asset between…

A collection of US Dollar bills. The image is taken from Unsplash.

What is Money? Money, in general, can be defined as a medium of exchange in the form of coins and banknotes. Paper money, (or also called Fiat money), has been in use for more than 1000 years, with its first recorded use in China around 1000 AD. Its adoption increased slowly but steadily around the world, and by the 20th century, it was a dominating medium of exchange throughout the world.

Money has its various functions like it’s a medium of exchange, a measure of value, the standard of deferred payment, and a store of value. To fulfill these functions…

Aamir Sohail

Co-Founder & Director at Blockchain Smart Solutions. Web: www.blocksmartsol.com

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