Medium of exchange in the Metaverse
Lightning Network for Metaverse
Lightning Network NOT Blockchain is slowly gaining momentum among the Bitcoin Maximalist community. Lightning Network solves the scalability & privacy of the Bitcoin Blockchain Network. Near-instant payment with high security of the Bitcoin Blockchain would be an ideal solution as a medium of exchange in the Metaverse
Cryptocurrencies in the Metaverse
- With over 19,400 cryptocurrencies & still growing users will be presented with a lot of options. Careful consideration of the right cryptocurrency is paramount.
- Stable coins- Maybe ideal, but it does pose severe consequences of centralization & the ability to without or stop users from making transactions
- Privacy coins- Governments can pose strict regulations on platforms or Apps/DApps built on the Metaverse while using privacy coins. A complete shutdown of the protocol can also be pursued
- DeFi- Staking & earning interest in the Metaverse provides a valid use case but poses severe threats for manipulation as seen in the case of algorithm backed stable coin, Terra Luna.
Central Bank Digital Currency
- Central Bank Digital Currencies (CBDC) will be the latest ploy used by the government to gain control over the monetary system. Using cryptography & hashing algorithms, CBDC’s will be advertised as the future of innovation whilst not being Open source & not utilizing Blockchain Technology.
- Wholesale CBDC: Will get better adoption among business who are planning to set up operations in the Metaverse
- Retail CBDC: While unclear at this stage, access to CBDC will be ideal for users as it making CBDC as medium of exchange very easy and convenient
- MCBDC: Multiple Central Bank Digital currencies for cross border transactions solves a lot of the problems currently faces by monetary system. It also solves a lot of the problems faces by Bitcoin & Cryptocurrencies in terms of Time, Cost & Quality
The Metaverse
Blockchain
Virtual & Augmented Reality
Non Fungible Token
Blockchain Technology in Defi has serious disruptive consequences for the banking industry. How will Immutability, Authenticity & Transferability play a role in the Metaverse
Non Fungible Token
Virtual & Augmented Reality
Non Fungible Token
Non-Fungible Token is the new phenom to overtake the crypto world in 2021. How will NFT's merge with the Metaverse
Virtual & Augmented Reality
Virtual & Augmented Reality
Virtual & Augmented Reality
Ready Player One in real life may not seem a distant reality. A virtual world with economies & livelihood dependant on it may just be the beginning of our minds exploration.
The Metaverse
Decentraland
Decentraland
Decentraland
Decentraland is an open-source 3D virtual world platform. Users may buy virtual plots of land in the platform as NFTs via the MANA cryptocurrency. It was opened to the public in February 2020, and is overseen by the nonprofit Decentraland Foundation
The Sandbox
Decentraland
Decentraland
The Sandbox is a virtual Metaverse where players can play, build, own, and monetize their virtual experiences. We empower artists, creators, and players to build the platform they’ve always envisioned, providing them with the means to unleash their creativity.
A Hybrid Metaverse
Distributed Metaverse
Distributed Metaverse
Distributed Metaverse
A Distributed Metaverse is the ideal goal for better humanity, economics, wealth redistribution & prosperity.
Will a Distributed Metaverse ever exist? The next decade will determine its course of direction. Innovations & updates in Cryptography, Mathematics, Algorithm, 5GNetwork & more importantly getting users on board will the key metric points.
Hybrid Metaverse
Distributed Metaverse
Distributed Metaverse
A hybrid metaverse where the ownership of content rests with the users on a Centralised platform could be what is next
Advanced cryptographic tools & algorithm could give users full control over the data . The platform will have its own governance & rules that users need to abide to. Gradually over time it could move to a fully Disributed / Decentralised network
Centralized Metaverse
Distributed Metaverse
Centralized Metaverse
Political views & views on Covid 19 can easily be censored by Social media & censorship kings in this Metaverse
A centralised platform while giving users the ability to create content. Unfair profit distribution & ownership of users & content creators data solely rest with Centralised entity. The do offer better quality, free services & quicker solutions than other forms
Metaverse
The impact of user generated content will be the genesis for Metaverse.
