Metaverse and Blockchain - Crypto Academy / S5W1 - Homework Post for @wahyunahrul
It is now evident that there is no stoping or halting the trend of technological advancement. On a constant, developers, technicians authors and other tech freaks are on the move to create something better, something new.
Truly, the population economic theory that human wants are insatiable holds very true. Now, it is not just enough to interface with the digital space through the screens of our devices, humans are aiming to enter directly into the space. Virtual world and three dimensional digital space is the focus of this lesson by Prof. @wahyunahrul and I will go ahead to drop my contribution to the questions below.
Do you think the Metaverse is "the next level of Future Technology"? Explain your personal opinion by showing some evidence.
Evolution in technology is a prevalent theme in the human society. Technology seems to be moving in a very high momentum. Looking back through the years, it can be agrees there has been so much innovation and upgrade in the technological systems we have around. And very interesting thing about all these is that, humans have never gone back.
Telephones, fax machine and most of the things that were technological breakthroughs in previous years are now items of antiquity. No one today uses 2g networks any more, everything is moving to the next level.
Looking at this, it is very plausible to accept and understand that technology will always be moving ahead and never stand still or revert to the past. So, it is safe to say that the metaverse is the next level of future technology. Video games were built with wired pad, they soon transformed to wireless sensors. People walk into their rooms and say a command and bulbs just come on or the television comes alive. This is what humans want, comfort, convenience and excitement.
So we find that we love to have a first hand experience and real feeling of what is going on. We want to a feel of everything, which is why virtual technology is gaining so much attention.
Some Evidence of Virtual Technology or Metaverse
The meatverse space is where 3D environments are the norms for immersive social sharing. This innovation deals with non-fungible tokens, virtual landscapes and realities, games, 3D avatars, metaverse cryptos, tokens and so much more.
At the moment, there have been great progressed made in the direction of making this virtual experience a reality. Today there are efforts by some social media platforms to make interaction between individuals to be as real as possible even with the limitation of location and time. Mark Zuckerberg the is championing this cause using his own social media app, Facebook. It is no longer news that he has changed the name to "Meta".
In the blockcain world, there have already existed some metaverse projects for some time now. Mostly using the gaming function, blockcain experts have built some interesting metaverse dApps. A list of these projects are seen in the screenshot below. There are about 48 of these projects indexed so far.
The Metaverse projects control a market cap of about $25.5 Billion at the moment.
Aside from metaverse projects on blockchains, there are several attempts in the digital space to create some mainstream projects and apps especially in the area of film and cinematography which can be supported in IOS and android.
There are developments in gadgets like the Oculus Rift, sub-£20 Google Cardboard headset and HTC Vive headset which tend to modify our senses to interact with the digital space. Some leading software and applications of metaverse include:
- Google Cardboard
- RYOT VR
- VRSE which is to optimize motion pictures to make users feel the movies.
- NYT VR is targeted at making news and reports more real.
- Orbulus which is a gallery of images created using Google’s Photo Sphere technology.
- InCell VR
As the days are turning, it is becoming more likely that we will soon be having a functional metaverse which is fully established and utilized. The progress and research commitment thus far are positive indications.
Explain why Metaverse and Blockchain are compatible technology pairs.
The metaverse is a technological innovation with the aim of giving users the best possible and most indulging experience on the digital space. It is a world or access and freedom and if there is anything that agrees completely with these themes, it is blockcain technology.
Here we're are talking about a virtual concept and at the moment, the most functional, popular and patronized virtual technology is cryptocurrencies. It is very true that operations in the virtual world cannot progress in the absence of blockcain technology which provides means of facilitating the metaverse.
Already, there are some many meeting points between blockchain and metaverse which shows the high level of compatibility between them. So of these specific areas include?
Nature and Operations
As I had hinted above, blockcain industry is digital and virtual. The assets created like coins and tokens are not physical. The metaverse too is and innovation that is about getting humans to interact in the digital space. The two are about functioning in the digital space as if it were in the physical world. This makes the two to share mutual concepts and protocols and can be used in combination.
Control and Administration
Decentralization is one of the focus of the metaverse. Already, this is a major theme in blockchain industry where everyone has unrestrained control, influence, privacy and freedom. This decentralization has seen users of blockchain metaverse projects take part in the governance as well as the administration of the project. For instance, tokens owned on virtual games can be verified independently by all users.
Metaverse development aims to grant power to everyone to build projects and take part in the creation of the ecosystem which means control will not be coming from just one source. This aligns with the structure of the blockchain industry.
