![]() ![]() Yet in order to be a member of modern society, we have to trust some counterparties. How can we be sure no future data leaks will happen or that the entrusted data will not be misused? We cannot, it is the harsh truth which has to be embraced. There are thousands of TTP - Trusted Third Parties - we are entrusting our data to on daily basis. One of the most significant features of using databases is the need to trust someone with the provided information. The world lives and thrives on databases. Nowadays, databases have become inseparable from the society. All the information has been stored in files, on paper sheets or other means of storing records. In the world before the inception of the Internet, databases were not a big thing in society, not in the form we have it today. It has been slowly and gradually built with the use of the new infrastructure, like the Internet - it is a very important piece to bear in mind. The banking system, hospitals, hotels, and even taxis you use have their own database to run the entire infrastructure needed to provide all the necessary services. The life of every citizen nowadays is organized by thousands of databases. ![]() The individuals do not have to know each other the trust is established via their commitment to the network and gaining rewards in return. It is a decentralized network of miners and validators who are ensuring the functionality of the blockchain via the Proof of Work mechanism. *The Byzantine General problem in Bitcoin involves validation and passing on the information that is not stored in a centralized database. The whole problem revolves around the issue of limited trust or unconfirmed reliability between involved parties. In short, the Byzantine General problem describes the scenario in which all of the involved parties have to agree on a single strategy in order to avoid failure or defeat. It is claimed Bitcoin has solved the Byzantine General problem which stems from the field of game theory and distributed systems. There is something more to Bitcoin, both technically and socially. In fact, there are other inflation hedges being far less volatile, thus preferable as an investment. It is a common narrative one can often hear when discussing Bitcoin’s purpose, especially during the last Bull Run. Some people claim Bitcoin is the hedge against inflation, hence its popularity and growth. The transaction took minutes to reach the recipient, cost a fraction of the bank’s transfer fee, and was made on Saturday afternoon. One of the first moments of realization what Bitcoin can become happened on a Saturday afternoon when 6529 made a transaction with his friend from another continent using Bitcoin. *It seems there is a limit to how you would like to use and transfer your funds after all. How does it sound? It might not seem so taxing at first, but when you think of it, about 30% of the time - weekends and bank holidays - you are unable to transfer the funds even in dire need. *Imagine living in a world where all the financial transfers between individuals cannot be made during weekends. We have barely scratched the surface of what is possible with the use of NFTs, and only a handful of individuals are experienced and devoted enough to see the prospects it may bring. The technology of Non-Fungible Tokens (NFT) is something far greater than just profile pictures and collectibles of questionable quality. We are on the brink of a (r)evolution regarding another step of communication between people and the ability to express ourselves as individuals or members of a particular community. ![]() The development of transportation, the spread of mass media or the inception of the Internet all of those events changed the world and societies significantly. Throughout history, humanity has seen times of great leaps in technology and significant transformations within society. The examples and additions written by the author are marked with an asterisk sign ‘*’. All the ideas and examples are based on the interview unless otherwise specified. The following article is solely based on the interview with Punk 6529. Let us grasp the OG level of understanding of the world we live in and the changes that are about to happen. The podcast hosted by Raoul Pal provided the listener with a deep dive into the idea of NFTs lectured by one of the greatest minds in the space - Punk 6529. The following is a summary of the great interview I had the pleasure to listen to. We have created the game-changing technology leading us towards the New Information Era - Blockchain with its niche of Non-Fungible Tokens. ![]()
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