Metaverse: the growing legacy of a virtual gamification scene
The real world is a harsh place, even in 2045 in the story of Ready Player One. The only time that Watts feels alive is when he discovers and settles in the Oasis. Society spends most of its time ‘living’ in this virtual universe. What made it distinct is that there is no dead end in the Oasis; it is varied based on users’ imaginations. Everyone in the Oasis can create any avatar they want. Watts has riddled the pop cultures in the game creator’s life ever since and explored the wonderlands and dangers together in order to save the space.
Resembling the story of Snow Crash (1992), the Oasis is similar to Metaverse, coined in a science fiction written by Neal Stephenson. In this story, the god Enki created a counter-program that caused all of humanity to speak different languages as a protection against Asherah — the sacred tower. The Federal States has ceded its power and territory to private organizations and entrepreneurs as a result of an economy depression. Franchising, individual sovereignty, and private vehicles reign supreme over the landscape. The Army ensures the security of cities and preserves housing developments. Highway companies compete against each other to gather more traffic, and mails are delivered by private couriers. The remnants of public government institutions remain in isolated islands where they transact work that is irrelevant to societal dynamics.
The Metaverse, as envisioned by Stephenson, is an upgrade version of the Internet, which represents a virtual reality-based world. The Metaverse is full of digital avatars as well as system daemons. It is a massive multiplayer online game. Metaverse allows players to access environments in the universe such as Black Sun, an exclusive Metaverse club, and so forth. This is often enhanced with the sophistication of one’s avatar.
Metaverse’s take on this civil rights identification has both a political and a personal resonance. Slowing down our existence during the era is a better way to revel in its depths. Nonetheless, what connects you and me is the faith to witness the transformation of Metaverse, underpinning all that we say and do and how we interact with the world around us.
Unlike in the traditional financial industry, in the crypto world, the Know Your Customer (KYC) process is a rather new concept. It often does not meet the needs of institutional investors, who need the strict KYC conducted in the banking sector, to be sure that they are not exposing themselves to the risk of dealing with untrustworthy or even illegal businesses.
It is quite inconvenient for users to go through extensive KYC repeatedly over various cryptocurrency exchanges. The user has to complete the same KYC process over and over again at different exchanges, preventing users from trading immediately. For the exchange, it is duplicating the work already done by another exchange.
One solution for this inefficiency is to utilize a digital identity stored on the blockchain. The user creates a Digital ID that is linked to his real-life identity. In order for the user to create a Digital ID on the exchange (through Metaverse) he will have to go through a KYC procedure only once. This can be strict enough to meet the standards currently applied in the financial industry.
The user can then grant access to the information stored on the blockchain to organizations, thus enabling them to obtain the information without the user having to complete the KYC forms again. This saves time for both users and exchanges. It also allows exchanges to implement strict KYC procedures, because they will have to deal with fewer applications overall. Hence, they will be able to attract institutional investors.
Metaverse’s Digital Identity (DID) puts the user back in charge over his or her own information. As soon as the information has been verified for the first time by a third party, it is stored unalterably on the blockchain. So, the users can in the future prove it themselves, without having to contact the third party over and over again.
SuperNova drives low entropy to high entropy via gravity.
Metaverse released its 3.0 version Pillars of Creation (MPC), following its successful release of SuperNova (Metaverse 2.0).
MPC supports a three-pronged hybrid consensus mechanism composed of PoW+PoS+DPoS. This hybrid consensus algorithm will prevent any 51% attacks, PoS Nothing-at-Stake attacks, and allow for Metaverse Smart Token (MST) mining. MPC also introduces the Metaverse Avatar Reputation System (MARS), an open, decentralized social credit system based on Metaverse Digital Identity.
In MPC, programmable smart assets will be implemented based on verifiable smart contract templates. While designing the above functions, we lay the foundation for a layer-2 architecture in Metaverse called Binary-Port-Chain. The second layer chain for standardized digital identity and functional smart contracts will help enterprises connect highly scalable services to the main Metaverse chain. We define this dual chain structure as “the Metaverse Binary System.”
Our Senior Blockchain Fullstack Engineer Laurent Salou explained the details for those who interested in Metaverse PoS and MST mining. Read his previous articles about:
What is Metaverse
Metaverse is an open-source public blockchain that provides digital assets, digital identities and Oracles as a foundational infrastructure for social and enterprise needs. Through Blockchain-as-a-Service (BaaS), we make convenient, secure digital financial services accessible to all applications at virtually no cost.
Founded in 2016, Metaverse went live in February 2017. We strongly believe that blockchain technology is the catalyst for a better future — the New Reality.
MST + Avatar + Oracles + On-chain Exchange = The New Reality
Digital assets (Metaverse Smart Token aka. MST) on Metaverse blockchain are trust-free, traceable and immutable decentralized smart properties that can be freely registered, transferred, issued, deposited, used as collateral and burnt.
Digital identities (Avatar) are self-sovereign identity ledgers on the Metaverse blockchain. Digital credit is created through interactions with assets and other identities.
Oracles are service providers with digital identities. Rather than decentralization, Metaverse integrates intermediaries into the blockchain, providing rapid and transparent supervision.
Metaverse allows value to be exchanged freely and easily. Control of assets is returned to the user, preventing asset theft.
To learn more: