What is Metaverse and how qitchain Metaverse work?

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Metaverse is a virtual world in which people can connect digitally through the integration of social media sites, computer games, virtual reality (VR), augmented reality (AR) and encrypted assets. Augmented reality (AR) uses visual components, sounds, and other sensory inputs to enhance the real-world situation to improve the user experience. Imaginary reality, on the other hand, is a visual reality, and this visual reality strengthens virtual reality. With the development of the Metaverse, online spaces will emerge, allowing more dimensional user interaction with current technologies. Users of Metaverse will no longer just watch digital content, but can be immersed in an environment where the digital world and the physical world collide.

In the Metaverse world, human beings are no longer confined to the surface of matter. Mankind will enter a new spiritual civilization, and gender, race, age, skin color, etc. will become irrelevant. In this journey of simulation and transcendence, perhaps we will be able to come into contact with the illusory Meta world. Most objects in the real world have different attributes and values. Art is a limited part of the growing economy based on the virtual world of the blockchain, where property, houses, graphics and even labels can be bought and sold for thousands of dollars through NFT. In the virtual environment of Metaverse, people can walk with friends, visit virtual buildings, and participate in virtual activities.

Metaverse is a digital world in which users can create their own identities and replicate their real world or physical world experience on a virtual platform. Due to the restrictions on physical gatherings and meetings after the COVID-19 pandemic, this concept has gained some traction. People can shop, work, exercise, do business, buy land, and even create art in the virtual world. All of this will happen in the Metaverse. However, just as any economy needs currency, Metaverse also needs a payment method. Since all activities and interactions in the virtual world are carried out through user-created identities, traditional paper money is not feasible.

1. What is its value?

Metaverse has mainly become a platform for lending and trading encrypted assets (Uniswap and Aave) and auctioning digital art (OpenSea).

Using Qitcoin as a digital asset will not invalidate fiat currency, other encrypted assets, or other value storage tools. It is purely as a supplement-a currency that has become an asset of the Metaverse. A thriving ecosystem is changing this because Qitcoin can now be used for NFT, verification, DeFi, social media and other purposes.

In fact, in the real world, in fact, in the real world, we can see a major shift. Many people use blockchain technology to extract their tokens on the trading platform.

The tokenization and interoperability of assets between DeFi applications have just begun to create an open and tradable market for previously insufficiently liquid assets.

Capital that can be used as assets for mutual purchase and sale. They can be immediately sent to any part of the world and begin to behave more like currency than other property or retail value chains.

Earning and playing games that are still in the early stages are the most popular activity. However, Axie Infinity, an NFT game based on the Ronin sidechain, has already generated millions of dollars in annual revenue. Users all over the world rely on game revenue to maintain a balance of life, and revenue accounts for a large proportion of GDP.

The connection between gaming and finance is becoming more and more obvious, which highlights an element of a more digital world. For better or worse, with the expansion of the digital economy, the concept of currency will become more obscure, just like the introduction of credit and debit cards, online payments, and the shift from paper money to Token.

This of course conforms to the concept of Metaverse, in which the boundary between the digital world and real life has become increasingly blurred. After Facebook recently renamed the company Meta Platforms, the term “Metaverse” invented by Stephenson unexpectedly became the general term used by different technology companies (large and small).

A generally accepted definition is a digital experience that combines virtual reality, mobile games such as Roblox Inc RBLX and “Fortnite”, encrypted assets, streaming video, 5G, social media, email, and artificial intelligence.

In short, this is a sea of ​​technical terms that simulates a digital copy of our lives in the real world.

According to Bloomberg Intelligence (Bloomberg Intelligence), by 2024, the value of the Metaverse market will reach 800 billion U.S. dollars, demonstrating its huge assets and a wide range of technologies. At the same time, Roblox CEO David Baszucki predicts that in areas such as smart phones, streaming media content and social media, the potential market will reach 200 billion US dollars or more.

