What is the metaverse?
Have you heard about the word “metaverse”?
The word “metaverse” is derived from huge virtual space which appeared in the novel
“Snow Crash” written by Sci-Fi writer Neal Stephenson.
Since meta means “exceed” in Greek, It is said to be the next infrastructure of the Internet.
Now, GAFA and the other tech giants make a move to take control of this next infrastructure.
The closest image is Ready Player 1 and The Matrix,
but unfortunately, the metaverse hasn’t arrived yet in society so that is hard to explain what it is.
However, it is possible to show what its characteristics are:
1.It’s always connected in real-time and updated so there’s no end.
The metaverse is always there, like the world of the Internet,
everyone can experience it in real-time, like a real event.
2. Anyone can participate and there is no limit to the number of people who can access it.
A metaverse is a place where anyone can participate and people who participate can collaborate on activities and events together.
3. Be a fully functioning economy
Individuals and companies can buy, sell, invest and own goods and services on the Metaverse.
4. Have an open and closed experience in online and offline
5. Mutually manage data and digital assets across platforms
You can across items from one game to other games,
share them on current platforms such as Facebook.
6. Everyone who participates can create “content” and “experiences”.
Individuals and small communities can create and provide “content” and “experiences”.
The metaverse has those characteristics. To achieve this, we need technology that allows unlimited simultaneous access to one place, and to standardize the currently closed Internet format, but both will take a little bit more time.
Foundation of the metaverse
Of course, this technology and infrastructure are also necessary, but the essential foundation for the metaverse is Virtual Reality and cryptocurrencies. We don’t know yet what kind of platform will metaverse emerge, but the metaverse is established as a fully functioning economy. Data and digital assets can be operated mutually across platforms. To succeed, we will explain two important concepts.
Virtual Reality is not “real” on the surface, but it is essentially the real, which means that VR gives you an experience that is as close to real as possible. Wearing VR headsets covers your entire field of vision and gives you the feeling of being immersed in a world that is as close to reality as possible. In recent years, by operating the remote control, your movements are reflected in the VR image, so that you can get a more realistic experience. The virtual world within the metaverse will be accessed from VR headsets and web browsers and with digital assets in any exchanges.
Cryptocurrency is a currency that is exchanged as electronic data on the Internet.
Unlike the flat money issued by states and banks, there are often no organizations to manage the cryptocurrency but only the information on transactions between people who handle virtual currencies is managed by blockchain technology. The mechanism is supported by public-key cryptography, blockchain. Each of them will be described in turn.
1. Public-key cryptography
Public-key cryptography uses separate keys for encryption and decryption. It is an encryption method that allows the encryption key to be disclosed. This method issues a pair of keys, a “public key” and a “private key”.
For example, in the Bitcoin system using a “public key” that anyone can use to generate an address, the “private key” can only be used by the user who is used for the signature for transaction execution. Thereby, the system prevents spoofing by a third party.
Blockchain connects transaction history like a chain from the past by cryptographic technology and tries to maintain an accurate transaction history. Since it is monitored by an unspecified number of participants in the network, even if double payments are made by the parties, immediately fraud would be discovered and discarded as invalid data.
The features of such virtual currencies have the following conditions:
1. There is no central administrator
Unlike legal tender, virtual currencies often do not have an issuer or administrator, and there is no organization to manage them. Thanks to the mechanism of peer-to-peer (P2P: Peer to Peer), credit is secured by monitoring by all participants.
2. There is an issuance limit
Unlike flat currencies, virtual currencies often have a maximum issuance limit to maintain the value of money.
3. It can be cashed
Cryptocurrencies can be bought and sold at the current market price and can be converted into flat money.
The currency in the metaverse would make it possible to buy and sell goods and services, investments, etc. It will play a role in coordinating the economy within the platform and in other ecosystems.
In recent years, the combination of cryptocurrency blockchain technology and digital data has eliminated the risk of being copied or tampered with. As a result, NFT (Non-Fungible Token), digital data with a non-forgery certificate and ownership certificate was born. It has become possible to add value to digital data. Limited editions of digital data have come to be made in fields such as digital art, games, and manga. The concept of a decentralized and autonomous organization called a DAO (Decentralized Autonomous Organization), which operates the system based on rules without a central decision-making body or a person, has also emerged. It has become a hot topic, too.
The virtual reality and virtual currency that we have described so far are the foundations that support the next generation of infrastructure, the metaverse, but few companies are working on projects that cross these two domains.
Who is Victoria VR?
For the coming metaverse era, Victoria VR based in Prague, Czech Republic, is creating a project that crosses these two domains and trying to implement metaverse in society.
They build a Massive Multiplayer Online virtual world based on blockchain that feels so real. Many people participate in the ecosystem where they buy and sell goods and services, play games, and buy and sell the lands in a platform called VR Land like real estate.
Victoria VR is trying to build are VR tokens and DAOs (decentralised autonomous organizations) at the core of the ecosystem.
VR tokens are the heart of this ecosystem and the cryptocurrency for the settlement of transactions. It has already been sold in advance on the exchange. Right now, we have a chance to become a resident of the Victoria VR ecosystem, moreover they are creating Play to Earn metaverse. “Play To Earn” is that players will get rewards ( VR tokens And NFTs = money ) for playing their game such as playing games, completing quest, hunting Easter eggs and exploring the world.
DAO on the Victoria VR platform plays an important role in a community that manages the ecosystem.
As the community gets involved in things like land development within the platform, VR token allocation, and whether or not to add new wearable devices, the rules in this ecosystem will be updated each time according to the owners.
Victoria VR also supports NFT’s system. On the Victoria VR platform, players can visualize 2D and 3D NFT items in 3D. And important thing is that their own NFT rights in VICTORIA VR are not only just decorative items but can have them in real use. Some NFTs can give players real superpowers in VR, someone can produce other VR tokens or even more NFTs.
Victoria VR is working on such a project and aims to initiate virtual reality to the next stage.
Click here for a video explaining the Victoria VR platform
On September 2021, we succeeded to visit and interview the Victoria VR team in Prague.
Next article, we will report to you their vision and what will happen to the VR world in the future.