What is blockchain technology and what is its potential?
The Blockchain is a register of encrypted data. We can imagine it as a chain in which the elements that compose it are linked to each other by the data they share with adjacent blocks. In the world of cryptocurrencies, the data that form the chain are transactions. To become a block of the system, these transactions must be validated using decentralized consensus algorithms, which are regulated by the users themselves who use that specific Blockchain.
Each Blockchain has one or more trading currencies, which are called Cryptocurrencies. Through the latter, you have the opportunity to trade goods by recording everything. Once validated, each block remains permanently on the chain, to then be transcribed in a ledger that can be freely consulted by anyone. All this allows this technology to be: Transparent, Scalable, Decentralized
What is an NFT and what function does it play in our project?
An NFT is technically a NON-FUNGIBLE TOKEN, that is a unique, intact, and unrepeatable digital object created and living on the Blockchain. Thanks to Blockchain technology, anything can be transformed into an NFT, thus giving it the value of certified uniqueness. The possibility of being able to make the singularity of something recognizable in any field is certainly very useful, especially in the world of the internet.
Today ,the NFT system is mainly used by artists with the aim of creating digital works of art, or as a form of certification of an investment made in a particular project.
In the case of our Child Prodigy collection, the NFT becomes the identification on the Blockchain of donations made by users. This system, unlike traditional charity, allows the donation contribution not to run out in the moment it is issued, but rather makes it assume a small investment value, also allowing the donor to access the benefits of our community.
If you are curious to learn more about Cryptocurrencies and NFT, you should check out these pages:
In-depth news on the Crypto world: https://cointelegraph.com/
NFT News: https://nftnewstoday.com/