Economies will be built in the Metaverse. New direction, goals & influencers in the Metaverse
User Generated & User Owned content
Giving users the ability to create & own their own content may seem like a distant reality. A metaverse that does offer will have a competitive advantage over one's that don't.
With technological advancement it could be a possibility but human greed & game theory could be a massive detractor to achieve a 100% Distributed platform.
User Generated not owned content
Content moderation is ideal given the situation & nature of the content. Blockchain immutability is certain. But the information is only as good as the input. Incorrect & sensitive information & will be Immutable
Centralized platform can use existing consensus mechanism for decision making and steering direction of the project . Benefits in terms of Time, Cost, Qualityfar outweigh trust provided by Distributed metaverse & plaforms
Area 2071: The Evening 4pm
Top 10 Metaverse news of the week
08th April: Top 10 Metaverse News of the week
1) HSBC, debuts Metaverse investment funds in Asia.
Discretionary Strategy portfolio, the new product is managed by HSBC’s asset management arm, HSBC Asset Management. The fund aims to provide high net worth professional investors and accredited investor clients with exposure to new investment opportunities in the metaverse industry.
2) Harvard Business Review: Publishes an article ' How the Metaverse could change work'
The metaverse is poised to reshape the world of work in at least four major ways: new immersive forms of team collaboration; the emergence of new digital, AI-enabled colleagues; the acceleration of learning and skills acquisition through virtualization and gamified technologies.
3) Elon Musk is sceptical about the mainstream adoption of the Metaverse
Elon Musk shares his concern on Web3 & everyday use of the Metaverse. The current hardware devices do not make it user friendly to be in the Metaverse for longer durations. Motion sickness & strain on the eyes are some of the immediate serious concerns currently facing in the Metaverse
4) Augmented Reality & Virtual Reality headset sales volume data shows AR sales volume has increased.
Data from International Data Corporations suggest over 21 million AR & 29 million VR headsets will be sold by the year 2025 alone. A detailed breakdown of sales volume per year is available on their website. The top 4 upcoming companies getting involved are Canon Inc, Looking Glass Labs, Roblox Corporations, & Match Group Inc.
5) Reports & rumours of Meta planning to launch a token for Facebook’s Metaverse platform
Financial Times reported the news, however, it does not provide any legitimate source. The article only mentions ‘inside sources’ are talking about tokens that will be used as a means of payment in Facebook’s Metaverse platform.
6) A digital twin of Dubai in the Metaverse
One Human Reality will be Dubai’s presence in the emerging metaverse. The plans were revealed by Dubai Municipality at the World Government Summit. It will include computer-generated environments to combine elements of social media, augmented reality, virtual reality, video games, cryptocurrencies, and other technologies.
7) Metapolis, Metaverse as a Service launched on Zilliqa
Metapolis was launched on the 2nd of April . The world’s first Metaverse As A Service (MAAS).Still in the architectural building stage , the project aims to go live with VR experiences in 1st quarter of 2023.
8) Pickl is the first UAE restaurant to enter the Metaverse
Dubai's first! Burger joint Pickl is the first UAE restaurant to enter the Metaverse. They have four locations across UAE.The brand plans to offer Virtual Apparel, Pickl-themed NFT & Virtual shops in the future.
9) Area2071.com Podcast goes live with AI enabled voice
Area2071.com a project of Blockchain DXB goes live on the 8th of April. The evening 4pm launches on 4pm GST. An AI based podcast that covers the Top 10 news from across the Metaverse.
10) Improbable, A Metaverse platform gets funding from Andreessen Horowitz & SoftBank
Andreessen Horowitz & SoftBank Lead $150M Raise for Metaverse Start-up Improbable. Improbable is a provider of technology and services to support multiplayer virtual worlds to more than 60 global game publishers
