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Speaker 1: I mentioned it's a couple of episodes ago, but it

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Speaker 1: is important for you to be able to understand this

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Speaker 1: episode that you have a good grasp on a term

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Speaker 1: I used in a previous episode, which I think was

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Speaker 1: like seventeen terms you need to know to find your

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Speaker 1: success in n f T s and it is this

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Speaker 1: particular term called rug poll. And what a rug poll is.

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Speaker 1: It is effectively an n f T scam. It is

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Speaker 1: like squid coin. You guys all remember the popular Netflix

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Speaker 1: show Squid Games. There was this coin, this token that

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Speaker 1: was put out based on that whole theme that when

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Speaker 1: a bunch of people invested in that particular token, the

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Speaker 1: people who built that project ran off with the money.

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Speaker 1: And again, in the world of decentralized cryptocurrency assets and etcetera,

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Speaker 1: there's nobody to screen to when you get scammed. If

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Speaker 1: you got scammed, you got scammed. Pro her Ownership and

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Speaker 1: Care of an n f T. Like I thought that

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Speaker 1: title was pretty sweet. So let's talk about this today.

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Speaker 1: This episode is gonna be a little bit more technical

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Speaker 1: than we're used to when we're having these conversations on

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Speaker 1: this particular podcast, and so I thought it was necessary

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Speaker 1: to have this conversation because we're talking more and more

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Speaker 1: about n f T s and in order to be

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Speaker 1: like really good at this, Like it's one thing to

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Speaker 1: know the terminology. It's one thing to understand what the

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Speaker 1: n f T is, but it is another thing to

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Speaker 1: understand how you can get got when you talk about

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Speaker 1: n f T s. How to understand the value of

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Speaker 1: an n f T And like what does it mean

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Speaker 1: to like have a digital asset that is not sitting

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Speaker 1: like on a hard drive, like sitting in front of

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Speaker 1: you right and so I have like this lacy um

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Speaker 1: rugged hard drive. It's like a to tear to terror

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Speaker 1: body drive sitting right in front of me right now.

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Speaker 1: And this little to terror body drive. You know you've

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Speaker 1: seen these. Some of you guys have these little orange

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Speaker 1: or they're they're silver drives where they have orange like

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Speaker 1: bubble stuff around him. And what we are used to

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Speaker 1: is having like a JPEG or like the jpeg like

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Speaker 1: an image or a word document or an MP three

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Speaker 1: file stored on a drive like this or like a

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Speaker 1: little thumb drive or maybe we're a little bit more

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Speaker 1: sophisticated and we're used to storing those sorts of files

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Speaker 1: on like Google drive or on drop box. So today

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Speaker 1: we're gonna talk about storing an n f T, what

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Speaker 1: the implications are of how an n f T is stored,

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Speaker 1: and why you want to know how an n f

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Speaker 1: T is stored? And can you get got We talked

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Speaker 1: about this on an episode ago talking about the rug pool.

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Speaker 1: We're gonna talk about that today. And so by the

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Speaker 1: end of this episode today you will be a little

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Speaker 1: bit more equipped to own an NFL team and to

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Speaker 1: keep your ENMT safe from the boogeyman. This episode may

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Speaker 1: like span several episodes because then it is a real,

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Speaker 1: really important conversation. But today we're gonna talk about three things.

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Speaker 1: We're gonna talk about the mid two thousand's that will

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Speaker 1: make since in a second. We're gonna talk about file coining,

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Speaker 1: which is a token, and we're gonna talk about I

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Speaker 1: p f S into planetary file system. Those sound like

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Speaker 1: way out of here. If you're non technical, don't get scared.

