How has Blockchain made it possible to activate digital ownership in the meta-verse?

Abhay Sharma, CMO, MetaOneVerse explains the concept of Blockchain and how it has made it possible to activate digital ownership in Metaverset.

What is blockchain?

A blockchain is a distributed database that is shared between nodes in a computer network. As a database, a blockchain stores information electronically in digital format. Blockchains are best known for their crucial role in cryptocurrency systems, such as Bitcoin, in maintaining a secure and decentralized overview of transactions. The innovation of a blockchain is that it guarantees the fidelity and security of a data entry and generates trust without the need for a reliable third party.

A key difference between a typical database and a blockchain is how the data is structured. A blockchain gathers information together in groups, known as blocks, that contain sets of information. Blocks have certain storage capacities and, when filled, close and connect to the previously filled block, forming a chain of data known as the block chain. All new information that follows the newly added block is compiled into a newly created block which will then also be added to the chain when it is filled.

A database usually structures its data in tables, while a blockchain, as the name implies, structures its data in bits (blocks) that are put together. This data structure inherently creates an irreversible timeline of data when implemented in a decentralized nature. When a block is filled, it is set in stone and becomes part of this timeline. Each block in the chain gets an exact timestamp when it is added to the chain.

The goal of blockchain is to allow digital information to be registered and distributed, but not edited. In this way, a blockchain is a basis for immutable general ledgers, or records of transactions that cannot be changed, deleted or destroyed. This is why blockchains are also known as distributed ledger technology (DLT).

What is the role of blockchain in MetaOneVerse?

A metaverse is a blockchain-based public platform that uses a decentralized open source ecosystem to enable users to create applications and engage in digital commerce. As an open source blockchain infrastructure, a metaverse typically includes a user-friendly DUI, a decentralized wallet, and a decentralized exchange

Metaverse’s goal is to give people an extended reality experience that in many ways can surpass the physical reality when it comes to experiences and opportunities.

Let’s take a look at why metavers need encryption to work properly.

Unhackability and immutability of blockchain are critical features of any virtual reality technology for wide adoption. Hacking and hacking are common, but if people are to operate in a completely online and virtual environment, the underlying platform on which they will operate must be secure.

Not only does blockchain allow for quick verification of information, but it also allows for cryptographically secure and protected transactions. Blockchain and crypto assets are a fundamental and integrated aspect of how virtual reality will be distributed.

Based on the previous point, Metaverse will want and demand that transactions be completed on request, something blockchain and crypto assets can help to enable. There must be transactions for an actual virtual reality environment to function and function as specified. These transactions must be secure and practically fast. Individuals in this ecosystem in particular must be able to: a) act and engage as easily as if they were personal and b) have confidence that these transactions will be completed.

Impact of blockchain on key activation technologies in Metaverse

Unhackability and immutability of blockchain are critical features of any virtual reality technology for wide adoption. Hacking and hacking are common, but if people are to operate in a completely online and virtual environment, the underlying platform on which they will operate must be secure.

The following may be the best uses of Metaverse based on blockchain technology:

· Synchronous and live: While pre-planned and independent events will take place, Metaverse will be a living experience that exists continuously for everyone and in real time, just as it does in “real life”.

· Persistent: It “resets”, “pauses” or “ends” – it just goes on and on.

· Available individually and simultaneously: Everyone can be part of Metaverset and take part in a specific event / place / activity at the same time and with their agency in Metaverset.

A fully functioning economy: Individuals and businesses should be able to create, own, invest in, sell and be compensated for a wide range of efforts that produce values ​​that others recognize.

· An experience: It will span both digital and physical worlds, private and public networks / experiences, as well as open and closed platforms.

· A wide range of contributors: It should be filled with content and experiences developed and run by many contributors, some of whom are self-employed, while others are informally organized or commercially oriented businesses.

· Offer unique interoperability: It will offer remarkable data, digital elements / assets, content and other interoperability between each of the experiences