non-fungible tokens (NFTs)</strong></strong></a> has been rapidly growing in popularity over the past few years. The growth was influenced by selling and buying NFTs on Ethereum, which began in December of 2017, with CryptoKittens. Since then, there are millions of tokens that are currently existing on the network. CryptoPunks are one of the most well-known Ethereum-based NFT collectibles. </p>\n<p>Every image showcases a different punk that can be an ape, a <strong>robot</strong>, an alien, and so on. Every punk is unique and can even look similar to particular celebrities. The collection was created back in 2017 by John Watkinson, Andy Milenius, and Matt Hall. It consists of <strong>10,000 24x24 pixel images</strong>.</p>\n<p>Initially, it was an experiment performed by Larva Labs (the creator of CryptoPunks). Therefore, the collection was completely free. At that time, the standard for NFTs (<a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-721/">ERC-721) didn't exist yet.</p>\n<p>The team behind CryptoPunks had no clue that their collection would become the most well-known name in the NFT industry. When Larva Labs produced CryptoPunks, <strong>9,000</strong> of them were taken by Ethereum wallet owners, whereas the rest were kept by Larva Labs itself.</p>\n<p>CryptoPunks were developed with a similar purpose as CryptoKitties. This means that they anticipated revealing the possibilities of non-fungible tokens on Ethereum <strong>using ERC-721</strong>. CryptoKitties, on the other hand, showcased the possibilities with <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-20/">ERC-20 and <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-erc-223/">ERC-223 tokens./nNFT market and <strong>CryptoPunks</strong> faced a huge growth in their value in 2021. 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Terms","updated":false,"chapter":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters/crypto-101-glossary.jpg","chapter_simple":"https://assets.bitdegree.org/crypto/assets/crypto-book/chapters-simple/crypto-glossary-101.jpg","rating":100,"sections":["A","B","C","D","E","F","G","H","I","J","K","L","M","N","O","P","Q","R","S","T","U","V","W","X","Y","Z"]}],"nextSection":{"id":942,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Chain Split?","slug":"what-is-chain-split","section":"C","keyword":"Chain Split","status":"published","definition":"Chain splits are cryptocurrency forks that relate to the separation of a single initial coin into many separately managed initiatives.","content":"<p><strong>Chain splits are essentially a split in the blockchain that will result in a few versions of the initial chain.</strong></p>\n<p><a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-fork-software/">Software forks</strong></a> arise when developers clone the codebase of an actual prototype and start their own separate development on top of it. As an outcome, one or more different projects are separated from the initial, \"parent\" project.</p>\n<p>These splits happen for a few different reasons. One of which is that occasionally, developers insist that a cryptocurrency is decent in most aspects, but could benefit from a few changes. For instance, <a href=https://www.bitdegree.org/"/crypto/buy-litecoin-ltc/">Litecoin (LTC)</strong></a> split from <a href=https://www.bitdegree.org/"/crypto/buy-bitcoin-btc/">Bitcoin (BTC)</strong></a> to enable quicker block generation time, increase the total number of coins, and change the hashing platform.</p>\n<p><a href=https://www.bitdegree.org/"https://www.bitdegree.org/crypto/goon/dogecoin/" target=\"_blank\" rel=\"nofollow noindex noopener\"><strong><strong>Dogecoin (DOGE)</strong></strong></a>, on the other hand, is simply a joke. It is a fork of Litecoin that got the idea from an internet meme and managed to reach a market capitalization of approximately $2 billion.</p>\n<p>Another factor that might cause a chain split is moral dissimilarities. For example, Bitcoin Cash was separated from Bitcoin due to divergent views about how to grow the coin for a broader customer base.</p>\n<p>Because of the debate over whether cryptocurrency developers should be able to alter data stored on the blockchain in an effort to return lost coins to their previous owners, Ethereum Classic (split from <a href=https://www.bitdegree.org/"/crypto/buy-ethereum-eth/">Ethereum) was formed.</p>\n<p>A big amount of cryptocurrencies were launched <strong>as open-source projects</strong>, specifically in the early years. Because of this, it is usually overly uncomplicated to fork a project, even for those developers who seem to lack the skills to develop their own coin. A few of the most popular cryptocurrencies today are forks or forks of several parent projects.</p>","level":"easy","meta_title":"What is Chain Split? Definition & Meaning | Crypto Wiki","meta_description":"Chain Split meaning: Chain Split - Chain splits are cryptocurrency forks that relate to the separation of a single initial coin into many separately managed initiatives.","meta_keywords":null,"language":"en","created_at":"2022-04-13T12:53:16.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-chain-split"},"prevSection":{"id":869,"original_id":null,"author_id":40,"translator_id":null,"title":"What is Chunk (NEAR)?","slug":"what-is-chunk-near","section":"C","keyword":"Chunk (NEAR)","status":"published","definition":"A chunk is a portion of each block produced via sharding on NEAR.","content":"<p>A<strong> part of every block</strong> generated by <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-sharding/">sharding on NEAR is referred to as a chunk. Chunks enable the system to scale horizontally by dividing the blockchain state into non-overlapping portions. It is a component of the data sharding system in the NEAR protocol.</p>\n<p>Chunks have all transactions of a block, including <strong>results of completing</strong> those transactions as receipts.