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Different approaches to tracking previous outputs have been tried by different full node implementations at various times. Bitcoin Core currently uses the solution believed to be most effective at retaining all necessary information while minimizing disk space: it keeps a database that stores every UTXO and essential metadata about it (like its con
... See moreDavid A. Harding • Mastering Bitcoin
Second, the blockchain also keeps a record of all the transactions connected to the NFT and the property it represents. In art sales, for example, that could represent the provenance of something going back to the creator.
Houman Asefi • NFT as a Service (NFTaaS); NFT Will Dominate the World
Another well-known potential solution is called the Lightning Network, which aims to do most transactions “off the blockchain” to avoid the fees and delays of transactions put on the blockchain. Each pair of people tracks their payments to each other on a digital scratchpad; they only “settle” their balances once in a while.
Neel Mehta • Blockchain Bubble or Revolution: The Future of Bitcoin, Blockchains, and Cryptocurrencies
Accountants memorize these rules: • Credits increase liabilities and equity; credits decrease assets. • Debits decrease liabilities and equity; debits increase assets.
Michael P. Griffin • MBA Fundamentals Accounting and Finance (Kaplan Test Prep)
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Memo Esparza • 1 card
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2. NFTs DeedsThe record of a purchase is placed on the blockchain and provides access to the legal documents. This minimizes costs for buyers and streamlines the purchasing process down to mere minutes.
Polygon • Polygon Blog | Announcements, updates, and news
For simplicity’s sake, assume just one equity account, where we will record sales and expenses: