Crypto 101 – Part 1
Most of you might have oflate come across the term NFT (non fungible tokens). Blockchain tech allows anything from art, real estate to copyrights to be created into a token making it hard to hack and take ownership of. Millions of dollars have been spent by people to acquire these digital assets and more are being created. In-fact Nike has just
registered patent for a blockchain shoe called cryptokicks.
Cryptocurrencies, in the form of non-fungible tokens (NFTs), are already disrupting the gaming industry. In the gaming world, NFTs are crypto tokens that represent a unique digital asset inside a game. As each NFT represents something unique, they have different values and
are not interchangeable. This gives every user a completely authentic in-game item, the likes of which is owned by no one but them. Digital cats called Crypto Kitties are the most famous example of blockchain-based NFTs.
The centralized cloud storage platforms have many major shortcomings from high fees to server outages. This has hence created space for decentralized storage created through the use of blockchain. In such a system, anyone can rent out their free storage space.
If you had 250 GB free on your disk, you could rent it on a decentralized storage platform such as Filecoin and earn a passive income from it.
People who opt to buy your storage space would pay you in the storage platform’s native cryptocurrency.
We shall discuss more about this subject in the part 2 of the crypto blog next week unless you want me to publish one earlier in which you can follow my twitter handle.