Why is Yuan Cosmos so hot? Here is a cryptographic guide for the Metaverse

“Metaverse” is no longer just a science fiction term.

Technology can change lives, and now we are no stranger to it. For example, the Internet, smartphones, and cloud computing all appeared before the advent of science fiction. The “next big event” of the digital age is likely to come, and it has the potential to change our daily lives. It is the “meta universe”.

The meta universe is defined as a virtual shared space, which is formed by the fusion of virtual reality, augmented reality and the Internet. The prototype of the meta-universe already exists in many things we are now familiar with, such as popular video games such as Roblox (multiplayer online 3D interactive game), Fortnite (third-person shooter game) and Animal Crossing (casual social game). The term meta universe first appeared in the science fiction novel “Snow Crash” published by Neal Stephenson in 1992. In the novel, two delivery drivers travel through the meta universe to save themselves from the dystopia of capitalism.

Many futurists envision the meta-universe similar to those depicted in science fiction novels such as Ready Player One. Although no one knows exactly what the meta-universe will look like, people have reached a consensus on its basic characteristics-it spans the physical world and the virtual world, runs around a fully functional economy, and users can easily go to the meta-universe Travel to various “places” to buy goods and avatars.

If there is a virtual theme park, it is infinitely large and infinitely beautiful, and then imagine that we can move from that virtual theme park to a virtual concert attended by tens of thousands of people as we wish. As long as you are in the same digital world, you can go to any corner of this world freely. This is the potential of this new technology of Metaverse.

Why is the meta universe so important?

Even if Metaverse cannot realize the grand vision that many people have imagined, it may fundamentally change the way we interact with the digital world. The collective virtual experience of Metaverse can bring new opportunities to creators, players and artists just like NFT. It can not only reshape the creator economy (creator economy, creator-driven economic model), but can even completely subvert it.

The virtual world of the meta universe may become a trillion-dollar industry. It is the first choice for entertainment, business, and even the workplace. The meta universe is built through blockchain and decentralized applications. It is not an extension of the Internet, but a successor to the Internet.

Venture capitalist and writer Matthew Ball wrote that Metaverse will become “a gateway to virtual and physical experiences, and the next great work platform.” He believes that Metaverse will be the creation of a new generation. The driving force of the company is just like the situation when the Internet was first popularized. Perhaps more interesting is that it may lead to the decline of existing industry giants, as we have seen in the rise of Internet platforms.

Tech giants have entered the game

At the end of June, Zuckerberg told Facebook employees that they would work hard to “make the meta-universe come alive.” Facebook has formed a team of executives to lead the project, including Instagram product leader Vishal Shah, Facebook Games’ Vivek Sharma and Jason · Rubin (Jason Rubin).

In an interview with The Verge, Zuckerberg talked about his imagination of the meta universe. He explained to reporters the idea of ​​creating a virtual workspace, which he also called the “infinite office”. Zuckerberg believes that working in virtual reality can better achieve multitasking. In addition, meeting in a virtual meta-universe environment is inherently more convenient for teamwork and can stimulate more productivity. In comparison, Zoom calls have obvious limitations. Zuckerberg said that if possible, he prefers meetings in the virtual reality of the metaverse.

Zuckerberg also explained how Metaverse provides solutions for social inequality. Research by Raj Chetty (Tenured Professor of Economics at Harvard, who won the Clark Prize at the age of 34) shows that a person’s geographic location is highly correlated with the opportunities he can obtain in the economic field. But in the world of the meta-universe, this correlation may be subverted. With the development of technology in the VR and AR fields, the limitations of time and space will be broken, remote work will become more convenient and efficient, and everyone will get more equal job opportunities.

In addition to Facebook, the giants of the technology industry have also begun to deploy in this field. Google, Microsoft, Samsung, and Sony have joined Facebook’s XR Association (XR Association), an alliance of technology companies that aims to shape the future of “experiential reality.”

So far, gaming is the furthest field in Metaverse’s application, and it may remain ahead. For many years, virtual games have focused on the development of the internal economy of the game, that is, players can buy and sell commodities that are only valuable in the game world. The most recent example is Fortnite (a third-person shooter game), and there is an earlier case, Grand Theft Auto (a crime-themed action game). Although this game was launched seven years ago, due to its online The community is always active, so Grand Theft Auto can still bring more than one billion dollars in profits in 2020.

The goal of Metaverse is to connect the internal economy of these games to a virtual “protective umbrella”. Unlike the virtual game world, the meta-universe is not based on goals. Our relationship with the meta universe will be more similar to our relationship with the Internet, rather than some kind of virtual role-playing game.

Why is Yuan Cosmos so hot? Here is a cryptographic guide for the Metaverse

The meta-universe connected by Fortnite Source: twitter

The role of encryption technology in the meta universe

Behind the meta universe, several major elements are needed, including identity without authorization, financial services, and fast transactions. In addition, data needs to be stored and made available to millions or even billions of people. Then the solution to these problems depends on encryption technology.

Blockchain games such as Decentraland and The Sandbox have established a virtual world that integrates various encrypted assets, in which players can create virtual casinos and theme parks and tokenize them. The token used by Decentraland is MANA, which can be purchased on the exchange. There is even a casino in the Decentraland game, where you can gamble with MANA, where the dealers can receive wages paid in MANA.

NFT will also play a fundamental role in the meta-universe, allowing players to fully own their own characters, game props and even virtual land. Recently, a virtual real estate with 259 parcels in Decentraland was sold for more than US$900,000, which was the largest transaction to date.

When the meta universe is fully realized, it will be possible for people to buy and sell virtual goods from different games and worlds in an interoperable market. For example, you can sell virtual lands in the Decentraland world and use these funds to buy skins for Fortnite. Cryptocurrency may become the only legal currency in the meta-universe, and all virtual items will be represented by NFT.

“The money players spend on digital assets is really shocking, hundreds of thousands or even millions of dollars!” said Arthur Madrid, CEO and co-founder of The Sandbox. “I think, Turning these assets into NFTs and building an NFT economy will add a new dimension to the existing digital economy.”

Although no one can accurately predict what the meta-universe will look like or when it will be fully realized, the importance of crypto assets to the development of the meta-universe is beyond doubt. With the development of technologies such as virtual reality and the participation of industry giants in various fields, the advancement of blockchain technology and encrypted assets will also play an important role in the metaverse.

Author: Eli Tan

 

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