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Speaker 1: Don't be scared. Uh, this episode is not meant for like,

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Speaker 1: this is not meant for computer scientists. It will make

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Speaker 1: sense in the second I promise you if you just

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Speaker 1: stick with me. So a lot of you guys are

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Speaker 1: more aware or have experience with distributed decentralized file storage

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Speaker 1: than you might realize. And so actually before I get

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Speaker 1: that far, I kind of jump ahead of myself. And

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Speaker 1: so it is important to understand with an n f T,

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Speaker 1: what you don't want is an n f T to

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Speaker 1: be stored on like blue host or like even a

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Speaker 1: WS or drop box, which an n f T could

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Speaker 1: be stored on those those file systems, those centralized servers,

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Speaker 1: they could be stored there. You don't want that. In

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Speaker 1: this episode, you're gonna understand why you don't want that.

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Speaker 1: What you want is an immutable, permanent, forever system that

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Speaker 1: stores your digital asset and you never have to worry

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Speaker 1: about if you're gonna get rug pulled if your thing

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Speaker 1: that you paid good money for money that you've earned,

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Speaker 1: money that is rightfully yours. You earned this dollar, and

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Speaker 1: you spent this dollar on a digital asset. You want

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Speaker 1: to be sure that the asset is gonna be there

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Speaker 1: forever in the day because it's a part. The value

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Speaker 1: of an n f T is like the age of

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Speaker 1: the thing, and so it's gonna be really, really, really

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Speaker 1: amazingly cool in fifteen years. Let's say, like a Fortnite

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Speaker 1: skin was an n f T, and they put out

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Speaker 1: a Lebron James or a Spider Man n f T

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Speaker 1: as the Fortnite skin in one and I bought it

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Speaker 1: in one and there was only ten thousand of them.

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Speaker 1: That's all they produced. If you got it, you got it.

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Speaker 1: If you didn't, you missed out. And then now the

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Speaker 1: year is and I have that Spider Man, that Lebron

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Speaker 1: James skin on Fortnite. That's it's still a thing in

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Speaker 1: Fortnite is but it's this big, you know, metaverse. And

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Speaker 1: I have a skin from back in twe that was produced.

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Speaker 1: That's that's probably gonna have some value because there's no more.

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Speaker 1: You can't go back in times and say I have

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Speaker 1: a Lebron James skin on Fortnite and fake it. Because

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Speaker 1: the blockchain is immutable, you can't change it. You can't

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Speaker 1: fake it their provenance. There is a chain of custody

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Speaker 1: of this particular n f T, of this particular skin

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Speaker 1: that can you anybody, anybody in the world can go

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Speaker 1: and see this forty plus character address that says where

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Speaker 1: this n f T came from. Every n f T

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Speaker 1: has an address on the block chain that anybody can

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Speaker 1: look at and see the record of the chain of

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Speaker 1: custody and tell that it was a legitimate Fortnite created

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Speaker 1: Spider Man skin. Everybody can see it. I can't fake it.

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Speaker 1: So it's important to remember that there is an n

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Speaker 1: f T is like a line of code that rev

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Speaker 1: for inces an asset. And so if you've ever saved

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Speaker 1: a jpeg, let's say you took a picture on your

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Speaker 1: your phone. I have an iPhone UM whatever the newest

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Speaker 1: one is is the max I have that. It was

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Speaker 1: like a thirteen fourteen fifteen. I don't even know with

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Speaker 1: whatever the big the newest iPhone is. I have this iPhone.

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Speaker 1: I'll take a picture. I air dropped this picture to

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Speaker 1: the desktop of my MacBook Pro. It's gonna give me

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Speaker 1: if I write click on it, I can get info

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Speaker 1: and it'll tell me a whole bunch of stuff about

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Speaker 1: that picture. It'll say where the picture was taken, which

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Speaker 1: kind of camera the picture was taken with, where the

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Speaker 1: picture was taken, It'll tell me the name of the

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Speaker 1: file that is actually the picture. So let's say it's

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Speaker 1: I m G nine zero nine one dot jpeg or

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Speaker 1: whatever your photo gives you. You don't really pick that,

