Wanxiang Blockchain Xiao Feng: Meta Universe-Next Generation Network Platform


Metaverse, a word that is being discussed by more and more people, what exactly is it? What is its relationship with us ordinary people? What value will it bring to us?

At the first “China Metaspace Industry Development Forum” of the China International Digital Entertainment Industry Conference (CDEC) held on July 29, Dr. Xiao Feng, chairman and general manager of Wanxiang Blockchain, was invited to give a keynote speech. This forum is the first time that the organizing committee of the China International Digital Interactive Entertainment Exhibition will bring Shanghai Cyborg to hold a meta-universe-related special forum during ChinaJoy. In the speech, Dr. Xiao Feng explained in easy-to-understand language what the metaverse is, and the new values ​​and new models it can bring, and said that the metaverse is an infinite game.

The following is the full text of the speech organized according to the shorthand on the spot.

Wanxiang Blockchain Xiao Feng: Meta Universe-Next Generation Network Platform

Hello everyone, the topic I want to share today is “Meta Universe: Next Generation Network Platform”. What kind of network platform is the next-generation network platform? I call it the “digital network”. Looking back at the technological development of the past 100 years, firstly, the development of CT technology brought the communication network. Next, the maturity of IT technologies such as computers and the Internet has brought information networks. The emergence of the information network did not negate the value of the communication network. Subsequently, the development of digital technologies such as AI, cloud computing, and blockchain has allowed the current human society to migrate to the digital age, thus forming a digital network, but the information network is the same. valuable. From IT network, CT network to DT (Digital Technology) network, Meta Universe also follows this development context. It is a new generation of network: digital network.

Metaverse is not the next-generation Internet, it is the next-generation network that will emerge after the technology has developed to a certain level.

Wanxiang Blockchain Xiao Feng: Meta Universe-Next Generation Network Platform

The main reason why the digital network is the new network platform in the future is that with the help of the Internet, human society has carried out digital migration. I divide migration into three stages/three levels:

The first level: digital twins.

“Digital twin” has been discussed a lot. It is a digital mapping of the real world and the physical world.

The second level: digital native.

However, it is not enough to realize digital twins. The core thing of the meta-universe is not digital twins, but digital “natives”. Many things native to the digital world have no correspondence with the real world. Digital native is the real meta-universe. Of course, the meta-universe also includes digital twins.

The third level: the existence of the virtual and the real.

When digitally native things are big enough and strong enough, they will inevitably affect the real world. So the third layer is called the intergrowth of reality and imaginary.

From digital twins, to digital natives, and then to the coexistence of virtual and real, it covers three stages and three levels, the core of which is digital native. In the meta-universe, you can see many things that are not in the real world.

The three-level/three-stage digital migration will surely reconstruct a complete set of economic systems, economic models, and financial models in the digital space. It will create new currency markets, capital markets and commodity markets.

Wanxiang Blockchain Xiao Feng: Meta Universe-Next Generation Network Platform

In such a brand-new digital world, virtual space-based economic system, economic form, the three markers of value in the financial system, and value activities are: Coin, Token, and NFT.

When everyone talks about the meta universe, there are more discussions about NFT, and they will talk about the construction of the meta universe by the blockchain NFT and the confirmation of the ownership of various digital things. Metaverse will definitely have its own currency (Coin)-digital currency. But currency alone is incomplete, and a financial market system must be indispensable to establish a meta-universe economic form. What is the difference between currency and finance? It’s very simple. Finance is “money + time”. If money is taken out of time, it is just money. Money alone is not enough in the meta universe.

Coin, Token, and NFT are the three value marker units based on the blockchain, which are the value markers of the digital economic activities of the meta universe, but the three play different roles. They represent: digital currency, digital assets, and digital Pass, complete marking of various value activities and value things of the value network.

It’s like our country issues currency, but there are two stock markets that allow thousands of companies to issue stocks. Stock assets belong to the capital market, not the currency market.

