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Jan 07 2022

What Are CryptoPunks: A quick overview

What Are CryptoPunks A quick overview

Punks are an unfathomably valuable asset, a symbol of status, and a chunk of web history. Maybe they are the most significant NFT initiative ever. There is nothing as Punk in NFTs as owning a CryptoPunk.

The CryptoPunks’ journey to a non-fungible domain is intertwined with the history of NFTs and the Ethereum blockchain. The well-known epitome project, such as Bored Ape Yacht Club (BAYC), is directly relevant to the CryptoPunk mold. However, the mainstream media industry is still far away from roping in NFT benefits. 

CryptoPunks: An Introduction

The CryptoPunks is a collection of unique, casually drawn 10,000 characters algorithmically created in 24×24 pixel art graphics. Most CryptoPunks are digital images of boys and girls, with images of zombies, apes, and the odd alien recently blended in. 

Every Punk owns a profile page displaying their attributes and present status. In addition, specific individuals formally own the CryptoPunks on the Ethereum blockchain. 

The initial visualization was to allow anyone with an Ethereum wallet to claim CryptoPunks for free; however, it only took flash seconds to grab all the 10,000. As a result, they are now available on a blockchain-enabled marketplace for purchase. Such a marketplace allows you to bid and trade punks. 

What is happening?

Bitcoin made cryptocurrency trading famous, although creating Bitcoin was solely to transact and store Bitcoin ownership. Larva Labs uses Ethereum, a Bitcoin successor that allows random computer code to be run on the blockchain and saves the outcomes forever. This is fantastic! 

Normally, code is run on a server, and you must trust the person in charge of that server. Everyone may run the code, display the results to each other, and verify that it was proper and fair.

The existing written codes on the blockchain, by blockchain developers allow the trading of Punks with anyone in the world. The fact that nobody can control the code executing Crytopunks is an interesting part of the system. 

It is indefinitely embedded on the blockchain platform after its release, and no one can alter the codes. However, this is concerning the developers since detecting bugs is also important. But doesn’t this make the system more secure and less vulnerable to threats?

It allows the users to cross-check and ensure that only 10,000 punks exist, that stealing them is beyond imagination and that everything claimed about the code is accurate. 

Birth Of CryptoPunks

CryptoPunks, which was launched in June 2017 by-product studio Larva Labs, is one of the first NFT collections on the Ethereum blockchain, with 10,000 unique 24×24 pixel art images featuring people (male and female), apes, zombies, and aliens. Each Punk can have a unique combination of 87 attributes or traits as they are commonly known. Some punks can have no traits at all, but the most a single punk can have is seven.

“What makes CryptoPunks significant is that an organic community evolved around them. They have left their footprints as one of the inaugural NFT projects on Ethereum – and they were free to claim from the start,” according to GMoney. 

Punks slowly began, assembling a group of collectors trusting in the technological capabilities that the Ethereum blockchain had to offer, while the NFT field was far from the bustling market that it is now. 

They were first handed away for free to anyone who wanted them. Because you needed an Ethereum wallet to get one, it was only available to individuals who had already engaged in cryptocurrency.

Since 2017, CryptoPunks has evolved from a small, niche online craze to the be-all and end-all of NFT initiatives. While it was not the first NFT project on Ethereum, it is without a doubt the most influential. 

Many of those who have been strong enough to hold are now multi-millionaires, and those who were fortunate enough to buy in before the 2021 mania are some of the most forward-thinking people in the NFT industry.

Bear or Bull: The Punk market projection

CryptoPunks will surely encounter those new to the NFT space sooner or later. And when they do, they’ll realize one thing: punks are a precious commodity.

For example, Alien Punk #3100 was sold for 8 ETH ($2,127) on July 6th, 2017. This would have looked like an exorbitant fee to pay for a JPEG at the time. However, on March 11th, 2021, that same Punk sold for a whopping 4,200 ETH ($7.58M) almost four years later.

Although this is the largest Punk sale to date (for the time being), 100x flips were far from rare during the CryptoPunk bull-run of 2021. Throughout the year, Punks sold for as little as 7 ETH in the NFT community, only to skyrocket in the fall, with even the lowest accessible Punks costing over 100 ETH.

Christie’s, the auction house, deserves a lot of credit for helping to create the Punk market by introducing Punks to those who work in more traditional art locations. Christie’s organized an event for displaying a collection of nine CrytoPunks in May 2021 that sold for a jaw dropping amount of $16.9 million. This event was a follow-up to the $69 million Beeple sales in March 2021 by the auction house. 

Worth of Punks: A Status Symbol

Punks are valuable for reasons other than their price. CryptoPunks have evolved into not simply works of art but also investments and status symbols.

Owning a Punk, some believe, is like betting on the relevance of NFTs and the Ethereum blockchain, considering their history of progress and expansion alongside the Ethereum network. The majority of Punks’ early supporters didn’t come upon the initiative by chance. “You had to be there in crypto earlier on to get involved with CryptoPunks,” GMoney said.

