Metaverse and Blockchain - Crypto Academy / S5W1 - Homework Post for @wahyunahrul
Hey guys,
It feels good to be back at steemit crypto Academy.
Before I proceed with the weekly task, I would like to first congratulate our noble Professor @wahyunahrul for a successful step up to the intermediate level. Congratulations!
Now let's proceed with the given task.
QUESTION 1
Do you think the Metaverse is "the next level of Future Technology"? Explain your personal opinion by showing some evidence.
Before we dive into the prospects of Metaverse, let's first look at what Metaverse is all about.
Metaverse is a combination of two words Meta and verse
- META
Meta is an English word that means "beyond". It is usually used as a prefix, adjective, or figuratively to signify " next level of perception".
- VERSE
According to Wikipedia, verse is a networking protocol allowing real-time communication between computer graphics software.
METAVERSE
Having looked at what meta and verse means independently, let's now look at what they mean collectively.
Metaverse is a digital reality that allows internet users the ability to become part of the internet. It allows users the ability to socialize, interact, work, transact and perform other real-life activities inside the internet with the aid of visual reality.
This concept was first used in Neal Stephenson's 1992 science fiction novel titled "Snow Crash". He envisions a digital world where people interact and perform various activities on the internet using digital avatars of themselves.
Do you think the Metaverse is "the next level of Future Technology
I do not just think, I believe that Metaverse is the next level of future Technology.
MY REASONS
IMPROVEMENT IN QUALITY OF LEARNING
Advancement in technology usually births improvement in learning.
Just the way development of smartphones and computers made learning easier by making platforms such as YouTube, Vevo, Metacafe, etc easily accessible for one to explore on-screen and gain knowledge on areas of choice.
Learning wasn't this easy during the 90s and will become even much easier with Metaverse as one will not just have to read and watch videos on screen but will be able to feel and interact with whatever one is studying.
Let's take for instance. Someone that is taking a course on Astrophysics will not only have to read books and stare at screens in other to try and relate to what planets feel like but can physically interact and study planetary bodies in metaverse by bringing them closer with the aid of visual realities.
In Metaverse, one can travel anywhere at any time. So Instead of reading and watching documentaries in other to understand certain ancient cultures, structures, traditions, one can just visit such places to not just see but feel and interact with the digital environment for proper understanding.
DECENTRALIZATION
This is one of the intriguing features of Metaverse. And Its no doubt that decentralization is the future of technology.
For a platform to be decentralized simply means that there is no head of authority and this, in turn, means equal usage, rights, and opportunities to all users of the platform, and such platforms are built on blockchains.
Metaverse being linked to blockchains has made it fall in line with the current technological trend which is decentralization.
WORK EFFICIENCY
Metaverse will also allow efficiency in working especially on the side of working from home.
During the pandemic, the world economy experienced a sharp decline due increase in the unemployment rate.
This unemployment rate came as a result of people not being able to visit their place of work due to lockdown and fear of contracting the spreading virus..png)
But in Metaverse, one can easily interact with colleagues and perform various work activities efficiently from home without even having to take a shower.
The above and several other reasons include the recreation of ancient cities using augmented reality experience, real gaming experience, keeping fit without having to go to the gym, etc. This adds to why I believe metaverse to be the next level of future technology.
QUESTION 2
Explain why Metaverse and Blockchain are compatible technology pairs.
Having looked at what metaverse is all about, let's briefly take a look at blockchain simply is.
BLOCKCHAIN
A blockchain is simply a decentralized digital ledger where data are recorded in such a way that it is impossible to change, hack or cheat.
Just as the name implies, it is a chain of blocks that contain information of various transactions linked together using cryptography.
Blockchain technology is such that operates securely without intermediaries or any central authority and transactions are executed using the aid of smart contracts.
Metaverse and Blockchain as compatible technology pairs
We have seen what metaverse is and how it is the next level of future technology because it primarily aims at bridging the barrier between humans and the internet and thereby increasing efficiency in various human activities.
Having understood what metaverse is and being familiar with blockchain technology, there is no doubt that metaverse and blockchain are very much compatible, and below are some of my reasons.
In as much as metaverse can exist independent of blockchain, both still have a lot of compatibilities which include:
- Efficient and secure transactions
- Decentralization
- Scalability
- Interoperability
- Permissionless
EFFICIENT AND SECURE TRANSACTIONS
Metaverse allows efficient and secure business transactions without the two parties being at the same location at the time of transaction. This is one of the wonderful features of a blockchain that is made possible by smart contracts which perform the activities of an intermediary.
DECENTRALIZATION
Most of the known Metaverse are decentralized and an example being the uncentralized world of Decentraland. Where the platform is overseen by a decentralized autonomous organization (DAO).
SCALABILTY
The scalability of the metaverse is similar to that of a blockchain in the sense that a metaverse is able to handle multiple transactions efficiently at the same time and this is one of the blockchain features.
