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With its NFT auction, the DW goes into a sphere in which elements of a future financial world can be seen. Why are this technology interested in?

Provided by Deutsche Welle © Provided by dw.com Provided by Deutsche Wave

So this is in the world of crypto currencies: purses are not made of leather or fabric, but out of numbers. In our case: $ 0Х- C535dF402837F89074D51761BBd8594475995

Coming soon: DW's first NFT auction to support Freedom of Speech on @withFND

0Х- $ C535dF402837F89074D51761BBd8594475995

pic.twitter.com/shmS1pG583 - DW German wave (@DeutscheWelle) November 9 , 2021

In Wallet are currently a few fractions of the crypto ETH. This stands for ether or etherum, according to Bitcoin the second largest crypto currency (there are thousands).

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Bitcoin, Etherum and many others are based on a so-called Blockchain . This is a kind of endless cash register role in which all activities of a crypt poetry are committed: every payment, any transfer, everything.

All this happens decentralized, ie without parent instances such as central banks or governments. Instead, all entries are done in the large cash role of global scattered computers who need to solve cryptographic computing tasks (hence the crypto in crypto currency). The principle: one should not cheat. Individual entries are not changeable without compromising the complete system.

Energiehrig

Because of the necessary computing power consumes this mode of operation, which is also called proof-of-Work , much energy and is therefore strongly criticized for organic reasons. There are already alternative methods that are less energy-religious, about proof of Stake. Etherum has announced to switch to this procedure in the coming year.

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Despite some similarities, crypto feeds have different skills. In particular, Etherum and some newer currencies advertise with a larger range of functions as a bitcoin, which goes far beyond the simple payment.

DW-Profil auf der Auktionsseite Foundation © DW DW profile on the auction side Foundation

Two of these features are important for the NFT auction of the DW : the NFT itself and Smart Contracts .

with an NFT (non-Fungible token) is a potentially valuable original from a digital file because the file can be distinguished from its theoretically endless copies. In principle, a NFT is just an entry in the blockchain, which shows a digital file and thus identifies them as original. If the NFT changes the owner, this is noted in the blockchain as well as any other transaction.

Over-executive contracts

An intelligent contract (Smart Contract) is a program code that contains agreements and it does independently on entry into force.

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Using the example of the NFT auction: After auction end, the NFT automatically goes into the possession of the highest bidder. Before, from whose wallet, the corresponding amount is transferred to the provider and equal to a possibly incurred commission for the platform operator - in our case 15 percent - deducted. The fact that revenue goes directly to reporters without limits is also part of the contract at our auction. One can even commit whether (and if so, with which percentage) the original provider is involved, the new owner should resell the NFT in the future.

The Fantasy of Kryptofans are barely limited to Smart Contracts: they dream of a decentralized financial industry (Defi), in which even for highly complex financial products such as derivatives only one smartphone and a wallet are needed - but no banks.

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This new financial world has the potential to clench and break up existing structures - similarly, as already happened in the music and film industry, where Spotify and Netflix are more powerful today than record companies and film studios.

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are particularly high the expectations in countries where the old structures are barely available. - Countries without well-functioning financial industries, without legal certainty or without stable currency.

Which does not mean that the financial world of the future is inevitably better or even cheaper. Examples from the DW auction: Each entry in the blockchain costs money, a so-called gas fairy that needs to be paid in ETH. If you take the credit card, eleven percent fees can be charged quickly before fresh crypto currency is in wallet. This is significantly more than even classics such as Western Union or MoneyGram for money transfers take around the globe.

Author: Andreas Becker, Nicolas Martin

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