Crypto Academy Week 10 - Homework Post for Professor @levycore; by @azizulhassan

in SteemitCryptoAcademy3 years ago (edited)

Muesli Text Effect.jpg

Hello everyone I hope that you all are doing well this Today I am doing another homework for the steam Crypto Academy and I just want to say thank you so much for the lecture to the professor

 I would keep it very simple because it's not a complicated subject I have already made a post about this topic a week ago and in that post as well I tried my best to keep it simple so first we will talk a little bit about fungible tokens and non-fungible tokens so let's begin

 Fungible  tokens and non-fungible tokens


image.png

source

First of all to understand fungible tokens I will give you a simple example of that that it's suppose if you have $10 in your pocket and I have 10 Dollars In My Pocket Now they both have the same value for me and for you so it's a fungible token  I will give you another example over here Let's suppose I have 10000 USDt  and you have 1000 USDt  as well Now as I told you before they both have the same value for me and for you as well We can easily exchange it if I give you my udt you can give me in Bitcoins or you can give me cash So these are the fungible tokens 

Now if we talk about those things which are collectibles unique and not available in very large quantity in the market you can call them non-fungible tokens Now I will give you a small example there was a show that I used to watch in that show people used to go to a shop and sell collectibles so what do I mean by that autographs of old movie stars or cricketers or any other fieldAnd I used to sell all those collectibles in a very high price it could be a CD it could be anything now if we put the same process on blockchain On the  ethereum platform then we will call the same process non-fungible tokens


We can bring as many Industries under non-fungible token as we want but I will give you a simple example from where it started so in 2017 the whole thing started there was a game called cryptokitties and what you would do in that game you would buy a cat a brand new cat you can even buy black old cat as well so old get well worth more and then you get well worth less now after buying that get you will have to feed that cat you will have to buy different things for that and you will have to basically grow that cat and then you can select and because its unique and there is no cat like that one there may be other cats but they may be fat or skinny or they don't have the abilities that your cat has so that is what makes it unique and you can sell it and to different people  so that is a clear example of how gaming industry can adopt and use non-fungible tokens

 now that was just an overview of non-fungible token now we will come to the real question the real homework 

Describe one popular project that uses NFT 


I will try to keep it as simple as possible and I will try to not get into the technical terms because that can come under Plagiarism and I want to explain it is the professor explained us what a non-fungible token isSo I will try to keep it simple and easy for everyone to understand so let's begin

image.pngsource

 Decentraland 

Decentraland is virtual reality Platform completely decentralized And it is built on ethereum blockchain Now   on the platform of  decentraland all the users have the ability to Create and monitors and Their applications and content  

There is a 3D virtual space inside the platform which  is both  traversable and finite  in the words of  decentraland  they call this place L AND  Which is an non-fungible Digital asset which  Is maintained by the ethereum smart contracts

Land inside the decentraland platform is divided into Parcel which is designated Using X and Y coordinates Parcels inside the platform can be Purchased or bought using  decentralands  own token   token Manna  So now when someone purchased   land inside decentraland platform  Now they become the owner of that land just like in real life 
Now every user have complete ownership and complete control of the land 
They determine the scenes And can create interactive applications And develop good games  

 everything on this platform is stored And distributed on its own  Decentralized blockchain And all the ownership  of content and transaction all confirm  through the  net  So you can be Digital developer of your own decentralized Land that  That you can sell two other people   instead of building houses you can  make content  In your digital land And I think it is a very amazing Project and I think in future there is a lot of potential for idea like this and personally I really like the idea and concept of this project 


What can you do with the land  inside the the decentraland platform


As I told you that you will have to go to the website and you will have to buy a land before doing anything and then and once a user have control over its land then you can do anything with that land You will get a specific land on which you can build a house for anything that completely depends upon your creativity you can build any kind of things and you can sell that to other people and for buying land as I told you that you will need manna  token You will get different type of tools in the blood formed by using that you  can build anything in 3 dimension And you can even create objects And you can explore that land using the virtual reality 

It completely depends upon your imagination and what you want to do with the land that you have bought you can also rent this land to other people just like in Real world



There are two components in the decentraland  The first one is land  which is the non-fungible token and the second one is manna  Which is the currency e of the platform and by using that you can buy or purchase land



MANA Decentraland MANA




Now let's talk a little bit about the the currency of this platform which is mana   we will look into the market Detail of this coin for this I am using the coinmarketcap

rank 55

price
$1.40


Market Cap
$2,209,046,146

Volume
942,239,486


Capture.PNGsource

 you can see all the other information in the screenshot is well and you can directly go to the coinmarketcap and you can search for this coin and you will get all the information regarding this the data changes every second so that's why you should always take it at that time

scxz.PNG

source


Now by looking at the graph you can see that the coin is going up since January E and it's going up constantly it means that many people are investing in the platform many people are taking interest in the idea of decentraland

where can you store the token

You can store this token in any of the Erc 20 wallet my personal favourite wallet is metamask because it's very easy to use and it has a very good reputation in the market so you can Store the  mana token  on metamask aur any other  erc 20 wallet


Where can you get the mana  token 

Well you can get this token from many of the  exchange this broken is very famous and a really good ranking so that's why all of the famous exchanges support this token you can bought it with your BTC or any other coin just like regular token send you can store it in metamask and other wallets as well you can store it in that exchange also but storing it in a wallet is a better option and a safer to so you can get you from any of the exchange for example binance and bittrex

 how to use decentraland platform


 well that is not that difficult you just have to go to the website by typing decentraland in the Google and you will see the website there are two things first is Marketplace and the second is the central and first you should go to decentraland and locate the information what are the saying about the project you should read everything and after that you can go to the Marketplace And there you can see everything literally everything whatever they are offering you can buy anything which is available on the platform from the Marketplace let me give you an example


dcdvdsvsd.PNG
source

After going to the market place you can see that You can see that there are many  things for auction you can buy them people have created their own objects or you can say verbals so you can buy all of those by the  Mana currency and you will see everything in the screenshot you can see that there are some jackets some goggles and shoes and people have name them with different different things all of them are non-fungible tokens it means that there are no other copies of the same things they are unique you can create your own as well


wdwd.PNG
source

 and if you click on the land you can see the land for sale you can buy that any of the location on the map you can see that there are different it lands mention on the map you can buy any of these lands by paying the price 

Conclusion

 well I think this project is very interesting and by looking at the coinmarketcap detail I think people are really excited and accepting the project very well so there is a very good future for this project in my view

 the project overall is very interesting because everyone wants to do something of their own everyone wants something that they can control and if someone is providing that that is is a really good idea

 I think this is a very good option for investment for the long-term future because after looking at the graph it is going up and constantly and after doing my research I am sure that there is a huge potential in the project and it will go very high

 thank you so much 


Special Thanks To
@levycore

Sort:  

Hi @azizulhassan, thank for submitting your homework

Feedback

Well explained

Rating : 7

sir my post was chalked 5 days ago and i got 7 marks as you can see but no curation and its going to expire in 24 hours

what should i do sir guide me

Please patien :D

sir my post has been expired without curation
sir i told you yesterday about it what should i do now
can you guide me

Coin Marketplace

STEEM 0.35
TRX 0.12
JST 0.040
BTC 70734.57
ETH 3561.52
USDT 1.00
SBD 4.75