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Before You Mint Your NFT

With NFT season taking a bit of a breather (kinda), I thought this would be the perfect time to lay out a few things to consider before minting an NFT.  If you missed the frenzy, well, welcome. "NFT" stands for non-fungible token and these digital tokens represent real world ownership and provenance of a particular asset. NFTs are minted (i.e., produced), stored and transacted (bought/sold/traded) on a distributed ledger like blockchain. Some NFTs represent ownership of tangible assets and some NFTs are digital/virtual assets  (yes, a digital piece of art was purchased for $69M). "Non-fungibility" is a scary word but it essentially means that the asset is unique, cannot be interchanged with another asset, and cannot be replicated. Think of NFTs as either collectibles, like artwork and trading cards, or title to tangible/real property, like real estate and cars.  So with all the excitement having simmered down a bit, below are a few things to think about before you
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The Rundown on CBDCs

Everyday there is a news report about a country that is "exploring" or "studying" the possibility of developing a central bank digital currency (CBDC). In the past few days, I've read articles about Rwanda, Israel and France looking to pilot programs with CBDCs. And yesterday, the Bank of International Settlements announced its backing of the development of CBDCs. With approximately 80% of central banks around the world taking a closer look at CBDCs, now is as good a time as any to learn more about them. What Are They? A central bank digital currency is exactly what it sounds like--a digital currency issued by a central bank. In the same way our central bank, the Federal Reserve, issues the U.S. dollar, it would similarly issue some official U.S. digital currency ('digital dollar'). This is pretty much where the simplicity of it all ends. Things get really hairy (really fast) when central banks have to figure out how CBDCs fit into a traditional financ
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New home. Who dis?

This post will be short and not blockchain-related. I recently moved my blog to a new platform so I'm still working out the kinks on the aesthetic aspects. Thanks for your patience!
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ABCs of DeF(i)

The summer of 2020 is notable for a host of reasons. A pandemic. #BLM protests. USPS shenanigans. But within the blockchain/crypto space, the summer of 2020 will be remembered as "DeFi Summer." Short for "decentralized finance," DeFi refers to a system of automated financial arrangements stored and executed on a distributed ledger such as blockchain. One of my business faves, Mark Cuban, recently touted the potential for DeFi to explode in the next 10 years. I may be biased but I agree; DeFi has the potential to revolutionize finance. Automation is Key We know that blockchain can facilitate peer-to-peer transactions in a trustless environment, that transactions happen without the need for a third party intermediary, and that an immutable record of the transaction is stored on the ledger. In other words, transactions happen automatically and records of transactions are incapable of being changed. This is why bitcoin was created. This is blockchain 1.0. We also know
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A Changing Tide. But Not Really.

I almost titled this post, "An Open Love Letter to Rep. Darren Soto" but I thought that might be weird. I landed on [whatever it is] because it has recently occurred to me that there may be significant legislation around blockchain coming out of Congress this session. Rep. Soto (FL-09) has been one of blockchain's biggest champions on Capitol Hill and I expect that will continue to be the case. In anticipation of "big things blockin," I thought I'd revisit two blockchain bills that made it out of the House of Representatives during the last congressional session. Given the change in the make-up of the Senate, maybe we'll see them again. But maybe we won't need to see them again....? Stay tuned. The first of the two bills was the Blockchain Innovation Act. This legislation sought to have the Department of Commerce and Federal Trade Commission study the use of blockchain technology in commerce and assess its fraud and security risks and benefits. This
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Happy New Year! + OCC OKs Stablecoins

Happy New Year from the most consistently inconsistent blogger to ever have blogged! I've finally accepted myself for who and what I am in hope that I'll surprise myself by becoming inconsistently consistent. I'm trying to make 2021 "The year of execution" so *fingers crossed* we shall see. On to the Office of the Comptroller of the Currency (OCC)... Yesterday, the OCC announced (well, clarified) that banks are able to use distributed ledger technology (e.g., blockchain) to verify and store transactions and they are also able to transact stablecoins. Banks must continue to comply with the applicable laws and other sound banking practices, such as "Know Your Customer," anti-money laundering controls, and Office of Foreign Assets Control sanctions. However, the OCC recognizes the efficiency and security benefits associated with blockchain technology in banking. The regulator also recognizes the banking industry's track record of competently (mostly) de
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Domains on the Chain

Have you ever purchased a domain name? Every single time I have a "billion-dollar idea," I buy a domain name. It's a habit that I got into about 6 years ago. I've owned countless domain names but one of the annoying things about buying domains is that you have to renew them annually (so, it's really more like you're renting the domain name). You are also more or less at the mercy of the domain host, domain registrar, server host, and/or governmental and non-governmental organizations. These entities all have varying degrees of control over your use of your domain. This is a hallmark of the centralized digital world we live in. But, as I've said for many years now, blockchain technology presents the opportunity to change that. I recently learned about Unstoppable Domains--a service offering domain names that end in .crypto or .zil. Domain names purchased from Unstoppable Domains are owned by the purchasers for forever (no annual fees), they are stored in a
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