What is Cryptocurrency

A cryptocurrency is a digital or virtual currency that is secured by cryptography, which makes it nearly impossible to counterfeit or double-spend. Many cryptocurrencies are decentralised networks based on blockchain technology—a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.

Key Takeaways

  • A cryptocurrency is a form of digital asset based on a network that is distributed across a large number of computers. This decentralised structure allows them to exist outside the control of governments and central authorities.
  • Experts believe that blockchain and related technology will disrupt many industries, including finance and law.
  • The advantages of cryptocurrencies include cheaper and faster money transfers and decentralised systems that do not collapse at a single point of failure.
  • The disadvantages of cryptocurrencies include their price volatility, high energy consumption for mining activities, and use in criminal activities.

What is an NFT, in the art world?

An NFT, or non-fungible token, is a unique digital representation of a good — for our purposes, a work of art. It’s akin to a certificate of authenticity or a deed and it’s recorded on a blockchain (more on that momentarily). Typically (forget art for a minute), an NFT represents something in digital form that you might not previously have thought of as a good: Jack Dorsey’s first tweet, for instance, or a clip of TV footage from a basketball game, or a pixelated cartoon ape in the form of a jpeg.

What is the Metaverse

The term “metaverse” is the latest buzzword to capture the tech industry’s imagination.

Facebook recently changed its name to Meta Platforms, Nike has bought a virtual shoe company to help it expand to the metaverse, and other retail giants like Gucci and Ralph Lauren have been considering the future of fashion with digital personas.But what is the metaverse, and what does it all mean? Can it be a space for optimism and collaboration or will it instead amplify some of the major issues currently surrounding social media and society?

So, What is the Metaverse

Okay, this is tricky, but imagine the virtual world and the real world intertwine and merge under a single reality

This is about bringing the internet to life, if you will, or at least rendering it in 3D, a kind of virtual environment you can go inside of — instead of just looking at it on a screen.

Essentially, it’s a world of endless, interconnected virtual communities where people can meet, work and play, using virtual reality headsets, augmented reality glasses, smartphone apps or other devices.

The metaverse is web 3.0, Dr Lim says, the next evolutionary step on from web 1.0 and the current 2.0. It is not a new internet, he says, but a new way of interacting with the internet.

“A lot of people think of the metaverse as a place, but I see the metaverse as more of a time that is coming.”

In the metaverse, Dr Lim believes we will live our virtual life the same way we live our physical life.