{"id":26895,"date":"2021-04-12T22:10:59","date_gmt":"2021-04-12T21:10:59","guid":{"rendered":"http:\/\/www.rogerdarlington.me.uk\/nighthawk\/?p=26895"},"modified":"2021-04-12T22:11:01","modified_gmt":"2021-04-12T21:11:01","slug":"word-of-the-day-fungibility","status":"publish","type":"post","link":"http:\/\/www.rogerdarlington.me.uk\/nighthawk\/?p=26895","title":{"rendered":"Word of the day: fungibility"},"content":{"rendered":"\n<p>In&nbsp;<a href=\"x-dictionary:r:'Economics?lang=en&amp;signature=com.apple.DictionaryApp.Wikipedia'\">economics<\/a>,&nbsp;<strong>fungibility<\/strong>&nbsp;is the property of a&nbsp;<a href=\"x-dictionary:r:'Goods?lang=en&amp;signature=com.apple.DictionaryApp.Wikipedia'\">good<\/a>&nbsp;or a&nbsp;<a href=\"x-dictionary:r:'Commodity?lang=en&amp;signature=com.apple.DictionaryApp.Wikipedia'\">commodity<\/a>&nbsp;whose individual units are essentially interchangeable, and each of its parts is indistinguishable from another part.<\/p>\n\n\n\n<p>For example,&nbsp;<a href=\"x-dictionary:r:'Gold?lang=en&amp;signature=com.apple.DictionaryApp.Wikipedia'\">gold<\/a>&nbsp;is fungible since a specified amount of pure gold is equivalent to that same amount of pure gold, whether in the form of coins,&nbsp;<a href=\"x-dictionary:r:'Ingots?lang=en&amp;signature=com.apple.DictionaryApp.Wikipedia'\">ingots<\/a>, or in other states. Other fungible commodities include&nbsp;<a href=\"x-dictionary:r:'Sweet_crude_oil?lang=en&amp;signature=com.apple.DictionaryApp.Wikipedia'\">sweet crude oil<\/a>, company shares, bonds, other&nbsp;<a href=\"x-dictionary:r:'Precious_metal?lang=en&amp;signature=com.apple.DictionaryApp.Wikipedia'\">precious metals<\/a>, and&nbsp;<a href=\"x-dictionary:r:'Currency?lang=en&amp;signature=com.apple.DictionaryApp.Wikipedia'\">currencies<\/a>.<\/p>\n\n\n\n<p>Fungibility refers only to the equivalence and indistinguishability of each unit of a commodity with other units of the same commodity, and not to the exchange of one commodity for another.<\/p>\n\n\n\n<p>OK, now that you understand fungibility, how about the current excitement over non-fungible tokens? Know all about those?<\/p>\n\n\n\n<p>A\u00a0<strong>non-fungible token (NFT)<\/strong>\u00a0is a unit of data stored on a digital\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/Ledger\">ledger<\/a>, called a\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/Blockchain\">blockchain<\/a>, that certifies a\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/Digital_asset\">digital asset<\/a>\u00a0to be unique and therefore not interchangeable. NFTs can be used to represent items such as photographs, videos, audio and other types of digital files. <\/p>\n\n\n\n<p>Access to any copy of the original file, however, is not restricted to the buyer of the NFT. While copies of these digital items are available for anyone to obtain, NFTs are tracked on blockchains to provide the owner with a proof of\u00a0<a href=\"https:\/\/en.wikipedia.org\/wiki\/Ownership\">ownership<\/a>\u00a0that is separate from copyright.<\/p>\n\n\n\n<p>So, now you know &#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In&nbsp;economics,&nbsp;fungibility&nbsp;is the property of a&nbsp;good&nbsp;or a&nbsp;commodity&nbsp;whose individual units are essentially interchangeable, and each of its parts is indistinguishable from another part. For example,&nbsp;gold&nbsp;is fungible since a specified amount of pure gold is equivalent to that same amount of pure gold, whether in the form of coins,&nbsp;ingots, or in other states. Other fungible commodities include&nbsp;sweet crude [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-26895","post","type-post","status-publish","format-standard","hentry","category-cultural-issues"],"_links":{"self":[{"href":"http:\/\/www.rogerdarlington.me.uk\/nighthawk\/index.php?rest_route=\/wp\/v2\/posts\/26895","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/www.rogerdarlington.me.uk\/nighthawk\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/www.rogerdarlington.me.uk\/nighthawk\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/www.rogerdarlington.me.uk\/nighthawk\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/www.rogerdarlington.me.uk\/nighthawk\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=26895"}],"version-history":[{"count":3,"href":"http:\/\/www.rogerdarlington.me.uk\/nighthawk\/index.php?rest_route=\/wp\/v2\/posts\/26895\/revisions"}],"predecessor-version":[{"id":26898,"href":"http:\/\/www.rogerdarlington.me.uk\/nighthawk\/index.php?rest_route=\/wp\/v2\/posts\/26895\/revisions\/26898"}],"wp:attachment":[{"href":"http:\/\/www.rogerdarlington.me.uk\/nighthawk\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=26895"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/www.rogerdarlington.me.uk\/nighthawk\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=26895"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/www.rogerdarlington.me.uk\/nighthawk\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=26895"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}