There is no way you haven't heard about crypto. This technology has amazed many people, who have since been doing rather unusual things - like downloading 'wallets' and buying digital images for prices of 'real-life' art. But there's more - they can also change the world around them. Who are these people and why are they doing this?
Cryptocurrencies are only the tip of the glacier. The blockchain technology behind them is the actual game changer that attracts all the enthusiasts. If their dreams were to come true, we could see a world that could cut out the middleman in various aspects of life, such as the banking system or even the government. Yes, it does sound pretty cheeky - but it works.
Imagine you live in a country with soaring inflation and a fallen-apart banking system. It's probably not a good idea to keep your money in the bank, so why not resort to a safer option? Bitcoin (or some other crypto coin) might be the currency of your choice, if you want to use your money outside the unreliable system and preserve its value. You can also use cryptocurrencies to send remittances to your family at home without relying on the middleman - such as the infamous banks and their atrocious fees. Bitcoin can't be controlled by any government or body thanks to the revolutionary blockchain technology.
The core of blockchain technology is a decentralised global network, where nodes are capable of running the whole network without 'headquarters', forming a 'chain' of computers. Everything that occurs on the network is stored in all nodes at the same time. Imagine a global record book, which is being constantly updated. Thus, there is no need for a central supervisor to validate transactions. The middleman is out of the game and its place was retaken by crypto fans. And they have done a great job improving living conditions in their communities. Ever heard of the positive impact of blockchain on economic growth in African countries?
A revolution of trust. That's a community nickname for the blockchain technology. If you can fully trust the network and its database, your possibilities are limitless. Payments in Bitcoin (or any other cryptocurrency, for that matter) are being inscribed to all the nodes at once - just to be on the safe side. The crypto transactions can't simply end up in a corrupt clerk's pocket and disappear forever. Seems pretty bulletproof, doesn't it?
Unique ownership is another perk of the blockchain network to be psyched about. If any record in the blockchain is uncopyable (in the crypto world we use the word non-fungible), it means you can 'own' any data or digital asset, such as images, music etc. as a token. This theory has come to life via Non-Fungible Tokens, or NFTs. For example: blockchain allows you to buy digital images on NFT marketplaces (such as OpenSea) and become their sole owner.
There are many variations of NFTs: they can even be used to make a living. Axie Infinity provided a way to play a game and earn money by including NFT tokens right in their video games. People of the Philippines have taken this opportunity seriously during the pandemic.
NFT images draw the most attention in the NFT world. They can be part of large campaigns, such as BLOCK war with art. Start a CHAIN. The goal of the world-wide campaign is to sell unique anti-war posters of award-winning Ukrainian graphic designer Mykola Kovalenko. 80% of the obtained funds will be used to support war victims in Ukraine. The campaign is run by agency International Effectivity.