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Getting into the world of Non Fungible Tokens, Blockchain, and cryptocurrency is going to lead you to the world of Non Fungible Films, which is a company that is seeking to redefine what it means to create. They want to embrace the possibilities of Web3, where creators are given a blank canvas to build their own worlds, avatars, stories, and ideas by using the tools that Non Fungible Films is going to provide.
From the goal of an experimental theme park, to a multi metaverse where all of their properties will reside, Non Fungible Films is going to be a place where every creator can make their mark on the worldspace, and have everything they create owned by them. Ensuring that there is no limit on the ideas people create and no question that your ideas are your own.
Working with some of the best companies that are growing in the metaverse, Non Fungible Films is going to be the next big thing, and it’s something that everyone should try to hop onto so they too can create their own worlds.
If you have heard of the term ‘blockchain’, but never had the chance to learn about what it is, you’re in the right place. This guide will discuss what it is and everything you’ll want to know. This technology has been around for quite some time and it has been gaining in popularity.
The purpose of blockchain technology will make things a lot faster and simpler compared to the old fashioned methods. The financial transactions with lesser fees and faster transfer times. It can revolutionize the web in so many ways (such as the Web 3 platform and the presence of NFF).
If you are looking to learn more about the blockchain and what it does, keep reading. With that said, let’s get started.
What is blockchain technology?
Blockchain technology is a system that records information that will be protected. From what, you ask? It can be hacks or someone who may try to cheat the system.
Not to mention, the blockchain will make it difficult (if not, impossible) to change the data as it is recorded. The blockchain includes transactions that are recorded, duplicated, and distributed throughout multiple computer networks. It’s also decentralized, which means it’s managed by multiple participants and is not under the authority of any sovereign entity.
How does it work?
The information that is stored on the blockchain will form what is known as “blocks” (hence the name). They will have storage capacities to where it will create a new block if the previous one is already filled to capacity. Filled blocks will become part of the blockchain and will never be altered.
The transaction process
Let’s take a look at how the transaction process works from start to finish:
- A transaction has been created.
- The transaction is then passed along to a network of computers (P2P) that are located throughout various parts of the world.
- The computers will solve equations in an effort to validate the transaction.
- The transaction is validated and thus completed.
- Blocks are created and a chain is formed, thus confirming the transaction once again.
- After confirmation, the blocks are clustered together.
What’s so great about the blockchain?
In the past, there have been attempts on creating currency that has been completely digital. Unfortunately, there have been projects intended to replace physical money that have failed. The reason for this is likely trust.
There was mistrust in those who manned the databases. This could mean that anyone with access to them would alter or even manipulate the information. Meaning that when money is sent to someone digitally, the entire amount may not be sent to them.
Bitcoin was created to ensure that this problem did not exist. Specifically, the blockchain uses databases that are not controlled by a single entity or authority. The people who use the blockchain will run it.
Also, Bitcoin is created to where they cannot be double spent, counterfeited, or even stolen by hackers. Those who own the cryptocurrency may find value in it and trust that is the safest bet against all other forms of currency (like fiat).
Another reason why the blockchain may be getting the hype it deserves can be due to transparency. This means that people who are using the blockchain can see the transactions that are going on in real time. For example, you’ll be able to know where Bitcoin or other cryptos are going.
The records of Bitcoin transactions are stored in the blockchain and are encrypted. You cannot decrypt it without the use of a public-private key pair. You won’t know the identity of who received or sent cryptocurrency since it’s completely anonymous.
Is the blockchain secure?
Security is paramount, even with the rising threat of cybercrimes. Blocks are stored in a linear and chronological order. Because it’s created at a fast rate of speed, it may be very difficult to find a specific block and alter the contents.
A hacker may alter a blockchain if they want to. However, it may be almost impossible to do so. A successful hack (if such were to occur) would require not only a large amount of money but also resources as well. Because of how large the blockchain is, it may also be pointless to pull off a hack anyways.
The blockchain itself can be secure because it is always growing to the point where not even the most sophisticated hacker could dare attempt a stunt.
Final Thoughts
There is a lot to unpack in terms of the blockchain. Yet, this may be a starting point so you know what it is and how it works. It’s been relied on as one of the best systems to handle financial transactions among other things.
A decentralized platform like the blockchain gives the people who use it more freedom. When the mainstream systems are not functioning properly, many people can rely on the blockchain as a sort of a go-to place that is more stable and secure.
