Tarun Singh, M. K. Jain, Vibhav Garg, Vinay Sharma ¡ 7 authors
Swift advances in technology are occurring every day, but equally rapidly becoming more prominent is the problem of centralization. There is strong demand for well-defined, decentralized solutions, for example, for trusting companies to keep our data safe and banks to keep our money safe. Blockchain, offering both functionalities, is a perfect solution to this issue. The blockchain is a digital platform with, at its core, a shared transaction ledger across a decentralized network. This ledger holds an immutable history of digital transactions affirmed by peer-to-peer consensus. Blockchains are built on open-source software, allowing developers to ensure the safety and security of transactions by avoiding third-party governance and interference by a central authority. This project focuses on the different categories of tokens available, which are of two types: fungible tokens and non-fungible tokens (NFTs). NFTs are now to be found everywhere, from classroom discussions to multinational companies. While these developments are exciting, the skyrocketing prices of NFTs makes them difficult to follow, especially for people of average financial status. Moreover, most of the NFTs purchased end up sitting idle in the ownerâs wallet, i.e., without generating any yield for the owner. The object of this project, therefore, is to develop âsmart contractsâ for lending and renting NFTs.