Metaverse CEO Eric Gu On Providing everyday users with digital identity & Taking the digital asset concept to the next level
Cointime — Blockchain 24 January, 2018 Blockchain is a technology that features decentralization and immutability, creating “trust” between users in a trust-free environment. This unique attribute has inspired innovations in finance, healthcare, supply-chain management and insurance. On 12 January, 2018, Cointime had the opportunity to speak to Metaverse CEO Eric Gu for an exclusive interview at the Finwise Summit.
Eric Gu: Resourceful crypto traders are also resourceful Blockchain experts. A former project manager for the Government of Ontario, Eric has many years of leadership and management experience under his belt. Since returning to China in 2012, Eric has thrown himself into Big Data analysis and consulting. In 2014, he took the leap into entrepreneurship, providing cryptocurrency consulting services. Eric currently serves as the CEO of Metaverse and Chairman of the Metaverse Foundation.
Blockchain-as-a-Service: Linking Value Silos
The advent of the Internet has brought about radical changes in the way we communicate, making services a major area of focus for both companies and enterprises. Within the Blockchain industry, Metaverse has pioneered the concept of Blockchain-as-a-Service (BaaS). According to Eric, “The popularity of Blockchain technology has attracted large numbers of companies and enterprises to the Blockchain industry, but almost anyone who hears about a Blockchain company will first question whether it has the requisite expertise. They’re mistaken — once Blockchain applications are implemented, many companies may not necessarily need to understand Blockchain technology. Take for example a Blockchain-based ride-hailing app: instead of Blockchain technology, they just need an understanding of the ride-hailing industry. The Blockchain technology is the responsibility of a service provider. It’s for this reason that Metaverse came up with the concept of BaaS — to provide Blockchain services to companies developing projects, applications and infrastructure, so that not every company needs to have a 100% grasp of Blockchain technology.”
Blockchain projects are being rolled out in quick succession, but the implementation of real-life applications has become an issue. With regards to this, Eric expressed: “The purpose of Metaverse is to provide Blockchain projects with Blockchain services. For example, “Didi Taxi, supply chains or other digitization projects — Metaverse will start to cooperate with these companies to develop and implement their projects. In the future, Metaverse will provide the underlying technology and application toolkits for these projects, creating a strong baseline for projects looking to implement their ideas.
What advantages can Metaverse offer over the numerous Blockchain-based projects available? Eric expressed that Metaverse is a decentralized platform based on public Blockchain technology, incorporating digital assets and digital identity. By building a general-purpose technical platform targeted towards both businesses and consumers, Metaverse aims to digitize assets, just as assets may be securitized today. In turn, asset digitization can increase market efficiency and connect isolated islands of value to form an Internet of Value through the combination of smart contracts with Metaverse’s digital identity. Metaverse’s diverse team come from both technical and finance backgrounds and are proficient in English, forming a strong foundation on which to accelerate international business development.
The de-centralization of the Blockchain triggered the innovation of all industries, and the main initiatives of Metaverse is to connect isolated values in series to form the valuable internet. “Many people over-emphasizes on decentralize Blockchain technology, which is similar to communism ideology. There is still a long way to go for a real implementation of decentralization. The so-called middleman does not exist and is actually adopted Smart contracts or applications as a substitute. For example, more and more information appears in the network and Blockchain, which makes it difficult for lawyers and notary offices to achieve online fairness. In this case, we need a new type of intermediary, who not only know the Internet but also how to manage a block chain team. That is what Metaverse endeavours to do, to take the role of this intermediary” said Eric.
The decentralization made possible by Blockchains has inspired innovation across multiple industries. Metaverse’s vision is to link isolated islands of value to form an Internet of Value — to this end, Eric said: “Many people place too much emphasis on the decentralization aspect of Blockchains. To completely remove the middleman would create a situation similar to communism; we have a long way to go before true decentralization can be achieved. So-called disintermediation does not exist. In truth, smart contracts or programming methods were used to replace the middleman. For example, increasing amounts of information are appearing on the Internet and on Blockchains, making it difficult for lawyers and notary offices to perform online notarizations. In that case, we need a new type of intermediary designed by a team that understands both the Internet and Blockchain technology. That team is Metaverse.”
Breaking away from development behind closed doors and encouraging cooperation
No matter which industry from using Blockchain applications to achieve product innovation to trigger industrial pain points, the most inseparable part of the operation is to gain user’s support. Those applications which would benefit more people. Eric once mentioned that it is crucial to have a better understanding about business as he has a technical background. For companies like Deloitte and Ernst & Young, people do not know the value of these companies at the first stage. However, these projects have gain support from the users. Certainly, Deloitte and other companies do consultant consulting, mainly to improve the understanding and trust between business users and technology companies, as a platform that transfers value, is to realize the interconnection of value between business and technology.
Although most product development previously took place behind closed doors, the emergence of Blockchain technology has fostered closer working relationships between industries and companies, realizing a truly interconnected Internet. As for industry cooperation, Eric expressed: “Metaverse and ZenGold have always maintained a cooperative relationship. Currently, ZenGold has already established partnerships with some listed companies as well as gold exchanges overseas and in Dubai. Soon, ZenGold will go live on the Metaverse Blockchain and utilize Metaverse’s consensus and security protocols as well as other underlying infrastructure services. The team need only focus on business development — the very concept of Blockchain-as-a-Service. ZenGold is the first project within the Metaverse ecosystem to be truly implemented.”
Providing basic digital identity services for everyday users
While the Blockchain’s de-centralization initative revolutionized the industry, privacy and security has been challenged. For example, many banks are reluctant to adopt Blockchain technology to protect partners’ data. Eric said: “The discussion about Blockchain is always focusing on encryption technology, encryption algorithms, as well as digital identity and digital assets, which largely meets the needs of security. For example, fake money exists, but fake bitcoins do not. Digital assets also have high security. A digital asset has three layers of protection based on private keys, public keys and addresses. Furthermore, each person’s private key uniquely identifies their digital identity on the Blockchain. Digital assets and digital identities are immutable, and partner’s application data will similarly be placed on the Blockchain to ensure maximum security. "
The Blockchain field is a “blue ocean” rich in untapped opportunities, where every company and project has its own plans for development and roadmap. Eric said the future of Metaverse must be application-driven. Looking for collaborations in the Blockchain industry to promote the landing of Blockchain applications is still at an early stage. It is similar to the advent of the Internet. This development requires a maturing process, and Blockchain also has its own path. Metaverse will roll out Blockchain projects step by step. Stage one is the advent of digital currency and digital assets; the next stage will be digital exchanges, otherwise known as digital trading platforms; following that, digital identities and the digitization of identities may emerge as the main topic of discussion in 2018.
After digital identities and digital assets became mature, we can begin to discuss smart contracts, which can only truly flourish when digital identities have been established. Lastly, we approach true decentralization. Hence, Metaverse will not pursue radical development. Instead, we are currently focusing on digital identities, leaving open the possibility of decentralized exchanges.
Eric concluded by saying: “Digital identities on Metaverse will be built on the current Blockchain ecosystem and will provide basic digital identity services that can be used within the wallet and BaaS applications, allowing the concept of digital assets on the Blockchain to flourish.”
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