</p>\n<p>In a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-proof-of-stake-pos/">Proof-of-Stake consensus algorithm, anyone can partake as a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-validator/">validator. It is one of the reasons why the consensus is also referred to as an open Proof-of-Stake. This guarantees that it is <strong>open</strong> and permissionless, as well as secure. Proof-of-Stake consensus algorithm is utilized by NEAR.</p>\n<p>There are two main functions of chunks:</p>\n<ul>\n<li>Execution</li>\n<li>State storage</li>\n</ul>\n<p>In the process of execution, a chunk processes transactions by utilizing the <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-ethereum-virtual-machine-evm/">EVM. Besides, it keeps a transaction history including successful and <strong>failed transactions.</strong></p>\n<p>State storage, on the other hand, implies that a chunk retains a history of phases, as well as provides indexing and searching services.</p>\n<p>Moreover, NEAR utilizes sharding as a way to balance <strong>the network</strong>. This implies that the speed depends on how many individuals are using it. NEAR is developed keeping sharding in mind throughout the whole process, and it is included in the fundamental protocol, which is different from a lot of other systems.</p>\n<p>The maximum manageable decentralization at a performance level similar to <strong>centralized alternatives</strong> is achieved by a unique set of design tradeoffs. Sharding also assists in this regard since it parallelizes transactions across thousands of devices.</p>\n<p>NEAR protocol has revealed “chunk-only producers” to make it possible for more individuals to participate in safeguarding as well as <strong>decentralizing the system</strong>. It is a process that operates on a <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-node/">node and it is qualified to issue blocks. Every <a href=https://www.bitdegree.org/"/crypto/learn/crypto-terms/what-is-shard/">shard is given a dedicated chunk-only producer (COP).</p>\n<p>Shards are <strong>groups of computers or validators</strong> that complete transactions in a synchronized manner. Every one of them is processing a small portion of all transactions at the same time. This system is used by NEAR.</p>\n<p>NEAR has three main advantages for developers:</p>\n<ul>\n<li>Compute Resources. CPU, RAM compute resources can be accessed by developers using the protocol to process their application.</li>\n<li><strong>Scalability.</strong> Developers are able to scale their applications. This way the demand is matched as a result of state sharding. This type of machine learning might be utilized throughout a number of shards, along with decreasing the cost scaling.</li>\n<li>NEAR tokens. Users are able to transact on the platform using NEAR tokens. This enables opportunities for connecting with systems and applications developed on top of the protocol.</li>\n</ul>\n<p>NEAR is a decentralized cloud computing network that makes it possible for developers to create applications on top of a shared infrastructure. This network is controlled by validators and stake-weighted community members, who are paid with NEAR tokens for their participation.</p>","level":"medium","meta_title":"What is Chunk (NEAR)? Definition & Meaning | Crypto Wiki","meta_description":"Chunk (NEAR) meaning: Chunk (NEAR) - A chunk is a portion of each block produced via sharding on NEAR.","meta_keywords":null,"language":"en","created_at":"2022-04-06T13:46:26.000000Z","updated_at":"2022-05-13T14:32:24.000000Z","preview_url":"https://www.bitdegree.org/crypto/learn/crypto-terms/what-is-chunk-near"},"currentChapter":"C","currentSection":"what-is-cryptopunks","chapterTitle":"C","readingLevel":"easy"},"url":"/crypto/learn/crypto-terms/what-is-cryptopunks","version":"cdd198d50cbe5c9c21c9329d7c096ffc"}" class="container-fluid d-flex crypto-book p-0"> Crypto Terms: Letter C
What is CryptoPunks?
CryptoPunks MEANING:
CryptoPunks -
is a popular Ethereum-based non-fungible token (NFT) collection.
Let's find out CryptoPunks meaning, definition in crypto,
what is CryptoPunks,
and all other detailed facts.
The world of non-fungible tokens (NFTs) has been rapidly growing in popularity over the past few years. The growth was influenced by selling and buying NFTs on Ethereum, which began in December of 2017, with CryptoKittens. Since then, there are millions of tokens that are currently existing on the network. CryptoPunks are one of the most well-known Ethereum-based NFT collectibles.
Every image showcases a different punk that can be an ape, a robot, an alien, and so on. Every punk is unique and can even look similar to particular celebrities. The collection was created back in 2017 by John Watkinson, Andy Milenius, and Matt Hall. It consists of 10,000 24x24 pixel images.
Initially, it was an experiment performed by Larva Labs (the creator of CryptoPunks). Therefore, the collection was completely free. At that time, the standard for NFTs (ERC-721) didn't exist yet.
The team behind CryptoPunks had no clue that their collection would become the most well-known name in the NFT industry. When Larva Labs produced CryptoPunks, 9,000 of them were taken by Ethereum wallet owners, whereas the rest were kept by Larva Labs itself.
CryptoPunks were developed with a similar purpose as CryptoKitties. This means that they anticipated revealing the possibilities of non-fungible tokens on Ethereum using ERC-721. CryptoKitties, on the other hand, showcased the possibilities with ERC-20 and ERC-223 tokens.
NFT market and CryptoPunks faced a huge growth in their value in 2021. In the first six months, the estimated volume for 2021 was $2.5 billion. Multiple NFTs were sold for $1 million each.
Currently, CryptoPunks is the most desired NFT collection. Multiple NFTs are sold for millions of dollars. After all, CryptoPunks is one of the first NFT collections.
