Dimal Nathwani is a cryto, blockchain and NFT Specialist. Had a great time with him and we defeinily learnt a lot, this ain't the last time you're seeing him on here :D
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A blockchain is a distributed software network that serves as a digital record as well as a system for transferring assets securely without the use of a third party. Blockchain is a technology that facilitates the digital exchange of units of value, similar to how the internet facilitates the digital flow of information. On a blockchain network, anything from currency to land titles to votes can be tokenized, stored, and exchanged.
The Bitcoin blockchain, a secure, censorship-resistant, peer-to-peer electronic cash system, was the first manifestation of blockchain technology in 2009. Bitcoin is an example of an open, or permissionless, blockchain since it is accessible to anybody. There are several different types of blockchain technology available today. Some blockchains were created to cater to the needs of a small group of people with limited access to the network. These are examples of permissioned blockchains, or private blockchains.
Aside from secure value transfer, blockchain technology also provides a permanent forensic record of transactions and a single version of the truth - a network state that is fully transparent and exhibited in real time for the benefit of all players. Regardless of the type of blockchain protocol used, blockchain technology has the potential to change centuries-old business practises, paving the path for increased government legitimacy and new chances for average citizens to succeed.
We know the concept has gone mainstream when Saturday Night Live makes a comedy about non-fungible tokens. Many people's reactions to NFTs were captured by SNL, which included surprise, scepticism, and eye rolling. NFTs, on the other hand, are here to stay and will play an increasingly vital role in the digital economy. So, what are they and how do they fit into the blockchain world?
A blockchain, remember, is a piece of software that acts as a distributed ledger across nodes in a communications network. Its immutability sets it apart from other online databases or trading platforms: we may trade digital assets peer to peer, and no one can change or erase those transactions without the agreement of a majority of the network. That's a huge bonus when it comes to the Internet.
Cryptocurrencies like bitcoin, which are used in payment networks like the Bitcoin blockchain, are at one end of the digital asset spectrum. Bitcoins are fungible, which means that each one has the same value and function as the others. So, if you have a bitcoin contract, you might substitute one bitcoin with another without violating the conditions of the contract. NFTs are on the other end of the spectrum: each token represents a single item of value. You couldn't expect no one to notice if you replaced an Andrew Wyeth painting with Mike Winkelmann art in a contract.
NFTs cover a wide range of unique assets, including birth and death certificates, property deeds, and the identities of Internet of Things objects. While the CryptoKitties (the first NFT craze) bubble may have burst, the excitement surrounding the auction of Beeple's work demonstrated the potential of NFTs. It's a field of value creation where your only limitations are your vision, technical skill, and marketing, accounting, and legal backing.
