Creating value on a blockchain with Mintbase – Carolin_Berlin
It’s a crazy cryptocurrency world out there. Even though cryptocurrencies have had a rather scammy reputation, it is undeniable that the public interest is growing and cryptocurrencies have become part of our everyday lives. Facebook is planning to launch their own currency named Libra and governments as well as financial institutions are figuring out how to deal with those developments.
At the end of the day, we are all trying to figure it out and where there is doubt, there is fear. That is why we need to remove fear from the cryptocurrency world. We need to make it easy for users to feel comfortable when interacting with blockchains and dApps (decentralized applications) in some way. But how do you get your friends who spend their evenings doing pottery or truly discovering themselves in yoga or meditation classes to try out decentralized applications? Give them an incentive. Tell them to put their yoga mats away and let them discover their inner geek. They will be able to show off the buzzwords at their next lunch break. Knowledge is power and power is attractive! That should be reason enough. Let’s talk blockchain with Mintbase.
People can instantly transfer value between one another, negating the need for middlemen and eliminating all third-party costs. Below are some fields where blockchain technology can have an impact.
With blockchain, transactions can be faster, cheaper and safer. Simplified speaking, blockchain enables safe and secure communication and data storage in a distributed register. The best known type of a blockchain up to date is the Bitcoin’s, a cryptocurrency and a result of Satoshi Nakamoto’s White Paper which was published in 2008.
In particular, cryptocurrencies which are based on blockchain technology enable the transfer of digital assets of any kind. You can buy cryptocurrencies on different platforms, but the most renowned exchange is Coinbase. There are different currencies in the world like the US Dollar $ or the Euro €. As such, there are also different cryptocurrencies like Bitcoin (BTC) or Ethereum (ETH).
So what is the difference between cryptocurrencies and “fiat” money? Conventional “fiat”currencies like the US Dollar and the Euro have a certain value because governments say that they do. So, conventional currencies are controlled by governments and banks, whereas cryptocurrencies rely on technology and math. As such, cryptocurrencies based on blockchain networks embrace the idea of decentralization, borderless trade and the free flow of digital assets. It may sound like a modern-day hippie reaction to the increasing power of monopolists.
Ultimately, cryptocurrencies are about having different options.
What else can be done with blockchain? As explained above, blockchain helps us to create an internet of value. This is where Mintbase comes into place and encourages people to create their own digital value! We do that by allowing users to mint their own tokens by the means of non-fungible tokens. Users can set the price as they wish. The cryptocurrency Ethereum is currently used on our platform.
A non-fungible token (hereafter NFT) is a special type of cryptographic token, based on the Ethereum blockchain, whose individual units are essentially non-interchangeable (non-fungible). In contrast, currencies like the Euro and the US Dollar are changeable. As such, you can exchange one dollar for another dollar- it does not make any difference to the holder. You can also divide the dollar in four pieces and trade it for 0.25 + 0.25 + 0–25 + 0.25 dollar. Adversely, NFTs are unique and each token is different. You can not swop one birth certificate for another. NFTs are so special because they provide three fundamental aspects: Digital ownership, scarcity and interoperability. On the Ethereum Virtual Machine, a NFT is also referred to as an ERC-721 or as a collectible. The most renowned NFTs are cryptokitties. A NFT is also interoperable as you can sell it on various platforms such as OpenSea.
In practice, you can create value of any kind. On Mintbase, the very first created NFT was a ticket for a blockchain conference in Berlin. The unique thing is that you, as soon as you buy a token, possess digital ownership. You can for example easily sell it on marketplaces if you can’t go to an event and sell it on at a new price. As such, a Mintbase customer resold a ticket as can be seen in the image.
Mintbase provides minters with various creative allocation and redemption mechanisms for their customers. A company or individual person can create their own markets. Up to date, customers used our platform mainly to mint tickets, art tokens and newsletter subscriptions. You can mint free NFTs on Mintbase. Mintbase does not take any fees, however network fees may still apply. In case you have any ideas or feedback, please feel free to contact us.
Published at Mon, 29 Jul 2019 14:43:26 +0000
Bitcoin Pic Of The Moment
Bitcoin on laptop keyboard with red-lit keys and screen reflection.
More images can be found at QuoteInspector.com on our free Bitcoin and cryptocurrency images page.
Please provide attribution back to our website and not our Flickr page so people can find the main gallery.
By QuoteInspector.com on 2018-09-03 09:55:30