Thursday, September 21, 2023
HomeNFTIn NFTs and Blockchain Technology We Trust? by Benjamin Ho

In NFTs and Blockchain Technology We Trust? by Benjamin Ho

Are we on the verge of trust?Trust in government, medicine, media and other institutions Decline for decadesAnd lack of trust in public health programs Fuel COVID-related deaths.. It seems that we see news articles about deceptive executives and evasive government officials every day, giving us new reasons for not trusting the companies and institutions we have always depended on.

So, through the new system, can we find hope in the form of technology that can trust each other in new ways?

Recently on twitter Added functionality This allows users to identify themselves with an NFT image that is distinguished by a new hexagonal border instead of a regular profile picture. NFT (Abbreviation for non-fungible token) Is a digital product, usually an image, whose ownership is recorded in a ledger stored on the blockchain. This definition is probably meaningless to the average consumer. In fact, many businessmen dismiss NFTs as frivolous and fashionable.

But the underlying technology of NFTs reminds us of something important about how we work in society. Twitter’s move isn’t just a gimmick, it’s about trust. In other words, not only do people trust new technologies, but we also trust each other. Based on self-expression, NFTs are creating new ways for us to trust.

My research is about the history of trust, from the origins of hunter-gatherers to their fundamental role in today’s economy. It’s a story about how humans have learned to work together over long distances. Extensive cooperation comes with risks. It’s much easier to trust our neighbors than to trust our suppliers across the ocean, but the institutions that promote trust have allowed us to create a society of creation and innovation on a global scale. Today, trust pervades every part of the modern economy. This can be seen in the money we spend, backed by the full “trust” and “credit” of the government. credit It comes from the Latin word for trust). New institutions that allow strangers to get into our cars (Uber) and sleep in our homes (Airbnb) are also building trust.

Blockchain technology and its main application, Bitcoin, were designed to use computer algorithms to move trust locations from central authorities to decentralized networks. Blockchain provides a way to distribute and store ledgers (like spreadsheets) not just on one computer, but on thousands. This prevents an untrusted malicious person from manipulating the ledger for his or her own purposes. Bitcoin is just a currency, and records of the amount you have are stored in ledgers distributed throughout the Internet, not in piles of paper invoices or bank computers.

Many blockchain proponents believe that this technology will allow them to manage the exchange of money and property rights without the burden of bureaucratic rules or outdated systems imposed by older institutions. However, they often try to solve “problems” that are already suppressed by trusted systems. Few people are worried that the banks we use will lose our money and that the Federal Reserve will ruin the US dollar. Also, removing people from the system and replacing them with algorithms creates a new set of problems of its own. For example, records stored on the blockchain are protected from interference by complex computer algorithms, but access to money on these systems often requires only a password or “digital key”. What if someone misplaces their password?Billions of people Lost in blockchain In such a case.When Billions stolen from blockchain By a hacker who abuses a computer code mistake.

However, blockchain technology can help develop confidence in new institutions in developing countries. Game theory and economic experiments (and everyday experience) suggest that trust comes from repetitive interactions built through customs and norms that can develop over generations. While the US financial system has taken hundreds of years to build trust, people in developing countries with relatively new and / or weak legal systems may be less likely to trust new banks. New decentralized financial services leveraging blockchain technology can be particularly helpful in building trust in these environments. El Salvador has recently become the first country to adopt Bitcoin We hope to take advantage of these new innovations as fiat currency.

Much of the interaction with others is already done online. As much of our social life is digitized, perhaps in the upcoming Metaverse, people will spend more and more money to express themselves online, as in today’s offline world. ..

The new digital region also lacks a system of history and trust, which could benefit from blockchain technology. This will return you to NFT.

NFTs allow someone to claim ownership of a particular instance of a digital product. The created NFT can be bought and sold at the price of all transactions sent to the blockchain and associated service providers. Such services may have been easily provided by governments whose ledgers track ownership of digital ownership such as patents and copyrights. However, governments take time to adopt new technologies. Similarly, private companies may have been able to provide similar services, but creators are less likely to outsource their art tracking to commercial companies or new organizations. Placing NFTs on the blockchain speeds up the process of enabling authors and consumers to trust the new system. This is because the technology helps ensure transaction transparency and protection from operations.

Why would you want to claim ownership of an instance of a digital image in the first place? Because, more and more, we live in the digital world. Much of the interaction with others is already done online. As much of our social life is digitized, perhaps in the upcoming Metaverse, people will spend more and more money to express themselves online, as in today’s offline world. ..

They may buy digital clothes.One The biggest source of income for video games Is an in-app purchase and includes digital costumes worn by the player’s avatar in-game.The video game character Alloy recently Published on the first digital cover of Vanity Fair Italy..Companies like Nike has sold virtual shoes For game fortnite players Move to sell NFTs of shoes that exist only in the Metaverse..

Buying and wearing clothes is one way we express ourselves. For now, this means publicly displaying our dressed body in a physical space. When someone buys designer clothing today, they do not have the right to duplicate the items in that clothing. You have the right to show off a particular (expensive) instance of that outfit and wear it. Until now, there has never been an easy way to buy a digital designer outfit, just as you would buy a physical designer outfit. NFT will change that and open up the world of online expression by creating a system that protects creators by allowing consumers to distinguish between licensed and unlicensed copies of digital products.

This kind of expression is important.In some of me A study with Jona Berger and Yogesh Josie, The brand we buy, in fact everything we buy, tells the world who we are, our social status, personality and credibility. I understand. for example, Psychological experiments find Just by observing things in the bedroom, you can evaluate someone’s personality with amazing accuracy.

Our fashion choices and other purchases (digital or other) reflect our identity. Throughout history, humans (for better or worse) have shared identities (shared family, shared ethnicity, shared religion, shared language, as well as music, movies, or sports teams. I’ve used hobbies) as a way to decide who to trust, so engage in business, romance, friendship, and more.

The new Twitter NFT feature is designed to allow Twitter users to further customize their social media profiles in the same way that our clothes are on display around the world, but with added confirmation of their value.Some people mourn NFT energy costs Despite their contributions to climate change, these costs are small compared to the emissions associated with other expressive products such as: Fast fashion..

Others lament the development of NFTs as just another hyped Silicon Valley technology trend that represents the excess of late capitalism. I see it as something else. It’s another way for humans to do what we’ve always done, find new ways to truly express ourselves, and connect with people we trust.

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