Medium of Payment and Certification
To operate and transact in the virtual world of the metaverse, a virtual tender is necessary. This is where blockchain can also be very useful as an integral part of the system. Virtual assets in the metaverse will have attached values which can be satisfied with digital currencies. Blockchain currencies will be useful in funding transactions.
Also, users can transform their assets into non-fungible tokens and preserve them as such. Designs, music, land, buildings and other components created in the metaverse could all be minted as tokens and this is highly supported by blockchain technology.
Through this creation of NFTs, these assets will be secured on blockchain networks and this will make their details authentic and verifiable. Exchange if these assets will also have a clear path that can be attested to.
Storage of Data
Blockchain technology makes it possible to have details of operations securely recorded. Such recorded data are immutable and cannot be altered. The virtual world will need records is activities and transactions and the structure of data storage on blockchains seems the best option.
As metaverse looks to offer users access and freedom, it is likely that open-source protocol will be used which is very popular with blockchain.
Considering the protocol of the metaverse, decentralization forms a major aspect in it. As such, there are many areas where blockchain which is the bedrock of decentralization, can be employed in running it.
Choose a Blockchain-based Metaverse project and do a fundamental analysis of the project (Don't choose projects that have been discussed in the discussion above). (Screenshot Required)
My choice of metaverse project is Decentraland
DECENTRALAND
In the top ranks of cryptocurrencies and metaverse projects at present is this highly optimized decentralized gaming application. It is a crypto-powered virtual reality game or which could equally be referred to as a " virtual living platform" or more popularly "virtual social world". It is created on the Ethereum blockchain.
Authors, Developers and Early Begining
The metaverse was developed by the joint efforts of Ariel Meilich and Esteban Ordano who were the project lead and tech lead respectively. They have since left their positions to act in advisory roles. Decentraland was launched in 2020. It is a digital environment resembling the real world. Prior to its official launch, an initial coin offer that was valued at $24 million was conducted in the year 2017.
Outstanding Details and Structure of Decentraland
The metaverse project is organized in such a way as to accommodate content creators, businesses and individuals who are in search of artistic medium, business opportunity, or source of entertainment.
In Decentraland, there are 90,601 individual parcels of LAND. These different units of LAND represent an asset which is an ERC-721 non-fungible token. Dimension of LAND is exactly 16m x 16m or 256 square meters which have specific and coordinates.
Decentraland is divided into parcels of LAND which some are further organized into themed communities or Districts if they tend to have some similarities in uses and form. As of January 2021, The largest LAND district as at January 2021 is the cyberpunk-themed Aetheria. It is made up of a total of 8,008 LAND.
How Decentraland Works
In this metaverse, users buy parcels of land. These plots can be developed into structures, interactive games, sprawling 3D scenes and a variety of other interactive experiences which could be sold or rented out to other users.
The platform offers users the media to attend virtual events, play games, trade digital assets on various marketplaces, interact with users globally and so on. Decentraland allows users to create, build, experience, and monetize content and applications.
Recently in late October, the platform held the first-ever Metaverse Festival from Oct. 21 to Oct. 24. In this virtual music festival top musicians, Deadmau5 and Paris Hilton were hosted.
Though a young project, Decentraland has gained so much popularity and usage and its token has experienced tremendous growth in value. Periodically, new features and changes are being effected in the virtual world of this metaverse.
Tokens
The peoject has its own dedicated token called MANA. This is an ERC-20 token since the projects is on the Ethereum network. MANA token is ranks second among metaverse coins at the moment. From the screenshot below, it can be seen that it ranks at #48 among cryptocurrencies on coingecko.com
MANA tokens are used in purchasing land, names, avaters, outfits, scenes, and other virtual assets on the platform's Marketplace.
On CoinMarketCap.com, MANA ranks at #38 with price of $3.21 The token does not have a maximum supply value but the current total supply stands at 2.19 billion MANA. It was proposed that the total supply would be 2.8 billion MANA. However, this has been reduced due tl the burning of over 600 million MANA during LAND auctions.
The current market capitalization stands at $5,746,713,826 USD, with a circulating supply of 1,816,917,691 MANA coins. It reached its all-time high of $4.69 on Oct 30, 2021 some 18 days ago. All-time low value of $0.007883 was reached on Oct 13, 2017 some 4 years ago. It has since climbed by about 40022.64%.
The metaverse also has the non-fungible token LAND which is and ERC-721 token used to sign and certify assets in the metaverse. To get LAND tokens MANA token need to be burned.
Income
Everything in this metaverse is owned by users. These assets usually appreciate in value and can be traded for higher prices. Users have the opportunity of creating and selling items on their LAND parcels. Creations on the LAND parcels can also generate income through leasing, advertising and paid experiences.