Punks Portrayal

Punks are frequently portrayed as innovators and pioneers on social media, assuming trust and prestige. As a result, collectors have created entire acts, projects, groups, and brands based on just one Punk.

Public figures, investment firms, and even hedge funds have been flocking to the CryptoPunks race in full force, regardless of the social-to-financial value ratio. So it’s difficult to dismiss an initiative that turned collectors into millionaires in a matter of weeks.

Process for getting a Punk

If you are planning to purchase a CryptoPunk but don’t know how to start, then just follow these steps: 

  • Firstly, you need to download and install Metamask, a Chrome browser addon. This grants access to your Ethereum account to websites that you authorize. 
  • Secondly, purchase some Ether if you have recently created a new account. A built-in Metamask button allows you to purchase Ether from Coinbase.
  • Once you’ve installed the plugin, this website will detect it and add buttons to the interface that allow you to bid on, purchase, and sell punks. Punk #2524, for example, may be purchased for 67.98 ETH ($262,552.35 USD).

CryptoPunks in the Long – term

CryptoPunks is already a landmark project in the NFT sector, despite being only a few years old. For a long time, all necessary information regarding the project has been available to the public. Punks were born on the Ethereum blockchain and will continue to live there perpetually, so it’s reasonable to believe they won’t change.

Punks will always be a landmark project, which is excellent for both its founders and collectors, given the rapid growth of the NFT area. “CryptoPunks will continue to be a major pillar of the NFT community,” GMoney says. They don’t need to change or experience anything in order to seal their place in history.”

Yet, within the Punks environment, creativity is still a novel concept. GMoney, Beanie, and Punk4156, all well-known community members, have built their own distinct identities around their Punks. While these three have used their Punk personalities to gain prominence, there are a few things to keep in mind when it comes to monetizing a CryptoPunk.

The application of copyright law to non-profit organizations is yet uncharted ground. Creators can easily define their own collector usage thresholds based on where and how they mint an NFT, and most – including Larva Labs – choose to get an NFT license.

Furthermore, Punk owners can sell their Punk products and earn up to $100,000 every year. The drawback to this agreement is that owners are not allowed to change the art of the 24 x 24 Punk or sell third-party items with it.

Conclusion

The most intriguing aspect of the CryptoPunks quest is that it is too early in the game to properly understand the ecosystem, leave aside the applications that are yet to be envisioned. NFTs have stirred the world’s thought process about media, art, community, and consumer rights.

Given that NFTs are sometimes seen as a marginal and transient movement, it seems only natural that the space’s mascot is a punk. And if crypto degenerates govern the world in the future, branding a Punk could just be the best praise you can get.

If you are still wondering about the NFT and the whole concept, you can always look out for expert advice. However, creating self-awareness is very beneficial in the long run. Depending upon your requirements you can filter out some cryptocurrency courses and enrol in the best one. 

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Blockchain Weekly Source

Written by blockchainwee · Categorized: blockchain course, blockchain developer, Blockchain Platform, blockchain professional, Blockchain Weekly, Blockchain Weekly Tech, cryptocurrency course, cryptocurrency trading, CryptoPunks, Ethereum Blockchain, ethereum expert, ethereum wallet, MetaMask, NFT · Tagged: blockchain course, blockchain developer, Blockchain Platform, blockchain professional, cryptocurrency course, cryptocurrency trading, CryptoPunks, Ethereum Blockchain, ethereum expert, ethereum wallet, MetaMask, NFT

Oct 26 2021

DeFi literacy: Universities initiate education on Decentralized Finance (DeFi)

DeFi literacy Universities initiate education on Decentralized Finance (DeFi)

Decentralized Finance or commonly known as DeFi has become one of the most rapidly expanding sectors within the blockchain and crypto ecosystem. According to recent data, the TVL or total value locked in all the DeFi protocols is estimated to be around a staggering amount of $130 billion. TVL is a rather important metric, because analysts presume that it is the best way to measure sentiment within the decentralized finance sector. 

Even though the growth is apparent, there are many individuals who do not possess a clear understanding of what DeFi actually is and how it can be implemented in our society. According to Piers Ridyard, CEO of Radix DLT, DeFi currently is only catering to those with sufficient knowledge in it.

Keeping that in mind, there are a number of DeFi certification, DeFi training, Blockchain certification and cryptocurrency course that impart in depth knowledge regarding the importance of Decentralisation in the world of Blockchain, including Decentralized Finance.

Where can you learn Decentralized Finance

The University of California at Berkeley has recently introduced a MOOC or a massive open online course on Decentralized Finance for their Fall 2021 semester offering. Dawn Song, who is a professor of computer science and electrical engineering at UC Berkeley, stated that she will be leading the DeFi Course, alongside professors from Imperial College London and Stanford. Long, who is also the founder of the blockchain platform Oasis network, stated that DeFi is fundamentally transforming the way of building financial structures and that is why she believes it is important for people to learn about it.

