When it comes to bitcoin’s use as money, word-of-mouth has been its biggest asset.
The journey from Internet obscurity to interest from financial incumbents has been a long one, but it started with passionate users, willing to discuss its benefits with friends, and those friends, intrigued by the idea, began to explore – and spend – the currency themselves.
Bitcoin, because of its peer-to-peer design, thrives on connection.
As this conversation goes viral, talk of digital currencies is spreading across the globe, and one community that has been drawn to bitcoin (and the blockchain) is artists. To date, this includes big-name festival staple Imogen Heap and rappers-turned-venture capitalists Nas and 50 Cent, among others.
Imagine a company or service that isn’t controlled by any single individual, board or other central entity.
Known as a , or ‘dapp’ for short, the concept has been one of the more novel ideas to emerge from the blockchain community. Armed with self-executing smart contracts, proponents of the technology have envisioned ways to replace everything that today requires a centralized leadership, from businesses and services to governments.
In some ways, bitcoin could be considered the first dapp, as it is fully open-source, rewards contributors, runs without a central authority and uses blockchain technology to help facilitate its continued use case as an online currency.
Digital artwork, from digital music to fine art, has been a growing area for a while now.
If a work is infinitely reproducible at no cost, however, how can a collector establish that they have an original or one of an edition? Monegraph takes advantage of the bitcoin database, the block chain, to log each transfer of a work (just as the database does for bitcoin), so that it really is set in stone who owns a digital piece at each moment.“It’s not about stopping piracy.
It’s about facilitating legitimate commerce,” Kevin McCoy, co-founder and CEO of Monegraph, told the Observer in an interview before the night’s presentations. He pointed to iTunes as an example of a marketplace for digital music.
He said people might have their complaints about how Apple did it, but it was a way for people to know they were purchasing authorized work. There hadn’t been a good way to do that before.
Once there was, people did it.
Web searches, page visits, online purchases, tweets, SMS messages, emails, phone calls, photos, videos, GPS coordinates – this is the data that makes up our digital lives.
For the past decade consumers have sacrificed their privacy, building giant banks of data for companies without any upside exposure to the value that they have created. Thanks to the Bitcoin Protocol and the 21 Bitcoin Computer this no longer has to be the case.
Billions of photos are shared every day by hundreds of millions of people using smartphones. Between the rapid development of high quality camera phones and the decreased cost for cloud storage, sharing photos from all around the world has become effectively free.
Building a library of stock photos once required an army of photographers working around the globe; now this naturally occurs over social networks such as Instagram.
Source: Bitcoin Magazine