CryptocurrencyScripts

Tag: non fungible tokens

The 2022 Scripts: CryptocurrencyScripts Annual report!

You read through our content while we watched the charts and wrote even more. Not sure what the charts felt like, for you, but it’s generally not fun to watch the whole space weaken against a band of the worst financial news you ever heard. We could go on and on about how 2022 was a year to forget for the cryptocurrency markets, but since “it’s not about the money”, we will put that aside and detail you on how we fared this year!

Well, if the coffee hits the right spot, we might put out a 2022 summary. Hint: The title will be “Death to 2022”

CryptocurrencyScripts is “keeping up”; keeping up with events, with the bankruptcy, and hooking you up with these events in the most fun way, if you missed any of your 2022 publications, you can get to them here.

Closing in on what has been another amazing year for us, we did a couple of plausible stuff, and here’s a spoiler, We didn’t go bankrupt…at least not yet.

In 2022 we:

Didn’t stop writing

You know that popular where condition writers run out of ideas? We can’t really get the proper word for that but that’s because we didn’t experience it in 2022. One sentence after the other and we built quite a good number of words and put them out, one content after the other. We literally discussed crypto and wrote some nice scripts…they all played out!

Collaborated with other projects

CryptocurrencyScripts is powered by writers, as individual writers, and as a collective team, we have been involved in quite a reasonable number of projects. CryptocurrencyScripts in 2022 delivered content for cryptocurrency startups like Inocyx, Mosdex, Sleefi, CoinLore, MetaApes, and a few more. Affiliated writers have taken up writing roles at reputable cryptocurrency projects like CoinGecko, Gate exchange, Citizen (CTZN), OKX exchange, Tokenguard, and even more. We are excited to share our skills with other brilliant projects in the space!

Launched our official blog!

Yeah, have you seen this? The cryptocurrencyScripts blog is officially live! We are progressing with our goal of gaining a bigger internet presence and reaching out to even more readers with our content. As part of this goal, an official website has been added to our list of outlets. We will simultaneously maintain these channels and make additions and removals as the need may be. Visit and bookmark our official website!

Watched the charts

Like the space, we watched the charts. Unfortunately, we witnessed many meteorites fall. In fact, the whole charts look like fallen stars making their way to the center of the earth. The gravitational pull was fierce. Anyways, if Mr. Sam could post that $250 million bail, then he might also come back to save FTX and the whole space. He just needs 100X more.

Spent Quality time with you!

We develop our content like discussions, open opinions calling for arguments and criticisms and each time we post them, we get just what we want! A good number of readers raising their arguments in the comment sections and interacting with other readers; that’s exactly the plan! We spent a good time replying to the comments directed at us and reading the interaction! Time well-spent!

Awesome year! I heard you say that, but we are not relenting in our mission to keep you refreshed in a space that makes sure you don’t get any refreshments. Moving into another positive year, we hope to do better.

So, in 2023, we will:

Continue writing

As long as this space continues to welcome new developments every second, our pen will continue to flow. Even when we run out of ideas, the next pump or dump is already a good way to start. We promised to keep price talks at the minimum though. Nevermind, you won’t need to worry about our articles telling you about “the Next 1000X”. We will continue writing, you can count on that!

Continue to grow

In 2022, we saw a significant increase in external collaborations, as a team and individual writers. This is a positive development for our growth. We are exploring ways to disperse our services and grow the project itself. In 2023, we hope to come up with solutions and implement them. In addition, we are also ruminating on ways to improve readers’ experience and be even more resourceful to our audience. These we hope to tackle in the coming year.

Love to work with you

One of the main goals of CryptocurrencyScripts is to build around itself, a community. A community of people who wish to discuss cryptocurrency and not only “get rich quick” schemes. We hope to welcome our readers to our Telegram channel and grow as a discussion community without necessarily issuing tokens or going deep into monetization. Stay hooked with us and let us how we can improve on this!

What more can we say? Thank you! we are just a class of clueless writers building words on the internet. Our time in the space has been a beautiful one, this is only possible because you are devoted to giving us your attention. If you spent the whole year shorting cryptocurrencies, then you must be reading this from your Tesla Model Y, else, the public buses are still a fun thing…pun intended. Notwithstanding, we appreciate your contributions and see you in 2023!

Here’s a list of our outlets!

