How to correctly understand the Metaverse system and its value

“Open Metaverse Operating System”, this is a shared and open operating system built on the success of decentralized protocols, especially DeFi and NFT appearing in the Web 3 Stack based on blockchain and encrypted assets.

Coinworld-how to correctly understand the Metaverse system and its value

Science fiction works like “Ready Player One” describe “Metaverse” as both an end point and an abnormal process of capture and control.

In “Top Player”: IOI, a giant company, wants to own and control OASIS servers and databases, where they can delete accounts, access any information, change the rules of the world, and print unlimited currency for themselves.

The similarities between the first virtual world we experience in the game today and the Internet are striking: centralized, closed, proprietary, and mining, with shareholders first rather than users first. It has become normal to be forced to give your time and data in exchange for “free” access to the platform.

As we invest more time, data, and wealth on the platform (since the COVID-19 lockdown in 2020, we have invested 10 billion US dollars and 4 billion hours in virtual worlds and gaming environments every month), we think reviewing their design principles, The business model and terms of service are crucial so that we can decide whether we want to continue to opt-in or spin-off into other programs.

After several months of development by Outlier Ventures, coupled with our growing network of related startups and partners, we have created a framework to evaluate and review Metaverses, and a toolkit to design based on user center and identity, data and wealth Alternatives to the principle of sovereignty.

We call it the “open Metaverse operating system”, which is a shared and open operating system built on the success of decentralized protocols, especially in the Web 3 Stack based on blockchain and encrypted assets. DeFi and NFT (Non Fungible Tokens). 

Define Metaverse

Technically speaking, the original vision and definition of Metaverse was a point in time when the distinction between physical and virtual became blurred. This is generally considered to be in the context of AR (augmented reality) and VR (virtual reality), the so-called mixed reality becoming ubiquitous. 

However, we think it is important that we do not regard it as a destination, but a journey or process.

This is because we must admit that the beginning of Metaverse is already here. If we regard it as a distant destination, we will not solve some basic design choices in our sleep, and may copy or deepen it like now The flaws of the network.

It seems that one of the defining characteristics of metaspace is that, to a certain extent, it is an old economic system based on legal currency that is independent of the control of the nation-state, and enjoys a higher status than it.

If we look at Facebook’s efforts to launch its own digital currency with Libra (which will extend to Oculus), because it is a highly centralized and fiat-based company, it is actively restricted and actually castrated as a truly destructive and Sovereign cryptocurrency.

It can be considered that part of the fact is that some game platforms are very large, they are closed micro-economy, have their own currency, which is centrally controlled by them, valuable systems, such as experience value systems, in-game items (skins) and markets, a lot of wealth To be held and traded.

But the reality is that only a few people allow you to use fiat currency to trade on their closed platform, but more importantly, wealth cannot be directly transferred between these microeconomics to the virtual yuan economy with its own sovereign currency.

More importantly, you generally cannot use virtual wealth to buy physical assets, which puts digital natives at an economic disadvantage. 63% of players said that if the skin has real-world value, they will actually spend more on the skin.

We finally proposed that we believe that the decisive feature of a true Metaverse is that it needs its own economy and native currency, where value can be earned, spent, lent, borrowed or invested in a physical or virtual sense, the most important It doesn’t require a government.

Competing multiple worlds

However, in this article, we first explored the two versions of Metaverse we observed: one is dominated by closed platforms and big technology companies (such as Facebook/Oculus), and the other is based on the openness of the blockchain. In terms of agreement, such as Decentraland. Where possible, we can assess the relative openness of the two platforms.

The degree of acceptance of a platform’s open source code and data, the degree of closure of a virtual economy (in its proprietary game), the degree of their control over the monetary and fiscal policies of the underlying economy, its interaction with legal currency-based systems, And whether they allow value transfer outside of their ecosystem. We also believe that there is a low-fidelity and high-fidelity spectrum based on the hardware required to experience the virtual world. We recommend that this spectrum should be maintained to make it inclusive and enable as many people as possible to come out of the old economy. , Enter the open Metaverse.

