The Metaverse has evolved beyond just a gamer’s fantasy world. In recent times, not only has it attracted the attention of top investors in the Technology world, but Facebook would also go all out to rebrand itself as Meta, reflecting the repositioning of its priorities as a social community creator.
But what exactly is the Metaverse, and how will blockchain technology/ influence the rise (or fall) of this virtual world?
The Metaverse refers to a 3D world created by interacting with digital and emerging technologies such as virtual reality, augmented reality, extended reality, artificial intelligence, and the internet of things. It affords real-time, albeit virtual, the interaction of users through computer-created avatars. Users can collaborate and participate in different activities without the limitation of geographical locations, while the Metaverse remains persistent, synchronous, and offers cross-platform interoperability.
The Metaverse seeks to blur the edges between the physical and virtual worlds by offering internet users a chance to experience both simultaneously. There are still many speculations regarding the full scope of the Metaverse; Facebook envisions a virtual social community that can offer users an alternate life. Microsoft looks at it from the angle of collaborative work with no barriers in time and location. On the other hand, gaming platforms such as Roblox define the Metaverse from the lens of immersive game experience.
Regardless of the complexities in articulating the Metaverse, experts agree on specifically established layers that will make it possible.
Network and computing:
To power the Metaverse, there is a need for infrastructure that can allow for high throughput and low latency. In addition, high graphics chipsets, processors, 5G networks, and computing networks will also play a role in creating the base layer for the Metaverse.
For physical objects (humans) to interact in a virtual environment, there must be a way to interact with both worlds. VR headsets, Holograms, haptic devices e.t.c allow users to interact with virtual environments. At its heart, interface devices are not a new invention; VR gadgets have been an essential part of the virtual gaming culture for decades. They are, however, critical in the Metaverse for interacting with the virtual world. Also, companies like Meta and Varjo are developing gadgets explicitly built for the Metaverse experience.
This is where the actual Metaverse experience happens. People can meet, interact, build, play games, and do other things, just like in real life. You can even own property in the Metaverse; prices of digital real estate in the Metaverse have skyrocketed over the past few years. Gucci already has an established presence in the Roblox Metaverse, while Coca-cola launched its virtual flavor only recently. However, the owners will largely determine the experience in the Metaverse.
Some people consider the Metaverse as only a new iteration of social media that will make interaction with friends, family, and work easier. While this is true in some sense, one of the significant flaws of social media in web2 was that centralization gave corporate entities vast control over users’ data.
The question to ask, however, is; how do you power the extensive demands of a virtual world yet keep it free from the controlling caprices of tech behemoths?
The answer? Blockchain Technology. Web3. Flux.
Blockchain technology makes it a perfect tool for powering digital ecosystems. From storing large amounts of data to creating an economic template, Blockchain technology will influence the Metaverse in ways including; Infrastructure, Digital Identity(Avatars), Economy, Interoperability, Data security, and transparency. In each of these instances, Flux has proven to be an invaluable blockchain solution.
To provide users with the best possible experiences, the Metaverse must collect many sensitive and personal data. Storage of this information on a central server risks data breaches, hacks, and loss. On the other hand, Flux leverages the blockchain’s encryption security feature to ensure this data’s storage. Also, Flux allows this data to be evaluated and audited, thus promoting data quality. Blockchain technology’s inherent validation and transparency also ensure users’ data privacy. Flux runs enterprise-grade, decentralized and redundant nodes all over the world; this allows for increased accessibility and promotes seamless data sharing of VR and AR data. As a BAAS provider, Flux will enable developers to host the infrastructure they need to power the Metaverse on the blockchain.
Avatars are a vital component of the Metaverse. Beyond their value as digital representations of actual people, they are also the social security number of the Metaverse. Flux infrastructure can capture specific information relating to the user’s identity, for example, age, and activity, and store them on the blockchain. This eliminates the possibility of impersonation and allows criminal acts to be tracked while allowing for maximum transparency and fostering a virtual environment with strong social ties. An established social identity will ensure the usage of the same identity across multiple virtual worlds even as the Metaverse becomes more interoperable. Since data on the blockchain is immutable, it cannot be removed or amended in any form without the consent of the majority of this data integrity.
Digital assets are the currency of the Metaverse, with non-fungible tokens (NFTs) being the preferred. These tokens can be used in in-game purchases, new avatars, and the transfer of ownership of assets in the Metaverse.
Also, an overwhelming volume of transactions occurs in seconds; the blockchain can be utilized to guarantee the transparency and security of these transactions. Flux offers both use cases for NFT deployment and a scalable ecosystem to handle large amounts of transactions:
As the internet of things integrates fully into society, the Metaverse will be able to sync across different devices and virtual worlds across other platforms. Flux provides the blockchain interoperability needed to provide seamless interactions between people, things, and assets in the Metaverse regardless of platforms. Using a cross-chain protocol, the effective transfer of data between virtual worlds will promote the development of a decentralized ecosystem.
Flux offers the needed tools to create a decentralized metaverse free of authoritarian control. This is the goal of the web3 internet. Join us: www.runonflux.io