Why is Metaverse (元界) so interesting?

08/15/2023 06:47 • AI & Tech Insights • 220 views

Why is Metaverse so interesting?

We can understand it from two perspectives. Firstly, from the perspective of consensus mechanism, current blockchain technologies mainly fall into two categories: single chain, double chain and multi-side chain (Hyperledger Fabric), as well as three-layer structure architecture (Layer 2 Rollup). The essence of single chain is “sharding”, both of which are scalability solutions for Ethereum; while the third layer requires expansion through relays, both of which rely on the Ethereum network. Therefore, the second reason for Metaverse is “cross-chain”. Unlike previous EOS/TRX projects, the interaction between different public chains on the current public chain is very frequent, but there are also some problems, such as poor user experience and high transaction fees. Therefore, when it comes to cross-chain, it is easy to encounter these security issues.

For ordinary developers, how to quickly build a blockchain? The answer is simple, the functions of “asynchronous communication” and others will greatly improve efficiency. “Asynchronous messaging” enables peer-to-peer transmission (Peer-to-Peer communication) and asset transfer (Token transfer). At the same time, because blockchain data is immutable and anonymous, it becomes a new payment method or form of value storage. For example, “Bitcoin can be used to purchase gold for everything”, this kind of digital currency has a huge circulation and can make it closer to real-world use cases. “The birth of trillion-dollar encrypted assets shows us the enormous opportunities in this world.”

However, if you want to create a complete decentralized application ecosystem, you must have a complete service system. This requires all running nodes to register according to certain rules in order to participate in the management of various projects, and each operation will be subject to corresponding penalties. Therefore, in addition to code language, other important contents such as smart contracts should be considered and used as a foundation for reference and experimentation by other projects.

In addition, financial platforms based on blockchain technology can also adopt this method: rely on the support of distributed ledger technology. This can ensure the security and transparency of the entire system, thereby creating trust relationships between various financial services, reducing operational costs, and improving regulatory effectiveness, and so on.

Metaverse

According to reports, Metaverse has announced its launch on the official website. Metaverse is a decentralized application operating system protocol based on Metaverse. META tokens are synthetic tokens issued and managed by Metaverse Foundation.

It is reported that Metaverse Foundation, initiated by the Metaverse Foundation, aims to provide an open platform for global digital economy builders, developers, and other industry participants to create, operate, and collaborate on various ecosystems. Metaverse Foundation will create a virtual world in the form of metaverse and combine it with Metaverse’s core technology-distributed ledger technology (DLT) and its blockchain to construct a brand-new business model and economic paradigm.

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Why is Metaverse (元界) so interesting?

Metaverse

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