Web3, an open Metaverse carrier

We put forward the idea: There is a set of integrated technologies that can provide a common operating system for the open Metaverse, which is located between the hardware, application software, and users. Due to its open source characteristics and the transfer of assets on the chain through NFTs, digital assets and their metadata are durable and permanent. In this sense, the open metaspace operating system enables the virtual world built on it to partly or as a whole include the important Web3 principles around user-centricity, decentralization and sovereignty, which creates an unstoppable nature for its success.

Web3 toolbox

We decompose Web 3, its design principles, protocols, and standards into a toolbox for Metaverse entrepreneurs and architects to use. We describe it as The Web3 Toolbox for The Open Metaverse and suggest that they will become interchangeable. Terminology is increasingly understood as the same thing.

Coinworld-how to correctly understand the Metaverse system and its value

Build in Metaverse

We suggest that if you use this toolbox to create a new instance in Metaverse (such as a virtual world), or seek to develop an existing Web 2 platform, you will face a series of design decisions at several levels of the stack And weigh, choose between open/shared or closed/gated and exclusive. Moreover, you may choose an open solution reasonably based on the urgent needs of your company and its stakeholders (such as shareholders), users, or philosophical principles, and close it permanently or temporarily on another level. Finally, there will always be a contradiction that needs to be resolved.

We have proposed a method that uses a consistent framework (we call it “analysis of the virtual world”) to observe any specific Metaverse instance as an analysis of all levels of the platform.

Coinworld-how to correctly understand the Metaverse system and its value

Open Metaverse operating system

The question we are discussing is: Is the Metaverse operating system ready to open? Our view is that the optimization of Web 3 technology is mainly to achieve a high degree of decentralization and transaction security, not at the cost of achieving smooth real-time interaction. And its applications on the desktop and mobile phones are more based on the 2D network experience. Therefore, so far, the user experience of Web 3 has been poor, but as the world of Web 3 and cryptocurrency increasingly merges with new environments such as games and VR, this situation is changing, and a generation is changing from Web 2 platform transfer.

Therefore, we suggest that the open Metaverse operating system is best understood as a continuously evolving and highly composable collection of technologies. These technologies will be used more and more, but selectively, to make all aspects of Metaverse gradually become better. open.

Coinworld-how to correctly understand the Metaverse system and its value

Open framework

We suggest that the way of thinking about the open Metaverse operating system is also a framework, through which to evaluate the openness, design choices and trade-offs of specific instances of Metaverse, including: whether the code is open source, whether the assets are portable, and the data platform is proprietary It’s about what the user controls, who can create value, the degree of UGC vs. the platform, and how to monetize it.

Coinworld-how to correctly understand the Metaverse system and its value

We think it is necessary to emphasize that, just like “decentralization”, openness cannot be absolute. Its choice is not binary, but in a multi-dimensional space. Even in those virtual worlds and platforms that we can classify as the most “open”, there will be significant nuances, which are usually driven by technical limitations, both early adopters and low-level protocols such as Ethereum This requires work to improve usability, including what happens on the chain, which affects “openness.”

So, why build in the open Metaverse?

The question we have to solve is, why should we build or integrate a virtual world, or in other words, why should we use the open Metaverse operating system? Especially compared with more convenient closed and centralized methods, there are so many trade-offs and restrictions that can’t be adopted on a large scale?

We explained why we believe that Metaverse has a general direction towards open standards, even if you are a closed participant in the open 3D object media standard at first glance: and the Metaverse web browser.

We discussed the importance of the principles of self-sovereignty, identity sovereignty, and related digital wealth (including assets and increasing amounts of data), based on the user-centric concept: users take precedence over any particular platform. Some people might say that users are platforms as a whole. In this case, we believe that the virtual world becomes an interface for creating, trading or experiencing virtual goods and services. These goods and services are movable and not limited to a single platform. 

We suggest that this is a strong economic driver and a fundamental paradigm shift, rather than the closed Metaverse and its business model that dominate the network we see today. When creation, wealth, and assets can have an “off-platform” life, and can be freely exchanged and infinitely interchanged in an open market, their liquidity and value will increase, simply because more value can be There is unlimited exchange between them. We suggest that you can think of it as a form of “value squared”.

