Category: Crypto

Let’s talk about Non-fungible Tokens (NFTs)

What is the difference between Leonardo Da Vinci’s Mona Lisa and a high-quality printed poster of the same size? Well, a large part of the 2.7 million visitors didn’t come to the Louvre in 2020 for a reprint, I guess. The original one hangs there, verified by trustworthy certificates of authenticity. In the digital world though, there has never been a counterpart for such verification before. Until the development of the blockchain, no technology was established that made digital goods unique. That changed with the establishment of a standard for so-called non-fungible tokens, NFT. The term stands for unique, non-replicable digital proofs of ownership (tokens) that represent the rights to a digital or physical asset or document. Many NFTs are based on Ethereum blockchain technology protocols, making them technically very similar to crypto assets.

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What is Elongate?

  It all began with a funny tweet of Elon Musk, asking the world that once there would be a scandal about him, people should call it Elongate. Obviously, some guys thought: Hey, why shouldn’t we create a new cryptocurrency and call it like this? But given the fact that there is already a pile of different cryptocurrencies out there since the triumphal march of Bitcoin, Ethereum & Co, does the world really need another one? I started to dig deeper and after 2 hours spending on the website of the Elongate project, I must admit, this concept sounds actually pretty cool. That’s why I decided to support it and to provide to you a first overview about it, folks.

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