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For those who want to know what is a NFT: Imagine you get the hacker news logo (or any other digital asset, like an image,video,song etc). Then I take that imag
by samoit 5y ago
For those who want to know what is a NFT: Imagine you get the hacker news logo (or any other digital asset, like an image,video,song etc). Then I take that image and apply to it a hash funtion to generate an id, a number that later I put into any blockchain (usually ethereum). As the blockchain is ordered the first one who does this process stores in the blockchain the asset... and so its property. Later someone else can take the same logo, apply the same hash to get the same id, but as I said The first who did it has the property because the blocks (chain) are ordered.
- dthul 5y agoThis document describes the smart contract for an NFT: https://eips.ethereum.org/EIPS/eip-721 https://eips.ethereum.org/EIPS/eip-721 The base contract does not contain any info about the asset the NFT applies to and the metadata extension only allows you to store a name and a URI (which hopefully still works and still points to the object in the future). There is no object hash as far as I can tell. Afaik there can be several NFTs for the same object (URI) and none of them is inherently more legitimate than the other. You'd need some kind of endorsement by tha artist to know which NFT is the "real" one. But I'm not an expert so please correct my if I'm wrong.
- miracle2k 5y ago> Afaik there can be several NFTs for the same object (URI) and none of them is inherently more legitimate than the other. You'd need some kind of endorsement by tha artist to know which NFT is the "real" one. But I'm not an expert so please correct my if I'm wrong. You are correct. Note that there can be multiple different URLs pointing to the same file. And note that multiple files (unique sequences of bytes) can represent the same object, say, a JPEG with slightly different compression ratio. The point then is that neither the the url nor the hash matters. What matters is that the artist says "this NFT represents this work of mine". Everything else is just extra.
- samoit 5y agoPlease avoid to comment if you are not an expert, thanks
- dthul 5y agoSuch non-constructive comments are not appreciated here.
- eru 5y agoGiving priority to the first guy is just a convention, isn't it?
- binibus 5y agoI wonder why in HN you usually find comments of excepcional quality except when it comes to crypto. A NFT doesn't enforce property, humans do. A NFT it's only a token that can have an arbitrary meaning, but with the warranty that all transactions done with that token are legitimate. So no, you can't steal a digital asset merely being the first to mint its NFT, because if no one recognizes your property no one is going to buy it from you.