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Speaker 1: it just gives it to you. All of those things

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Speaker 1: are called metadata, and so within n f T, the

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Speaker 1: n f T is the smart contract. It is all

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Speaker 1: the things that point to that specific set of metadata

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Speaker 1: and the rules associated with it. So we can also

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Speaker 1: add in of evan just the things we just talked about,

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Speaker 1: the where the photo, this, where the photo was taking,

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Speaker 1: the file name of that photo, the camera settings that

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Speaker 1: photo had. It also associates who owns this thing. So

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Speaker 1: there's a chain of custody. So from the beginning of

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Speaker 1: it being minted to the present day owner, there will

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Speaker 1: be a record of provenance, a chain of custody which

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Speaker 1: says these are the journeys, these are the travails this

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Speaker 1: particular n f T has taken it. It was owned

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Speaker 1: by this person, it was owned by that person, It

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Speaker 1: was on by this person, It was sold on these dates,

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Speaker 1: and it is currently owned by this person who bought

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Speaker 1: it on this particular date. All right, So I'm way

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Speaker 1: off topic because this is so fun for me, because

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Speaker 1: I could do this all day. So this is so

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Speaker 1: fun for me. So let's talk about the the mid

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Speaker 1: two thousands, as I promised we would. If you remember,

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Speaker 1: if you are in an eighties baby, your nineties, baby,

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Speaker 1: you will remember bit torrent. So bit torn is where

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Speaker 1: I probably stole seven oh two's album, you know, or

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Speaker 1: I probably stole an album by Donnell Jones, or like

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Speaker 1: you know, I don't know the Chronic two thousand one.

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Speaker 1: It was something like that, isn't is. It was a

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Speaker 1: software that you could download in in order to like

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Speaker 1: steal the album that you wanted, you had to download

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Speaker 1: this piece of software called bit torn and from all

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Speaker 1: over the world called cedars. There were these people who

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Speaker 1: had the album on their computer and you could download

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Speaker 1: it for free. It was effectively like a pirrating piece

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Speaker 1: of software where you could download movies, you can download

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Speaker 1: you know, music, you can download files, et cetera. Center

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Speaker 1: And so we were bootlegging using bit torrent. And so

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Speaker 1: there are two sides of the coin on bit torrent.

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Speaker 1: There were the cedars. They were the people who had pieces,

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Speaker 1: you know, these were files, these were you know, if

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Speaker 1: if you were a part of the Cedar network, the

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Speaker 1: swarm of bit torrent users, you were a person who

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Speaker 1: had the album on your computer that was connected to

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Speaker 1: this bit torrent system and you were sharing inside of

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Speaker 1: the bit torrent network that particular file with anybody else

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Speaker 1: who joined the swarm, and so if I was a

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Speaker 1: person who just joined the swarm and I wanted the

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Speaker 1: seven oh two album, I could join and plug in

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Speaker 1: and say, Okay, all of you sedters, I'm a leacher,

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Speaker 1: give me the seven oh two album. And so I

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Speaker 1: would wait until all of the files from all these

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Speaker 1: ten thousand computers in the world gave me all the files,

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Speaker 1: all the pieces of the files that I needed in

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Speaker 1: order to when it was fully downloaded, I can listen

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Speaker 1: to the album. And if I did not turn off

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Speaker 1: bit Torrent after the whole file was downloaded, after I

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Speaker 1: got all twelve fourteen MP three's which made up the album,

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Speaker 1: I don't even know because I don't know how many

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Speaker 1: songs on the album, but they were all MP three's individually.

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Speaker 1: If I did not turn it off, I automatically became

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Speaker 1: a seater instead of a leacher. A leacher pulls the

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Speaker 1: file down. A seeder is somebody who's part of the

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Speaker 1: network that gives the file to other people who are

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Speaker 1: trying to get it, and so the blockchain effectively works

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Speaker 1: this same way. There are people out there in the

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Speaker 1: world who are on what is called a decentralized storage network.