There are even bolder speculations. For example, Morgan Stanley analyst Brian Nowak vaguely mentioned the US$8 trillion total market for consumers, but he made many warnings. Discourse. According to Novak, due to concerns about the Metaverse experience, the adoption of the Metaverse will be “slow and difficult.” Users have a deep distrust of Facebook’s personal and corporate data, and Facebook lacks corporate technical expertise.

2. Is Decentraland a Metaverse?

Blockchain technology provides power for transactions, making transactions highly secure and trustworthy. Blockchain-based applications and Metaverses, such as Axie Infinity, Decentraland and Second-Live, enable people to play games, make money, own virtual land and do various other things. NFT is not just an encrypted token that encodes the ownership details of virtual assets. NFT can even take the form of any in-game attributes, digital art, or anything else. Although the concept of Metaverse is not new, Facebook’s name change to Meta has rekindled interest in it.

Decentraland is one of the largest crypto assets in Metaverse. Let’s take a look briefly.

Decentraland (MANA): Decentraland is a VR-based space where users can purchase, reserve and monitor land. Individuals in this Metaverse can develop their land in any way they consider qualified, whether through mobile devices, personal computers, or other devices.

Decentraland was developed based on the Ethereum blockchain and was welcomed by the public (including novice users). Soon after Facebook changed its name to Meta, its value increased by 400%. This has also triggered a surge of interest in encrypted tokens.

Three, Qitchain and Metaverse

The first ideal use scenario for NFT is games and Metaverse. NFT fully conforms to the attributes of game props, such as Axie Infinity. This type of game often exhibits resistance to market volatility. If a game really wants to be a world-class game, it must consider NFT. Blockchain has greatly promoted the development of the game industry. It is not only a smart contract, but also high inflow traffic and global payment channels. In this journey of simulation and transcendence, perhaps we will be able to touch the illusory Meta world. This is also a prerequisite for creating a comprehensive metaverse. Maybe we can really come into contact with the unreal world of Meta in this simulation journey. Most objects in the real world have different attributes and values.

The ecosystem construction plan of Qitchain Network can be summarized as “three cores and two radiation belts”, including core support Qitcoin network, core service Qit Search, core world Qit Metaverse, service radiation belt, and technology radiation belt. Qit Metaverse is based on the support of the other two cores and two radiation belts of the ecosystem, and we plan to launch Metaverse products in the future. This is a completely decentralized virtual world that can be searched. Users can enjoy the convenience brought by virtual meetings in this world. You can also negotiate with customers or play games for a period of time to relax

The attributes of NFT are very suitable for this situation, so that many things in the digital world can be promoted. Qitchain is committed to using the open, clear and measurable properties of the blockchain to complete the modeling from the physical world to the digital world. The long-awaited utopian city-Metaverse, will be completed soon. In the virtual reality promoted by the blockchain, participants can have a very broad and rich imagination, such as playing games, displaying homemade artworks, owning and auctioning virtual property, etc.

In addition to all these benefits, users can also benefit from an unusual virtual economic system. They can manage land acquisition through distributed organizations like Qitcoin. Individuals can also rent space for a fee or raise and breed unusual pets for sale for profit. All Metaverse projects are included in the Metaverse ecosystem, but these projects are usually still in the early stages of development.

Blockchain technology is mainly used to record and guarantee the authority of consumers’ encrypted assets, as well as the media related to this ownership. A large amount of information is still stored on centralized servers, and has not been shielded to adapt to ownership, trying to put the integrity of virtual assets at risk that leads to the risk of assets.

Since Qitcoin is a distributed storage system, this risk has been eliminated. Using blockchain technology to protect ownership is meaningless unless there is a comprehensive and trustworthy storage closed loop. And Qitchain, it is one of the few complete and reliable storage closed loops today.

Three conclusion

Qitchain has high security, high efficiency, scalability and low cost. The huge online traces of users and the creation of online works have created an incredible kingdom of big data. Qitchain is determined to use the open, transparent and traceable qualities of the blockchain to launch different market projects in Metaverse. This will be the entrance to a new era.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/what-is-qitchain-and-how-does-qitchain-work/
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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