Blockchains may radically transform many facets of business life, but they’re a tool particularly well suited for collaborations. Put simply, blockchains are digital ledgers where several people have joint control over the shared information — a feature that makes them ideal for situations where trust and information sharing are important. The technical design of blockchains makes it virtually impossible anyone to change the contents of the ledger without approval from the other parties. Moreover, they can be paired with smart contracts — programmed codes that are automatically executed once certain conditions are met. In recent years, blockchains have been successfully applied to organize collaborations in fields as varied as logistics, energy, health care, entertainment, art, insurance, and finance.
Open-source software developers make software available for free, hoping users will then pay for add-ons like enterprise-grade features or tech support. Programmers can modify, share or create new applications from the underlying source code without paying licensing fees. Android is an example of open-source software as are the Linux operating systems, the Firefox browser, the platform that supports digital currency Ether and the Python computer language.
“I’ve cut out all my NFT sales for the next three months and rejected all interviews (other than yours) because I think there’s such a bubble in the market, and my work has been pushed up too high,” Ting Song, one of the most active crypto artists in China, told me, flatteringly.
Song is among a number of artists who saw their NFT work rocket to the moon. Just like in the west, NFTs have penetrated every corner of the Chinese crypto community. Crypto WeChat is full of hashmask equivalents, and for those who love cats, mooncats have become a favorite topic.