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Speaker 1: And this is a network that has you know, in

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Speaker 1: number of users. And I'm I told you this was

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Speaker 1: like it's gonna dip into the water of computer scientists.

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Speaker 1: But I'm gonna stay out of it. I'm not gonna

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Speaker 1: put my whole foot in. Let's say there is you know,

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Speaker 1: a hundred or a thousand, or ten thousand or a

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Speaker 1: million computers out there in the world ran by people

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Speaker 1: who want to contribute to the blockchain. They will say, okay,

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Speaker 1: we want to be a part of this decentralized storage network,

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Speaker 1: which means that remember I told you about the little

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Speaker 1: USB thumb drive, little stick that I brought with me.

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Speaker 1: I plugged into the back of your computer, and I

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Speaker 1: took a dock that was on that little thumb drive

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Speaker 1: and I put it onto your computer. That decentralized file

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Speaker 1: network is the opposite of that, because on that network,

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Speaker 1: I have to file the entire dock, the entire word

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Speaker 1: doc on my thumb drive. But on the decentralized file network,

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Speaker 1: in this respect we're gonna talk about file coin, the

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Speaker 1: entire dock is stored on a thousand computers in the world,

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Speaker 1: ten thousand computers in the world. A hundred thousand computers

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Speaker 1: in the world, all who make up a piece of

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Speaker 1: the blockchain. They are all using their computational power to

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Speaker 1: both host and store this document. So this same file,

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Speaker 1: this one word document, is broken into pieces, a million,

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Speaker 1: a thousand, a hundred pieces and stored on all of

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Speaker 1: these computers. And in order for me to get one

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Speaker 1: complete download of that word document, all of these devices

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Speaker 1: have to give me their piece that they are storing.

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Speaker 1: So if I google decentralized storage, this is the response

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Speaker 1: that I get. I don't know what you get, but

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Speaker 1: this is what I get. It's it says the centralized

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Speaker 1: storage is defined as control old by several local offices

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Speaker 1: or authorities rather than by one single one. And so again,

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Speaker 1: that Lacy drive, the one that I love. I love

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Speaker 1: my Lacey drives to terror bytes. I can drop it

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Speaker 1: in this generally okay solid state, but I take that

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Speaker 1: Lacey drive. If I lose that Lacey drive, my document,

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Speaker 1: my jpeg, my MP three is gone, is out of here.

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Speaker 1: But if it's on a decentralized server, it's on a

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Speaker 1: decentralized storage network, It's still out there in the world

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Speaker 1: because it's not just stored on one local authority. It's

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Speaker 1: not just stored on one single drive. It's so it's

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Speaker 1: stored on a hundred a thousand, ten thousand drives around

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Speaker 1: the world. So if you're gonna own it n f T,

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Speaker 1: what you want is your asset, your digital asset, to

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Speaker 1: not be stored on somebody's Lacey drive, to not be

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Speaker 1: stored on somebody's server in their basement, to not be

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Speaker 1: stored on somebody's blue host or or a WUS account.

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Speaker 1: Because if it's stored on their a w S account,

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Speaker 1: let's say they don't pay the bill to a WS,

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Speaker 1: guess what happens to your n f T. Because your

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Speaker 1: n f T, again is just a reference to a

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Speaker 1: particular file, but the file has to be stored somewhere. Somewhere.

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Speaker 1: In the n f T smart contract, there is a

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Speaker 1: reference to a file name that says something like I

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Speaker 1: m G nine O nine to to do one to

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Speaker 1: dot jpeg. But let's say where's the j peg store.

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Speaker 1: It has to be stored somewhere. So what you want

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Speaker 1: is your n f T to be stored somewhere where

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Speaker 1: Billy is not hosting this thing on his own and

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Speaker 1: if he forgets to pay the bill it goes away.

