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Tech-Op-ed October, 2021 SOUNDING OFF


By Michael Skinner Editor


Nifty: Non-Fungible Tokens


I


n March, a piece of digital art called Everydays: the First 5000 Days was auctioned at Christie’s for nearly $70 million. It was cre- ated by Mike Winkelmann, an artist known as “Beeple.” The im-


age is a collage of small hand-drawn and digital sketches, ranging from geometric designs to popular figures, politicians, and world events. Winkelmann produced them one at a time, once per day, be- ginning in May 2007 and ending in January of this year. The specific JPEG sold at auction is 21,069 x 21,069 pixels in size


and was “minted” on February 21.The proud owner of the digital tap- estry is Vignesh Sundaresan, a programmer based in Singapore. Sun- daresan paid for this item using 42,329 Ether. We know this because it was traded as an NFT, or “non-fungible


token.” NFTs are contracts built on blockchain technology, visible to the public, and impossible to alter once completed. They are non-fun- gible, because they cannot represent anything at all, other than themselves. OpenSea, a decentralized NFT bazaar, stores all information re-


garding transactions permanently on the Ethereum blockchain. Search the name of Beeple’s artwork and you can easily find the to- ken ID from Christie’s, the blockchain identifiers for the parties in- volved, and the wallets that exchanged the token at what time and on which day.


Ethereum is an open-access online blockchain network distrib-


uted across its users’ computers, similar to Bitcoin, and uses a digital currency called Ether. Like Bitcoin, each event requires the verifica- tion of every other node in the network. Unlike Bitcoin, Ethereum is a broader system that can run executable code alongside transac- tions. This allows users to create applications that take advantage of its distributed ledger. Bitcoin transactions can only carry small amounts of information that are generally only used for keeping notes.


Without an internet connection, the system can’t keep on mak-


ing blocks. With an internet connection, the system can only make new blocks if it matches up with every other version across the rest of the network. The blockchain is basically a tool of distributed consensus. Once


duplicated, the system and its order of events cannot ever be altered such that it can continue, for as long as it exists. To end it requires simultaneous and complete deletion of each individual block in the chain, across the entire network. Imagine there were three of us given perfect memories to recall


every single detail we’d ever sensed. Then, imagine we played a game where, as a group, we make up words for everything around us, about us and that happens to us. The catch is that for each new thing we find, or make, the three


of us must agree on a name that has never been spoken. To come up with it, we combine some notes that somebody left in our pockets that tell us how to say the new name in a way that we’ll all remember. There’s no way to cheat and use a name that we’ve already come


up with. No one person can make a new name without corroborating with everyone else, so the lie is obvious. Eventually we might use some of the things we name to go on


naming things themselves and help out a bit, as the game grows com- plex and we spend more time comparing notes. However, as the time spent comparing increases, the satisfaction we feel when we arrive at each new conclusion only gets better. r


PUBLISHER’S NOTE


By Jacob Fattal Publisher


A


Homecoming: Trade Shows Resume


s quickly as trade shows and exhibitions and conferences were shuttered at the onset of the pandemic, they have emerged again in force. The last two months have been a special kind of


reconnection with friends and colleagues in the industry. Already, U.S. Tech has covered several major domestic trade


shows, marked by a return to MD&M West in Anaheim in August. The overall mood at these events, including the recent Battery Show in Novi, Michigan, was subdued at first, yet optimistic. As the weeks roll on and people have grown bolder, the excitement in the air has been palpable. We are encouraged by the reports we see coming in from across


the U.S., as well as signs of fair skies from international partners in Europe and Asia. Our industry never really shut down. But, as man- ufacturers around the world rev back up to full speed and open their doors to visitors, the supply chain grapples with shortages exacerbat- ed by the pandemic, and new bottlenecks must be resolved. For us at U.S. Tech, this issue is a kind of homecoming and well-


suited to our core readership and sponsors. We are covering IMAPS Int’l Symposium on Microelectronics in San Diego, followed by The ASSEMBLY Show in Rosemont. Then we head to SMTA Internation- al and MD&M Minneapolis — co-located this year. Finally, we are planning to head to productronica in Munich, our first planned inter- national coverage since the beginning of the coronavirus lockdown. We’ve also finalized our 2022 Trade Show Calendar and Media


Kit, for those looking for editorial and promotional opportunities with U.S. Tech in the upcoming year. On page 100 of this issue you can find our 2022 events calendar as well as editorial schedule. We’re all anxious to be out again — safely. With the same care we


took at the beginning of the pandemic to control the spread of the dis- ease, we should all take the necessary precautions to keep it at bay. Thanks for reading and support-


ing U.S. Tech. We’re proud of the work we do and grateful to be a voice for our high-tech electronics manufac- turing industry. r


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