dopecreationangel-blog

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NFT for Dummies: Here's Everything You Need to Know

At the heart of the problem, and how the solution came to be, is the concept of fungibility. 

As the name suggests, fungibility is the very idea that one coin or token is interchangeable with the next.

In other words, a Bitcoin is just as good as any other Bitcoin and an ether token is just as good as any other ether token. 

This way of thinking in the monetary market is not as straightforward as it may seem.

The most obvious example of this is a simple cash transaction.

One Bitcoin is equivalent to any other Bitcoin because there is no differentiation or a unique identifier that allows us to tell them apart.

The Bitcoin could be the one we hold in our bank account, which has been traded for a new one or the one we bought online. 

However, it’s not as simple as all that. Sometimes, it isn’t even certain whether a Bitcoin is the same as what we think it is.

A classic example that highlights this was the case of Mt. Gox and its missing Bitcoin. 

At some point, Mt. Gox had so many Bitcoins in its possession that it couldn’t keep up with the demand. The owners of the service began to sell and buy back coins for themselves.

This is when the missing Bitcoin came into the picture. A large number of coins were sold at a loss because their owners were forced to wait in line to buy them back at an inflated rate. 

This was a prime example of how a lot of coins were fungible, but not with one another.

This fungibility, although a key asset in the financial industry, did nothing to help Mt. Gox when selling tokens as it looked like there was a demand for them. They could buy any number of them and pass them as any other Bitcoin.

Although this does represent the kind of fungibility that the Ethereum Virtual Machine needed, the case of Mt. Gox doesn’t help in understanding the concept in the broader financial world.

So, what does it mean for an asset to be fungible?

It simply means that anything that is labeled as a particular asset is accepted as that asset by every other asset. For example, the value of a share of stock in a company is the same as the value of the company itself.

What does fungibility mean for the Ethereum Virtual Machine?

This allows developers to sell the ERC20 tokens, but not the token contract itself. For example, developers can use them as a tokenized version of something, and because of their fungibility, the value of their tokens can be compared to other tokens and valued accordingly.

This does not, however, solve the problem of multiple tokens representing the same value. They still are separate entities, and as such, each one has a different contract. 

Even though it is the same value, each token requires a completely different contract to function. It’s still a lot more work and more hassle to do this when compared to using an ERC20 token.

This is a problem that all blockchains face when it comes to asset trading, and if you are wondering why it is so important to have that fungibility, it is because of how valuable tokens are.

What Are Tokens?

Tokens are simply a type of asset that can only be traded within the same platform.

Their value is usually attached to an entity that has built the network. They are designed to be used in the same way as the underlying asset itself, and each asset has its own unique set of rules.

If you were to be able to trade a NF Tim for a different token, or for some other digital asset, it would be the same as if you swapped your share in a company for a share in a different company. 

It would require the companies to agree to make this happen as it would be like merging two different companies together.

If you are new to the idea of asset trading and are wondering what it is that you can do with tokens, then tokens are simply a way of tokenizing an asset. 

If you were to tokenize an asset, this means that it is then possible for that asset to be traded using a token rather than a traditional asset.

What Is Ethereum?

If you are looking for an idea on how you can build something using the Ethereum blockchain, then you are probably wondering what Ethereum is.

Well, it is an ecosystem built around a digital currency called Ether (ETH). 

It is a platform that is completely decentralized and has its own cryptocurrency token that allows you to buy and sell goods and services as well as any other cryptocurrency. 

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What Is The Future of Crypto Currencies?

We have seen a few great cryptos launch in the last few months, but one has really stood out.

It has been around for a little over a year and has gone from little known to being one of the best-selling coins in the world.

I am talking of course about Ether.

The Ethereum ICO raised $18 million a little under a year ago and has grown exponentially.

Over a year later it has continued to grow and is the second-largest coin in the world. 

What is Ethereum?

Ethereum has been around since 2013, but it took them until 2015 to realize the vision.

They were not sure what they would build but they knew it would be different from anything that has gone before.

At first, Ethereum was set to be a platform for smart contracts.

