Blockchain has been a hot topic in recent weeks. This technology is at the very heart of cryptocurrencies.
The first blockchain database was created by an anonymous genius (or several) under the pseudonym Satoshi Nakamoto, to develop Bitcoin in 2009. Since then, blockchain has become not only the support of a multitude of cryptocurrencies, but also in fertile ground for industries like NFT and Metaverse.
The blockchain, an immutable technology
Blockchain is the digital form of a ledger that stores all operations and transactions as “blocks” in a public database network called a “chain”. This network is connected through peer-to-peer “nodes”. Every transaction that takes place on a blockchain is authorized by the digital signature of the owner. Thereafter, this transaction is stored in the registry in the form of a block that protects it from any forgery. The immutable nature of the blockchain is one of the things that made the creation of NFTs (non-fungible tokens) possible.
The first NFT was created in 2014 by digital artist Kevin McCoy. But the technology didn’t become available to the general public until 2017. In that year, a set of token standards was made public, making the tools to create NFTs accessible to developers. However, the real revolution came when NFTs began to be traded and gained real speculative value, like the art market or the rare item collecting market. Platforms like Open sea, magic edenY mediacoin they have helped make blockchain a thriving space for content creators by simplifying the process of selling and buying NFTs.
Issues like plagiarism and restrictions imposed by intermediaries go hand in hand with traditional platforms.
In contrast, blockchain-powered markets offer transparency and immutability. With blockchain platforms, creators can sell their art or any other digital files as NFTs.
As the Internet evolves towards a new version of Web 3.0, digital communities are simultaneously evolving from the “social web” to the “creator web”. The world is certainly beginning to accept blockchain and decentralization as facilitators of this progress.
Decentralization is a feature that facilitates the free flow of ideas. Anyone can sell original content to the highest bidder. Similarly, a buyer can choose from the many content providers on the blockchain.
The strength of the community
The heart of blockchain powered platforms is their community. All that remains is to make the general public aware of the advantages of decentralization.
“As long as humans are on this planet, there will always be a demand for content. Therefore, it is imperative to create solutions that encourage content creators to trust blockchain technology.” – Sergey Sevantsyan, CEO of Mediacoin.
Achieving decentralization that is useful and profitable for creators, users and platforms is not easy. The priority task of blockchain companies is to connect the real world and the digital world, while building trust between the different actors.
Ultimately, the winners will be those who manage to capture and maintain the attention of users. In the reality of blockchain, it is the users who make the decisions.