We believe that the true value of NFT’s is in the ability to irrefutably prove who created a piece of work online, and the history of ownership.
👀 All About NFT Technology
An NFT is a non-fungible token. “Non-fungible” meaning unique and cannot be replaced. It lives on a blockchain.
The blockchain system is a ledger that stores every NFT that has ever been created on it. For this reason, it’s used as a digital certificate of ownership.
Creating an NFT is called ‘minting’. During the minting process, we fingerprint and store the digital asset on a full Proof-of-Stake blockchain.
Another way to think about a blockchain, is just an open, transparent and ultra reliable bank. NFTs are assets stored by this bank. This bank follows all the same procedures as you’d expect from a normal bank to protect your assets from theft or fraud, making sure that the rightful owner remains so.
The blockchain ‘bank’ also helps facilitate safe trade and sale of these assets, and follows the rules set out by the contract that governs the asset (like distributing a royalty everytime the asset is sold).
This all happens automatically, and all of the ledgers are verified by hundreds of thousands of independent auditors (nodes), which is what makes this way of transacting so fast and safe.
In order to do transactions on the blockchain, you need a crypto-wallet (Similarly to how you required a bank card).
Momint automatically issues you a crypto wallet when you sign up, so don’t worry - there’s no setup admin required.
Momint uses a proof-of-stake blockchain.
That means that our energy consumption is significantly lowered. In fact, NFT creation and transfers on our blockchain are over 300x more energy efficient than typical visa transactions!
Here’s how we compare:
VISA transcations consume 1.7834 W per transaction
Bitcoin transactions consume 290351 times more energy than a VISA transaction
Ethereum transactions use 3921 times more energy than VISA
Transactions on Momint consume 0.0058 Wh, which is 306 times more energy efficient than VISA
Proof-Of-Stake Blockchain Explained...
Proof-of-Stake was created as an alternative solution to the initial Proof-of-Work blockchain which had major issues. One of the most pressing is it’s impact on the environment.
When Satoshi Nakamoto built the first widely-accepted cryptocurrency, Bitcoin, he needed a method to verify transactions without the need of a third party. This was achieved when he created the Proof-of-Work system.
Proof-of-Work uses advanced forms of mathematics that only computers can solve to validate data.
This takes a lot of computing power and, as more transactions are initiated and the chain gets longer, more energy is required and the less effective it is at processing transactions at the same time.
Proof-of-Stake uses a different algorithm to initiate transactions and validate data: The individual that creates the next block is based on how much they have staked. This stake is based on the percentage of coins the person has within the particular blockchain.
Because Proof-of-Stake doesn’t need a large volume of highly complex sums to be solved, the computing power required is significantly lowered as shown in our table above
For the above information, we found this article on Bit Degree particularly useful. We are currently busy working on some funky explainer videos to make this all a lot easier to digest, so stay tuned! But, in the meantime, if you have any questions or comments or just want to engage in the community, join our Discord channel.