25/12/2022
What are SoulBound tokens?

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You probably haven’t heard about it, could be a popular hype word for the next set of Bullrun pump and dumps; we are all here for it anyways. In an almost 40 pages whitepaper, Vitalik Buterin alongside other authors shared the mechanics of SoulBound tokens. The Canadian developer shed light on what he described as the ‘future’. NFTs are pretty special kinds of stuff; currently popularized by digital content owners creating signatures to their media, NFTs are currently important in the crypto space majorly for financial reasons. NFT collectors couldn’t care less about the technology. Billions of dollars worth of art and photography NFTs have been traded on NFT marketplaces since the concept gained fame in the last quarter of 2020.

This article reflects on other less popular but more important applications of NFTs.

Soulbound tokens (SBT) are NFTs; a unique form of NFTs. Like the common NFTs that create unique and immutable signatories for assets, SoulBound tokens are designed to certify certain personal attributes, qualifications, and identities. Soulbound Tokens depict holders’ innate abilities, qualifications that they have earned, and any other characteristics that are peculiar to them. Like a badge, they display these qualifications and features and present easy means to verify them. According to the whitepaper co-author, Glen Weyl, Soulbound tokens will be due for release in the last quarter of this year.

Normal NFTs create verifiable ownership of assets (most popularly, digital assets); Soulbound tokens create a verifiable proof of personal attributes. Soulbound Tokens (SBT) are pretty much like Non-Fungible Tokens (NFT), a big difference being the fact that they are non-transferable and are to be issued by the entity awarding the concerning qualification. Like your degree certificates, a Soulbound token confirming your qualifications can be issued by your academic institution. These tokens are unique to the holder and the issuer.

Soulbound token authentication will create a new and better way of creating and verifying credentials. Falsifying Soulbound tokens is impossible and so are the credentials they attribute to the holder. The use cases are boundless. certifications, proof of originality, proof of participation, proof of membership…

The inabilityto transfer Soulbound tokens makes them less lucrative as they cannot be traded like every other NFT, however, they weren’t meant to be traded.

Can you lose your Soulbound token? Well, the answer might be a bit complicated but; Yes, and also NO. No, because Soulbound tokens are issued to your Ethereum address and can not be moved from the address. This means that as long as you retain ownership of your address, your Soulbound token remains yours and cannot be moved. However, in case of a wallet hack or loss of wallet keys, accessing your Soulbound tokens will be impossible. This technically means that you’ve lost them, along with your address.

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In the whitepaper released, the authors shared insights on a community recovery method. This explains an approach designed to recover keys to a Soulbound token through a DAO of delegated participants. The ‘community recovery’ method presents a means through which lost Soulbound token keys can be retrieved through appointed institutions or individuals who have the ability to access and change the private keys to a wallet should it get compromised. These guardians must be members of a qualified majority of a (random subset of) Soul’s communities.

When Soulbound tokens are finally rolled out, they will help fight identity theft, scams and fake certifications in crypto and mainstream systems.

20/12/2022
Ethereum will flip Bitcoin. But when?

Every cryptocurrency investor shares the random thought of bitcoin getting ousted. The oldest cryptocurrency and blockchain has spent its whole years of existence on top of the charts. Dominating a fast-growing space and pioneering tremendous developments; the ‘future of money’ controls over 30% of the total crypto market valuation. The top list is ever-changing, a number of projects have occupied positions in the elite league. Only a few have kept this position for a reasonable duration. The competition at the top is stern, but for bitcoin; it is lonely at the top.

Apart from the alpha cryptocurrency, only one project has spent a ‘long’ time in the elite position — Ethereum. Vitalik Buterin developed a technology that has won the heart of many. Since its debut in 2015, Ethereum has become a household name in the space. The most used and emulated project, that’s a simple description for Ethereum’s reputation amongst developers and enthusiasts. The most actively developed too.

Thanks to brilliant technology and widespread adoption, Ethereum has claimed a position just below bitcoin. Unlike other projects that once occupied this position, it has retained it for a relatively long time and had been dubbed bitcoin’s successor. Well, dare to dream. If any current cryptocurrency project stands a chance of taking over bitcoin at the top, it’s Vitalik’s brainchild.

