We’re sure you’ve all caught wind regarding Web3 and the Metaverse, but what exactly is happening? Web3 is a new development in the internet where users are able to connect and interact with each other on a decentralized network. Web3 has all the characteristics of blockchain, but does not require the use of cryptocurrency. For example, some websites have been developed which allow for payments using smart contracts that have been verified and signed by one party or another. Other examples include transferring tokens between characters in an online game or sending messages back and forth without having to worry about your data being hacked by third parties because it’s stored on their servers.
We’ve all heard the term “metaverse” by now, seeing as it’s quickly become a buzzword over the last few years. Metaverse is a term used to describe a virtual reality with a high degree of user interactivity, in which users can create and inhabit social environments. The term is used most often in science fiction, but it has been adopted by people working on similar technology. The metaverse is seen by its proponents as an evolution of the internet, where people’s presence and interactions take place in shared spaces that can be accessed through computer networks.
There isn’t an exact set way for how the metaverse will be experienced. For many, the metaverse has been imagined as an immersive 3D experience, where users can create virtual objects, avatars, and environments that are persistent over time (i.e., they continue to exist even when users are not online). It is expected that users will be able to interact with each other within these spaces, creating new kinds of relationships and experiences that were not possible before.
This whole metaverse concept isn’t a new thing, it’s an idea that has been around since the 1980s. The concept was first introduced in Neal Stephenson’s novel Snow Crash, which described a virtual world inhabited by millions of users. The book described how people could use their avatars to interact in this imaginary world—something that is becoming reality today.
The metaverse has been gaining more traction over the past few years as more people are becoming aware of its possibilities. People are now able to build their own virtual reality worlds using platforms like Second Life and Oculus Rift. These platforms allow individuals to interact with each other in real-time while also creating their own unique spaces within these worlds where they can share ideas and collaborate on projects together without having to be physically present – something that would have been impossible just ten years ago! While these are still just early iterations, it shows that people are keen to experience what the metaverse might be like.
The metaverse will be possible because of blockchain technology, which has been in development for years but has recently become more mainstream due to its use in cryptocurrencies such as Bitcoin and Ethereum. Blockchain technology allows transactions between two parties over an encrypted database, making it virtually impossible to hack or tamper with any information that’s stored on the database. This means that any transactions made within the metaverse would be completely safe from outside interference—which is why it’s so exciting!
Imagine that you want to buy something from another user in the metaverse. You’ll make your purchase on your computer or phone, and then send them a request with your cryptocurrency wallet address. The vendor will receive this message and check whether your payment has been made—and if it has, they’ll send you your item! Once you’ve received it, their blockchain ledger will update with a record of their successful sale.
This could all happen automatically, without any human intervention at all—and because everything happens online (and not in physical space), there are no limits on who can participate in these virtual transactions. Anyone can become an entrepreneur or shopkeeper in this world without having to own any physical property or rent any space from someone else!
The Web3 movement has opened up new opportunities for developers and others to build upon.
With Web3 and its relationship with blockchain technology providing such a prime foundation for developers and others to build upon, it quickly becomes understandable why innovation is inevitable.
We’re excited to see the potential for the Metaverse, especially as developers and other builders work to grow and develop it further. By building on top of the Web3 stack we are able to bring more users into our ecosystem, and provide them with a range of tools that make it easy for them to interact with each other. With innovations coming so quickly, it’s no longer a question of “if,” but “when.” Web3 is already here, and it will only get stronger with time. As we look forward to a more decentralized future where users have control over their data, we also need to look beyond cryptocurrencies and think about what this means for our society as a whole. To learn more go to Digital.World.