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Speaker 1: What you want is for a hundred people or thousand people,

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Speaker 1: ten thousand people to all have copies and they all

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Speaker 1: you know, it's it's very unlikely that ten thousand, a

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Speaker 1: hundred thousand everybody's computer is gonna go down, but it's

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Speaker 1: a lot more likely if one person in Wisconsin, their

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Speaker 1: computer may go down, and then your n f T

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Speaker 1: is gone. That's why it's so important to do your

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Speaker 1: research and find out who's behind the building of this

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Speaker 1: particular n f T project. And so let's talk about

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Speaker 1: two of the most common UM platforms. I don't even

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Speaker 1: want to call platforms. Let's call them decentralized platforms that

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Speaker 1: n f T s gets stored on. And these things

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Speaker 1: have value in and of themselves. And so file coin

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Speaker 1: is one. There are others UM and I'm only gonna

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Speaker 1: talk about two on today's episode. But file coin it

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Speaker 1: describes itself as a decentralized storage network to store humanity's

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Speaker 1: most important information, your n f T. If you spent

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Speaker 1: a dollar on it, it's important to you. So what

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Speaker 1: you want is for that n f T to never

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Speaker 1: go away. You know, God forbid, somebody sticks a huge

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Speaker 1: magnet next to my Lacey drive, which disappears all the

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Speaker 1: files that are on my Lacey drive. With with file coin,

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Speaker 1: it's kind of like the same thing. There is no

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Speaker 1: magnet that exists, well unless like a sonic boom, there

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Speaker 1: is no magnet that exists that can just go wipe

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Speaker 1: out the record of my n f T from all

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Speaker 1: the computers in the world that are story is so

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Speaker 1: with file coin, it is a decentralized storage network. It's

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Speaker 1: data UM in this case, your data that is stored

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Speaker 1: on multiple computers or servers which are hosted you know,

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Speaker 1: like by people like or companies that participate in the blockchain.

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Speaker 1: So these are people all over the world who participate

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Speaker 1: in the activity of storing you know, a copy, a record,

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Speaker 1: a piece of your particular digital asset, and they get

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Speaker 1: paid to do so. And so I'm only going to

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Speaker 1: dig into this for like a really really really brief moment,

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Speaker 1: because this is not the episodes go into how foul

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Speaker 1: coin um participants are incentivized, but just to give you

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Speaker 1: a really really quick taste, foul coin works because there

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Speaker 1: are people around the world who want to own, who

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Speaker 1: want to earn i should say, cryptocurrency, and in this

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Speaker 1: particular case, f I L like file coin, the file

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Speaker 1: coin token, and so if I want to earn that

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Speaker 1: particular token or you know, alternatively, you know, you can

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Speaker 1: think of like a bitcoin or an ethereum or light

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Speaker 1: coin or a doge coin or et cetera. In this

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Speaker 1: particular case, I earned the f I L A the

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Speaker 1: file coin token for participating in the activity of storing

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Speaker 1: your digital asset. And so it's ap peer to peer network,

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Speaker 1: you know, so if I drop out of the network,

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Speaker 1: there's still you know, thousands of other computers in the

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Speaker 1: world who are storing that particularly digital asset. And so

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Speaker 1: using file coin, I pay to store my files on

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Speaker 1: that network. And if I'm storing other people's files on

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Speaker 1: my particular portion of the whole chain, I'm getting paid

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Speaker 1: to do so. So there are incentives involved. And so

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Speaker 1: I'm gonna say this particular part and probably the most

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Speaker 1: basic terms I can think of it. And you know,

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Speaker 1: people who are like super you know, excellent at this

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Speaker 1: will say, what you missed a part, But this is

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Speaker 1: like the most basic way I can explain it. Let's

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Speaker 1: say you bought a computer that has two terabytes worth

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Speaker 1: of storage on it, but you only work in an

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Speaker 1: office and your documents are like eight kb, eight killer

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Speaker 1: bytes per document, and you've got a hundred of them.

