In this article, let’s us examine the differences between the fungible token and the non-fungible token. The differences are shown in the table below:
Interchangeable A fungible token can be exchanged with any other fungible token of the same type. It it like exchanging a dollar bill with another dollar bill and the value is still the same.
Non-Interchangeable A non-fungible token cannot be exchanged with another non-fungible token of the same type. It is like your passport or ID, they cannot be exchanged.
Uniform Each fungible token is identical to all other fungible tokens of the same type. For example, your one dollar bill is the same as John’s one dollar bill.
Unique Each token is unique and different from all other tokens of the same type. For example, your bank account is not the same as John’s bank account
Divisible A fungible token can be divided into smaller units and the total value is still the same. For example, you can divide a dollar bill into two 50 cents or five 20 cents and the total value is still the same.
Non-divisible Non-fungible token cannot be divided into smaller units. The basic unit is one token and one token only. For example, your driving license.
ERC-20 Standard The Ethereum Standard used for issuance tokens to be used as cryptocurrencies.
ERC-721 Standard The Ethereum Standard used for issuance of unique, non-fungible token. The most well known case is CryptoKitties, it is a virtual collectible where each kitty is unique.
Non-fungible tokens can be used in KYC (Know Your Customer) procedures, for academic degrees and other educational certificates, collectibles, badges, voting & elections, loyalty programs, in-game items, copyright, supply chain tracking, medical data, software licenses, warranties, and more. The non-fungible tokens are suitable for developing dapps and business applications like supply chain management. I will discuss the techniques in creating dapps as well as creating a supply chain management ecosystem using Hyperledger frameworks in my future articles.
A blockchain is a distributed and a decentralized digital ledger that can be used to record transactions and other data across numerous computers in a peer-to-peer network. It can also be defined as a distributed encrypted database like a spreadsheet that is duplicated thousands of times across a network of computers. This network is designed to regularly update this spreadsheet. It is a subset of distributed ledger technologies.
Blockchain comprises a chronological chain of blocks. A block refers to a set of transactions that are bundled together and appended to the blockchain. In the Bitcoin blockchain, the miner nodes bundle unconfirmed and valid transactions into a block. Each block contains a given number of transactions. In the Bitcoin network, every miner must solve a cryptographic puzzle to propose the next block. This process is known as ‘proof of work’ that requires significant computing power.
Timestamping is an important feature of blockchain technology. Each block is timestamped, with each new block referring to the previous block using the cryptographic hash. Combined with cryptographic hashes, this timestamped chain of blocks provides an immutable record of all transactions in the blockchain.
A block in the blockchain primarily consists of four pieces of metadata:
The reference to the previous block
The proof of work, also known as a nonce
The Merkle tree root for the transactions included in the block.
As your online business grows, you might find that it is increasingly difficult to manage your business. Not only you have to cope with rapid changes in Internet-related technologies, but you will also face a host of other tasks. These tasks include website maintenance, customer service, order fulfillment, accounting, and financial management and more.
Although you can outsource the services to brick and mortar entities, they are often more expensive and inconvenience. Fortunately, you can outsource these jobs easily to online freelance services. There are many freelancers out there to choose from, irrespective of geographical locations.
Although it is not necessary to have a website to start your online business, it is a great advantage if you have a website, better still if you have multiple websites!
Having a website with quality content is the key success factor in building an online business. You ought to write something that can attract people and keep them coming back to visit your web pages. A good website can attract huge traffic and generate a high pageview
Successful and famous websites like Google, Yahoo! etc. provide very good content. They serve all kinds of interesting stories, news, applications, games, utility programs and much more. Therefore, they can attract millions of visitors. Because of high traffic, these websites are valued at billions of dollars, and they actually generate billions of dollars out of advertising, subscription fees, and other businesses.