Hive : Are we fungible and Non-fungible compatible?
The Blockchain economy today is built with fungible tokens and the majority of the hype in recent times is about multi billion Dollars companies like Facebook, Amazon, and some Wallstreet Gaints wanting to enter the Blockchain, wanting to build cryptocurrencies based on different protocols and smart contracts. This will drive massive competition and Market growth in terms of crypto market economy. But most of the token in existence are built to be Fungible tokens which works fine for cryptocurrencies aiming to have market value. Hive has been trading externally on several exchanges since its forking and it's value you must have tasted which is one of the fungible features. In essence,fungibility is the essential feature of any token that aims to attain an economic value.
However, removing fungibility features out of the thousands of tokens in abundance now, and think of non-fungible ones will bring about dozens of fresh opportunities for using blockchain technology, newer ideas will pop-up, far more than what you could do with with Hive backed tokens right now, more than rewards from using the platform, beyond trading them for profit, more than playing games and using its variation of apps built on it.
For example, consider wanting ti get a licence for Shipping international goods, or say getting a license for flying a plane, or maybe think about getting a professional certificate issued on the blockchain,a generally acceptable digital document worldwide. No translation needed nor verification because it was issued on a public ledger accessible by anyone, won't that be super cool for Hive Blockchain?
All that could actually be made possible by the Non-fungible tokens, a feature that could be built on same technology as it is now but different set up and function, that is an advanced stage of the blockchain economy.
So how does Hive cut in on this?
Hive as an example seems like a perfect set up for non-fungible tokens/Digital certificates; with the different tribes and channels created which are immutable(Except in extreme cases like Once on steem). Also Schools and certified institutes could come onboard and issue out certificates, diplomas etc while the economical value of Hive Tokens are still retained.
It is without a doubt that blockchain is the right technology for managing digital assets of all kinds, that is where there is room for different projects coming up and this is due to the fact that there is privacy, security and immutability which is missing in centralized projects and platforms.
With fungible tokens, mostly used on the blockchain up to now, this would be impossible to do, since no unique information can be written into the token. However, when you have cryptographic tokens that are unique and hold information instead of value, the blockchain technology can be used as Files, IDs, Database, Archives, Blueprints etc and that is Where Hive could come in maybe in a few light years from now!
Hive tokens are in theory fungible but you could end up in a position where you get transaction blacklisted because you received tokens from a certain account. This would potentially damage the fungibility of the token.
Hmm... You are right.
Damn, that's partially still centralized in that case...yikes
No, this is due to the open nature of the blockchain, not because of centralization or decentralization.
For example imagine you are the US government or a bank. You see that someone has received money from an account owned by al qaeda. They could choose to blacklist this person as someone to do business with, because of the visibility of transactions. This affects fungibility, because someone else might not want to take those coins off your hands either due to the history and association.
This makes a lot of sense then, so its one of the cons of Fungibility in real used cases as per Hive.
Fungible
Funny.
To a microbiologist, sounds like fungi
Haha, I know that feeling
Non-fungible would lean toward an asset class more non-moveable. Hive would need to stay fungible with the type of business model implemented here IMHO....
Haha, so this is futuristic or perhaps too ambitious?
I have sat and thought how non-fungible registers could be placed onto blockchain, similar to QR code renting space, keep everything safe with variety of documentation we collect throughout life, without inserting chips into ones body.
Similar to Lord of the Rings, where one ring binds them all, this would be one key to keep all safe in one place....
I love the Lord of The Rings Analogy