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Speaker 1: So now you have eight hundred kilobytes worth of computer space.

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Speaker 1: You know, computer computational power used to store information. But

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Speaker 1: your computers to terabytes big, you like, your storage capacity

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Speaker 1: is to terabytes, right, you're not using any of that. Basically,

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Speaker 1: you don't even scratch it in the surface of what

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Speaker 1: you could store on that computer, what you could do

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Speaker 1: because you have all this wasted space. It's just like

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Speaker 1: like Airbnb and like Uber in a way. In this

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Speaker 1: way this makes it in a second, I'll give it

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Speaker 1: more directly in a second. But let's say you've got

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Speaker 1: all these terabytes, You've got all these gigabytes that are

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Speaker 1: free on your computer that you're not using. It's wasted space. Effectively,

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Speaker 1: you could put those that that wasted space up on

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Speaker 1: the file coin network and say, you know, instead of

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Speaker 1: just having all these extra terror bytes sitting here taking

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Speaker 1: up space on my device, I'm gonna put them use

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Speaker 1: and I'm gonna allow other people to nap in my

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Speaker 1: my hard drive. It's just like Airbnb and Uber in

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Speaker 1: that way, you have this extra bedroom in your house.

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Speaker 1: It's the garage, the room above the garage. You've got

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Speaker 1: this basement that you were not monetizing, but you've got

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Speaker 1: you know, three bedrooms and two people lived there, and

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Speaker 1: you've got this extra room that you're saying, Yo, like,

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Speaker 1: if if I could, you know, house somebody for the night,

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Speaker 1: I can make a hundred dollars. So instead of letting

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Speaker 1: that room just sit there and chill, let me put

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Speaker 1: it up on Airbnb and let me get people to

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Speaker 1: come sleep in this room. I don't know them, but

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Speaker 1: it's you know good. I mean, Airbnb has terms of conditions,

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Speaker 1: so I want to trust Airbnb to you know, like

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Speaker 1: moderate who's coming in my bedroom? So I'm off on attention.

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Speaker 1: But so it works effectively to say. Way, so you've

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Speaker 1: got all these extra terra bytes, all these extra gigabytes

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Speaker 1: on your device, and you're saying, instead of letting those

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Speaker 1: things sit idly, all that space sit idly, let me

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Speaker 1: put it up and allow other people who don't have

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Speaker 1: space or who need space on the blockchain to use

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Speaker 1: space on my device. So file coin is a coin

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Speaker 1: that you can invest in if if you believe that

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Speaker 1: the future of storage of digital assets looks like decentralized

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Speaker 1: UM means to do so you can invest in technology

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Speaker 1: like file coin, and there are others. I want to

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Speaker 1: be clear, there are others that you can invest in

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Speaker 1: that says, you know what, I'm going to pick a winner.

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Speaker 1: I'm gonna pick a success story in the arena of

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Speaker 1: decentralized storage, and file coin is one of them, one

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Speaker 1: of the top two. The other is the Interplanetary File

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Speaker 1: System I p f S and and honestly, for me,

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Speaker 1: like if if an n f T is not hosted,

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Speaker 1: served up on either of these two, like if it's

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Speaker 1: not served up on a decentralized platform, I'm not buying it.

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Speaker 1: I'm not buying n f t s that are not

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Speaker 1: stored on some sort of decentralized platform not doing it

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Speaker 1: because they could go away. You get RUG pulled. You

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Speaker 1: can get RUG pulled, I'm not saying you will, but

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Speaker 1: you can't get RUG pulled a whole lot more likely

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Speaker 1: because there's an n f T, there's a digital asset

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Speaker 1: being stored on a device, a piece of hardware that

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Speaker 1: could go away at any time. That's just not smart.

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Speaker 1: And so I'm doing my best to not get like

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Speaker 1: super super duper deep in the weeds here and get

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Speaker 1: like super technical. But these services are also like complimentary,

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Speaker 1: so like foul coin, you know, is not mutually exclusive.

