Initially created in 2014, the use of NFTs for digital art boomed in 2021 with high profile NFTs and collections such as the Bored Ape Yacht Club becoming available on digital marketplaces.
Tag: blockchain
Smart Contracts
Smart contracts are a transaction on a blockchain that execute like a computer program, without requiring manual triggering by an individual or central organisation.
Ethereum
Released in 2015, Ethereum is a blockchain which embeds a virtual machine inside of it. This computer is programable and can be used to create smart contracts and deploy decentralised applications.
Environmental & Economic Impacts of Blockchain
The impact of blockchain and cryptocurrencies are “historically associated with an ever-increasing environmental impact”.
However, this is largely true only for Proof of Work based blockchains, with increasing demands for greater computational power in order to mine efficiently.
What is blockchain?
The core concept of blockchains are a central database of transactions, the ledger, which is managed securely by cryptography and depending on the type of blockchain without the need for a single source of authority.