Frequently Asked Questions
What is NFT? Does it mean digital art?
NFT is the abbreviation of Non-Fungible Token. It is a representation of its underlying asset or identity that is unique and unchangeable on blockchain. Therefore, it is highly prospective as digital asset and identity proof. Digital art, being one of the digital assets, makes use of NFT technology to record the ownership. With Digiproof, NFTs can also be used by identity proof such as membership and certificate to represent the unique individual owner. Visit here for more details.
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Furthermore, Digiproof offer NFT development integratable with marketing strategies specified for retailers and service industry. From large-scale complex packages to SME-friendly solution, we assure our customers to receive the optimized service developed by our engineers. For more details please click here or book a free meeting.
What is blockchain and how is it different from cryptocurrency?
Blockchain is a distributed ledger technology - a digital and generalised version of accounting ledger to keep records of events, while storing in a distributed manner that various parties holding their own record, innovatively it ensures that all the digital data has the same version and hence no one is unable to modify or counterfeit, in addition to enhanced reliability.
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Blockchain can be used to record and store event, and can be used for data management, anti-counterfeiting, financial transaction, etc. Cryptocurrency is one of the blockchain applications that utilizes the benefits from blockchain to record and store financial transaction history in a public manner.
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Meanwhile various corporations use blockchain to manage and share operational data among industry peers to optimize workflow and reduce time and costs. You may know more about Digiproof's enterprise blockchain at here.
What is a smart contract? Is it an agreement?
Smart contract is a computer code to program the blockchain. It does not have to be in the form of a contract as it is not a digital agreement and no signature or obligation is required. Through smart contract, blockchain can work as the requirements from users to output the appropriate record of event.
What is gas fee? How is it related to gas?
We do not charge with gas fee and gas fee is a cryptocurrency fee paid to public blockchain maintenance parties to provide incentive for them to verify and store the data. Gas fee is determined by the gas usage of your smart contract, network supply and demand, and the cryptocurrency price. It can be resembled by the physical gas costs for a car with driver's usage, gas supply and demand in the region and currency exchange rate.
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Therefore, gas fee is fluctuating and may result in very high costs when the market is hot, and vice versa. Clients may adopt blockchain and NFT service in advance and reserve for later launching during intense market conditions.