This research was sponsored by Plotaverse, an innovative NFT creator kit that provides a suite of iOS mobile, desktop and web applications to help artists create in the field of Motion Art.
Blockchain technology is big news on a daily basis. So many people are getting into it, even if some are still confused by this new technology that powers cryptocurrency and NFTs.
What are some of the benefits of blockchain?
1 — Freedom of Transaction
In today’s world, freedom of transaction is basic to other basic freedoms.
You have freedom of speech, but what good is that if you can’t buy a phone or a computer?
One of the major trends of 2022 has been the rise of financial censorship in the US, Canada, Ukraine, Russia and elsewhere.
There is a way to guarantee your freedom transaction.
With cryptocurrencies, like Bitcoin or Cardano, you can choose to “self-custody”, meaning you hold your crypto in a place called a “wallet”. In this case, it’s not a physical wallet but it’s either a digital application on your computer or smartphone or a “hardware wallet” that looks like a flash drive.
With a wallet, you are your own bank. No one can stop you from sending or receiving crypto. You have complete control of your financial means of transaction.
2 — It’s Decentralized — Have Some More of the Pie!
Multi billion-dollar corporations control so many aspects of our lives: news, social media, electronics, even shopping. We are users who pay to participate in systems, and also give away our personal information. In return we get to participate in a user experience.
A new concept brought about by the blockchain is the idea there is a more fair system where users can own their data, choose what to share or what not share, and make income off of their own identity or receive rewards for helping to make a better user experience for all with their participation.
Just like cryptocurrency itself, which is decentralized, this same concept could be applied to other aspects of life. In the art world, instead of going through centralized gatekeepers, photographers and other artists can put their works on the blockchain and sell directly to their fans. Using NFTs, more new artists than at any other time in history have connected with new fanbases. And it doesn’t matter where they are in the world either — from Bali, Indonesia to Buffalo, USA. You can transact on the blockchain in minutes.
3 — It’s Digital
The blockchain was invented in the age of the Internet, so it makes sense that a new kind of money would be built on the Internet. Cryptocurrency is just that. Blockchains like Cardano are computer networks that support tokens like $ADA that can be used anywhere in the world by someone with a Cardano wallet to receive.
Most transactions occur on Cardano within minutes and cost pennies or less. Sending a wire or Western Union to another country still takes days and has very costly fees.
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This content is for educational purposes only. It does not constitute trading advice. Past performance does not indicate future results. Do not invest more than you can afford to lose. The author of this article may hold assets mentioned in the piece.
