VOL 34: METAVERSE and BLOCKCHAIN
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Trust you all had a great week 🤗?
Today at a Glance:
QuoteMETAVERSE and BLOCKCHAINWhat is the METAVERSE?What is Blockchain Technology?What is the Relationship Between the Metaverse and Blockchain Technology?Blockchain Use Cases in the Metaverse.
Face of the WeekBusiness & StartupsRandom FactsTweet of the Week
Quote of The Week
"Every time I witness a strong person, I want to know: What dark did you conquer in your story? Mountains do not rise without earthquakes.”
—
Unknown
METAVERSE and BLOCKCHAIN
These two tech terms are generating lots of hype and excitement in the world of business and technology right now.
Some Insights
What is the METAVERSE
3D virtual spaces linked to a virtual universe
Avatars are 3D representations of Users
Users can work, socialize, create and learn in one place
The metaverse will be real-time, infinite, interoperable, and decentralized.
Include enabling technologies like;
Internet (5G & 6G)
Virtual reality
Augmented reality
Artificial Intelligence (AI)
Metaverse is not something far in the distant future, but it’s happening right now on a daily basis and it’s growing fast, it’s only a matter of time before this technology becomes mainstream.
What is Blockchain Technology
A digital ledger that contains an ever-expanding list of records (or blocks) that are interconnected using cryptography techniques.
Every block on the blockchain will have a cryptographic hash function or mathematical algorithm describing the previous block on the chain, a timestamp indicating when the block was accessed/modified, and any other transaction data.
As a result, the blockchain is immutable and virtually invulnerable to fraud, as there is always an end-to-end record for transparency.
Blockchain's security stems from the fact that it is powered by a peer-to-peer network. This means that a block's computing power is distributed across a public network, and each node (computer) on the network has a copy of the blockchain.
While blockchain has many applications (e.g., secure sharing of healthcare information, logistics monitoring, patent protection), for the time being, cryptocurrency is its most relevant application for the metaverse.
We all know;
Cryptocurrency is defined as a purely digital currency or digital asset that is traded solely through online systems, with transactions authenticated through a decentralized network on the blockchain.
What is the Relationship Between the Metaverse and Blockchain Technology?
Blockchain will serve two critical functions in the metaverse. On the one hand, blockchain technology will serve as a repository, enabling users to store data anywhere in the metaverse. On the other hand, it has the potential to create a complete economic system that connects the virtual world of the metaverse with the real world.
Especially in the case of NFTs, which enable virtual products to be converted into physical objects. Users can exchange virtual objects in the same way that they do in real life. As a result, blockchain will bridge the gap between the physical and virtual worlds.
It's simple to see how cryptocurrency might fit into the metaverse's vision. It should be an easy way to pay and transact in the virtual world.
Furthermore, the metaverse is, by definition, decentralized. The metaverse should not or cannot be controlled by a single entity; decentralizing its currency would go a long way toward achieving this goal.
Furthermore, cryptocurrency (and blockchain technology in general) could be an important centrepiece in an ever-changing world.
In the metaverse, our surroundings, natural habitats, people's appearances, objects, and so on would change based on developer activity and ongoing customization. The immutability of blockchain and cryptocurrency would provide the necessary stability needed.
Blockchain Use Cases in the Metaverse
The myriad applications of blockchain in the metaverse can be distilled down to the following use cases:
Ensuring Data Privacy and Security
The metaverse collects vast amounts of sensitive data in order to provide the best possible user experiences. These data are necessary because organizations or applications require them for the successful development of targeting systems. If the information falls into the wrong hands, it could be used to target real-world users.
Blockchain, with its authentication, access control, and consensus processes, gives users complete control over their data while ensuring data privacy. Blockchain employs asymmetric-key encryption and hash algorithms to ensure data security in the metaverse.
Self-identity authentication
Blockchain technology can keep track of users as they navigate the metaverse and their identities evolve – essentially acting as the virtual equivalent of a social security number or NIN for Nigerians.
Age, physical changes, online activity history, and other unique details can be stored on the blockchain to increase transparency and prevent crime in the metaverse.
CRYPTOCURRENCY
Cryptocurrencies could serve as the foundations of metaverse economic and monetary systems and Blockchain is the engine powering the technology.
If the metaverse is a digital equivalent of the real world, then people will want to shop, earn money, and establish businesses there.
FACE OF THE WEEK
Latin name: Averroes, Arabic name: Ibn Rushd (1126–1198)
It’s easy to think about the history of philosophy in thoroughly European terms, we have popular thinkers like Plato, Cicero, Aristotle etc. and the rebirth of their ideas in the Renaissance.
But going back to the dark ages, there are countless other thinkers who acted as intermediaries between these two periods by developing many of the ideas now essential to modern philosophy, one of them was Ibn Rushd.
Born in Cordova, Spain during the Muslim Andalusian era, he has been held as one of the greatest thinkers and scientists of history. His name is often Latinized as Averroes.
He was a Renaissance man 300 years before the Renaissance. A polymath and jurist who wrote about many subjects, including philosophy, theology, medicine, astronomy, physics, psychology, mathematics, Islamic jurisprudence and law.
The translations of his work reawakened western European interest in Aristotle and Greek thinkers, an area of study that had been widely abandoned after the fall of the Roman Empire, paving ways for European development and the creation of new scientific fields.
The author of more than 100 books and treatises, which included 28 works on philosophy, 20 on medicine, 8 on law, 5 on theology, and 4 on grammar etc. He made detailed commentaries on Aristotle's philosophical works for which he was known in the western world as The Commentator and Father of Rationalism. Ibn Rushd also served as a chief judge and a court physician for the Almohad Caliphate.
Business & Startups
Afriex is a Nigerian blockchain-based money transfer startup. A multi-currency app to send and receive money from anywhere in the world.
Founded in 2019 by Tope Alabi and John Obirije, Afriex provides instant, zero-fee transfers to Africans at home and in the diaspora.
It allows users to deposit cash on the app, send money to a bank account or another user and withdraw money to a connected bank or debit card.
They recently closed a $10 million Series A round to expand its blockchain money transfer platform.
Company's website: www.afriexapp.com
Random Facts
Google bought YouTube for $1.65 billion back in October 2006.
In just Q1 of 2022, YouTube brought in $6.9 billion of revenue from Ads.
Tweet of The Week
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