BLOCKCHAIN PELOTON COSMIC COMMUNITY
What is a Blockchain?
A blockchain is a distributed ledger with growing lists of records that are securely linked together via cryptographic hashes. Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data. Since each block contains information about the previous block, they effectively form a chain, with each additional block linking to the ones before it. Consequently, blockchain transactions are irreversible in that, once they are recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks. Blockchains are typically managed by a peer-to-peer computer network for use as a public distributed ledger, where nodes collectively adhere to a consensus algorithm protocol to add and validate new transaction blocks. Although blockchain records are not unalterable, since blockchain forks are possible, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance.
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BLOCKCHAIN PELOTON COSMIC COMMUNITY
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What is a NFT?
A non-fungible token is a unique digital identifier that is recorded on a blockchain and is used to certify ownership and authenticity. It cannot be copied, substituted, or subdivided. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. Initially pitched as a new class of investment asset, by September 2023, one report claimed that over 95% of NFT collections had zero monetary value. NFTs can be created by anybody and require few or no coding skills to create. NFTs typically contain references to digital files such as artworks, photos, videos, and audio. Because NFTs are uniquely identifiable, they differ from cryptocurrencies, which are fungible. Proponents claim that NFTs provide a public certificate of authenticity or proof of ownership, but the legal rights conveyed by an NFT can be uncertain.
NFTs can be created by anybody and require few or no coding skills to create. NFTs typically contain references to digital files such as artworks, photos, videos, and audio. Because NFTs are uniquely identifiable, they differ from cryptocurrencies, which are fungible (hence the name non-fungible token).
What is a Minted NFT?
Minting an NFT refers to the process of writing a digital item to the blockchain. This establishes its immutable record of authenticity and ownership. This process usually involves things like assigning metadata to the NFT, which can include information about the creator, a description of the content, and other relevant details. Minting establishes ownership and provenance of the digital item on the blockchain, ensuring its uniqueness and authenticity.Both creators and collectors can mint NFTs. For both creators and collectors, minting NFTs establishes verified ownership and ownership history. For creators, minting their own NFTs gives them ownership and control of their own work, and allows them to build special communities and perks for those who hold their NFTs. When either the creator or a collector mints an NFT from a project, they become the first-ever owner of that NFT, since the NFT is written onto the blockchain during the mint.
Gas
Gas is the cost of computing power when completing transactions on the Ethereum blockchain, which gets passed on to network participants in the form of fees.
Fiat
Fiat is a term for government issued currencies, like the U.S. dollar or Japanese yen. In a broader sense, fiat is used to describe any currency controlled by a central authority. Bitcoin, in its decentralized design, serves as a counterpoint to traditional fiat currencies.
