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Introduction to some fundamental elements of Blockchain

23 March 2022
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blockchain-bitcoin-binance-criptovalute
Tempo di lettura: 3 minuti

BITCOIN BINANCE NFT - Blockchain, bitcoin, binance, NFT and many more are words and concepts that are increasingly becoming part of our lives. But do we really understand them? Let’s try to make a little bit of clarity with a general overview.

Bitcoin

The bitcoin story begins on October 31, 2008, when the name first appeared on an encryption site. A user who had the pseudonym of Satoshi Nakamoto claimed to have invented an electronic currency that could create a monetary system devoid of the need for a third party trustee and have solved one of the most important problems of electronic payments "the double spending". To demonstrate this, Satoshi published a paper entitled "Bitcoin: a peer to peer electronic cash system" where he explains the operation of bitcoin. The bitcoin white paper began to spread in the various forums.

On January 3, 2009, the genesis block (first block) will be generated by Satoshi Nakamoto’s computer. Bitcoin is a cryptocurrency:

  • decentralized, since no bank or intermediary can control it;
  • secure thanks to the underlying encryption.
  • transparent, since each transaction remains permanently stored in the blockchain;
  • fast, compared to a bank transfer;
  • comfortable, since it does not weigh or takes up space;
  • anti-scam since it eliminates the problem of double spending.

The so-called double-spending (dopp ia spending) is nothing but the problem that could occur when someone was able to spend several times the same token.

Binance

Changpeng Zhao became the 11th richest man in the world with assets of more than 90 billion dollars. He owes his fortune to the creation of the Binance exchange. In November last year, Binance reached a value of well over $300 billion. CZ’s passion for cryptos began in 2013 during a poker game with BTC China CEO Bobby Lee and investor Ron Cao, who convinced him to invest in cryptocurrencies.

Thanks to the knowledge acquired after years of assiduous study, CZ sold his apartment and coated everything in Bitcoin. Through his small fortune, obtained through the investments of btc, in 2017 he founded Binance, which has since established itself as the best exchange in the world.

According to Bloomberg, most of his wealth was obtained through Binance, of which he is presumed to own 90%. The cryptocurrency company is said to have generated over $20 billion in revenue last year. According to the available data, the volume of exchanges on the stock exchange is almost the same as that of the next four major exchanges combined.

What is an NFT

An NFT, non fungible token - translated into Italian: non fungible token, that is, something you can’t physically touch - has been the subject of much discussion lately.

NFTs are the focus of attention of artists, singers and influencers large and small. It can now be defined almost as a mass movement, but why are we talking about a real revolution?

An NFT, defines in an indissoluble way the property of a physical or digital element, written in the blockchain, that is in the internet. The singers own the rights to the song that is placed in a multimedia network, but the artist receives only a small percentage of the revenue, in fact most of the earnings will go to the platform itself that markets it. The NFT then defines the decentralized ownership of something. If until now the whole system had been centralized, both in the material properties and in the digital ones, now everything can change.

NFTs will revolutionize not only the artistic field and the ownership of an element, but also university certifications, in fact it will no longer be possible to counterfeit a degree, or the definition of ownership of a property, everything will go through the blockchain and then the NFT. They also have a twist in the metaverse, like skins, images and all those decorative elements that distinguish one avatar from another.

In the new reality of the metaverse it will be possible to have NFT that distinguish us from the others, a bit like the garments signed today. To buy NFT there are various platforms, one of the most common and most capitalized is "Opensea".
At the moment you can buy videos, JPEG and multimedia content, but the step to overcome the barrier of the virtual and see widespread NFT products in the most practical areas of life, is really short.

READ ALSO --> The tax treatment of cryptocurrencies in Switzerland

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