In the meta-universe, how to confirm the rights of completely digital things? How to authorize? How to permit? how to prove? With NFT, NFT is a “digital token” in a truly pure sense. In the past few years, someone translated Token into “pass”, but I think NFT is the real pass. This is a new currency system, a new financial system, and a new digital token rights certification system brought about by the digital migration of human beings.

The architecture of the Internet is a TCP/IP model. Does Metaverse also have an Internet model similar to TCP/IP? I tried to divide it into several layers myself:

Wanxiang Blockchain Xiao Feng: Meta Universe-Next Generation Network Platform

The bottom layer is the physical layer, including AR, VR, MR, XR, etc. are all physical layers of the meta-universe.

The second layer is the data layer. If the meta-universe is recognized as something in the digital world or virtual world, there must be a data layer. Without data, it is impossible to establish a meta-universe platform.

The third layer is the algorithm layer. The algorithm layer here refers more to the role that AI plays in the meta-universe. UGC and PGC have already existed in the Internet age, and they will certainly be in the meta-universe in the future, but in the 3D world of the meta-universe, AIGC will be very important, and AIGC is obviously an algorithm layer thing.

At the same time, to truly build a meta universe where one billion people can come in, it must be low-code development or no-code development. An 80-year-old lady who must be 80 years old can also have fun in the meta universe, just as easy to use as WeChat . Because of WeChat, the 80-year-old lady is also related to the mobile Internet, but we don’t need to let the lady learn a lot of technology in WeChat to use WeChat. I believe that the same is true of Metaverse. Many developments in the meta-universe can be done with AI in the future? The 80-year-old lady has a new idea and tells AI that AI can help her realize it. Then everyone can have fun in the metaverse. Only in this way can a metaverse involving one billion people be built. Otherwise, there may be only two hundred. Ten thousand people.

The fourth layer is the governance layer. The meta universe must not be a company system. Just like Zuckerberg said, the meta universe is not a platform or company. It is built by countless centralized organizations and countless individuals. It should be distributed, decentralized, and self-contained. organizational.

The fifth layer is the incentive layer. There are two types of economic incentive models. One is that there is a currency system. Whether players or Metaverse participants participate in it, they can purchase Metaverse Tokens with fiat currency. Tokens can buy many things in Metaverse. This exchange is different from Q currency. Q currency cannot be exchanged for RMB, while Token can be exchanged for legal currency. This is a currency system. But the currency system is not enough. With the currency system, you can play in it. However, there is a “play while earning” model in the meta-universe world, so an equity incentive system is needed. Participants participate in it, make contributions, accumulate points, and points can be exchanged for the rights and interests of the universe-Token. There are more and more participants and longer and longer time to participate. The value of Token is getting higher and higher. All participants in it are rewarded with equity because of Token. The incentive layer is not only the currency system, but also the financial system.

The sixth layer is the application layer. There are various applications in this layer for digital survival and digital production. As everyone has a clearer understanding of the metauniverse, the description of the metauniverse architecture will be more detailed, and finally iterate to a recognized architecture similar to the Internet TCP/IP architecture.

After talking about the macro structure, let’s take a look at the economic model of Metaverse. Meta Universe is an ecosystem EOP, where “E” is Ecosystem, which stands for ecology, and “P” is Platform, which stands for platform. EOP is relative to the enterprise resource management system (ERP).

Wanxiang Blockchain Xiao Feng: Meta Universe-Next Generation Network Platform

I read the book “Scale” not long ago. The book analyzed why the average life of a company is only more than ten years, while the lifespan of a city can reach thousands of years? This actually stems from the difference between EOP and ERP. Enterprises are top-down, centralized control mechanisms. Enterprises take market competition as a means and pursue profit maximization as the goal to form a closed system. In this closed system, the marginal cost increases and the marginal revenue diminishes. Scale becomes the boundary of all enterprises. When the company reaches a certain size, the vitality of the company may be attenuated. But cities are different. Cities must be open. They don’t aim at profit, and continue to tolerate, accept, and be open to everyone. Cities are a system with increasing returns to scale. If the urban population doubles, the urban public supporting facilities only need to increase by 0.85 times, so the cost of scale can be reduced and the returns on scale increased.

