The metaverse is coming, and it should be open source. The metaverse is a virtual world that will include all kinds of virtual reality (VR) applications. You can think of it as the internet for VR, but with an emphasis on user-generated content that’s augmented by AI and machine learning technologies. It’s still early days, but this future has been imagined by sci-fi writers for decades—we’re finally getting close to seeing what they were talking about come to life.
The metaverse has been talked about for decades, but now it is finally happening. This is a good thing: the world is becoming increasingly decentralized and open-source, and we should embrace that shift by embracing an open-source metaverse. Open source enables greater diversity of ideas, creativity, and innovation because anyone can contribute to it. It also allows interoperability between systems while avoiding vendor lock-in (where you are stuck with whatever your service provider offers).
For example, if someone comes up with a great idea for a new virtual reality game or social network inside the metaverse then others won’t have to wait for permission from some centralized authority before being able to adopt this new technology into their own systems within the metaverse—they can just take it from them directly as long as they give credit where credit is due!
What it could look like in the future
The metaverse as we want it has a decentralized identity layer, but the challenge is that it is still too centralized in terms of the application layer. In order for VR to become truly open-source, there needs to be interoperability between different applications. The way this can be achieved is by creating an open source standard that all developers must comply to when building their applications. This will ensure that your data won’t be trapped within certain platforms.
A smart contract, also knоwn as a crypto contract (a code соntrасt on the blockchain), іѕ code thаt directly соntrоlѕ thе transfer оf dіgіtаl сurrеnсіеѕ or аѕѕеtѕ bеtwееn parties undеr сеrtаіn соndіtіоnѕ.
A smart contract nоt оnlу dеfіnеѕ the rulеѕ and penalties around аn аgrееmеnt іn thе same wау thаt a trаdіtіоnаl соntrасt dоеѕ, but іt саn also аutоmаtісаllу еnfоrсе thоѕе оblіgаtіоnѕ. It does this by tаkіng іn іnfоrmаtіоn аѕ input, аѕѕіgnіng vаluе to that іnрut thrоugh thе rulеѕ ѕеt out in the соntrасt, еxесutіng the асtіоnѕ rеԛuіrеd by those contractual clauses – for example, dеtеrmіnіng whеthеr аn аѕѕеt should go tо оnе реrѕоn or rеturnеd tо thе оthеr person frоm whom thе аѕѕеt оrіgіnаtеd. These соntrасtѕ аrе ѕtоrеd оn blосkсhаіn technology, a dесеntrаlіzеd ledger thаt also underpins bіtсоіn аnd оthеr сrурtосurrеnсіеѕ.
Blockchain technology, or distributed ledger technology (DLT), as it is alternatively often called, is one of the hottest topics in the technology sector as of now. A blockchain is a specific type of distributed ledger that stores data in blocks that are linked together via a cryptographic signature function.
This, in short, works by always using the signature of the last block plus the data of the current block to sign the current block. Given enough computing power behind creating the hash signatures for new blocks, a process that is known as mining (PoW), the resulting public ledger is virtually unmodifiable for malicious actors, commending itself for applications that rely on mutual trust where trust cannot be easily applied.
Blockchain technology is gradually revolutionizing the way business is being transacted on in the digital realm. Blockchain technology exploits decentralisation and one-way cryptographic hashes to ensure the integrity of data and P2P transaction across the internet. Cryptocurrencies have been the main driver of Blockchain technologies and although the world may have slowed down in terms of its appetite for these currencies, the technology behind Bitcoin and EOS is finding relevance and applications in diverse areas. This because unlike other technologies that focus on solving specific problems or automating processes where security becomes an afterthought, Blockchain in many ways cooperates security by design in its architecture. It eliminates the need for third-party layering of security elements (TNO 2019). This article explores areas where Blockchain technology is finding novel applications. These include identity management, creative content copywriting, tokenization of products and data integrity management.
It leverages a combination of trusted execution environments, advanced cryptography and innovative blockchain-focused consensus mechanisms to enable new ways of utilizing the blockchain. Coco stands for Confidential Consortium.
If you want a deeper dive, I suggest you check out the Coco Framework whitepaper, here.
Additionally, Microsoft offers BaaS (Blockchain-as-a-service) and was chosen by Bankchain which is a platform for banks that want to implement blockchain technology; members include State Bank of India, ICICI Bank, DCB Bank, Kotak Mahindra Bank, Federal Bank, Deutsche Bank and UAE Exchange.
Event ticket is booked, and plane tickets are locked-in!
Who else is going to the World Blockchain Forum? It’s being held in London from September 25th to the 26th, and also the Dash Conference is on the 24th of September!
It’s a very exciting time, with the increased adoption of blockchain technology, the pace of innovation and the amount of money being thrown after ICOs. This conference will have a wide array of exciting topics from blockchain, bitcoin, ethereum, ICOs and investing, regulations, startups and disruption and so much more!
Some of the biggest personalities, developers and minds in the industry will be speaking and presenting in 20-minute time slots throughout the two-day conference.