Category: AI & Technology

  • FAQs on NFTs

    FAQs on NFTs

    “NFTs are digital collectibles, just as people collect physical objects of value such as coins, art, baseball cards. An NFT is a certificate of authenticity for digital assets – which can include art, music, video clips such as sports highlights, or even tweets – validated by blockchain”

    What is NFT?

    NFT is an acronym for Non-Fungible Token. A Non-Fungible Token or NFT is a digital item which can be created, bought, and sold in an open market. NFTs are owned and controlled by individuals and do not require the support or permission of any centralized authority or organization. The key characteristic of an NFT is that it is a distinct proprietary asset and cannot be exchanged for any other NFT, unlike Bitcoin, Ethereum or other cryptocurrency. Each NFT is a token that is encrypted on the blockchain network.

    NFTs are digital collectibles, just as people collect physical objects of value such as coins, art, baseball cards. An NFT is a certificate of authenticity for digital assets – which can include art, music, video clips such as sports highlights, or even tweets – validated by blockchain.

    What is the difference between NFTs and cryptocurrency?

    Cryptocurrency, such as Bitcoin, is ‘fungible’ or ‘exchangeable’ – meaning that one Bitcoin can be exchanged with another, without making any difference to the owner. This is not the case with NFTs, as each one is unique and irreplaceable. While blockchain was initially developed to support assets such as Bitcoin and other cryptocurrency, it is has now evolved to enable users to create unique non-fungible assets.

    How do NFTs work?

    Blockchain allows users to create unique crypto assets which are non-fungible, that is, which cannot be replaced. Creators of unique digital artifacts can capture information of relevance to their digital creations and store them as tokens on the Ethereum blockchain, enabled by the ERC721 token standard. The ERC721 was built with the intention of setting the technical standard for non-fungible tokens on the Ethereum blockchain. It tracks ownership and movements of individual tokens in the block, thereby enabling the chain to recognize the non-fungible tokens. The famous CryptoKitties project was the first to use the ERC721 technical standard.

    What is the reason behind its current popularity?

    NFTs entered the mainstream in 2017 with a project called CryptoKitties, a virtual game based on blockchain in which players could adopt, raise, and trade virtual cats. 2018 and 2019 saw huge growth in the NFT ecosystem, with NFT marketplaces flourishing and trade volumes growing. Earlier this year, the sale of digital artwork “Everydays: The First 5,000 Days”, by digital artist Mike Winkelmann, also known as Beeple, at Christie’s Auction House for a record USD 69.3 million was the first ever sale of a digital artwork by a major auction house.

    One likely factor behind the rising popularity of NFTs may be the increase in recreational investing during the pandemic. As most such exchanges accept cryptocurrencies, this meets the demand of individual investors with stockpiles of cryptocurrency who are looking for entertaining avenues to spend it on, which also have the potential to help create money in the future.

    What are the benefits of NFT?

    The historic auction of Beeple’s digital artwork was not only a landmark moment for all digital artists, and those involved with NFTs, but also has huge implications for all kinds of artists who are creating today. Crypto art can finally resolve the problem of artists getting paid, as NFTs can be programmed to pay royalty to the creator every time the collectible is sold.

    Though it has come far from its early days, the NFT market is still growing and evolving. The next year is likely to see much innovation and further developments. NFT has immense potential to create value in the physical world as well, by setting clear and secure ownership standards. The removal of intermediaries makes the option of transacting with NFTs desirable, affordable, and fast.

    Where can someone create, buy, and sell NFTs?

    Firstly, a creator would have to decide which blockchain they would use to create their NFTs. Each blockchain has its distinct NFT token standard, compatible wallet services and marketplaces. To mint your own NFT artwork, videos or music on the Ethereum blockchain (which currently has the largest NFT ecosystem) you would need an Ethereum wallet that supports the ERC-721 token standard, and USD 50-100 in ether (ETH). Thereafter, one can choose from a number of platforms / marketplaces – such as OpenSea, Rarible, Mintable – which allow the user to connect their wallet and upload any image or file that is to be turned into to turn into an NFT. Some other popular NFT marketplaces are SuperRare, VIV3, BakerySwap, and NFT ShowRoom.

