Let's be honest. Metaverses are all the rage right now. There is something or someone who says the word almost everywhere you look. Before we get too caught up in the Metaverse, there are a few things to keep in mind. Foremost, the Metaverse is a location. It comprises the world's virtual components. Then there's more.
We're seeing the merging of Augmented Reality (AR), Extended Reality (XR), Virtual Reality (VR), and other ecosystems into one big mesh right now (the Universal Metaverse). Metaverse ecosystems make up the sub-meshes. Distinct entities create them. VR is where these technologies will make their debut. Within a defined framework, VR can handle the other two technologies. Different devices are required to access virtual representations of the physical world and their virtual counterparts. The Virtual Reality headset is one of these devices (VR for short). Since the Metaverse became a thing, sales of virtual reality headsets have been on the rise. To use Metaverse components, everyone needs a VR headset or another device. Gaming is one activity in the Metaverse that goes beyond being a favorite pastime. There are a lot of things that happen to and for gamers.
According to recent statistics, the number of gamers worldwide will increase from 2.81 billion this year to 2.95 billion in 2022 and 3.07 billion in 2023, showing a high growth factor in the gaming industry. As VR technology becomes more widely adopted, this number will continue to rise. Virtual reality gaming has become the new cool. Digital avatars are becoming more lifelike, and other emerging technologies are helping create a more realistic experience. However, as this new industry takes off around the world, there are several issues to consider. Here are a few examples.
In reality, interacting with the Metaverse raises its own set of issues to emerge from technologies. The first problem is one of security. We benefit from central databases because they make our lives easier. Access is reduced to a simple point-and-click operation. Username-password technology has no place in the twenty-first century. Criminals can still hack into Apps and steal data or carry out their nefarious acts despite the use of two-factor (2FA) authentication technology. The same issue arises for the Metaverse, virtual reality, and streaming access.
Metaverse has vertical access as well. The Metaverse is accessible to almost anyone. The Metaverse, like the internet, has its fair share of criminals. Within Metaverse ecosystems, there are no safeguards for children and other vulnerable people. We also have transactions that are secure. In Metaverse systems, our current financial system architecture and infrastructure cannot handle the various transactions in real-time. We are about to witness a financial industry explosion, with various innovations ruling the roost. Metaverse ecosystems are far too diverse and insecure, even with flat-file databases like No SQL and others. Governance is a problem as well. Many of the Metaverse's initial ecosystems are centralized. They do not allow for what the people desire. Big tech players have misinterpreted this as passive consent from Metaverse key participants: Millennials and Generation Z.
Distributed ledgers, blockchains, and related technologies can address many of the concerns that have arisen because of the Metaverse's emergence. Blockchains are the safest technologies on the planet. It is possible to have blockchains with Metaverse ecosystem access credentials. Self Key, for example, has created blockchain-based virtual identities ahead of the competition. Salk's one-click solution, which includes a variety of financial and corporate services, is a proof that blockchain-identities are a viable option. Metaverse ecosystem security issues solved by plugging their ecosystem into Metaverse ecosystems. Spring Labs' Ky0x and KYC-Chain, for example, are two other services in this space.
Age and identity verification solutions can also benefit from extending blockchain identities. Self key's wallet solutions, for example, work well here because they are one-click solutions. Preventing Metaverse crimes will protect minors and other vulnerable people. Something that, at least for the time being, legal systems are not prepared for. Non-fungible tokens (NFTs) based on Living Avatars could be used for identity verification and age compliance. It is impossible to forge an identity when a person's avatar is on the blockchain via an NFT.
By combining Metaverse financial systems with blockchains and their corresponding cryptocurrency tokens, a new solution to the financial system problem emerges. It addresses the inadequacy of the financial system for Metaverse ecosystems. Stablecoins and fungible cryptocurrency tokens can be used for everyday transactions. Non-fungible tokens (NFTs) can represent a value in collectibles and other digital items. Programs that use the concept of "something is always at stake," such as Self-Proof-of-Individuality Key's (PoI), as a consensus mechanism, can work. We can also look at how Metaverse ecosystems like Upland have fared on the EOS blockchain.
Decentralized Autonomous Organizations (DAOs) will serve the Metaverse ecosystems in terms of governance and ownership. One thing big tech still doesn't get is that Millennials and Gen Z aren't fond of ecosystems being centralized. The exponential growth of the cryptocurrency market is proof of this. These are just a few of the Metaverse ecosystem solutions that blockchains can provide.
Every incident will slow down adoption unless the fundamental problems within Metaverse ecosystems are solved. As adoption slows, the rate of hardware purchases will slow as well. The key is to keep Metaverse ecosystems, innovations, and hardware adoption rates high. Using blockchains in the technology is also necessary to protect the intellectual property of the firmware that runs the headsets and other Metaverse hardware. Intellectual property theft is still prevalent and will continue to be so for some time. Virtual reality headsets give us a taste of what's to come. They also serve as a foundation for future interaction with Metaverse ecosystems. When the technology matures, the challenge will be to prevent people from becoming addicted to them. For the time being, we must all continue to look for ways to incorporate blockchains into our lives in order to ensure security and stability.
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