“Forbes”: Why is Crypto the key to “Metaverse”?

With Facebook’s recent announcement that it has changed its name to Meta and is actively exploring the “ meta universe ”, there has been a lot of discussion about how this field will develop. Having said that, Metaverse will be a huge opportunity for blockchain and encrypted assets to go mainstream . Why?

The promise that Metaverse brings is that it will provide users with an augmented reality experience , which in many ways surpasses physical reality. In discussions about the potential of the meta-universe, what is often overlooked is how all the information involved in the meta-universe will be protected . For example, if people will spend more and more time in virtual reality, how can they ensure that their affairs (transactions) and related information are safe?

Virtual reality and virtual reality-related applications have been discussed a lot recently, but the influence of blockchain and cryptocurrency on the innovative concept of Metaverse has not yet been discussed . In short, Metaverse needs cryptocurrency to function as it advertises . Let us see why this is the case.

We know that the blockchain cannot be tampered with . Blockchain technology and platforms have been proven to be unbreakable and tamper-proof. This is essential if any virtual reality platform is to achieve mainstream adoption. Specifically, if a person or group of people wants to interact with others in a virtual environment, some form of assurance is needed to ensure the safety of these transactions.

In the Web2 era, hacker attacks and data leakage often occur, but if people want to participate in a completely online and virtual environment , the underlying platform they will use must be secure . The blockchain not only supports instant confirmation of information , but also supports these transactions (transactions) to be protected in an encrypted manner . In other words, blockchain and encrypted assets are a necessary and inseparable part of the realization of virtual reality.

Instant transactions . Metaverse will require and need to complete transactions on demand , and this is exactly what blockchain and encrypted assets can help achieve. For a real virtual reality environment, if it wants to operate as it advertises, it needs to conduct transactions on a secure, almost instant basis. Specifically, users who are part of the Metaverse ecosystem will need to 1) be able to conduct transactions and interactions as easily as personal experience ; 2 ) be confident that these transactions (transactions) will be executed .

It is precisely because cryptocurrency payment is related to the meta universe and is constructed based on people’s familiarity with online payment, so the opportunity of cryptocurrency payment in the meta universe is self-evident . In an online virtual environment and ecosystem, having a secure, traceable and transparent payment method will be an important part of the future development of Metaverse , and cryptocurrency transactions are based on its virtual, traceable and real-time method. Individuals and institutions provide a viable and tried-and-tested approach.

In fact, cryptocurrency payments already exist . Transaction and processing business in the online environment is already a mainstream development, and as payment giants such as Visa Mastercard, and PayPal implement cryptocurrency payments, this development will become more common. In a completely virtual ecosystem (also known as meta universe), payments driven or enhanced by cryptocurrencies will become more popular, and it makes sense that cryptocurrency payments will be at the forefront of the future.

Although Bitcoin and other decentralized cryptocurrencies have high price volatility the rise of stablecoins and central bank digital currencies (CBDC) means that it has never been easier for people to trade through crypto assets. In other words, individuals who want to transact through cryptocurrency or cryptocurrency-based platforms (like in the metaverse) will have many options.

Obviously, meta-universe is still an emerging and fast-growing field, but the fundamental fact is: in order to promote and realize a fully functional meta-universe, blockchain and encrypted assets will need to play an important role in its future realization . In order to realize the true potential of Metaverse, a transparent and traceable way to realize people’s transactions and interactions will be needed. Blockchain and encrypted assets provide a potential answer to this need.

Metaverse may (and should be) making headlines, but blockchain and encrypted assets are the key components that allow this technology to reach its full potential .

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/forbes-why-is-crypto-the-key-to-metaverse/
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