  • STEM vs. STEAM: Preparing Our Youth for a Well-Rounded Future

    STEM vs. STEAM: Preparing Our Youth for a Well-Rounded Future

    “Play has become measured, creativity is stifled by regiment, and cooperation has been replaced with competition. Statistics say that 20% of youth will experience clinical depression before they reach adulthood”

    Ask a 50-year-old how they recall spending their childhood days and they will likely recount stories of mud puddles, hopscotch, climbing trees, paper dolls and bicycles. Ask a 20-year-old how they recall their childhood, and their answer will almost assuredly be decidedly different. Most likely, if you ask a Gen Z for a ‘day in the life’ they will recount structured practices… piano, ballet, baseball, karate, even coding (or all of the above), over abundant homework, standardized test prep, and measures to demonstrate high achievement to attract admission to top prep schools or universities. Play has become measured, creativity is stifled by regiment, and cooperation has been replaced with competition. Statistics say that 20% of youth will experience clinical depression before they reach adulthood. Are we accelerating our future by hyper-preparing our youth to be critical and analytical thinkers? Or, are we killing the right-brained creative thinking, essential to out-of-the-box strategies which drive business growth and differentiation?

    With the push towards STEM-based education (science, technology, engineering and mathematics), and recognizing that STEM is more critical than ever in this digital age, we are also rapidly diminishing our non-digital creativity. Exposure to art and music in school is shown to improve motivation, concentration, creative thinking, problem solving and teamwork. Students who are exposed to regular physical activity perform better in school, have better grades and enhanced critical thinking processes, are better behaved in the classroom, and are better equipped to stay ‘on task’. Art connects youth with the community, their ethnicity, and the wider world, accelerating their capability for empathy and tolerance. All these results attained from exposure to the arts will enhance, not diminish, our STEM-based education system.

    “Exposure to art and music in school is shown to improve motivation, concentration, creative thinking, problem solving and teamwork”

    Rather than STEM, our global focus must shift slightly to STEAM. The ‘A’ in STEAM represents liberal arts, language arts, social studies, physical arts, fine arts, and music; all of which help to prepare students for a lifetime of performance, allowing them to have the emotional intelligence, skills and perspective provided by the arts. Learning to paint, play a musical instrument or mindlessly mold a lump of clay helps to alleviate the symptoms associated with anxiety and depression, improving memory and reasoning. It allows our brains to be quietly awake, rather than running at full capacity throughout our awake hours. Scientists are now studying what effects our constant exposure to digital technology and the Internet have on the brains of youth, understanding that the brain is not fully developed until roughly the age of 25. We are seeing critical areas of concern in the mental behavior of youth in terms of concentration, memory processes and social cognition, leading the WHO (World Health Organization) to recommend that we limit screen-time for children under the age of five to one hour per day. A study by Medical News Today reports that when researchers looked at digital multitasking, the evidence showed that doing multiple things online did not improve people’s ability to multitask elsewhere. In fact, it could make them more likely to pay attention to new distractions.

    “[T]he limitless stream of prompts and notifications from the internet encourages us towards constantly holding a divided attention ⁠— which then, in turn, may decrease our capacity for maintaining concentration on a single task,” explains Joseph Firth, senior research fellow at Western Sydney University’s NICM health research Institute.

    Further, studies show that our memory is greatly affected by exposure to the internet. Previous generations had to store facts mentally, and today, what we once had to remember, is now available at our fingertips with a quick Google search. The antidote to these stressors on our memories is the integration of the arts into the daily routines of children, providing critical food for our brains, enhancing and refining our cognitive memory abilities. When we step away from a device and spend even a small amount of time feeding our brains through creative activities such as sketching, we enhance critical thinking and decision making, thereby increasing a person’s intelligence.

