Imagine an internet that is owned and operated jointly, supported by the community, and free from corporate control.
The internet and digital technologies have evolved and expanded over time in ways that have profoundly altered our human experience. Digital spaces are where many of us now live, work and play. Despite all the conveniences of digital spaces, it is important to remember that the internet today is restricted by the few companies that control them.
Nearly all websites, apps, and online spaces we use are owned by corporations. In a sense, our digital selves are also controlled by these corporations.
Imagine a place on the internet where data, identities, and interactions were all ours, independent of corporations. Imagine if digital assets and experiences could co-exist, without any brand, company, or platform controlling them.
Now is the time for the next generation of the internet. It is the beginning of a new world. The metaverse is your chance to enter.
What is the “metaverse”?
Thirty years ago, the word “metaverse,” first appeared in Neal Stephenson’s science fiction novel Snow Crash. In this novel, humans interact in a huge multiplayer virtual world.
The metaverse, which is a term used to describe a new shared digital space that can be navigated by anyone without corporate interference, is being used today. The metaverse is a new way of thinking about the internet. It emphasizes collective ownership, community support, and decentralized economies. This will lead to many new digital-native assets and spaces.
The metaverse, unlike the current internet, where content is made accessible through proprietary apps, websites, and platforms, will be supported worldwide by individual nodes. Platforms and corporations will not be required to allow us to access digital spaces. The blockchain will provide independent proof of existence for everything and everyone digital.
What is the significance of the metaverse?
The metaverse is a source of untapped possibilities. It promises to enable greater integration between our digital and physical lives, in wealth, socialization, and productivity as well as shopping and entertainment.
We can own our data
Most of the data and value we create online today is owned by corporations. Imagine if all your social media data wasn’t automatically sent back to Facebook and Twitter for analysis by an algorithm, then repackaged into targeted ads.
It decentralizes power
The metaverse can’t be controlled by one entity or person. Google and Facebook will not feel monolithic if we have unlimited freedom to control our data and travel freely with no third-party apps or platforms regulating our experience.
It allows you to surf the internet for free
Although it might seem far off, an open and borderless internet is possible. Blockchain technologies will allow the metaverse to emerge more fully, so data will start to move more freely and each person will be able to experience greater autonomy when it comes to how they live in digital spaces.
A creative upgrade to the human experience
The metaverse adds new dimensions to expression and communication. The norm will be to exist in multiple forms without requiring a “real” identity. Technology will allow us to express ourselves in new ways.
It eliminates many physical limitations
The metaverse is infinite in terms of how much space we can use and build upon. Many of the laws that govern the physical universe are not applicable. You can create the environments and experiences that you desire without much overhead. Your imagination is the only limitation.
This opens up a new world economy
A digital-first, global economy is already flourishing as cryptocurrencies gain momentum. This new economy, which is devoid of any central government, will have collectively drafted rules that will be created to best serve our financial needs within the metaverse. Fiat currency will look increasingly outdated.
What is the technical basis of the metaverse?
The metaverse’s underlying infrastructure works in a public service model, meaning that it is not owned by any one company. It is instead owned by everyone who contributes to it. It will only get better and faster as we all invest in its services and architecture.
Although the metaverse is still in its infancy at this point, there are two major ways it differs from the existing platform-based internet.
- Simplicity. Content cannot be separated in the metaverse. Foundation allows you to upload artworks. Foundation cannot be modified or removed.
- Nodes that are decentralized. The Ethereum network is currently hosted by 11,000+ nodes around the globe. This means that you don’t have to rely on any one company or server for what you need. This is the Ethereum Node Tracker.
Although no one can moderate the blockchain at the protocol level, there are some ways that it can be moderated at the application level. This type of moderation can be seen in consensus-based governance models. Individual users submit suggestions and communities vote to decide how the app should evolve over time.
While governments cannot block free speech through uncensored protocols, moderation at the application layer is important to maintain safe spaces for people to communicate with one another.
What is the role of crypto in the metaverse?
Before crypto and blockchains were invented, social media sites like SecondLife were the best examples of a metaverse-like world. Second Life, however, was not the true metaverse. All the value it generated was locked in its central servers.
Imagine being able to take your Second Life belongings with you on your travels. Crypto makes it possible because of the blockchain’s ability as a universal language to prove a digital object is legitimate. Because of their emphasis upon decentralization, blockchains, digital tokens and Ethereum were missing pieces to the metaverse puzzle.
When will the metaverse truly exist?
Already, there are active nodes around the globe and the metaverse’s development is well underway. Anyone who wishes to help shape the rules and establish precedents in the future of the space can get involved.