Blockopedia NFT

Exploring The Multiverse Of Cryptocurrency

The Multiverse, as Doctor Stephen Strange cautioned, is a ‘concept about which we know disturbingly little.’ With this in mind, the forthcoming release of Sam Raimi’s Doctor Strange in the Multiverse of Madness has us scratching our heads and looking up what a Multiverse is on Wikipedia. While several of the comic book fans associate the Multiverse with the truly fictional pages of Marvel Comics, it is, however, a real-life concept.

Chrysippus, a Greek philosopher who lived in the third century, proposed that the universe is in a perpetual cycle of death and regeneration, implying that there are countless parallel universes out there. For example, consider a situation where there is a branch universe where you did not make the decision you did.

We all can think of the metaverse as a proactive network of several interconnected virtual worlds. These are similar to the raging internet, however, only accessible through virtual reality. This stands almost correct, however, the metaverse also consists of a critical, albeit enigmatic, feature that will give it a different way then the internet. That is the blockchain!

Web 1.0 was a network of interconnected computers and servers that you could browse, explore, and occupy, usually through the platform of a centralized company like AOL, Yahoo, Microsoft, or Google. Around the millennium years, the Web 2.0 was primarily characterized by several social networking sites, regular blogging, and good centralized gatekeepers monetizing the user data for advertising on various “free” social media platforms. These platforms include Facebook, Snapchat, Twitter, and TikTok.

The metaverse’s base will be Web 3.0. It will be made up of decentralized blockchain-enabled apps that will support a user-owned cryptocurrency and data economy.

Decentralized? Blockchain? Crypto-assets? We can explain the technology that will enable the metaverse as researchers who study social media and media technology.

Understanding Blockchain

Blockchain refers to a system where a decentralized and public ledger coordinates to offer a rigid permanent record of transactions. Bitcoin stands as the most popular blockchain-based cryptocurrency. When a person purchases bitcoin, for example, the transaction gets automatically recorded on the magnum Bitcoin blockchain. It means that the data circulates across thousands of computers around the world.

This scattered recording technique is extremely difficult to fool or manipulate. Moreover, unlike traditional banking records, public blockchains like Bitcoin and Ethereum are transparent, and transactions will be available to everyone who has internet access.

Similar to Bitcoin, Ethereum is a blockchain too, but smart contracts, which are blockchain-based software routines that execute automatically when specific circumstances are met, perhaps encoded into it. For example, you could use a blockchain smart contract to create your ownership of a digital item like a piece of art or music that no one else can claim — even if they save a duplicate on their computer. Likewise, Crypto assets, such as money, stocks, and artwork, are digital items that can be owned.

On a blockchain, nonfungible tokens (NFTs) include things like artwork and music. Nonfungible objects are one-of-a-kind and cannot be replaced, unlike fungible items such as currency, which are interchangeable and valued the same.

Importantly, you might use a smart contract to indicate that you are willing to sell your digital painting for $1 million in ether, which is the native currency of the Ethereum blockchain. When I select “yes,” the artwork and ether are automatically transferred to us on the blockchain. There’s no need for a bank or third-party escrow. If either of us disagreed about the transaction – for example, if you claimed I only paid $999,000 – the other could readily point to the distributed ledger’s public record.

Metaverse and Security Issues

The metaverse has security issues too! Imagine ten years into the future. The business professionals and leaders will connect in virtual reality through the metaverse. Each participant in the meeting will have a single avatar. But, how can we be sure that they are the person they call themselves? Who knows! It might be an attacker impersonating a participant.

Biometrics built into the hardware is a widely embraced idea among companies working on future VR and AR applications. For example, Iris identification in headsets or fingerprint scanners on the sides could be included in future versions. However, we aren’t yet aware if users will accept the biometrics concept. Malicious actions in the future may also spoof or circumvent metaverse biometrics. Anyone who can obtain credentials or gain access to a metaverse account in any other way effectively becomes that person. Identity theft, eavesdropping, and social engineering have never been easier.

Metaverse and Blockchain: What is the Connection?

What does the metaverse have to do with crypto-assets on the blockchain? Everything! First, the blockchain can hold digital assets in a virtual environment. You’ll have that NFT in the real world and the virtual world.

Furthermore, the metaverse isn’t built by a single company or organization. Instead, different organizations will build their virtual worlds, eventually joining to form the metaverse. When people migrate between virtual worlds like Decentraland’s and Microsoft’s, they’ll want to bring their belongings. If two virtual worlds are interconnected, the blockchain will authenticate proof of ownership of your digital items in both. In essence, you’ll be able to access your crypto assets as long as you can go to your crypto wallet in a virtual environment.

So, what will you put in your cryptocurrency wallet? Cryptocurrencies will undoubtedly be useful in the metaverse. Your crypto wallet will hold your metaverse-only digital stuff, including avatars, avatar clothes, animations, virtual decorations, and armament.

What will individuals do with their digital currency wallets? Among other things, go shopping! Get music, movies, games, apps, and other traditional digital things! All these will be accessible for purchase, just as they are now on the internet. However, in the metaverse, you’ll be able to buy physical-world things and inspect and “hold” 3D models of what you’re buying, which may help you make better decisions.

The Ease of Using Digital Currency Wallets

Furthermore, just as you can carry your ID in your old leather wallet, crypto wallets will be linked to real-world identities, making transactions that require legal verification, such as buying a real-world car or home, easier. Because your ID is linked to your wallet, you won’t have to remember login credentials for all of the websites and virtual worlds you visit. You can sign in by simply connecting your wallet with a click. ID-linked wallets will also be useful for restricting access to parts of the metaverse that are only accessible to people of a specified age group. Your crypto wallet could be linked to your contacts list, allowing you to move your social network data from one virtual world to another.

In the future, wallets may be tied to reputation scores, affecting your ability to broadcast in public places and connect with individuals outside of your social network. You risk hurting your reputation and diminishing your sphere of influence if you act like a harmful misinformation-spreading troll. Individuals may be motivated to behave appropriately in the metaverse due to this, but platform developers must prioritize these systems.

Business on the Metaverse

Finally, businesses will want to participate if the metaverse is worth money. Although the decentralized structure of blockchain may reduce the need for financial gatekeepers, firms will still have many revenue-generating opportunities, possibly even more than in today’s markets. In addition, companies like Meta will provide large platforms for individuals to work, play, and socialize.

Dolce & Gabbana, Coca-Cola, Adidas, and Nike are among the major companies that have entered the NFT market. When you buy a real-world item from a corporation in the future, you can also get a related NFT in the metaverse.

When you purchase a sought-after name-brand dress for a real-world dance club, you may also get the crypto version of the same clothing, which your avatar can wear to the virtual Ariana Grande performance. You may even sell the NFT version for someone else’s avatar to wear, similar to how you could sell secondhand apparel.

Conclusion

These are ways that metaverse business models will likely intersect with real-world business structures. As augmented reality technology becomes more prevalent, such examples will get more complicated, further combining features of the metaverse with the physical world. Although the metaverse as a whole hasn’t arrived yet, technological foundations such as blockchain and crypto assets are rapidly being built, laying the groundwork for a seemingly ubiquitous virtual future that will eventually arrive in a verse near you.

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