Does Ethereum have what it takes to move to the absolute top? I’d say YES; technically. But then these need to happen before that…

Ethereum’s ascension will need a little bit of bitcoin’s share of attention. Not just bitcoin maximalists, the whole space is much dependent on bitcoin and what happens around it. The old ‘reserve currency’ is currently the sole dictator of the direction of other assets in this space. It will be tough for Ethereum to climb to the top while bitcoin retains this undisputed rulership figure. The bitcoin hype needs to die, at least a little. This won’t be easy, bitcoin moving over to second place will be a bizarre sight too.

Anyways, bitcoin’s hype isn’t the only impedance on Ethereum’s ascension. Ethereum has its own problems too. Fees, speed…you name it. Despite being the most developed blockchain to date, the smart contract chain is still unusable to many. If any cryptocurrency is going to trump bitcoin, it has to be special. Ethereum is special, no doubt; it still needs a whole new level of efficiency to move over to the number one position. A lot of developments are rumored to be coming to the chain, maybe this will be a revolution…who knows.

Unlike bitcoin, Ethereum is built for several purposes. There’s a long list of unique things that can be built on the chain. The quality of projects built on Ethereum has a big impact on its growth. The tons of projects currently running on Ethereum are the principal reason for the price growth over the years. This growth will continue for as long as reputable projects launch on Ethereum and existing ones continue to make great progress. However, if Ethereum will ever grow past bitcoin, mainstream institutions will have to build alternatives or replacements for normal products or services on Ethereum.

Visa recently shared plans to build a payment solution on Ethereum. This and even more are possible on Ethereum. Mainstream firms and brands can launch incredible services on Ethereum. This will boost the price greatly and ease Ethereum’s journey to the ultimate top.

Just like Visa’s payment solutions, Central Bank Digital Currencies (CBDCs) can be launched on the Ethereum blockchain. Most cryptocurrency enthusiast frown at CBDCs, but the reality is; they are here to stay. Not just here to stay, they stand more chances of survival than most normal payment solution crypto projects. Most governments are building their own blockchains to launch CBDCs. While this is for obvious reasons, the Ethereum blockchain can easily host as many CBDCs as possible. Nations should consider taking this route, which is relatively cheaper and easier. Ethereum as a hub for CBDCs will be a huge boost for adoption and value as well.

You surely have your preferences and you hope to see them at the top. If anyone is ever going to come too close to overthrowing bitcoin, Ethereum is first on my list. This space is unpredictable and the most reasonable scenario is bitcoin retaining its position. But anything is possible and Ethereum could go all the way. Or XRP? Well, feel free to dream!

20/12/2022
Non-Fungible Tokens might replace Netflix Subscriptions!

Obviously not the best series on Non-fungible Tokens yet, but if you’ve been following this series; one thing for sure is, you realize that NFT isn’t just about creating art and selling them or buying art on NFT marketplaces. Check out the previous part, hopefully, you’ll be able to get your flight tickets as NFTs in the very near future. NFTs are here to stay, the question is how far they will go in penetrating the most important aspects of human life, especially where it concerns flexible ownership structure and ownership verifications.

We’ve discussed a few of these possible applications and again, we take a look at a few others.

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Media ownership

Unarguably the most popular application of NFTs. You probably own a number of digital art NFTs. The weirdest images are hitting NFT marketplaces and getting sold for some tangible price. Artists are jumping in to at least make a living through their craft. Musicians and video content creators are also exploring the chances of distributing ownership rights of their media via NFTs. Non-fungible tokens have proven to be competent in this aspect, obviously.

It’s no news that “NFT arts are overhyped”, arguments about ownership of these sold arts continue to heat up too. Regardless, NFT arts continue to grow even stronger.

Paid online subscription

Netflix and chill? Even if you’re not a fan of movies, you still have to subscribe to a couple of online services. The only tangible change in online subscriptions since they became a thing is the cost of a subscription. The technology and the user interface…basically the same thing. Not really so progressive, in my opinion, especially when there are available alternatives that work even better. Paid Subscriptions, in contrast to the aforementioned application, are rather time-based and not a one-time redemption process.

NFTs still come into play, regardless. Developing NFTs to represent and validate subscriptions will improve the accuracy of financial estimations. Not just that; NFTs are immutable, and subscriptions cannot be maneuvered if they are issued as NFTs.

