Ultimate Cheatsheet on Crypto Punks In Blockchain Technology

Crypto Punks

Crypto punks are the unique available characters which are used in Ethereum Blockchain. They are also called tokenized ecosystem. The count is around 10,000 and each one of them is unique in comparison to others. Each crypto punk is officially owned by a single person. The verification of crypto punk is done through smart contracts generated in Ethereum. The punks are designed in image format with a resolution of 24*24 pixel and generated using a specified algorithm. The punks include a combination of Apes, Zombies and even odd Alien.

There is profile page which shows the list of attributes with their owners and status (available for sale or not).

The official website for getting information about crypto punk:
https://www.larvalabs.com/cryptopunks

How to get a Punk?

Download and install a Chrome browser plug-in called MetaMask. This plug-in allows websites to access Ethereum account. The websites are only those which are under supervision of users.
A user has to register on the Ethereum account if he has not registered previously.
The MetaMask plugin includes a button which allows buying Ether from CoinBase.
After successful installation of the plugin, the website will display the buttons which allow you to bid on and buy specific punks directly on the interface. You can buy them at the mentioned price.

Features of Crypto Punks:

They understand that all systems are created by users and that previous generations lack information that the current generation has.
Crypto punks have a better understanding that they have to work together as decentralized applications and build and make better systems.
Crypto punks use Blockchain technology and artificial intelligence with functionalities of cryptography.

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Working of Crypto Punk:

The system of crypto punk is based on the Ethereum blockchain. The code is available to all the nodes in Blockchain network and can be modified by anyone in the network. The complete code resides on the Blockchain.
The Ethereum network is immutable (cannot be changed as and when needed) so the code in crypto punk can be modified by the owner itself. Crypto punk includes tokens which represent the user. Ownership of each token is authenticated and permanently verified by a cryptographic property.
Initially, crypto punks were available for free but due to increasing demand owners sold them at a premium price. The condition to be noted while selling crypto punks is that it should cost more than 11 cents to the auctioned price.

There are few advantages to using crypto punk which is as follows:

We don’t have to bother with the copyright system as the ownership rights can be transferred from one user to another user.
Crypto punks will work with existing smart contract. There is no need to adjust the smart contracts once transferred from one user to another.

There is only one drawback to the usage of crypto punk:
Larva Labs has the right to revoke or modify the copyright license. If the license is revoked due to some reason, then all the operational features of crypto punks will be in vain.

Searching crypto punk:

It’s quite difficult to search a specified crypto punk from the collection of 10,000 crypto punks. Larva labs include a feature to search for a specific crypto punk.

punk

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The list of crypto punks with their available cost is also available on the website. This helps the user to get the appropriate punk.

Recent Transactions

The written code which resides in the blockchain can be accessed to buy and sell the crypto punks. Once crypto punks are released in the blockchain transaction network, it is permanently embedded and it cannot be tampered by another user. Basically, crypto punks are immutable in nature.

Conclusion: –
Crypto punks are basically designed to achieve smooth functioning of the Blockchain network. It uses smart contracts to maintain a track of ownership details. Crypto punks create a better world for us. They are considered as a new generation of entrepreneurs who value information and more prominently the concept of decentralization.

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