Tech

What You Need to Know about Non-Fungible Tokens

Published

4 years ago

May 19, 2021

After Beeple sold his “Everydays: the First 5000 Day” digital-only artwork at Christie’s auction house for $69 million, non-fungible tokens, or NFTs for short, stole the show and became one of the hottest topics for discussion in the crypto space. But what are NFTs and what makes them so unique and valuable? Let’s find out together.

Non-fungible tokens are viewed as cryptographic assets on blockchain with special and unique identification codes as well as metadata that enable you to differentiate them from each other. When comparing fungible vs. non-fungible tokens, it is worth noting that NFTs can be neither traded nor exchanged at equivalency — and this is exactly what differs theme from fungible tokens, e.g. cryptocurrencies backed by gold, or silver, which are normally used as a means of exchange when dealing with commercial transactions.

NFTs, for their part, have managed to upend the crypto paradigm by making each and every token unique and irreplaceable — therefore all non-fungible tokens cannot be equal to another at all. As well as this, it is possible to extend NFTs, which means that you are enabled to combine a particular non-fungible token with another in order to literally “breed” a third unique token.

However, just like Bitcoin NFTs possess ownership details for easier identification and smooth transferring between token holders. In addition, owners can provide in NFTs extra details like metadata as well as other information related to the asset. For example, artists can provide a signature to their digital artwork in the metadata.

Non-fungible tokens can be created on the Ethereum blockchain but developers say that soon some other blockchains will support NFTs too. As a matter of fact, NFTs evolved from the ERC-721 standard which defines the minimum interface needed for exchange and distribution of gaming tokens. Another token standard, which is ERC-1155, is used for reducing the transaction and storage costs needed for non-fungible tokens and batching several types of NFT tokens into one single contract.

A non-fungible token can be implemented in a number of use cases. So, for instance, they are considered to be a perfect match when representing various physical assets such as real estate property, works of art, music, and so on. Considering the fact that NFTs are dependent on blockchain technology, they can be used to do away with costly middlemen services, substantially simplify transactions, and contribute to the creation of new markets.

For the time being, much of today’s market for non-fungible tokens is concentrated around collectibles, including digitally created works of art, sports cards, rarities, video games, music, virtual real estate items, and so on. Currently, one of the most popular NFT spaces is NBA Top Shot, which is a place where you can collect non-fungible tokenized NBA moments in the form of digital cards.

Non-fungible tokens are considered to be a true evolution over the familiar concept of cryptocurrencies. The present-day finance systems comprise elaborate trading and loan systems for a large number of assets, ranging from real estate to art. Probably, one of the most clear-cut benefits of non-fungible tokens is market efficiency. Thanks to the conversion of a real, physical asset into a digital one, it is more than possible to boost strenuous processes and do away with any intermediaries. NFTs that represent a digital artwork on the blockchain are capable of removing the need for agents, thus enabling artists to sell their works directly to their audiences.

As well as this, non-fungible tokens are also capable of democratizing investing via fractionalizing physical assets such as real estate. It goes without saying that it is much easier to divide a digital real estate among a particular number of owners rather than a physical one. This practice can be extended to works of art, video games, and music too.

On the whole, non-fungible tokens are a real power and they have a tremendous capacity to shape our view of the possible. They have become a new plaything for crypto enthusiasts and there is surely real money to be made. If you want to engage in this exciting game too, it is better to trust non-fungible token development to a professional blockchain development team who will take the trouble to make your NFT campaign a success.

Tech

Clarity in Complexity: Dr. Dave Chatterjee’s Gift for Cyber Communication

Published

2 weeks ago

December 9, 2024

Michelle Langton

Photo courtesy of Dr. Dave Chatterjee

By Mj Toledo

A sea of confusing technical terms and threats surround people today. Many feel lost, unsure of how to protect themselves online. A distinguished cybersecurity and technology expert, Dr. Dave Chatterjee is teaching people how. He has practiced information technology management since 2001. In this field, which often bewilders outsiders, he combines academic knowledge with practical insights.

About Dr. Dave Chatterjee

The tech figure authored “Cybersecurity Readiness: A Holistic and High-Performance Approach,” which Sage published and readers praise for its thorough and accessible take on cybersecurity preparation.

