For years I was sort of stumped on understanding how cryptocurrency could be utilized.
I understood the core principle, that the blockchain could check itself for fraudulent transactions, but didn’t really see the potential.
I always went out of my way to talk to others about crypto when there was an opportunity and would ask for their thoughts about what the future for crypto could look like & what exactly it could be used for. Recently, I finally I think I can see the big picture mostly thanks to an intelligent friend of mine.
So first off, as I outlined in a previous post, I think all the invested value currently being injected into Bitcoin is going to stay in the crypto space. However, in the long run, I think this value is going to transfer towards a set of cryptos that aren’t Bitcoin.
Bitcoin has nothing that makes it special other than a cool name, I think saying it’s the digital gold is literally a joke. Gold is a physical item that has manufacturing use and…. it’s shiny!
It could take some time to even start to see this happen. Bitcoin could go over 100k before it ever does, over 200k even! But it seems obvious to me that this won’t last forever.
However, I’m always open to new information I could be missing.
Etherium on the other hand has a token system built into the crypto. Now while the purpose of this post isn’t to dive into how the Etherium token system works how I currently understand it is that the token system allows Etherium to act as the link between cryptos that perform a variety of other functions.
So Etherium could essentially be the Crypto internet. ??
This is where my understanding of what Crypto could be in the future really starts to take shape.
If Etherium could connect other cryptos togeather, lets bring another crypto into play.
According to my friend mentioned earlier, the cryptocurrency called Filecoin can already store a ridiculous payload of data on its Blockchain, in the tens of thousands of gigabytes.
I have yet to see this tested and proven, lets say seeing a 1 gigabyte file stored on the Filecoin blockchain, but assuming that Filecoin really can be utilized in this way lets move forward.
Etherium is the platform used to facilitate the sale of storage space on the Filecoin blockchain, you bring a third crypto into play that facilitates the bandwidth not to store the files, (as Filecoin is already doing that) but to deliver the payload in the files in the form of a web hosting platform.
A crypto that replaces a disgusting organization such as Amazon Web Services.
In this scenario, the price of hosting a set of data and delivering it to a user when they go to your URL can be facilitated entirely in a decentralized manner by using a set of crypto currencies that each serve a different purpose.
This would allow the internet to truly break free as there would be no opportunity for web hosting platforms to censor ideas as we currently see.
Additionally, the price for bandwidth would be set by the blockchain.
Is this possible? I have absolutely no idea and likely will never have the technical expertise in this field to know.
However, thinking of cryptocurrency in this way as allowed me to see the future potential in it in a way that I previously couldn’t.
Now, regarding NFT’s,
I talked to my friend and watched this video by ColdFusion, one of the best on YouTube
From my understanding, an NFT is a way to sell a one of a kind digital item and have the fact you own that digital item validated by the Blockchain
This is done by utilizing the Etherium network.
How I could see this being used & how I will potentially use it in the future if I ever felt the scenario was right is to sell the original project file/digital assets of a successful piece of audio/visual art.
If this was done with a song, the project file could contain the takes for the lead vocals that didn’t make it into the final draft, even an additional verse that wasn’t on the final cut of the record as well as the project file where someone could see how the sounds were mixed in the DAW.
If done with a video this could include takes that didn’t make it into the final cut of a film, maybe bloopers.
To do this you would need to be able to deliver a file of at least a couple hundred megabytes using the blockchain, not sure if that is possible yet.
If it is possible, feel free to use this idea yourself, I like open source ideas/knowledge. This post is an exploratory dive into some of my ideas on applications for the new technology being given to us as cryptocurrency technology matures.
Thanks for reading!
-Kyle