Meal tickets and food stamps

We’ve mentioned ‘tickets’ in almost every part of this series, and you’d at least agree that the current tradition of carrying physical tickets is getting boring. It’s arguable if anyone ever found them aesthetically appealing. NFTs are the best bet if we’re ever going to go paperless in ticket vending. Meal tickets, food stamps…presenting these at the counters is so 1980s.

NFT tickets are a perfect replacement. In addition to adding the very much-needed flair to the ticket vending system, NFT tickets are easier to disburse, handle and redeem. Redeeming NFT tickets at the counter is as easy as buying coffee with the bitcoin lightning network and easier than surfing through your wallet to find a frail-looking paper ticket.

The list is actually inexhaustible; it only takes a little more exposure to realize a couple of other ways digital signatures could replace a number of existing options in some concerning areas. You surely have a few suggestions, share them!

19/12/2022
How lucrative is the future of NFT?

How lucrative is the future of NFT?

NFT enthusiasts have moved Billions of dollars in NFT arts and multimedia since the idea came to life as a valuable item. Mainstream and local artists have since made life-changing wealth from selling otherworldly arts and rare pictures. (successful) NFT traders have turned their fortunes around by flipping NFTs on NFT marketplaces. The widespread rumors of staged trades and artificially bloated NFT might not be a fact, but the mind-blowing NFT value figures could easily trigger rumors like these. Bored Apes are arguably the most popular NFTs and have seen incredible growth; in popularity and value, but many other similar projects have seen wild growth as well.

I’d assume every NFT trade and positive statistics to be 100% real, even if they are not; the concept has been undoubtedly yielding for anyone who dived in successfully. Do share your NFT story with us anyways! That being said, the scope of NFTs has been grossly limited to art trades and multi-media vending. Denis Rodman’s NFT collection has moved over 590 Ethereum at the time of this writing. The popular ‘tough’ guy made it clear that he simply “want to make money” from his NFT drop. Not sure about his current financial condition, I only hope 500Eth is enough money. He probably made more from throwing balls for a few hours.

Expensive arts have a rich history, you might have seen movies about them. Dwayne Johnson and Ryan Reynolds did a good one too. In contrast to NFT, these are (very) special Arts and usually ‘one of ones’. Well, when you simply have to move some nerdy virtual coins, you are bound to be a bit extravagant. The NFT buzz has tuned down a bit, but this can be blamed on the crashing cryptocurrency market. A return might be possible when the market returns, or even before then. Regardless, most NFTs have seen their peak and will always be a shadow of their best, but NFTs will continue to be a prized asset for quite longer.

The future of NFT is however not geared towards a continuation of the photo-vending use case. While artists will still be able to drop their arts on marketplaces for collectors, this practice will begin to fade when NFT arts fail to meet up with the utility demands.

Arts and multimedia trading is the current buzz, but the utility of NFT as technology lies elsewhere. Cryptocurrency projects are already exploring ways of introducing NFTs as a competent way of assigning viewership tickets to sports fans. A welcome development and NFTs will do just well in this aspect. NFT sports tickets are easily verifiable and immutable. Just like NFT vouchers, these tickets can be easily redeemed and reused. Cinemas can also adopt this exact technique to issue movie tickets to their customers. NFT attributes can be used to encode the provisions of these tickets.

NFTs could replace the traditional algorithm of assigning ownership rights to vouchers. Spending NFT vouchers is as easy as redeeming an NFT for a prize. This also saves the institution from producing new vouchers regularly as NFT vouchers can be re-used over and over again…as much as possible.

Novel Cryptocurrency ideas have a record of fading into obscurity after a period of hypes and panic buys. A rather general phenomenon. NFT arts could follow a similar route while real utility NFTs take place in mainstream sectors. Would be a win for the technology itself. In contrast, these will struggle to command the financial sways NFT arts have easily pull-off for the past year. NFT minting platforms and marketplaces could still retain their function though not for billion-dollar daily transaction volumes.

Not to worry anyways; the most used words here are ‘might’ and ‘could’. These new use cases are still a couple of years away from relevance. Even if they come earlier, you’ll still be able to flip your ‘rare’ arts as long as collectors are willing to throw some heavy bucks on your collection. This is, however, for new NFT projects or older ones that stood the test of time. There won’t be many of the latter…of course.

18/12/2022