How does Coinbase view Metaverse?

Everyone is talking about the Metaverse these days.

The original Metaverse platform sells virtual land for millions of dollars. There are also billions of dollars invested in Metaverse startups. Mark Zuckerberg recently rebranded his entire company to reflect his focus on building a Metaverse.

The term “Metaverse” is not new. Author Neal Stephenson used it for the first time in the 1992 novel “Avalanche.” But with the advancement of technology, we spend more and more time online, and more and more people begin to think about what will happen next and how the digital world and the physical world will be completely changed in the future.

Recently, our team organized an internal demo about Metaverse, who is developing it, and how encryption will help achieve it. I think this presentation is well done, so I am sharing most of the slides here.

Defining the Metaverse

At Coinbase, our views on Metaverse are largely influenced by venture capitalist and author Matthew Ball (you can find his work here). Like Matt, we define the Metaverse as:

The future of the Internet: a large-scale, durable, interactive, and interoperable real-time platform composed of interconnected virtual worlds where people can socialize, work, trade, entertain, and create.

The earliest version of the Internet, Web1, was about accessing static web pages. Web2 is about interactive social experience and social experience in a closed ecosystem. And Web3 will be digital ownership in an open, decentralized environment.

The Metaverse is a distant evolution of Web3. In its most complete form, it will be a series of decentralized, interconnected virtual worlds with a fully functional economic system in which people can do whatever they can in the real world.

How does Coinbase view Metaverse?

The important thing is that the Metaverse is different from games or virtual reality. It is also different from Web3 (the distant ancestor of the Metaverse).

To illustrate this point, here are some comparisons between current platforms and our definition of Metaverse:

How does Coinbase view Metaverse?

Elements of the Metaverse

Although it will take a few years to complete the Metaverse, it will be built on a foundation that is being constructed.

How does Coinbase view Metaverse?

Just like the Internet today, Metaverse will rely on hardware and infrastructure, tools and standards, and regulatory frameworks-most of which have not yet been fully developed.

But unlike today’s Internet, there will not be only one metaverse. There will be many Metaverses, and they will connect with each other. This is why any Metaverse must be trustless-which means that people can interact directly without an intermediary-and without permission-which means that anyone can participate without the authorization of the governing body.

To achieve this, Metaverse will rely on the blockchain to transfer identity and ownership in the virtual world, verify identity, and a payment track that allows people to buy, sell and earn income in a decentralized economy.

Who is building the Metaverse today?

Although we have not been able to construct anything close to the complete Metaverse, different companies and organizations are experimenting with different elements of it. Most can be divided into three categories:

How does Coinbase view Metaverse?

The Metaverse ecosystem is still in its infancy: emerging but not yet defined. This is also its beauty. People pay much attention to the game, mainly because it is easy to make money.

identity

Identity determines who we are, what we can visit and do, and how we behave in the various worlds of the Metaverse.

In the Metaverse, our identity will have to include a simple login, a unique ID, an avatar representing us, the metadata that follows us, and the authentication that proves who we are. The following is the current location of these works:

How does Coinbase view Metaverse?

What is the role of Coinbase?

At Coinbase, we hope to help users integrate all their identity information together-essentially creating an entry point for identity information into the Metaverse.

This is the idea behind our cooperation with ENS, which makes it possible to create a unique username NFT, which can be resolved into a wallet. Ultimately, this will allow users to carry unique IDs in different worlds of the Metaverse.

We are also developing a technology that allows users to buy their own avatars, define and maintain their public image, and build trust. We are developing features such as logging in with [Eth/Coinbase], which allows users to log in to every application in the Metaverse.

in conclusion

In the final analysis, this has nothing to do with expanding your business or making money. It is about building a key part of the Metaverse ecosystem and helping encryption technology develop in the right way.

We know that the Metaverse will exist, and we know that it will be a series of interconnected virtual worlds. Our goal is to allow anyone to easily establish their own identity and access these worlds in a simple, credible and decentralized way.

If we succeed, it will allow the metaverse to reach its full potential-and keep it free and open to everyone.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/how-does-coinbase-view-metaverse/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Like (0)
Donate Buy me a coffee Buy me a coffee
Previous 2021-12-20 00:54
Next 2021-12-20 10:23

Related articles