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Speaker 1: You have to use just one of them, like foul

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Speaker 1: coin is like for more like long term like let's

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Speaker 1: say you have a folder of like your financials for

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Speaker 1: like the past two or three years, like you might

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Speaker 1: want to store those and like a foul coin. But

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Speaker 1: if you've got a digital asset, like in a piece

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Speaker 1: of art that you want to be able to move

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Speaker 1: and transact quickly quickly, you might want to store that

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Speaker 1: on something like the I p f S, which you

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Speaker 1: know is designed for you know speed, for quick retrieval

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Speaker 1: and for like for getting it out there. This distribution.

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Speaker 1: It's not it's not stored like file corn like like

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Speaker 1: foul coin is for storage, I p FS is for distribution.

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Speaker 1: Let's get it out there into the world. So it's

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Speaker 1: important when you go to purchase in n f T

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Speaker 1: or you're going to mint inn n f T, you

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Speaker 1: know how where where that n f T is stored,

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Speaker 1: and how you're going to store that n f T.

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Speaker 1: And the most important, you know, the most long term

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Speaker 1: valuable methods of storing it is to decentralize this storage

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Speaker 1: of said n f T, and so if I'm gonna

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Speaker 1: buy an n f T and and we've been using

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Speaker 1: open c as um, you know, one of the most

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Speaker 1: common ones we talked about it at least in this

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Speaker 1: podcast is like the Amazon of n f T marketplaces.

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Speaker 1: You want to be sure if you look under the

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Speaker 1: metadata on open sea that it does not say centralized

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Speaker 1: or something like editable, because that means it is not

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Speaker 1: likely stored on a decentralized server, and you open yourself

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Speaker 1: up for um the opportunity for not to be available

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Speaker 1: in the long run. It that says just goes away

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Speaker 1: because the server that it was stores on stored on

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Speaker 1: no longer exists, or somebody didn't pay the bill, or

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Speaker 1: you know, it's more likely to be hacked if it

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Speaker 1: is stored on a centralized server. What you want is

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Speaker 1: it to say something more like frozen, because that means

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Speaker 1: that it is then stored on a decentralized storage platform

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Speaker 1: like a file coin or like I p f S

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Speaker 1: and so it's it is important to know, and I'm

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Speaker 1: at the risk of getting super duper technical, it is

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Speaker 1: important to know that file coin was built using the

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Speaker 1: open source technology of i p f S into planetary

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Speaker 1: file system. But with an open source purely you know

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Speaker 1: software you like, you can't make money using that because

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Speaker 1: it's open source, is free for everybody. But so improvements

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Speaker 1: and usability and user interface, etcetera. Like all that is

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Speaker 1: built in order to monetize things that can be open source.

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Speaker 1: So file coin is one of those things. File Coin

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Speaker 1: uses i p f S technology, but it is in

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Speaker 1: addition to i p f S technology in order to

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00:27:01,280 --> 00:27:04,280
Speaker 1: create more value and you know, to to broaden the

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00:27:04,440 --> 00:27:10,000
Speaker 1: usage in the mainstream. So users of file coin technology

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00:27:10,119 --> 00:27:13,920
Speaker 1: will pay I mentioned before, they will pay in order

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00:27:13,960 --> 00:27:20,440
Speaker 1: to host serve their assets, their digital assets. Those MP three's,

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00:27:20,520 --> 00:27:26,320
Speaker 1: those JPEGs, those pins, those shifts, those MP four's on

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00:27:27,240 --> 00:27:31,919
Speaker 1: you know, other people's unused computer space, the space that

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00:27:31,960 --> 00:27:34,920
Speaker 1: they are not using. Again, they have all these terabytes,

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00:27:34,960 --> 00:27:37,879
Speaker 1: they're only using a few gigs or megabytes. That's a