Additionally, respected publications like USA Today, The Wall Street Journal, and the Massachusetts Institute of Technology (MIT) Sloan Management Review have recognized his work.

“Communicating complex cybersecurity concepts clearly and effectively is essential,” Dr. Dave Chatterjee explains. “I aim to connect technical know-how with practical understanding, making sure important cybersecurity messages reach and impact all stakeholders, from executives to information technology (IT) staff.”

Dr. Dave Chatterjee has received numerous accolades throughout his career. These include the Outstanding Executive Master of Business Administration Professor of the Year award. He has also been named a University of Georgia (UGA) Outstanding Teaching Faculty Honoree.

Before the pandemic, Dr. Dave Chatterjee launched his Technology Roundtable. It features distinguished business leaders, award-winning chief information officers, and other renowned thought leaders. The roundtable covered topics such as blockchain, artificial intelligence, data quality, and cybersecurity.

Aside from his professional pursuits, he is also passionate about youth development. He also engages in science, technology, engineering and mathematics (STEM) initiatives, offering professional development workshops to K-12 students on topics ranging from making the most of collegiate experiences to safe and responsible use of technology. He also provides summer research opportunities for outstanding high school students, mentoring the next generation of cybersecurity professionals.

Decoding Cybersecurity for All

Dr. Dave Chatterjee believes effective cybersecurity involves people as much as technology. He stresses creating an organization’s security-aware culture, starting with clear, straightforward communication.

“Cybersecurity affects every part of an organization,” Dr. Dave Chatterjee states. “We create a shared sense of responsibility and preparedness by explaining complex ideas in relatable ways.”

This philosophy is evident in his roles, including his position as an adjunct associate professor at Duke University and his past work as a professor at The University of Georgia’s Terry College of Business. His skill in explaining technical concepts has made him a popular speaker and advisor across many industries.

The Power of Clear Communication in Cybersecurity

Clear communication in cybersecurity is non-negotiable. As cyber threats become more complex, explaining security concepts clearly and concisely helps organizations better protect themselves.

“Clear communication forms the foundation of a strong cybersecurity strategy,” Dr. Dave Chatterjee emphasizes. “It allows cybersecurity professionals to work with other departments, identify and reduce potential risks, respond well to incidents, and follow regulations and standards.”

This matters especially now, as cybersecurity has become a top priority for company boards. With experts expecting global cybercrime costs to reach $10.5 trillion by 2025, clear explanations of cyber risks and protection strategies help leaders make informed decisions.

Bridging Technology and Human Understanding

Dr. Dave Chatterjee does more than explain technical ideas. He promotes a better grasp of how people factor into cybersecurity, knowing that even the best security systems can fail due to human error or lack of awareness.

His Cybersecurity Readiness Podcast Series has over 70 episodes and listeners in 105 countries. It offers thought-provoking, jargon-free discussions on improving cybersecurity. These discussions cover strategies for individuals, organizations, and nations. This effort shows his advocacy for making cybersecurity knowledge available worldwide.

“The podcast series creates a community where experts, leaders, and practitioners discuss cybersecurity challenges and opportunities,” he notes. “These conversations help build a more informed and resilient digital ecosystem.”

Making Cybersecurity Less Intimidating

With new technologies like artificial intelligence and quantum computing bringing new challenges and possibilities to cybersecurity, concise communication becomes even more critical.

The tech professional continues to adapt his work in this area. A recent USA Today article, “Dave Chatterjee Drops the Cybersecurity Jargon, Encouraging Proactiveness Rather than Reactiveness,” highlights his ongoing effort to make cybersecurity accessible and actionable for everyone.

“The future of cybersecurity depends on our ability to communicate well across all levels of society,” he concludes. “Promoting a shared understanding of cyber risks and best practices creates a more resilient digital world for everyone.”

The battle for digital security requires more than just advanced technology. It demands clear communication. Dr. Dave Chatterjee’s talent for translating cybersecurity concepts into accessible language turns technical knowledge into practical action.

Undeniably, Dr. Dave Chatterjee’s gift for clarity will remain invaluable, helping create a more secure digital future for everyone.