What is the METAVERSE?
The general definition of the Metaverse is that it is the next iteration of the internet. An interconnected yet decentralized network of virtual spaces where users can socialize, learn, and play. The metaverse is being built with emerging technologies including 5G, blockchain and artificial intelligence. With a shift from 2D graphics on flat screens to 3D graphics in head mounted devices (glasses, helmets), the Metaverse will enable the creation of an interactive and virtual equivalent of our physical world. People will be able to explore places and things through extended reality (XR) platforms.
The metaverse is a term used to describe the virtual world, which is made up of all the 3D environments that users can enter and interact with. It includes everything from social media platforms and virtual reality games to online marketplaces and virtual worlds.
One of the most notable features of the metaverse is that it is constantly evolving and expanding. New technologies, such as blockchain and cryptocurrency, are being integrated into the metaverse to create new experiences and applications.
What sets the metaverse apart from other virtual worlds is its ability to support user-generated content. This means that anyone can create their own 3D environment or avatar to represent themselves in the metaverse.
Another key feature of the metaverse is its open nature. Unlike closed virtual worlds, such as Second Life, the metaverse is not owned or controlled by any one company. Instead, it is an open platform that anyone can contribute to or build an interoperable platform in.
What is web 3?
Web 3 is the term used to describe latest stage of development for the internet, characterized by decentralization, data sovereignty, and web-native applications. Web 3 is powered by blockchain technology, which enables new decentralized applications (dApps) and services to be built on a peer-to-peer network. Web 3 is often referred to as the internet of blockchains. Cryptocurrencies and non-fungible tokens (NFTs) are integral to the web 3 because they provide a way to monetize and reward users for their contributions to the network.
There are numerous benefits of the decentralized, blockchain enabled web 3 compared to the centralized web 2.0. For example, dApps built on the web 3 are not controlled by any single entity, making them more resistant to censorship. In addition, web 3 enables users to own their data and control who has access to it. Permissions of NFTs can be set for use along with time and state variables. Finally, web-native applications built on web 3 can take advantage of all the features of the decentralized network, such as security, speed, and scalability.
Web 3 is still in its early stages of development, but there are already a number of popular dApps and services that have been built on the platform. Some of the most well-known examples include Cryptokitties, Decentraland, and MakerDAO. As the web 3 continues to grow and evolve, we can expect to see even more innovative applications and experiences emerge.
