DLT(Decentralised ledger Technology) the future of the digital economy

Decentralized or Distributed ledger technology (DLT) is a protocol that provides the secure functioning of a decentralized digital database(commonly knowns as ‘Blockchain’). Distributed networks eliminate the need for a middle man to eliminate manipulation(no central authority).

DLT allows for the storage of all information leveraging cryptography. The same can be accessed using “keys” and cryptographic signatures. Once the information is stored, it becomes an immutable database and is governed in totality by the rules pre-programmed by the network protocol designer.

DLT and ART.

Nowadays NFTs are now a normal buzzword with everyone claiming to have an experience in NFTs.

First of all what are NFTs:

NFTs is an acronym for Non-Fungible Token, in an oversimplified definition is “a set of digitizable items from videos, pictures, art,music, a tweet, an Instagram post to anything that can be digitized, with an item specific unique signature that makes it literally “one of a kind”. for example, 1 BTC can be traded for 1 BTC but if you trade let say a biscuit NFT you can’t get that same biscuit NFT.

Bitcoin is the first generation of the DLT to provide a Peer-to-Peer Network for transactions {Note: BTC is not the first digital currency} which gave Vitalik Buterin the idea”what if the DLT of BTC can be modified and broadened to do more” this led to the second generation of DLT known as the EVM (Ethereum Virtual Machine) with the bases been “SMART CONTRACTS”…

The third generation we are currently experiencing is the advent of sidechains(for later discussions).

BACK TO NFTS:

the DLT has solved a major problem in the Art industry which is “piracy or copyright” by giving a unique digital identity to items removes the fear of privacy from the mind of the artist.

It preserves originality, but now anyone with a strong social media fan base can become a wealthy artist, just ask Bored Ape Yacht Club.

with NFTs fear of losing the artworks to natural and man-made disasters are minimized,

So will all Renaissance Artwork be converted to NFTs and how do you convert them to NFTs?

Well, I do believe moving forward we are likely to see most classical artworks converted because it removes the fear of forgery and stealing but still keeps their value and presence till the death of the internet(“The big silence”).

Let’s say we want to convert the “Mona Lisa by Leonardo da Vinci” to an NFT:

we have to take very detailed high-Quality photographic images which can be done by scanning the painting to create a digitized version.

To keep the Non-fungible characteristics we can decide to destroy the physical version{by burning or locking it up someplace forever} to transfer the value to the digitized version making it Non-fungible and then finally we put the “Digitized Mona Lisa” on the blockchain which gives it a unique cryptographic Identity and then put a price tag. (easier said than done).

Your NFT is ready 😉 …

LIST OF MOST EXPENSIVE NFTs SOLD:

1. Everydays: the First 5000 Days — $69.3m

2. CryptoPunk #7523 — $11.75m

3. CryptoPunk #3100 — $7.67m

4. CryptoPunk #7804 — $7.6m

5. Beeple’s Crossroad — $6.6m

6. Beeple’s Ocean Front — $6m

7. CryptoPunk #5217 ($5.59m)

8. Edward Snowden’s Stay Free — $5.4m

9. Save Thousands of Lives — $5.23m

10. CryptoPunk #2338 — $4.37m

To check out my NFTs : https://hashlink.wixsite.com/nftz

I’LL BE BACK!🕵

Let’s talk about DLT and the web.

I have been taking some short courses in Dweb (Decentralized web) to give me a deeper and broader understanding.

“Web 3.0” is a word that has become popularized in the DLT space lately by names like Garyvee, vitalik to mention a few.

Before we talk about web 3.0 let’s talk about Dweb.

The Decentralized web (Dweb) is a web protocol that make websites, data, information to work on a content-based addressing system instead of a location-based addressing system.

A simple analogy:

When you click on a link or domain the present day web technology locates a server where the data connected to that link/domain is “suppose” to be, if the server goes down you can’t access the information or data tied to that link.

And it also create cover for malware and ransomware to hide behind links that seem harmless.

The Dweb content-based addressing protocol as the name implies connects you directly to the data/information/content instead of going to the location of the server/data it is tied directly to the data/information/content instead of the location, basically eliminating the short coming of the location-based addressing.

It does this by making use of various novel technological protocols:

-CID

-DAGs

– Zk-SNARKs

-filecoin

-libP2P

-IPFS

-IPLD

-Multiformats

Let’s briefly talk about web 3.0,web 2.0,web 1.0.

Web 3.0 basically gives everyone using the internet control over his/her data.

You can read, write and own a fraction of a fraction of the internet and determine who will have access to your data.

Web 2.0 at the moment just allows us only to read and write but not own our data basically “centralizing” power to big tech companies like Facebook and Google using our data to generate serious Ad revenue..

Web 1.0 was the early period of the internet when we could only read what was displayed.

The Decentralized web/ web 3.0 is the internet we have always wanted but it will take time to fully transition.

We are in the era of “Technological inclusion”.

To read more on web 3.0 technologies

Check out https://proto.school/content-addressing

To have a tip first hand of how data will be stored on every device that can connect to the web to bring us to a Decentralized future and generate incentives :

https://r.honeygain.me/NJOKUB8F00

😇 Your humble Wisenheimer..

See you soon..