Wanxiang Blockchain Xiao Feng: Metaverse 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.

Wanxiang Blockchain Xiao Feng: Metaverse Next Generation Network Platform

Xiao Feng, Chairman and General Manager of Wanxiang Blockchain

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 just the Internet, it is a new generation of networks that will emerge after the technology has developed to a certain level.

The main reason why digital networks are the new network platforms in the future is that human society has migrated with the help of the Internet. 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, such as “theoretical digital analysis.”

The three-level/three-stage digital migration will surely reconstruct a complete set of economic systems, economic models, and financial models.

The system virtualized in the native digital world is bound to be different from the monetary system/financial system as it is currently understood, and it will produce a new monetary system/financial system.

To help establish an independent economic system, economic form, and financial system, the three value standards 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 not complete, and the establishment of a meta-universe economic form must be “financial.” 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 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’ assets to issue shares with their own operating cash flow, making this stock asset belong to the capital market, not the money 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 “token”, but I think it is more suitable to apply the concept of “token” to NFT. This is a new currency system, a new financial system, and a new digital certificate fully transparent system brought about by the digital migration of human beings.

The Internet has TCP/IP. Does Metaverse also have an Internet Metaverse model similar to TCP/IP? I have divided it into several layers:

The bottom layer is the physical layer , including AR, VR, MR, HR, 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, data must be considered. Without data, a platform cannot be established.

The third layer is the algorithm layer . The algorithm layer refers more to the role that AI plays in the meta-universe. UGC and PGC have already existed in the Internet era, 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 AICG 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 in WeChat to use WeChat. I believe that the same is true of Metaverse. Metaverse needs to do a lot of development, so can it be replaced by AI in the future? The 80-year-old lady has a new idea and tells AI that AI can help her realize that everyone can live happily in the meta-universe. Only in this way can a meta-universe with one billion people participate, 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 a company. It is built by countless centralized organizations and countless individuals. It should be distributed and decentralized.

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. Because more and more participants and the time of participation are getting longer and longer, the value of Token is getting higher and higher, and 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 production. As everyone has a clearer understanding of the meta-universe, the description of the meta-universe architecture will be more detailed, and finally an architecture similar to Internet information technology will be iterated.

After talking about the macro architecture, let’s take a look at the ecosystem of the meta universe. The ecological attribute of Metaverse is EOP, where “E” is ecology, which stands for ecology, and “P” stands for platform, which is different from the meaning in enterprise resource management system (ERP).

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, with profit as the goal, and continue to tolerate, accept, and be open to everyone. Cities are a system with increasing returns to scale. If the urban population doubles, urban public supporting facilities only need to increase 0.8 times, so the cost of scale can be reduced and the returns on scale increased.

When the city gathers 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 much longer than the life of the enterprise . 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 life cycle of Chinese private enterprises is only 8 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 situation of “wool coming out of pigs” on the Internet is unlikely to appear in the meta-universe. Any capture of economic value comes from the inside of the system, not from outside.

Third, some of Metaverse is Stakeholders instead of Shareholders in the corporate system. Everyone builds, creates, governs, and shares 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:

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 path 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, very complex technical support is required, which is unlikely to be achieved. Professionals and institutions may have a need to use blockchain. 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 the two-dimensional space, while the meta-universe should deal with the problems of commercial activities in three-dimensional space, even four-dimensional and five-dimensional spaces, and at the same time create a new world, new economy, and new fun. s things.

There must be digital avatars in the meta-universe. In the meta-universe, everyone wants to give birth to “another you”, that is, a digitized person, the “one you” virtualized 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 avatar 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 manage trusts, charity funds, estates, etc. When all people exist in the meta-universe in the form of digital avatars, these digital professionals may accompany you from generation to generation because digital avatars can exist forever. This will subvert many of the business models we are now familiar with. This shows that digital avatars may derive many new things such as services and businesses that are completely different from those in the real world.


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