What Is Metaverse? And How Does It Works
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What Is Metaverse? And How Does It Works
Metaverse is a decentralized virtual reality entertainment platform built upon a blockchain-based public virtual world and next-generation VR ecosystem.
As the backbone of the platform, users will be able to connect and share content, transact virtual items, and generate and spend digital currencies on the platform.
Metaverse is a decentralized virtual reality community. It aims to build an open ecosystem of digital assets and related services based on smart contracts and blockchain technology.
It is the first decentralized VR platform where everyone can own and participate in virtual worlds and communities.
According to Wikipedia, Metaverse is also a metaverse, a huge virtual world connected over the internet, and a mobile app that connects to all worlds within the VR ecosystem.
Metaverse Foundation is an open-source initiative that supports and encourages the development of blockchain technology, ERC20 tokens, smart contract frameworks, decentralized exchange mechanisms, and more.
The foundation operates with the motto “enable for everyone and improve the daily life of all” and includes communities from all over the world.
Bitcoin has had a rough past month; causing a great rift in the cryptocurrency community. Many prominent leaders have been dismissed and we’ve seen crypto exchanges hacked.
The downfall of the cryptocurrency has resulted in a lot of panic and hesitation, and yet the Metaverse team has been focused on continuing their push forward.
Today, we are introducing the first release of the Metaverse SDK, a toolkit to help developers build blockchain-based applications.
The Metaverse SDK is built with Java and aims to provide developers with a platform to easily develop and test blockchain-based applications.
To sum it all up, The Metaverse SDK is built to make blockchain technology more accessible to everyday people and allow developers to build businesses and apps, easily.
A central goal of the Metaverse Foundation is to empower people around the world by promoting the widespread use of blockchain technology and the Metaverse Foundation SDK aims to do just that.
It is important to keep in mind that as Ethereum has shown, technical knowledge and sophisticated use cases can quickly become obsolete.
While the Metaverse SDK provides a technology platform that has support for Ethereum and other blockchain systems, it is not a full-fledged blockchain system.
This means that development on Metaverse will not stop, and we are excited to see what the future holds for Metaverse and the community!
Metaverse: Vitalik Buterin and Zimbercoin
Ethereum founder, Vitalik Buterin has been providing technical consultation to the team that is developing Metaverse. The project’s founding team has an impressive list of advisors.
Zimbercoin, a cryptocurrency developed by the team, is a winner of the $5 Million Zcash Prize. It is a decentralized, censorship-resistant peer-to-peer payment network and cryptocurrency.
It is one of the first alternatives to Bitcoin, which provides a transparent, all-inclusive payment system with all possible features.
Like all blockchains, Metaverse is its network. The main concept of Metaverse is to build an entire ecosystem that people can trust, and create solutions on top of that network. This is why Metaverse has the following elements:
The Metaverse Standard: A strong trust protocol in a decentralized ecosystem. This protocol provides the most secure and flexible system and has been built on top of it.
The Decentralised Network: The Metaverse Blockchain network enables the concept of Digital Identity. For the first time, people can verify and establish ownership of digital assets through various methods. One of them is attestation.
The Metaverse Centralized Database: It is the database where metaverse values can be tracked and transferred through attestation. The database is also the core of the Metaverse ecosystem.
The Decentralised Metaverse (DMC): This is the application layer that allows the creation of virtual objects, digital space, blockchain transactions, and smart contracts.
The Metaverse Open Developers’ community: This is the next level of the Metaverse ecosystem. It is where all the other layers can communicate with each other and develop the Metaverse ecosystem.
What is Metaverse Smart Contract?
Smart contracts are set up through the use of a blockchain. Smart contracts are stored in a blockchain’s data structure. This structure provides blockchain platforms with unique properties.
It is immutable, computable, unchangeable, and decentralized. Smart contracts can be put into place by either a user or a smart contract library.
The term ‘smart contract’ refers to a set of cryptographic rules that can be specified into digital code on a blockchain platform. A smart contract is a set of rules.
When the rule is executed in the smart contract environment, the corresponding result is given. The standard requires that all contracts be written in both standard code and smart contract code.
A smart contract consists of a contract file that is deployed on the blockchain and a smart contract code. The standard allows for the exchange of tokens, digital assets, and even transactions between the blockchain and the real world.
The following are examples of smart contracts on the Metaverse platform:
The creation of digital asset transfer. For instance, an insurance policy covers the value of a physical asset.
A betting platform where a user bets on how the player’s performance will be.
A virtual avatar and a personality. The personality is a non-fungible asset, such as a symbol, a name, a voice, or a face.
Like Ethereum, Metaverse runs on the Ethereum blockchain. The development of Metaverse is being conducted by the team that is working on the Ethereum Platform and is part of the Enterprise Ethereum Alliance (EEA).
According to Gizmodo, Metaverse’s DMC is the very first Dapp built on Ethereum that has been tested in a public blockchain. The team’s “hardly-there” API has enabled them to test transactions in the real world.
The smart contracts are connected to the Metaverse network and have the same fundamental features as Ethereum’s smart contracts.
The fact that the development team used Ethereum has further strengthened the Metaverse ecosystem as Ethereum is, by far, the most famous blockchain platform.
Metaverse’s Most Important Offering
For its mission to bring the next phase of the digital revolution to the world, Metaverse is offering four products for developers and businesses to participate in the industry.
These products include Metaverse Technology, Metaverse UX, Metaverse Instant, and Metaverse Blockchain Labs.
The Technovator, a role-playing game-like application, is being developed in a closed beta environment and is already available on the Metaverse platform.
Users can obtain certain VR headsets by joining the Technovator initiative, then they can pay for the Technovator tokens using the ETH price and their Metaverse balance.
In an interview with Mobile World Live, Hongwei Zhou, the co-founder and executive director of Metaverse said that Metaverse’s products will drive the development of the digital economy.
He explained that all the products that are being offered by Metaverse are being developed on blockchain technology.
As a result, Metaverse is not just developing products but is also building an ecosystem that will include several other players in the blockchain space, such as Stellar and bitcoin.
Zhou explained that Ethereum is the first blockchain platform to bring digital assets onto the blockchain. He stressed that no other blockchain platform can get the digital economy to the next level.
He added that Metaverse wants to focus on the practical applications of blockchain technology and not on the blockchain technology itself.
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