She also mentioned that during the Spring 2021 semester, UC Berkeley offered an experimental, and shorter course on DeFi. The course was so popular among the students that the university has decided to offer a full semester course which focuses on the core concepts of DeFi in detail. 

She described that the first segment covers the introduction to blockchain and smart contracts. The second segment deals with the core elements dealing with different DeFi services including stablecoins, decentralized lending, decentralized exchanges and so on. In addition to that, they even cover oracle and privacy protocol in DeFi, which has proven to be a really important subject lately.

Song even mentioned that because of the Covid-19 restrictions, the course has been designed to be accessed remotely but the curriculum is the same for both the students of UC Berkeley and the MOOC class participants. However, she also mentioned that the students in Berkeley will have to conduct more coursework, which includes working and completing projects which are open ended and also getting practical experience on new technologies emerging within the DeFi ecosystem. In addition to that, those who complete the class will receive Non Fungible Tokens or NFTs, which will be issued to them in the form of certificates.

Despite the fact that the course designed at the UC Berkeley is perhaps the first of its kind, it is important to note that the MOOC is openly accessible for anyone and everyone across the world. She said that there are students joining from Europe, countries in Asia like India and many countries and places outside the United States of America. She further added that in order to stay true to the inclusive and open  standards of DeFi, the goal of this DeFi course is to bring together a bigger community of students by getting together the online participants along with the ones who are already enrolled in courses at Berkeley. At the same time while imparting the education, they are also focused on developing the technology in the DeFi ecosystem.

Wyoming, which is one of the leading places in the world known for its innovations in DeFi, is also offering quality education in the subject at the University of Wyoming. Ali Nejadmalayeri, who is a professor of finance at the University, mentioned that they are actually providing a minor program on Decentralised Finance at the university itself and under that very program there are a wide number of disciplines that the students can opt for and start learning in the form of courses. He himself teaches the course related to the principles of Blockchain and the other related Financial Services. The course is spread across a full semester that takes place online and does contain a portion dedicated to Decentralized Finance. 

He further added that anyone from any part of the world will be able to access the Blockchain and Financial Services course. He stated that if someone is registered as a non traditional student, then it is possible for him/her to access the course. He maintained that the interest in this area of study is increasing and that is reflected in the number of students they are receiving per semester. He only expects that to go up because as per his analysis students who do not come from a non technical background such as computer science or even finance, are becoming increasingly interested in DeFi with passing time.

Even though the United States is considered to be leading the space in terms of innovation and education in Decentralized Finance, some prominent European schools and universities are also offering courses in DeFi in order to drive innovation. For instance, in Cyprus, the University of Nicosia is offering a free MOOC on DeFi from the 11th of October this year. The executive director of the Institute for Future, George Giaglis, stated that although the University of Nicosia have been offering free courses on Blockchain and Crypto ever since 2013, it is true that DeFi as a specific branch of discipline has not been covered properly yet. The course has been very successful since it has been attended so far by almost 45,000 students from various parts of the world, and keeping that in mind, the University has decided to offer a six week long course solely dedicated to DeFi only.

Giaglis confirmed that the course will cover the fundamentals of the core areas of DeFi in detail, which includes a full application stack for DeFi comprising of automated market making, decentralized exchanges, liquidity mining, decentralized insurance, oracles, synthetic assets, stablecoins, lending and borrowing, yield farming and so on. It would also cover tokenmics, governance and DAOs. Even though the course is completely free of cost, Giaglis mentioned that there is a provision of securing a certificate of completion issued by the UNIC and which will also be verifiable through blockchain. 

Apart from UNIC, the European Tech School which launched in the month of July, is offering two courses of DeFi which discusses the core concepts of the subject in great detail. Victoria Gago who is the co Chief Executive Officer of the European Tech School, stated that these courses are short and focused on comprehensive learning. The students would be required to pay a fee and a letter of application in order to be shortlisted for the course. 

Conclusion: What are the hindrances of teaching Decentralized Finance?

Experts believe that while it is great that the universities nowadays are offering comprehensive courses on DeFi, it is also true that the rapidly shifting nature of the cryptocurrency sector may pose a challenge for the professors in imparting education on the subject.

For instance, designing a syllabus that highlights the most important and relevant topics in the world of DeFi may become problematic. According to Professor Nejadmalayeri, he had to change his entire syllabus on the course for Blockchain and Financial Services because the DeFi market started gaining traction all of a sudden. However the experts and professors are of the opinion that courses on DeFi are not only here to stay but they will become an integral part of financial education moving forward from now on. 

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Blockchain Weekly Source

Written by blockchainwee · Categorized: Blockchain Platform, blockchain technology, Blockchain Weekly, Blockchain Weekly Tech, crypto, Cryptocurrency, DAOs, Decentralized Finance, DeFi, Smart Contracts · Tagged: Blockchain, Blockchain Platform, blockchain technology, crypto, Cryptocurrency, DAOs, Decentralized Finance, DeFi, Smart Contracts

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