    “Art connects youth with the community, their ethnicity, and the wider world, accelerating their capability for empathy and tolerance. All these results attained from exposure to the arts will enhance, not diminish, our STEM-based education system”

    “The critical and analytical thinking of STEM, combined with the creative thinking of STEAM, would ensure that we are developing a generation of well-rounded, empathetic, out-of-the-box thinkers, capable of blending humanity with technology”

    Art allows us to use creativity and imagination to increase the development of STEM’s essential skills, enhancing flexibility, adaptability, productivity, responsibility and innovation – all required skills for a successful career in any field of study. The critical and analytical thinking of STEM, combined with the creative thinking of STEAM, would ensure that we are developing a generation of well-rounded, empathetic, out-of-the-box thinkers, capable of blending humanity with technology. STEAM education is about applying creative thinking to STEM projects, igniting and inspiring students to use their imagination and creativity through the arts, and applying these skills to STEM subjects. Studying art subjects contributes to the development of those essential skills for collaboration, communication and problem-solving. It also enhances a student’s flexibility, adaptability, productivity, responsibility, and innovation. All these skills are required for a successful career in any field of study. If we can find a way to balance the arts and the sciences, mankind, for generations to come, will be full STEAM ahead.

  • Women in STEM

    Women in STEM

    I attended a Girls’ Grammar School and studied all three sciences – Physics, Chemistry and Biology – but, when I was 16, the new ‘comprehensive System’ in England affected my education, and I found myself in a huge mixed-gender school, the merger of three separate local schools, and the only girl in an Advanced Level Physics class. My first experience of STEM (Science, technology, Engineering, and Mathematics) just being for the boys!

    Having said that, I think as I chose Biomedical Sciences as a profession, I was not particularly affected throughout my career by stereotypes, especially as Hematology my specialist discipline, had many females. The Biochemistry departments seemed to have more male staff, who I assume were attracted by the huge complex autoanalyzers. I had to work across multiple pathology disciplines for the out-of-hours emergency service though, so did get to operate those as well.

    Along with established laboratory posts, I undertook a number of ‘locum’ positions, e.g., in Brussels – for SmithKline Beecham (now GSK) on a global clinical trial; the Orkney Islands; and hospitals in and around London.

    When I returned to university in my 30s, to study to become a Science Teacher, I deliberately took all the Physics modules available, because I knew that I would always be employed if I could offer Physics. I taught all three Sciences from 11 to 16 years, and to Sixth Form – Biology ‘A’ Level, Health and Social Care, and Advanced Vocational Certificate in Education Mechanics – and relished this, as much of it is Math, which I enjoy.

    The British Council state that a STEM workforce is crucial to India’s economic development and social welfare, but that women are underrepresented in STEM careers. “Although women constitute 40 percent of science undergraduates in India, only a fraction move into successful academic careers and even fewer reach top positions in research and administration. This results in a loss of talented workforce.’’ Having said this, only 24 percent of the STEM workforce in the UK consists of women, though this is predicted to rise to 29 percent by 2030.

    “The British Council state that a STEM workforce is crucial to India’s economic development and social welfare, but that women are underrepresented in STEM careers”

    “Science graduates have been – and will continue to be – at the forefront of tackling many of the world’s greatest challenges, from the coronavirus pandemic to climate change”

    According to the National Science Foundation, it is predicted that 80 percent of the jobs created in the next decade will require some form of Maths and Science skills, and females will need to take up these opportunities.

    Science graduates have been – and will continue to be – at the forefront of tackling many of the world’s greatest challenges, from the coronavirus pandemic to climate change. Careers are varied, and those in current demand globally include Audiologist, Biochemical Engineer, Climatologist, Computer Systems Analyst, Cybersecurity Specialist, Data Scientist, Dental Hygienist, Doctor (Medical), Endocrinologist, Forensic Science Technician, Genetic Counsellor, Hematologist, Information Security Analyst, Math Teacher, Nanosystems Engineer, Occupational Therapist, Patent Lawyer, Robotics Technician, Statistician, Surgeon, Veterinarian, Virtual World Creator, Wind Energy Engineer, and many more.

    Certainly, I have no regrets about the choices I have made. I have always received a good salary, been respected in an interesting job role of value to society, which has also sometimes allowed me to travel.