🧬Blockchain | NFT's | Solana

Not Financial Advice | Do Your Own Research

Currently in Web2 is a small handful of giant companies such as Visa, Microsoft, Apple, Google, AT&T and others who process and authenticate transactions on centralized servers.
From payments, authentication, calls, messaging, email, banking, titles, and anything else interconnected, these corporations have a monopoly on commerce and drive narrative.
Web3 in contrast is a distributed global system, ran by individuals or communities. These computers run the same protocol, and cross reference transactions to finalize.
Staking your coins for periods of time rewards you in the native currency. This also helps strengthen the network in a variety of ways, such as speed and security.
Rather than a 3rd party such as a credit card company handling transactions for absurd fee's, we have the ability build our own distributed method of accounting. Putting authority back in the hands of the user and not massive corporations or governments.

A wallet is something that stores the encrypted passcode needed to authorize transactions from said wallet.
A hot wallet would just be an app on your phone or web browser which stores your seed phase.
A cold wallet, like Ledger, is basically a super encrypted flash drive, with manual approval buttons on it, making it the most secure for large amounts.
When you create a wallet, such as Phantom, you do not give it information. Instead the wallet gives you a randomly generated encrypted phrase you save. This phrase will restore your wallet to a new device if ever lost, broken or just adding the same wallet to a new device.
Transactions, you will approve in the wallet to send or receive coins or NFT. Wallets only support native coins to their blockchain.

Solana is the fastest, cheapest, secure and green blockchain. This makes it a suitable candidate to build a DAO upon due to cost per transaction will not stifle your funds like other more energy intensive blockchains.
Performance metrics are tracked through sites like Solana Beach. Validators reward you for staking based on individual validator uptime and other factors, tracked though sites like Stake View
Wallets also support stable coins such as USDC for example, not just Sol. This enables the user to hold US dollars and send to anyone anywhere, in half a second and a .00025 cent fee, settled at a near instant.
Any business owner who has ever dealt with sending a wire transfer can understand just how helpful this is.
SMS (cell phone) technology is being developed by Solana Mobile. A full stack encrypted build phone will disrupt the current industry. https://solanamobile.com/

Some older blockchains operate on PoW (proof of work) and use extensive electricity. This narrative is not accurate for every chain though.
According to Yahoo, one Solana transaction uses the same energy as Two google searches.
Try to imagine just how much energy and money is wasted in printing dollars, operating every bank, central bank, clearing house etc use all combined and their daily drivers, and shipping expenses. Luckily we as humans can evolve and develop a more sustainable system.
Those who print US dollars do not even tell you if they are printing more or less month to month. Blockchains are predetermined and transparent, never reliant on one individuals crusade. The inflation rate, or mining distribution, how ever you view it is something viewable into the future. Code is law. This gives the investor and user alike a more stable outlook on future or current decisions and takes first mover advantage away from the centralized authority.

The understanding most have of NFT, rightfully so, is they are pointless images, that make no sense why anyone would ever pay so much money for. You may be surprised to find there is more utility than on the surface for a few.
Other than just a picture, NFT can have code attached to them to do a variety of things. The most common of which, is to pay the creator a royalty. This can be do on each secondary sale, or money from initial mint creation price, or both.
Imagine a company, which equity is divided in 10,000 shares. An open market pays market value for said shares. An NFT in some mediums becomes a fractional representation of a communities value or assets, similar to a share but with a picture on it.

Last updated 3 years ago