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CoinBase former co-founder: VR is a killer app for blockchain

Having experienced the outbreak in 2015 and the precipitation in 2016 and 2017, VR has gradually become one of the most commonly used media in many traditional industries to showcase their products and technologies. The current hottest blockchain technology is increasingly related to VR/AR.

Recently, CoinBase’s former co-founder Fred Ehrsam published an article in Medium “VR is a blockchain killer application” that explains how VR integrates with blockchain. 87870 is compiled as follows:

I spent a weekend discussing with 10 executives in a large VR company how to responsibly create “Metaverse” (a blockchain project) – the name was derived from the VR novel published by American writer Neil Stevenson in 1992. An immersive VR world described in Avalanche. The idea expressed is very simple: if people begin to live in VR, the rules and systems in VR will be as important as the “real” world.

If you don’t understand why you say this, give an example. Please imagine that if everyone lives in a virtual world built by World of Warcraft or Facebook, then people’s social life, assets, and work will be bound in this world. This means that companies running this world can take away everything they want.

This is the core of a huge conspiracy in the recently popular novel “The Player One.” It describes a virtual world – an oasis where people spend most of their time. A large company called Innovative Online Industries (IOI) has a large number of professional players and in-game resources, and tries to acquire the rights to operate and control the game through the treasures left by the founder of Oasis. The protagonist of the book finally Work with the IOI staff to find it, because if you let the IOI own and control the OASIS server and database, this big villain can do whatever it pleases: delete others, get any information, change world rules, and print unlimited for themselves. currency.

So obviously, you can’t let a company control Metaverse on its own, otherwise it might take everything you own, change your identity, or even delete you.

The blockchain is the key to solving these problems. If your assets are on the blockchain, no single operator in the world will be able to take them away from you. In the same way, if your identity is on the blockchain, you cannot delete it. Perhaps most interestingly, building a bitcoin system requires one of the largest computer networks in the world, with more than 500 Google or 10,000 of the world’s most powerful computers. Building an oasis world also requires its enormous computing power. Traditional servers are difficult to implement—but what if the servers that run the oasis are also decentralized and all computing power is used to run them?

If all this sounds too far or too far ahead, look at the data: In 2010, World of Warcraft already had 12 million players who spent an average of 22 hours per week in their world! Once you start the game, people will indulge in it: 90% of the players play more than 10 hours a week. Regardless of how good or bad I am, I have learned from experience. It has become more feasible to obtain benefits through games. There was a time when more than 100,000 people made a living by earning and selling gold (game coins).

When people think about Metaverse, they usually think of immersive visual and sensory experiences. In the beginning, Metaverse was defined as “a multi-user, immersive virtual space with different worlds of multiple elements and allowing users to traverse it.” However, visually “immersive” is the most extra. The most important part is how these worlds can be moved and connected – that is, the shared data layer between them. Without a shared data layer, it’s impossible to seamlessly walk like a virtual “you”. Humans pay more attention to the crazy visual experience than the data layer. This is a certain truth. However, I think sharing the data layer is what makes Metaverse Metaverse. The data layer will be based on the blockchain.

As you dive deeper, you will find that the blockchain is actually a shared version that everyone wants to implement. Therefore, whether it is immersive VR experience, AR technology, Bitcoin or Ethereum in the virtual world, we will increasingly trust the blockchain as our “real world” shared account book. Slowly, the boundaries between these virtual worlds and the “real world” will soon be blurred. If someone builds a peer-to-peer lending application on the blockchain so that people can lend money from the United States to Brazil, even applications running on the same blockchain can be immediately used in each virtual world.

It will be interesting to see how the virtual world develops. If people start to build a closed world, especially those large companies with large private databases (such as Facebook), the network effect around them will protect them. This will not surprise me. Just like the AOL and CompuServe’s walled gardens during the early days of the Internet, this phenomenon may continue for several years, but will eventually operate in an open manner like the open Internet. If this is the case, then it will be more beneficial to start building with an open mind.

I think the successful business model for creating these worlds will be based on the blockchain token model. The second most popular project in the history (to create a virtual world) – interstellar citizens, raised more than $140 million. Last year, more than $250 million in crowdfunding was obtained on the blockchain. Developers can in this way create funds for their world, stimulate people to join their world through the tokens of the world, and use the tokens to manage the world.

I began to realize that the virtual world would be one of the first killer applications in the blockchain, perhaps the deepest one. Let me imagine that the blockchain will become the core of the virtual world architecture—money, assets, identity, and even governance systems—all of which will happen before we do the same thing in the “real world”. I think that all of the above will eventually happen in our real world. The virtual world is just a beginning. Both virtual and reality will embrace the blockchain technology.

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