Governance
The metaverse employs decentralized autonomous organization (DAO) structure of governance. In this system, MANA holders control of how the Decentraland world behaves. These holders propose policies and organize voting on issues such as updates, upcoming LAND auction, types of content to be allowed and so on.
Explain the steps for connecting a crypto wallet with a Metaverse project that you chose in question number 3. (Screenshot Required)
- Step one
On the Decentraland page, after picking the get started option, a page opens which gives option for connecting wallet to play. I clicked on it.
- Step Two
A prompt was brought up to select the wallet choice. And I picked Metamask.
- Step Three
I went ahead to choose the connection option with through my browser or through the wallet app in my phone and I picked the wallet app.
- Step Four
I was then moved to the homepage of my Metamask wallet.
All images were taken from Metamask wallet and Source.
Explore the Metaverse of your choice and show the various features, advantages, and other unique things of the Metaverse project. (Screenshot Required)
I will be exploring the Decentraland Metaverse.
I have already stated that this is one of the most amazing projects. It has some interesting features and interfaces. On launching the site, you will get to the landing page where you are prompted to get started.
This option opens up two buttons. One is for connecting a wallet in order to explore that gaming options that is play using your wallet and the second is play as a guest.
There is the BUILDER interface. Here, a user can be able to create choice articles within the metaverse using his or her LAND. There are numerous building tools and 3 dimensional items to employ. A user can use this tool to creatively develop something in his or her space.
Work and creations from other users are also displayed here also.
The metaverse has the MARKETPLACE. Many users would want to trade their assets for tokens. In this place, one can carry out trade.
Here, there is a catalog of items for auctioning. A portion of the NEWEST ITEMS as Well as LATEST LISTING can be found here. This list contains a variety of items from wearables, to LAND parcels, to names and others. Their prices are also displayed. Users could select the items of their choice and proceed to purchase them.
Going forward, there is the DOCS page. This is where all the paper work concerning the project is shown. There is an index of the protocols applied, the technology adopted, the list of functionalities.
In this section, the components of the the metaverse are briefly discussed And explained. Users can obtain guidance in how to navigate and make use of these various features from this DOC section.There is also a list of social media handles for the project.
The platform has a number of social media group on Telegram and every user is free to join. The icon for this is shown on the top right corner of the page.
Still on the metaverse, there is an EVENTS section. As a virtual world which gives users the ability to create and build, users have the freedom of create events, gaming sessions, music concerts, giveaway, art exhibition and so much more.
It is in the section that users can find those events and join in. Users can also organize their own event and submit it here for the community to see.
There is the DAO section. The Decentralized Autonomous Organization is the governance system of the metaverse. Details of this organization is shown here as well as their functions and strenght. Here, one can see why the DAO was created, its duties, how it works and so on. On this page, there is a point where a user to take part in voting for already proposed pools.
This body is moderate by a SECURITY ADVISORY BOARD, which has the work of ensuring that the metaverse is protected and a high security firewall is in place. As such, board guides the DAO on various action plans.
If a user should click on the voting option, such a person will be taken to a page where there is a list of items that voting is being conducted on. There is also a list of already enacted rules that were voted for.
There is the Decentraland BLOG section. In this space, there are publications, articles and news items concerning the metaverse. Here, authors create contents about things in the metaverse and about the metaverse itself.
There committee reports, documentation of question and answer session, notice of updates and others. There is a drop down menu for checking the authors present on the blog.
Down on the front page, there is an interface for contacting the platform and also subscribe for updates.
These are some of the features present on the Decentraland metaverse
It marvels me how much technology is driving the world. There is virtually no sector of human endeavor that it has not yet permeated. Technology has transformed a lot of things globally bringing to reality some really interesting concepts like the metaverse.
One does not only get limited to interacting with the devices, with virtual reality, a user can feel, touch and experience the digital space. This innovation is gaining so much traction with the insatiable human desire to have more. Many tech icons are now moving to and focused on pushing this desire to fruition.
There are both on-chain and off-chain attempts to foster the realization of the metaverse. Blockchain authors had already taken the initiative of developing some metaverse supporting platforms and dApps which are already being patronized by many users.
Mainstream technology like social media, news agency and filming firms have also targeted some efforts in this direction. Some enabling gadgets have equally been built.
The metaverse projects already present on blockchains are quite lovely. There are some really amazing scenes and creations that give users exciting experience. It is only left to be seen how long before this innovation gets fully underway.
This lesson has been a very interesting one. Well done Prof. @wahyunahrul
