Crypto: The Currency of the Metaverse

The Cryptocurrency Metaverse has gained worldwide attention, especially in the past few weeks. This is as a result of the name change of Facebook into Meta. The Metaverse company seeks to influence its social network, combining the firm’s VR technology known as Virtual Reality from Oculus Rift as its system for the future.

The metaverse era will allow for a co-existence between cryptocurrencies and modern currency. Thus giving people options in currencies to use in the virtual world. The statement made by Mark Zuckerberg as regards viewing his company as a Metaverse gave a reflection of the company’s goals. The Facebook rebranding gave a lot of attention to the metaverse from the public, keeping it on the trend table.

What is the Metaverse?

Metaverse is known as a construct of the virtual world, it’s named a shared virtual platform that allows users of the platform to communicate with things that look almost like the real world. Examples of such are, playing video games, watching movies, and even daily conversation with other individuals. It is also known as a concept whereby the digital world connects with the real world.

The Virtual world works with a combination of Virtual Reality Technology and Augmented Reality. This movement of establishing a Virtual world has gained much attention from numerous businesses such as Facebook and projects in the cryptocurrencies world.

The Metaverse is known to have been derived from science-related fiction from a 1992 novel by Neal Stephenson titled “Snow Crash”.

How is the Metaverse Useful

The internet world is continuously innovating and its access is improving. The Metaverse is providing a platform that enables users to connect via the virtual world and interact with one another more suitably and practically.

The Covid 19 pandemic made this innovation see the light among users. When the world is put on hold, restriction of movement and not being able to do some certain activities. Interaction between individuals became hard and thereby enabled another pandemic of depression.

The initiation of virtual meetings and online chats increasing in the number of users made more people connect using the virtual world than ever before.

The Metaverse aims in possessing a robust connection with the economy of the real world, and also be an extension of the physical world. In other words, the metaverse must be able to trade and invest in goods and services. Perform transactions as the world.

The Metaverse Cryptocurrency

As stated earlier, Metaverse is a virtual world where users connect through a virtual reality headset or their computer system, enabling users to do various kinds of activities. But to effectively be the true reflection of the real world, which includes the economy also, it needs to possess a currency just like the real world. This is where cryptocurrency plays a major role.

The Metaverse Cryptocurrencies are currencies of the virtual world, that are only spent in the metaverse it originates. It’s purchased through the virtual reality game. These coins can be used in buying items in the game and trading them with other players of the game.

And just as other cryptocurrencies in the market, that fluctuates, it possesses those features.

The Metaverse cryptocurrency is an open-sourced blockchain project that’s public, which aims to give a foundational infrastructure for both enterprise and social wants. It aims to create a digital universe where its digital assets, examples of which are Metaverse Smart Token and Identifiable Token, and digital identities like the Avatar that support transactions of assets with the aid of Oracle known as Value intermediary.

Metaverse is among the first Blockchain in China which has operated successfully for the past four years. The mission is to drive the adoption of blockchain technology through the building of friendly developer tools with easy to use interfaces, this enables users that aren’t technical to make use of the technology, both in business and daily lives.

The Metaverse coin can be purchased on major platforms, including the best platform for transacting coins which is the coin wallet. To buy, store and sell, you can Click here.

Metaverse Tool Kit

The metaverse tool kit since creation has been developed for third-party developers to build a decentralized application. The metaverse further promoted the use of their technologies in the year 2020, enabling a wider developer community to begin building metaverse on the substrate.

The Metaverse on Substrate gives all the distinctive features and technologies that make Metaverse a distinctive platform and also new modules. Giving the firm to widen its community.

Here are some of its features; Entropy: Our Native Token, Smart Assets Digital Identity, Smart Contracts

Why Metaverse 

Metaverse is an Open-sourced decentralized interoperable platform for the programmable digital asset and digital identities built on the substrate. It’s an advanced architecture for secure and easy to build digital identities.

It has the following distinctive features:

Interoperable

It enables any individual to build a smart contract and deploy them to the Metaverse chain. Tools such as Remix, Truffle, and Metamask are used. The Smart contract built will be synonymous through the support provided for stability and also for anything that’s EVM bytecode compiled.

Security

Voting and the validating committee don’t exit through the Proof of stake, because the whole network validates each block. Therefore the system can shield 51% of attacks and also distributes mining rewards to its investors and stakeholders.

Scalability

Metaverse aims for higher scalability, long term expansion through the utilization of the Substrate modular framework. It also supports connecting decentralized applications, services and enables other stand-alone blockchains to connect and exchange information and also transact at a lower cost.

Top Metaverse Coin

Here are a few metaverse coins:

 Decentraland

This coin was among the incumbent metaverse-based projects in crypto. It uses the ethereum virtual world and is also a user-owned build. It enables a platform for exploration, interaction with games and activities. You can purchase land and other items, and also create your environment and application.

The system is governed through the decentralized DAO by its users. It’s also associated with tokens like $LAND and $MANA

Enjin

This system provides ways to create a digital asset known as ERC-1155 tokens. Which is to be used across numerous games. It is not restricted to one platform, it gives ownership rights over several platforms. It can also be traded with other users.

Submit a Comment

Your email address will not be published. Required fields are marked *