NFTs and Central Bank Digital Currencies | Lamont Black, Ph.D.

Lamont Black

This is module 9 of 10 for the Blockchain and Cryptocurrency course.

Module 8 << | >> Module 10

Readings

Non-Fungible Tokens

ERC-721 Tokens

Central Bank Digital Currencies

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Self-Directed Learning

• Buy an NFT. You can use an NFT exchange like OpenSea or go back to some of the original NFTs like CryptoKitties.
• Track your transaction in your digital wallet and on a public blockchain.
• Research the current state of central banks exploring the use of central bank digital currencies (CBDCs).

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Online Discussion of Module Topic

Write down what you are learning and questions that you may already have in the areas of NFTs and CBDCs. Here are some prompts to get you thinking:

• Explain what an NFT is in your own words.
• Explain what a CBDC is in your own words.
• What are historical and current examples of NFTs?
• What are the benefits of NFTs?
• Why do NFTs have value?
• How do NFTs show up on blockchain explorers?
• Do you think CBDCs are the future of cashless societies?
• What are the pros and cons of a CBDC relative to cryptocurrency?

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Team Project Work

In this part of the project work, the business contributors and technical contributors should be working together on designing and building a user interface for their decentralized application.

–Business Contributors

Each team should make one post to the online discussion under “Other Topics” for Module 9. That post should include the following:

Step 1. Write a business description of the smart contract. How does it work? What is it’s functionality? How does it provide the service that is at the core of your decentralized application?

Step 2. Work with your technical contributors to develop a shared vision for the user interface. How will users interact with your application? How can you streamline the UI to focus it on the core functionality? In your post, write about how you answered these questions.

Step 3. Your technical contributors are working on creating a demo of the UI. Include some features of the UI demo in your post.

–Technical Contributors

Step 1. Build a sample user interface (UI) for your decentralized application. It can be a mockup or sketch using a tool like https://moqups.com/ 

Step 2. Create a demo that works on a local testnet or live Ropsten Testnet

Step 3. In your team GitHub branch, submit one or more screenshots demonstrating the different UI functionality.