We suggest that we can also treat different virtual worlds, whether open or closed, as slices of a larger whole. Users can and will interact with one or more of these worlds through design and become a part of it. Although a single world can surpass all other worlds and become an important part of the multiverse, they do not enjoy the defensible “moat” seen in Web 2, which locks users and their data. On their platform and demand a ransom from them.

Therefore, we explained that the virtual worlds in the open Metaverse are more likely to operate and connect with each other more and more, so that it is difficult to distinguish them as independent, but just different instances in a whole.

Coinworld-how to correctly understand the Metaverse system and its value

Empty world problem

We also solved the problem: When “Open City” was compared with its traditional competitors, it was basically full of space with nothing. It is estimated that the number of daily active users on all platforms is still in the thousands, which is almost meaningless compared with “Fortress Night” because the latter has more than 350 million monthly users.

The question we ask is how can the open virtual world catch up and be equivalent to the content and rich experience of today’s dominant virtual world and gaming platform? And it is recommended that in 2017, through the sale and exchange of ERC20s and ICOs, cryptocurrency exchanges (such as Coinbase and Binance) will generally be brought to millions of retail investors, and promote media attention and a virtuous hype cycle, so the NFT platform will do the same. .

And LiDAR technology now allows anyone with the latest iPhone to render the physical world on a large scale, transform it into a machine-readable 3D model, and convert it into a tradable NFT, which can be uploaded to the open virtual world very quickly, and Add avatars, wearable devices, furniture, and even entire buildings and streets.

Because they are machine-readable, they can use open source standards such as Pixar’s USD, NVIDIA’s MDL, Khronos Group, and NVIDIA’s Omniverse to further input artificial intelligence and output unlimited changes, which can in turn be global and open markets It is better than any closed platform to achieve monetization.

We discussed why we believe this will greatly reduce the time and cost of making games or the entire virtual world and economy, while also leveraging the workforce of millions of creators around the world, allowing for seamless and decentralized collaboration that far exceeds The ability of a single game studio, record company or virtual platform.

Mankind’s greatest economic experiment

The open Metaverse we proposed, including Web 3 principles, will allow innovators to conduct open and permissionless experiments with their underlying economy, as well as support for the protocol layer and the game rules of each virtual world itself. Moreover, each experiment can be synergized or competed in parallel with other experiments.

We discussed how this can create new wealth in a purely virtual sense, but still allow people to have bread to eat and houses to live in. Although “gaming to make money” is nothing new, it is now becoming mainstream. “Games are work” and countless changes, including: playing games through holdings, making money through sharing or planning, and making a living through games. Become the main income of hundreds of millions of people, and become a form of financial emancipation, not digital feudalism.

Top-down regulatory power

Finally, we combine the government’s increasing top-down authorization to restrict the power of monopolists such as Facebook and other social platforms and various other Web 2 platforms from the perspective of antitrust, but also create incentives from data trade and abuse An extra and powerful force to loosen the platform.

Once regulators recognize the significance of cryptocurrencies and their impact on the fiat currency-based economy, they will eventually realize that their success is inevitable, but also beneficial. It brings an open, permissionless ultra Competition, whether in technology or in financial services and inclusiveness, is undoubtedly in the interests of consumers.

However, we warn: Open Metaverse cannot be misunderstood as a panacea for solving the world’s ills, nor can it be regarded as a utopia without problems.

in conclusion

We invite you to read the full text and feedback your ideas to us, and consider this article as the first step in trying to understand Metaverse. We look forward to discussing and iterating with you, and thank all the contributors who helped us reach this initial understanding.

Finally, we look forward to seeing you in an increasingly open Metaverse.

—Jamie Burke

Original link: https://gateway.pinata.cloud/ipfs/QmNmJcLc9Me7LERSh5shJmkgEeddFzcn4L1pTeMjT5fXqE/OV_Metaverse_OS_V5.pdf

Jamie Burke Author

Mike Jin Translation

Vivian edit

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/how-to-correctly-understand-the-metaverse-system-and-its-value/
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.

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