Based on NFT Workshop (Hosted by Le Wagon) — April 14, 2021 — Jeff Wentworth

Introduction to Blockchain

A blockchain database is distributed amongst all of its participants globally
Transact securely in a peer to peer sense without having to trust one another
Bitcoin blockchain and application that runs on top of it is the Bitcoin cryptocurrency
All of the participants verify and upload to the network
Rather than just using it for data or simple transactions — why not use for computation?
- ie. A computer program — rather than just a distributed set of verifiers
- Bitcoin is for simple transactions
- Ethereum added the ability to perform complex transactions

Why is blockchain important?

Fast transactions, low fees — pay as little as a few cents to send any amount of money globally in seconds
- huge disruption in the financial services industry globally
Complex transactions
- not limited to simple transactions — can model stocks, bonds, financial instruments without middlemen, low fees, fast clearing
Financial escrow service
- transactions between people who don't have to trust each other — sharing economy like Uber and Airbnb

Defining Art: the original art itself is worth much more, what does it mean to have the original?

Information is accessible by anyone on the public blockchain

Provenance — who created it, who has owned it, how was it stored/displayed
Value — the cost of the materials vs. its market value
- Separating the value of a piece of art from the cost of its materials ie. baseball cards
Ownership — who has possession, high fidelity or even exact copies
Rights — transfer, sell, lend, derive, commercialise, earn