When cities gather 1 million, 5 million, and 10 million people, the speed of knowledge dissemination and accumulation is accelerating, the number of jobs continues to increase, the city’s innovation capabilities continue to increase, and the marginal cost continues to decrease. This makes the life of the city more important than the life of the enterprise. Much longer. The life span of a city can reach a thousand years, while the average life span of a global enterprise is less than a dozen years. Someone has analyzed that the average life cycle of Chinese private enterprises is less than ten years because they are closed systems. The meta universe is an open system, and one of its very important features is EOP.

Second, the endogenous economic model. The “wool coming out of pigs” on the Internet will no longer appear in the meta-universe. Any capture of economic value comes from the inside of the system, not from outside.

Third, Metaverse is a Stakeholder, no longer a Shareholder in the corporate system. We build, create, govern, and share together. There will be no shareholders, companies, management, and employees in Metaverse, which is somewhat similar to a public chain.

Fourth, Token economics, there must be NFTs, Tokens, and Coins, which are completely different from the real world economic system, monetary system, and financial system.

The business model of Meta Universe:

Wanxiang Blockchain Xiao Feng: Meta Universe-Next Generation Network Platform

1. Metaverse is a truly infinite “game.” There is no time, no space, no end, no winners, and no losers in the meta-universe. All participants are for the game to continue. In this infinite “game”, no permission is required to join, experience and live. The business model of Meta Universe is very similar to the public chain. The meta universe is not a zero-sum game, but an infinite game.

2. Meta universe is driven by content creators. The Internet is driven by consumers, so the number of consumers is a very core indicator for the Internet. The blockchain is driven by technology developers, and the establishment and development of the developer community are key indicators for evaluating the value of the public chain. In Metaverse, content creators are the main driving force for economic development.

3. In the meta universe, NFT will be used as a value marker. NFT is very suitable as a value marker in the meta-universe, and it was invented to be able to use it in the meta-universe in the future. At the same time, Metaverse makes the blockchain have a To C approach for the first time. In the past, the blockchain could not find the way and direction of To C, but it is possible for the blockchain technology to connect the blockchain technology with the 1 billion users in the metaverse.

Token-based DeFi has a total of 3 million accounts so far, many of which are duplicates, and probably no more than 2 million people are using DeFi. For DeFi to achieve To C, having 1 billion users requires very complex technical support, which is unlikely to be achieved. Professionals and organizations may need to use DeFi. But this technology may be a little far away from the general public. In the meta-universe, blockchain technology is likely to find ways and opportunities for To C.

The Internet solves the problems of economic and commercial activities in two-dimensional space, while the meta-universe should be commercial activities in three-dimensional space or even four-dimensional and five-dimensional space. In a higher dimension, it opens up new worlds, new economies, and new Fun stuff.

Everyone must have their own digital avatar in the meta-universe. In the meta-universe, each person has “another you”, that is, a digitized person, which is a virtual “one you” through AI technology. You feed your experience, knowledge structure and data to the “digital you”, and the final training is your digital avatar.

The human body can survive for only a hundred years, but the digital you can always live in the meta-universe. This digital clone is actually you. After thorough analysis and understanding of you, AI will help you continue your digital life according to the logic of your life when you actually existed physically. This sounds like a science fiction game, but it will generate a lot of commercial value.

Many families will ask professionals to help you manage your finances, manage trusts, charity funds, estates, etc. When everyone exists in the meta-universe in the form of virtual avatars, since digital avatars can exist forever, these digital professionals may accompany you for generations. This will subvert many of the business models we are now familiar with. It can be seen that digital avatars may derive many new things such as services and businesses that are completely different from those in the real world.

The above is what I want to share with you today about the superficial understanding of the meta universe. You are welcome to criticize and correct me. Thank you!


Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/wanxiang-blockchain-xiao-feng-meta-universe-next-generation-network-platform/
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