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00:27:37,880 --> 00:27:41,199
Speaker 1: lot of space that's going unused. They pay for it

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00:27:41,240 --> 00:27:44,160
Speaker 1: to be stored there, to be able to be retrieved,

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00:27:44,200 --> 00:27:48,240
Speaker 1: there to be able to be distributed using it. And

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00:27:48,480 --> 00:27:52,119
Speaker 1: those miners, those people who store these things who allow

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00:27:52,160 --> 00:27:55,840
Speaker 1: it to be you know, sitting on their computers their devices,

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00:27:56,760 --> 00:28:01,439
Speaker 1: who allow their things to be accessed by other people,

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00:28:01,560 --> 00:28:05,320
Speaker 1: they get rewarded in the form of these tokens, these

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00:28:05,400 --> 00:28:10,240
Speaker 1: f I L these field tokens or file these tokens UM.

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00:28:10,280 --> 00:28:14,720
Speaker 1: So whenever you pay for those storage services, you're paying

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00:28:14,800 --> 00:28:19,879
Speaker 1: the rate that the person who computer power or space

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00:28:19,920 --> 00:28:23,240
Speaker 1: you're using, whatever they charge, that's what you're paying for.

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Speaker 1: So I hope this episode has given you a little

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00:28:26,840 --> 00:28:30,280
Speaker 1: bit more information than you already knew on the proper

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00:28:30,400 --> 00:28:34,760
Speaker 1: care and feeding of an n f t UM. It

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00:28:34,880 --> 00:28:37,520
Speaker 1: is super important that when you guys are out buying

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00:28:37,560 --> 00:28:45,000
Speaker 1: these things that you understand the integrity of that particular project.

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00:28:45,080 --> 00:28:48,400
Speaker 1: And that is everything from where the project is being

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00:28:48,440 --> 00:28:53,760
Speaker 1: stored to who built it, the executive team, the engineering

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00:28:53,800 --> 00:28:59,240
Speaker 1: team behind it, and the longevity of that particular asset.

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00:28:59,320 --> 00:29:04,600
Speaker 1: Because these things are digital assets, and if the idea

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00:29:04,640 --> 00:29:07,320
Speaker 1: of the whole idea of a digital asset or an

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00:29:07,320 --> 00:29:11,840
Speaker 1: asset of any kind is supposed to appreciate, it is

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00:29:11,840 --> 00:29:15,920
Speaker 1: supposed to gain value over time, and where it's stored,

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00:29:16,400 --> 00:29:19,960
Speaker 1: who built it, All those things play into the potential

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00:29:20,040 --> 00:29:37,240
Speaker 1: long term impacts of your n f t's family. Black

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00:29:37,280 --> 00:29:39,120
Speaker 1: Tech Green Money is a production of black and the

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00:29:39,160 --> 00:29:43,280
Speaker 1: Afro Tech Black Effect podcast Network and Nightheart Media and

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00:29:43,360 --> 00:29:47,320
Speaker 1: its produced by Morgan Dabon and me Little Lucas with

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00:29:47,440 --> 00:29:52,040
Speaker 1: traditional productions before by Love Beach and Marissa Lewis. Special

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00:29:52,040 --> 00:29:54,600
Speaker 1: thank you to Michael Davis Jermaine Hall. It's a car

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00:29:54,720 --> 00:29:57,760
Speaker 1: savan Jan you know, like the wine. Yes, that's his

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00:29:57,880 --> 00:30:01,200
Speaker 1: real name. Learn more about my guests and other technistuff

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00:30:01,240 --> 00:30:04,800
Speaker 1: as the innovators at avrotech dot com. You join your

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00:30:04,840 --> 00:30:07,360
Speaker 1: Black Tech Green Money. Leave us a five star rating

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00:30:07,400 --> 00:30:12,360
Speaker 1: on iTunes. Go get your money. Peace of love,