And why do they have value?NFT stands for \u201cNon-Fungible Token,\u201d which is, of course, gibberish.Fungible sounds a lot like fungus but has nothing to do with mushrooms.Being \u201cfungible\u201d is characteristic of good money, that all $20 bills have the same value, that they store the same amount of wealth for a given time & location. Does not matter who holds the $20 bill or the history of that $20 bill.This implies that \u201cnon-fungible\u201d tokens can have different values\u2026Where a token is a tradable digital asset whose ownership is managed by a blockchain. One can assume that the ownership of most NFT\u2019s is managed by the Ethereum blockchain.OK, but how can an infinitely copy-able digital file, such as a digital image, have value if the supply is limitless?Enter the Hash Function.Once again, having nothing to do with a hallucinatory substance. Perhaps related to the random appearance of corned beef hash.Consider the following mathematical function, where a binary data file is the input:No matter the length of the input data file, the length of the output is always N bits.Given just the N output bits, it is impossible to extract any information about the input data file.While two different input data files may produce the same N output bits, there will be no discernible relationship between the two input data files.The probability of two random input data files producing the same N output bits should be one out of 2 to the N power.While the same input data file will always produce the same N output bits, any change to an input data file, no matter how small, will not only produce a different output, but it will also be very different and unpredictable output.While there are many available hash functions, I will use the MD5 Hash function, which outputs a 32-byte\u2026<\/p>","protected":false},"excerpt":{"rendered":"
And why do they have value?NFT stands for \u201cNon-Fungible Token,\u201d which is, of course, gibberish.Fungible sounds a lot like fungus but has nothing to do with [\u2026]<\/span><\/p>","protected":false},"author":0,"featured_media":2796,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/posts\/3900"}],"collection":[{"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/comments?post=3900"}],"version-history":[{"count":0,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/posts\/3900\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/"}],"wp:attachment":[{"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/media?parent=3900"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/categories?post=3900"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/afluxcoin.com\/ru\/wp-json\/wp\/v2\/tags?post=3900"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}