UpSocial is a truly decentralized social network. So, it means that can’t use traditional centralized servers that tech giants use. We use IPFS instead. Why?
How will you scroll through the memes if Facebook decides to shut down its servers? How would you watch cat videos for hours if the Government blocked YouTube servers?
These tech giants have multiple servers and backup of those servers. But in the end, it’s still under the control of these organizations.
It’s feasible for tech giants to buy servers, but how will small businesses manage that? If your business is hosted on an AWS server and it crashes for some reason. Guess what? You can’t do anything.
Here’s where IPFS comes into the picture. The technology is not futuristic, but it is being used presently.
What is (Interplanetary File System) IPFS?
Interplanetary File System is a decentralized version of storing files. The same file is stored in multiple users’ computers present in a P2P (peer-to-peer) network.
Even if the file is deleted from one computer or some computer shuts down, the file will remain available in the network. Some other computer must be having a copy.
That’s the simplest explanation.
Even UpSocial Network uses the same technology!
Any image, video, or file is recognized by its URL or IP address on the traditional web. That’s because it has a fixed location.
Suppose you posted an image on Facebook. It has a unique URL so that you can share it anywhere.
However, if you delete that image later, nobody would access that image even if some other Facebook user has a downloaded copy of your image.
IPFS doesn’t work like this. It recognizes the file according to the content and not by its URL or location. In short, it made the file recognition system from location-based addressing to content-based addressing.
Every file is associated with a hash. Since the files are associated with the hash, it becomes impossible to tamper with the original file. Hash adds a layer of security.
How Do Interplanetary File System Store Files?
A file is stored in an IPFS object. The IPFS object consists of 2 parts – links and data. Data is for storing your file, and a link is to connect other IPFS objects.
Every IPFS object can store data up to 256 KB. But what if your data is more than that?
It will simply split the data into multiple objects and link with each other.
Since the file remains original with unique hash associates with it, IPFS allows versioning to make changes if you want to update a file on the network, versioning it the process.
IPFS provides low latency that is decentralized and secure. It lets us come up with several compelling use cases. IPFS can use it to deliver content to websites, globally store files with automatic versioning & backups, facilitate secure file sharing and encrypted communication.
So many advantages are the whole reason why we are using IPFS technology at UpSocial Network.
To know more about the development and team’s ongoing work, we recommend joining our Telegram group. You are free to ask questions and resolve your doubts there.
The first NFT was made much earlier, but it took 2021 to uplift the trend.
Just like you, most people are confused about NFTs. Something is looking flashy due to the millions of dollars some people made out of them.
But What Exactly NFTs Mean?
An NFT is a unit of data stored on the blockchain that certifies the ownership of some digital asset. It cannot be interchanged or replaced because of its uniqueness.
Any form of digital art like image, music, video, code, or any asset can be represented as NFTs.
NFTs help artists to sell their art without intermediaries. Artists can sell their art online without physical presence.
But anyone can screenshot or copy the art. Why are people spending millions of dollars?
Well, yes. Not all NFTs are valuable and many people started selling products already available publicly on social media platforms.
Do you remember how shitcoins exist because of some non-serious people? That’s similar.
However, some unique art pieces become extremely valuable due to their uniqueness and scarcity.
An NFT allows the buyer to own the original item with built-in authentication of the blockchain. Buyers even can flaunt those ownership rights.
But Isn’t This Sounding Similar To Cryptocurrencies?
Sure. It does. But it is not.
Currencies are fungible. Making it straightforward – they can be traded and exchanged for one another. Another bitcoin can exchange one bitcoin, and similarly, you can exchange a one-dollar bill for another dollar bill.
On the other hand, NFTs are non-fungible and cannot be exchanged by some other digital asset. It’s just unique on its own.
Moreover, cryptos can be divided into smaller parts for exchange, but we can’t do that for NFTs.
Which NFTs Made Loads of Money?
1] Everydays: The First 5000 Days –
An artist named Beeple created a magnificent art that combined nearly 5000 images of his life in a single frame. This art was sold as an NFT for $69.3 million.
2] Crossroads –
This art shows a defeated President Donald Trump lying naked and covered in graffiti on the roadside. The buyer of this NFT was not aware which art he would receive because it depended on the result of the US presidential election.
Artists sold it for $6.6 Million.
3] The first Tweet of Twitter CEO Jack Dorsey –
Twitter CEO recently sold his first tweet as an NFT to Sina Estavi for $2.9 Million on 22nd March 2021. It is another exciting way to showcase how uniqueness can be auctioned and make money to creators.
These NFTs are not in the order of most expensive NFTs but just some examples of interesting cases.
But is it just possible for celebrities to make millions out of it? Can a common person sell artworks using NFTs?
Sure! Why not?
Let’s Talk How You Can Make Money By NFT?
UpSocial is working towards making this idea a reality.
It’s not just a social network. Users will be able to buy and sell NFTs using USN or any currency on the UpSocial platform.
Every piece of content that users will post on this platform is by default a piece of NFT. You are free to buy someone else’s ownership rights or you can simply sell your posts to make money.
Interested in knowing behind the scenes and progress that the team is making? Join us and stay tuned.