Using NFTs
Would it be possible to create a cashlike system?
A mind in boggle
This is not science, neither finance, it is merely the product of a shambled life. It is a tanglement, a muddle of thoughts, but sometimes that is needed to get to something usefull. And now we are amongst us, you are welcome to let your mind wonder. And I'll be gratefull if you kept yours open for the suggestion that I will be giving. It is an idea, a theoratical use of NFTs {Non Fungible Tokens}. And it might turn out to be total rubbish. Yet, it might inspire some thoughts that lead to ideas, that are going to change the future. But hey, no pressure, okay? Just sit back, relax and take some time to read. Reading is still the thing that triggers your imagination the most effectively. Watching the one eyed hypnotizer all day wont do you any good. Still here? Thanks, you do get the tongue in cheek way this is being layed out in front of you. Well, fasten your seat belts, here goes nothin'!
First of all a quick introduction into what NFTs are. They are the opposite of Fungible Tokens {FTs}. Okay that did not really clearify things, right? Well, NFTs are unique, one of a kind, although many can be created of the same type. Imagine a game of cards. With these cards come certain abilities. And these are unique to every substantive card that is being created. And every card has a unique number. That way it is possible to recognize every card individually. And anybody who owns such a card can keep it, play a game with it, give it away, sell it on a market or swap it with another one on a decentralized swapping market. (And that seems like a boat to get ticket for, before it sets sail.) Something an NFT system might be used for is digital art. There is this one piece of unique digital art, made by a great artist and it can be copied, of course. But that aint gonna help the artist make a living. So, in comes the NFT system. Now every creation gets a NoFun Token number attached. This NF Token makes sure it is proving that the piece of art connected to it is unique. The artist hands it over to the buyer. And that one is now the new owner of the NF Token, proving it is connected to the work of art. And there is a blockchain to prove it. It is all about uniqueness and prove of ownership.
Moonies?
In the chaos of my thoughts I have been struggling with the idea about making a system that could mimic the analogue world of cold hard cash into the digital realm. Imagine a leather wallet, filled with banknotes and coins. On an average day it is expected that all that money is as real as it gets. And it is so easy to exchange these coins and notes for products and services. Buy some cheese on the week market and pay with a tenner. Getting twofitty in return, together with the cheese, of course. Now the tenner you got for selling some old computer game that you still had. No need to install Steam for that one, so that is a plus. Anyway, there are certain advantages in using cold hard cash. But how could that function, if even technically possible, in a digital realm?
In comes the 'moonies' or to be more precise the virtual (digital) cold hard cash: LUNA {LUN}. It means Moon, so there is the play on words: LUNA -> Moon -> Money -> Moony -> Moonies... Okay, back to the idea now. Could the NFT system actually make it happen? Well, I guess without a digital network connection, no. But there has to be some connection available to be able to exchange. In the analogue realm there is matter, in the digital realm there is energy. And virtual pieces are created in bits. So why not do that with our beloved cold hard cash? In come the NFTs and the creation of the LUNA Token, or Coin. But instead of every unique NFT being a game-card, a piece of art , a music recording, a Tesla car, a proof of a GMO injection or a complete house, it holds LUNA Tokens. Where address zero holds the unique creation data every next addition is holding the actuall LUNA value NFTs.
Some technical issues, maybe?
There first would be the CentiLuna NFTs, then the two cents, the five cents and then the tens. All the way up to 500 hundred LUNA notes. And maybe even higher than that. These addresses HODL the unique current owner ID, connected to the LUNA value NFT. And the wallet of the owners are filled with lots of these LUNA NFTs. Now imagine you go the market and want to buy a piece of Edam of Gouda cheese, costing 7 LUNA per kilo. Then all you do is scan a QR-code and confirm it. And through the wonders of the world wide web the seller of the cheese gets the LUNA right away. While on a lower level all that has been done is some values of ownership changed. In short that is how this could function. At least in theory. But there has to be some kind of system of proof. That maybe done by some nodes know as 'treasurers', getting rewarded with new to be issued LUNAs. Enough smart people out there to figure it out and make it happen.
That is my idea so far. It might be rubbish, or it might have something to it. To have only one LUNA NFT kind of virtual cash system might be unrealistic. You could maybe even have your own one, with a family shield. There might be NFT decentralized swap markets, directly swapping NFTs, while you pay with your LUNA for cheese. And the one that backs it all might be Bitcoin {BTC}. No need then to annoy that blockchain with small transactions anymore. What do you think? Could this be some innovation ready to be rolled out? Anyway, thanks for reading and have a great one!