Re: [ANN][CRW] CROWN (MN-PoS) | Platform | NFT framework | Governance | Masternodes
Quote
***thanks to Guillaume for his precious help
What is a non-fungible token (NFT) or non-fungible token?
While much of the market trade is done through tokens or cryptomoney, their uses are not always relevant. Indeed, if we go beyond monetary transactions, for some specific cases of exchange of unique goods or digital collectibles, we face a problem, it is for these transactions that non-fungible tokens can be useful.
To understand this, we must first ask ourselves the question of fungibility. A copy (or specimen) of a good is said to be fungible if it is interchangeable with another of the same quality and quantity, without distinction between the two. To illustrate the concept, two Bitcoins can be interchanged, even if they do not necessarily have the same transaction history. However, they are not, in theory, completely fungible, because of the history established for each. The most classic example of a fungible good is therefore coins or banknotes, which are fungible as long as the institutions that issued them allow them to exist.
An example of extreme fungibility is that of anonymous crypto-currencies, which do not have unique characteristics such as a serial number, for example.
Thus, a non-fungible token can be summarized as a token with unique characteristics, and whose value may be different from another. But it still has common attributes among all goods of the same type. The greatest examples of non-fungible goods are collectibles, such as trading cards or stamps. Indeed, while each collectible stamp belongs to the large set of "stamps", it also has unique characteristics that allow other subsets to be established and valued differently from other stamps. Similarly, non-fungible tokens may share some of their attributes with other tokens, but it is the set of the latter that makes it unique.
But then how does non-fungibility fit into cryptomoney? If we look at the different cryptocurrency and tokens in the ecosystem, we find a lot of fungibility. The units of bitcoins and ethers are all fungible - in principle - and the same goes for stablecoins.
For example: NFTs in video games.
The video game industry - or rather the niche of video games that are meant to be decentralized - quickly understood the interest of these unique tokens. Indeed, these tokens can easily represent many objects that are currently traded in existing video games. And that doesn't necessarily represent in-game purchases against virtual and worthless currencies, but also in hard currency. Using NFTs for these various in-game items would give players real ownership over them.
Let's transpose this hypothesis to one of the video games of the moment: Fortnite. This free game finances its development through its in-game shop that allows players to buy various digital items for their characters against V-bucks, the game's virtual currency. The use of non-fungible in-app or in-game digital tokens could, according to some, allow to modify the dynamics of secondary markets in these digital worlds.
These avenues are being explored by Ubisoft in particular, even if we will have to wait for the time being to see the first practical applications in the daily lives of gamers.
* It should be remembered that in this case, the global market is expected to generate more than 165 billion euros in 2019.
Let's take the example of Gods Unchained, which is a virtual card game based on the NFT. Players therefore obtain real digital ownership of the cards they have bought, which they can freely use in the game, sell or trade as they wish.
or CryptoKitties CryptoKitties is the first video game using NFTs to have contributed to the democratization of this unique token system. It was at the end of 2017 during the general enthusiasm for cryptomoney that CryptoKitties received a great success from the community. The concept is quite simple since it consists in the deployment of NFTs representing cats and their unique characteristics through a "DNA" then coded in Solidity. These cats can breed with each other and thus give birth to new cats with unique characteristics.
The value of one of these cats depends on various factors mainly related to its rarity. The generation of that cat can be a factor, knowing that there are only 50,000 cats of generation 0, and that the generation of a cat depends on those of its parents. But there are also rarer types of cats, and characteristics that are more sought after than others. The value of a particular cat depends completely on supply and demand. Purchases are made in the form of auctions.
Note that, in physical collecting contexts, some contractors or artists are considering co-integrations linking real-life physical collectibles and their property rights modelled by such tokens. This is, for example, the case of Pascal Boyart, who tokenizes some of his frescoes and then puts them up for auction in a more or less fractional form.
What future for non-fungible tokens?
The concept of NFTs gave birth to "theory" a few years ago but now, in 2020, these last technologies are still very young. But the ecosystem is continuously developing. So we can expect developments in the coming months. First of all technical, could for example allow to bring new ways of interaction between fungible and non-fungible tokens, or even to constitute NFTs encapsulating other NFTs.
The Crown NFTs solution open up a field of unlimited possibilities by giving a real property of belonging to the latter. Applicable to all sectors, Banking, Real Estate, Health, Agricultural, Identity, Presidential Voting, Insurance, Communication, Energy, Art, Consumer Goods, IoT Internet of Things, Programming modules, Depth Learning, Artificial Intelligence, Video Games and other many domains.
Crown is positioned in these totally innovative ways. That's why I suggest you get on board, communicate about Crown and share, because a lot of positive things are going to happen with Crown CRW (Roadmap), just think about it
Crown is on a concrete step towards Web 3.0 and CRW to its own development code open to all.
