PDF Publication Title:
Text from PDF Page: 003
insights. Thus, we contribute both descriptive and prescriptive knowledge to the young research domain concerning NFTs. Given that theoretic knowledge about opportunities and challenges in the area is scarce and best-practice approaches are lacking, we lay ground for further research and higher-theory (Gregor, 2006; Glaser, 2017). Third, we enable practitioners to gain insight into an efficient building process and enhance their understanding of NFTs and associated consequences of its use including potential benefits and challenges. The remainder of this paper is structured as follows: The next section provides a brief introduction into NFTs as a novel building block in the blockchain space and the current problems in the domain of ticketing. Subsequently, we outline the DSR methodology the paper adheres to in order to address the research question and lay out the application step by step. Thereafter, we describe the resulting artifact and present its software architecture and design. The second last section deals with the evaluation and discussion of the obtained results before we present our conclusion in the final chapter. Background Blockchain and Non-Fungible Tokens (NFT) Blockchain is a fairly new technology and first gained popularity as the protocol behind the cryptocurrency Bitcoin, which was introduced in 2009 at the peak of the financial crisis (Nakamoto, 2008; Zohar, 2015). Aside from this first instantiation and the use case of cryptocurrencies, a broader range of applications emerged – a development that is mainly attributed to the possibility to run pieces of software code on a blockchain (Beck et al., 2016). These so-called smart contracts, a term coined by Nick Szabo in 1994, allow parties that do neither know nor trust each other to securely perform transactions. The correct execution is ensured by a consensus protocol that runs on all participating nodes of the underlying blockchain and provides consistency (Szabo, 1994; Glaser, 2017; Sillaber and Waltl, 2017). The first and most popular blockchain protocol, that supports a virtual machine with which Turing- complete scripting languages can be executed is Ethereum, which was first introduced in 2014 (Buterin, 2014). As Ethereum is a public, permissionless blockchain protocol, it allows any user to create and deploy programs on its shared global infrastructure (Wood, 2014). A vibrant community has evolved that runs a multitude of pieces of software code (smart contracts) on the Ethereum blockchain. To foster interoperability, the community agreed on multiple application-level standards – so-called Ethereum Requests for Comments (ERCs) (Ethereum Foundation, 2018). The most well-known standard, called ERC- 20, specifies a standardized interface for fungible tokens which have been widely used to provide holders with certain access or governance rights, and to facilitate ICOs, a novel form of crowdfunding (Vogelsteller, 2015; Rohr and Wright, 2017). The spectacular popularity of ICOs, which raised over USD 7 billion in 2017 and more than USD 12 billion in 2018, has contributed to the global popularity of tokens in general (AutonomousNEXT, 2018; Pichler, 2018). A search on Etherscan, a popular Ethereum blockchain explorer, returns over 140,000 token contracts deployed on the public Ethereum main chain (Etherscan, 2018), indicating that tokens represent an important component for blockchain use cases. While fungible tokens, such as tokens based on the ERC-20 standard, have been widely used, a new class of tokens was introduced in late 2017 with the ERC-721 standard. The ERC-721 standard specifies a standardized interface for so- called non-fungible tokens (Entriken et al., 2018). The motivation behind the creation of this new standard was that a crucial difference between fungible tokens and non-fungibility tokens exists. The term fungible refers to the interchangeability of each unit of a commodity with other units of the same commodity, i.e. two parties could swap the same amount without any gain or loss. While fungibility – the ability to be substituted in place of one another – is an essential feature of any currency, non-fungibility is the opposite as every token is distinguishable and thus also cannot be divided or merged (Merriam-Webster, 2018; Voshmgir, 2018). This also has implications for tracking the ownership of tokens as each NFT needs to be tracked separately. The ERC-721 standard specifies that every NFT has a globally unique id, is transferable, and can optionally include metadata. NFTs were created for a specific purpose – to represent ownership over digital or physical assets (Entriken et al., 2018). While the concept of “colored coins” as a representation of real-world assets on the Bitcoin blockchain has been discussed before the advent of Ethereum, with the creation of the ERC-721 standard this idea has first been realized (Wang, 2017). The first application based on NFTs to reach widespread adoption was a virtual online game called CryptoKitties. The game took up more than 70% of the transaction capacity of the Ethereum network at one Fortieth International Conference on Information Systems, Munich 2019 3 Non-Fungible Tokens as Event TicketsPDF Image | NFTs in Practice
PDF Search Title:
NFTs in PracticeOriginal File Name Searched:
wi-1045.pdfDIY PDF Search: Google It | Yahoo | Bing
NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
IT XR Project Redstone NFT Available for Sale: NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Be part of the future with this NFT. Can be bought and sold but only one design NFT exists. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Turbine IT XR Project Redstone Design: NFT for sale... NFT for high tech turbine design with one part 3D printed counter-rotating energy turbine. Includes all rights to this turbine design, including license for Fluid Handling Block I and II for the turbine assembly and housing. The NFT includes the blueprints (cad/cam), revenue streams, and all future development of the IT XR Project Redstone... More Info
Infinity Turbine ROT Radial Outflow Turbine 24 Design and Worldwide Rights: NFT for sale... NFT for the ROT 24 energy turbine. Be part of the future with this NFT. This design can be bought and sold but only one design NFT exists. You may manufacture the unit, or get the revenues from its sale from Infinity Turbine. Royalties go to the developer (Infinity) to keep enhancing design and applications... More Info
Infinity Supercritical CO2 10 Liter Extractor Design and Worldwide Rights: The Infinity Supercritical 10L CO2 extractor is for botanical oil extraction, which is rich in terpenes and can produce shelf ready full spectrum oil. With over 5 years of development, this industry leader mature extractor machine has been sold since 2015 and is part of many profitable businesses. The process can also be used for electrowinning, e-waste recycling, and lithium battery recycling, gold mining electronic wastes, precious metals. CO2 can also be used in a reverse fuel cell with nafion to make a gas-to-liquids fuel, such as methanol, ethanol and butanol or ethylene. Supercritical CO2 has also been used for treating nafion to make it more effective catalyst. This NFT is for the purchase of worldwide rights which includes the design. More Info
NFT (Non Fungible Token): Buy our tech, design, development or system NFT and become part of our tech NFT network... More Info
Infinity Turbine Products: Special for this month, any plans are $10,000 for complete Cad/Cam blueprints. License is for one build. Try before you buy a production license. May pay by Bitcoin or other Crypto. Products Page... More Info
| CONTACT TEL: 608-238-6001 Email: greg@infinityturbine.com | RSS | AMP |