INTEROPERABILITY
The blockchain allows multiple network and subnetwork to interoperate freely and this is one of the stirking features of the metaverse concept.
PEMISSIONLESS
For a metaverse to be decentralized, it has to be permissionless that is, allowing easy access to users without any form of restrictions. This is one of the stricking features of the blockchain based technology.
QUESTION 3
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)
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Decentraland is a based 3D visual reality platform that consists of over 90,000 parcels of land. It is a metaverse project based on the ethereum blockchain.
Being a decentralized visual world means that it is not owned or controlled by any central authority and can be accessed by anyone at any time without any form of restriction or permission.
The primary aim of decentraland is to make available a virtual world where creators can explore and create virtual worlds out of their imaginations.
The platform also gives users the ability to trade virtual assets such as virtual lands, avaters, etc.
It also gives users the opportunity to explore their creativity by them creating digital homes, arts, and developing estates in a beautiful way.
NATIVE TOKEN
$Mana is the native token used on the decentraland platform. Are we should be aware that in other to know a platform that is doing well, we should take note of the progress of it'd native token.
$Mana was launched in 2017 at a price as low as $0.01 but currently, it has risen over $3 due to the growth in popularity of metaverse.
It has over 141,000 holders which is an indication of a large community. And with over 1.5 million transfers shows that the community is not only large but also active.
Also, looking at the time of the latest transaction, proves that the community is constantly acive.
QUESTION 4
Explain the steps for connecting a crypto wallet with a Metaverse project that you chose in question number 3. (Screenshot Required)
- STEP 1
Log on to decentraland platform and click on get started.
source
- STEP 2
Choose to play as a guest or connect to the wallet. Here I will be connecting to my wallet.
source
- STEP 3
After clicking on connect to the wallet, it will bring out a choice of compatible wallets that you can choose from. Here I will be going with wallet connect because it is supported by most DEX wallets
- STEP 4
After connecting with wallet connect a code will be shown which you will have to scan with the BR code of the DEX wallet in use.
source
- STEP 5
After scanning the BR code, you will be shown that Decentraland wants to connect to your wallet. Click on connect.
source
- STEP 6
Wallet successfully connceted.
source
QUESTION5
Explore the Metaverse of your choice and show the various features, advantages, and other unique things of the Metaverse project. (Screenshot Required)
The Decentraland is one of the first metaverse blockchain-based platforms and below are some of its features.
WORLD EVENTS
Users can meet and organize virtual events such as parties, hangouts, outings within the platform. That really sounds like a lot of fun to me.
This is one of the features that shows total decentralization of the platform. It allows users to make decisions through voting using the native token $mana and the voting outcome favours the side of majority.
DECENTRALAND DAO
MARKET PLACE
This is the place on the virtual platform where users are able to buy and sell NTFs and collectibles.
LANDS
Lands, estates and other virtual assets are also available for traders to purchase using their native tokens
ADVANTAGES
PEMISSIONLESS
The platform gives equal access to everyone and has no form of limitations when it comes to access unlike what we see in centralized platforms which will demand various forms of verifications before granting access thereby limiting users who couldn't meet up with the required criteria.
DECENTRALIZATION
The platform has no central authority that regulates activities. This makes it easier for users to fully express themselves and carry out various activities on the platform without the fear of being restricted.
EQUAL RIGHT
Every user on the platform has an equal right as regards various activities of the platform such as voting.
When it comes to decision-making, pure democracy is exercised whereby voting outcome favors the side of the majority regardless of who they are.
MEANS OF EARNING
The NTFs and collectibles purchased at the marketplace can be traded and good profits can be made.
UNIQUE THINGS ABOUT DECENTRALAND
One of the unique things about the platform is renting virtual lands to users who are not able to buy lands. This gives them a stepping stone to kick-start their journey of imaginary creativity within the platform.
We are mostly familiar with decentralized platforms built for content creators who are mostly writers. A good example is Steemit and Hive. But in Decentraland a good opportunity is provided for content creators who are able to imagine and create beautiful content such as buildings, estates, avatars, and various accessories within the platform.
The fact that decision-making is based on DAO which stands for Decentralized Autonomous Organization, is another unique feature of the platform. The DOA allows users to equally and collectively make decisions on the platform and the outcome of every decision is solely dependent on the majority.
CONCLUSION
The concept of Metaverse is aimed at breaking more the bridge between humans and the Internet by making humans able to not just use the Internet but also feel the internet with the aid of virtual reality.
Although metaverse is still regarded only but a concept, there are several blockchain-based metaverse platforms such as decentraland, sandbox, etc. These platforms have not just embraced the idea of metaverse but have also started putting it into effect.
I still believe that the next generation of smartphones if not called "metaphones" will be ones that will have features that will enable users to enter and explore the internet with all their senses.