nft4

Basically, a smart contract is built on top of the blockchain where people develop automation mechanisms for certain actions, or ‘if-then’ statements. While simple to understand for developers, this system of automation (a process known as non-fungible token) can be tough to grasp for everyone else. Image source:  decrypt.co To start explaining how the process works in layman's terms, let's start with some background information about what exactly this system is used for. Tokenization is a process in which tokens represent unique items. Tokens could be used on blockchains or mobile app stores to buy and sell digital goods, such as apps, music, games and other content. Image source:  nftnow.com As tokens can then be traded by anyone without relying on centralized exchanges to facilitate the transaction (such as stocks), it offers a practical solution for crypto exchanges that have been struggling with growing pains. In addition, tokenization will enable new business models for