There should only be 1 in existence, and you should have it in hand if paid in full.
You should be the ONLY person with the legal right to own/hold it, as you now do with said deed in hand.
Now you take said deed, add additional layers of security to it by locking it up in the bank vault. Think of the blockchain in this scenario as a bank vault during business hours. You know you cannot just go into the vault and take a single dollar, it's impossible. BUT, you can see the vault door is open and the public can see inside.
Once minted on the blockchain, it's locked in, and the data it holds cannot be changed/altered...forever. You can still go look at it, but you cannot alter it. Only the owner can transfer it because you hold the data needed to do so. Nobody can make a fake copy and try to scam you out of your money. Even if they made a replica, it does not match the original data minted in the beginning. This can easily be verified by looking at the initial minting.
There are other things here to consider, like metadata hash and such, but that gets a bit techy and i'm not the proper person to break that down thoroughly.
I hope this answered your question fren.
I have no problem answering questions if I have an answer to give. But it has to be done the proper way, you know, like a civilized human being does...as yourself of course :)
Ok, so I think I’m understanding better now. For Melania’s basically, you are purchasing a unique product which only you own with the proceeds going to a good cause? For the pop vinyl, you are purchasing a unique piece of garbage, but it’s unique nonetheless? I suppose the implications of NFT can be even larger, but I get the gist I think now, thanks fren :)
The only thing else you need to add to purchasing a unique product, is that in doing so, you are also getting a certificate of authenticity and proof of ownership at the same time. As long as you hold the key, so to speak, nobody can ever touch your product or claim it as their own.
Now you can also easily setup private chains to where your NFT is NOT publicly visible. Everything else is in play as we've mentioned above, but the key to this is you do not want anyone to go and look at your personal data on said deed on a public/visible chain.
Thanks so much for the replies fren. It honestly made all the difference. I’m starting to understand this quite a bit now, I think. It is actually a really neat thing with many applications in the long run. Now, one last question-where is this key stored? On a flash-type drive , or embedded into the file directly? Both? I think that’s the last thing I’m trying to grasp here. Thanks again!
That'll be up to where you want to store the "key" but the absolute best option is off your technology devices such as computer or phone. The best and most safe route is to write it down, laminate it, and store it in a safe place that only you know of. Too many hackers out there that could compromise your security nowadays.
Take your house deed/title for example.
There should only be 1 in existence, and you should have it in hand if paid in full. You should be the ONLY person with the legal right to own/hold it, as you now do with said deed in hand.
Now you take said deed, add additional layers of security to it by locking it up in the bank vault. Think of the blockchain in this scenario as a bank vault during business hours. You know you cannot just go into the vault and take a single dollar, it's impossible. BUT, you can see the vault door is open and the public can see inside.
Once minted on the blockchain, it's locked in, and the data it holds cannot be changed/altered...forever. You can still go look at it, but you cannot alter it. Only the owner can transfer it because you hold the data needed to do so. Nobody can make a fake copy and try to scam you out of your money. Even if they made a replica, it does not match the original data minted in the beginning. This can easily be verified by looking at the initial minting.
There are other things here to consider, like metadata hash and such, but that gets a bit techy and i'm not the proper person to break that down thoroughly.
I hope this answered your question fren.
I have no problem answering questions if I have an answer to give. But it has to be done the proper way, you know, like a civilized human being does...as yourself of course :)
Ok, so I think I’m understanding better now. For Melania’s basically, you are purchasing a unique product which only you own with the proceeds going to a good cause? For the pop vinyl, you are purchasing a unique piece of garbage, but it’s unique nonetheless? I suppose the implications of NFT can be even larger, but I get the gist I think now, thanks fren :)
The only thing else you need to add to purchasing a unique product, is that in doing so, you are also getting a certificate of authenticity and proof of ownership at the same time. As long as you hold the key, so to speak, nobody can ever touch your product or claim it as their own.
Now you can also easily setup private chains to where your NFT is NOT publicly visible. Everything else is in play as we've mentioned above, but the key to this is you do not want anyone to go and look at your personal data on said deed on a public/visible chain.
Thanks so much for the replies fren. It honestly made all the difference. I’m starting to understand this quite a bit now, I think. It is actually a really neat thing with many applications in the long run. Now, one last question-where is this key stored? On a flash-type drive , or embedded into the file directly? Both? I think that’s the last thing I’m trying to grasp here. Thanks again!
That'll be up to where you want to store the "key" but the absolute best option is off your technology devices such as computer or phone. The best and most safe route is to write it down, laminate it, and store it in a safe place that only you know of. Too many hackers out there that could compromise your security nowadays.