crypto art, law and blockchain - cardozo aelj...blockchain 101 the web 2.0 problem ethereum 101...
TRANSCRIPT
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Professor Tonya M. EvansChair, IP & Technology Online Programs
Franklin Pierce Center for Intellectual Property, University of New Hampshire School of Law
@IPProfEvans #EvansOnTheBlock
Crypto Art, Lawand Blockchain
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Overview
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Blockchain 101
The Web 2.0 Problem
Ethereum 101
Fungibility
Empowering Creators
Crypto Art
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Blockchains Defined
3/28/2019
Blockchains are decentralizeddatabases, maintained by a distributed network of computers that rely on network effects and economic incentives to secure the network.
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Three Stages of Computer Network Revolution
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The Problem: Creators’ Rights in Web 2.0
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The “free exchange of ideas” failed to account for digital ownership and property rights
Easy, low cost, perfect duplication and distribution
No exhaustion
Master and copies indistinguishable, negatively impacts demand and value
Creator unable to participate in secondary market
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Core Characteristics
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Consensus Mechanisms Market-Based or
Game Theory
Append-OnlyResilient,
Resistant to Change
Disintermediated
&
Transnational
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P2P Networks
Public/Private Key Cryptographic Encryption +
Digital Signatures
Core Technological Components
Internet
3/28/2019
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Bitcoin transaction schema combines decades old technologies in a new way
Core Technological Components
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Blockchain Mechanics 101
▪ A digital spreadsheet of transactions shared across a network of computers
▪ Each computer that runs a full version of a blockchain’s software is called a node
▪ New transactions are broadcast to the network and verified by each node
▪ Verified transactions are grouped in regular intervals by network consensus▪ Various methods (PoW, PoS etc.)
▪ A group of verified transactions is called a block
▪ New blocks are added to the chain by a special node called a miner (PoW)
▪ Miners compete to solve a mathematical equation
▪ The winner gets the block reward (new bitcoin); new block is added to chain
▪ Blocks are interrelated because each block contains part of previous block’s data
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Blockchain
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an interrelated chain of blocks
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Ethereum in a Nutshell
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Source: OxProject.org
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Fungibility
Fungible
Interchangeable and of equal value
Ex: currency or commodities
Smart contracts create tokens, facilitate transactions of tokens, and record balances of tokens in particular account.
Non-fungible
Unique and value is determined by scarcity and demand
Smart contract defines minimum interface a token creator must use to allow unique tokens to be managed, owned, and traded
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ERC-721 CLASS OF UNIQUE TOKENSERC-20 CLASS OF IDENTICAL TOKENS
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CryptoArt, defined
3/28/2019
“… art native to the blockchain has its own aesthetic and represents a new and important movement within art.”
Jason Bailey, Artnome.com
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Jason Bailey’s purchase from Creeps & Weirdos
NFTs:
Drive digital art sales through digital scarcity
Democratize fine art investment
Improve provenance, reduce forgery
Create a more ethical, frictionless way to pay artists
Artists participate in primary and secondary market sales
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“Arty the Artnome”
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Professor Tonya M. EvansChair, IP & Technology Online Programs
Franklin Pierce Center for Intellectual Property, University of New Hampshire School of Law
Crypto Art, Lawand Blockchain
ProfTonyaEvans.com ♦ Twitter @IPProfEvans ♦ #EvansOnTheBlock