Smart contracts are computer codes that are attached to certain objects.

When the objects are created they call the computer code to automatically execute the code.

For example, we all know what the IOTA project is, but it has grown far beyond its original intentions.

You can read the whitepaper and it makes for fascinating reading.

IOTA is a cryptocurrency that has set out to revolutionize the way that data is sent and shared, making transactions between entities frictionless.

What makes it so special is that it has gone far beyond creating the framework for a smart contract system.

It is creating a system of self-verifying distributed ledgers that can send and receive data with no central servers.

The entire internet will become a blockchain.

In the future, you will be able to make transactions between cow cow parties from anywhere, instantaneously, and with zero fees.

The current plan is to have 2,777 nodes in existence and the nodes will automatically verify transactions as they go through.

So, for a transaction that involves a million IOTA’s to go through, the network will verify a million transactions simultaneously.

To do this, every IOTA transaction sends out a request for transaction validation and the blockchain validates it.

The validation is done on the blockchain, and once validated the payment can be sent. 

This makes IOTA completely different from the other major cryptocurrencies, as most use blockchains that are centralized.

There is no way that the central server can scale to meet the demands of a million transactions, so the verification takes place on the individual user machines.

You don’t need an Internet connection to do it, and you don’t need to download a virus or malware.

It makes sending and receiving money, tokens, and any other value transfer a simple process.

A lot of people will not be happy until we reach a point where we can make all payments in crypto, without incurring fees.

This will be a great step in the right direction.

Imagine making payments with no fees.

You don’t have to look any further than the credit card companies to see how badly they take advantage of us.

Ethereum and its smart contracts could make our lives so much easier.

Imagine, we get paid and the money automatically transfers into our account.

Or, we rent a room and the money from the room automatically goes to the owner of the room.

It is a great vision, but unfortunately, there are problems to be overcome.

Ethereum is already talking about an upgrade, so read their blogs for the latest news.

In the early stages of any crypto currency’s life, it is important to look closely at the technology and see if the coin will survive the next few years.

There are a lot of different technologies, and they can all die very quickly if their system cannot scale. 

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3 Roulette Mistakes To Avoid

Everyone in the world at one time or another has been fascinated by making money gambling, but most have never fully tried their luck by learning the tricks of certain games. 

Every game you see in the casino has a set number of odds, and most of them favor the house, which is why losing is a normal thing for the average player. 

However, for those that take the time to understand the secrets to all games, winning and losing is merely a lopsided piece of visiting a casino. 

Believe it or not, anyone can learn how to make serious money by playing roulette, and it all starts with learning 3 roulette mistakes that most people make.

Mistake #1 Betting Straight Way

The first mistake the average player makes is betting on a specific number. 

This is the hardest bet to make in regards to randomization, especially when playing American style roulette, learn more. 

The European option will allow you a little bit of an edge, but not much. 

If you manage to get the number correct, you will win big, but get it wrong, and you will most undoubtedly lose your money. 

Do not go in big with a straight way bet, even if you have a hunch, unless you are truly willing to lose, because you will most likely than not, lose on this option.

Mistake #2 Split Bets

When splitting the bets between colors, the mistake that many make is putting money of equal value on red and black or something similar. 

You don’t want to do this because you will lose on one side, and the upside of earnings will not balance out. 

Splitting your bet between upwards of 3 to 5 numbers and colors can be a far better option, generating winnings that can even out over time.

Mistake #3 Not Walking Away

This can be said about any game, but it’s especially true in the high stakes of roulette spins. 

If you’re on a hot streak, walk away amidst the greatness. 

You will thank yourself later, when you’re not out of all your winnings. If you win a certain amount, seriously, take your time and walk away. 

I know, this sounds crazy, but you will risk a lot of money and your need to one up yourself will grow larger when the streak starts to fade.

The above 3 mistakes will keep your earnings rising and your losses dropping. 

While it’s nearly impossible to win 100% of the time, you can at least shake up the odds in your favor a little with each bet, if you consider the above three mistakes carefully.