What is a non-fungible token (NFT) or non-fungible token?
While much of the market trade is done through tokens or cryptomoney, their uses are not always relevant. Indeed, if we go beyond monetary transactions, for some specific cases of exchange of unique goods or digital collectibles, we face a problem, it is for these transactions that non-fungible tokens can be useful.
To understand this, we must first ask ourselves the question of fungibility. A copy (or specimen) of a good is said to be fungible if it is interchangeable with another of the same quality and quantity, without distinction between the two. To illustrate the concept, two Bitcoins can be interchanged, even if they do not necessarily have the same transaction history. However, they are not, in theory, completely fungible, because of the history established for each. The most classic example of a fungible good is therefore coins or banknotes, which are fungible as long as the institutions that issued them allow them to exist.
An example of extreme fungibility is that of anonymous crypto-currencies, which do not have unique characteristics such as a serial number, for example.
Thus, a non-fungible token can be summarized as a token with unique characteristics, and whose value may be different from another. But it still has common attributes among all goods of the same type. The greatest examples of non-fungible goods are collectibles, such as trading cards or stamps. Indeed, while each collectible stamp belongs to the large set of "stamps", it also has unique characteristics that allow other subsets to be established and valued differently from other stamps. Similarly, non-fungible tokens may share some of their attributes with other tokens, but it is the set of the latter that makes it unique.
But then how does non-fungibility fit into cryptomoney? If we look at the different cryptocurrency and tokens in the ecosystem, we find a lot of fungibility. The units of bitcoins and ethers are all fungible - in principle - and the same goes for stablecoins.
For example: NFTs in video games.
The video game industry - or rather the niche of video games that are meant to be decentralized - quickly understood the interest of these unique tokens. Indeed, these tokens can easily represent many objects that are currently traded in existing video games. And that doesn't necessarily represent in-game purchases against virtual and worthless currencies, but also in hard currency. Using NFTs for these various in-game items would give players real ownership over them.
Let's transpose this hypothesis to one of the video games of the moment: Fortnite. This free game finances its development through its in-game shop that allows players to buy various digital items for their characters against V-bucks, the game's virtual currency. The use of non-fungible in-app or in-game digital tokens could, according to some, allow to modify the dynamics of secondary markets in these digital worlds.
These avenues are being explored by Ubisoft in particular, even if we will have to wait for the time being to see the first practical applications in the daily lives of gamers.
* It should be remembered that in this case, the global market is expected to generate more than 165 billion euros in 2019.
Let's take the example of Gods Unchained, which is a virtual card game based on the NFT. Players therefore obtain real digital ownership of the cards they have bought, which they can freely use in the game, sell or trade as they wish.
or CryptoKitties CryptoKitties is the first video game using NFTs to have contributed to the democratization of this unique token system. It was at the end of 2017 during the general enthusiasm for cryptomoney that CryptoKitties received a great success from the community. The concept is quite simple since it consists in the deployment of NFTs representing cats and their unique characteristics through a "DNA" then coded in Solidity. These cats can breed with each other and thus give birth to new cats with unique characteristics.
The value of one of these cats depends on various factors mainly related to its rarity. The generation of that cat can be a factor, knowing that there are only 50,000 cats of generation 0, and that the generation of a cat depends on those of its parents. But there are also rarer types of cats, and characteristics that are more sought after than others. The value of a particular cat depends completely on supply and demand. Purchases are made in the form of auctions.
Note that, in physical collecting contexts, some contractors or artists are considering co-integrations linking real-life physical collectibles and their property rights modelled by such tokens. This is, for example, the case of Pascal Boyart, who tokenizes some of his frescoes and then puts them up for auction in a more or less fractional form.
What future for non-fungible tokens?
The concept of NFTs gave birth to "theory" a few years ago but now, in 2020, these last technologies are still very young. But the ecosystem is continuously developing. So we can expect developments in the coming months. First of all technical, could for example allow to bring new ways of interaction between fungible and non-fungible tokens, or even to constitute NFTs encapsulating other NFTs.
The Crown NFTs solution open up a field of unlimited possibilities by giving a real property of belonging to the latter. Applicable to all sectors, Banking, Real Estate, Health, Agricultural, Identity, Presidential Voting, Insurance, Communication, Energy, Art, Consumer Goods, IoT Internet of Things, Programming modules, Depth Learning, Artificial Intelligence, Video Games and other many domains.
Crown is positioned in these totally innovative ways. That's why I suggest you get on board, communicate about Crown and share, because a lot of positive things are going to happen with Crown CRW (Roadmap), just think about it
Crown is on a concrete step towards Web 3.0 and CRW to its own development code open to all.
Learn more and get on board
https://www.crownplatform.com/ --- https://crowncentral.net/ ---