A cryptocurrency, crypto-currency, or crypto is a collection of binary data which is designed to work as a medium of exchange. It’s a revolutionary form of payment that can circulate without the need for a central monetary authority such as a government or bank. Instead, cryptocurrencies are created using cryptographic techniques that enable people to buy, sell or trade them securely. Watch the video below for more information.
What are NFTs?
NFT stands for Non-Fungible Token. Something that is “fungible” can be exchanged with an equivalent item — for example, a $5 bill with another $5 bill. NFTs are non-fungible digital items that can be bought and sold using this blockchain technology. Watch the video below for more information.
What is Polygon?
I built my NFT collection on Polygon and here’s why. Polygon, formerly known as Matic Network, is a blockchain scalability platform and framework for connecting and building blockchain networks compatible with Ethereum. But, unlike Ethereum, you can mint, purchase, or transfer ownership of NFTs on Polygon’s blockchain for basically free, which makes it more advantageous for creators and buyers. Polygon operates a Proof-of-Stake mechanism, which offers a more energy-efficient alternative to Ethereum’s Proof-of-Work system.
In the end, Polygon, when compared to Ethereum and Bitcoin, is a lot more eco-friendly, and seems to be the future of NFT minting, which will lead to an overall more sustainable workflow and a healthier planet.