We keep hearing about the Metaverse “coming soon.” But the more people you ask, the more Metaverse definitions you get. If we can’t decide on what it actually means, how do we create it?
At Dandelion, we are building a blockchain to fully realize the Metaverse, so it’s no wonder we take this dilemma to heart. Before starting the conversation, it is helpful to define the Metaverse.
Yes, there are varying definitions, but all of them include a form of the following:
• Digital Experiences that act as an alternative of real-world experiences
• Social Interactions with one-to-one, one-to-many, many-to-many social encounters
• Financial ecosystems, including economy, currency, trade, and property ownership
People in the 80s speculated on how the Internet would be used in 30 years and beyond. Similarly, we speculate what the Metaverse might look like in the future, but this is not getting us anywhere near an actual creation of one.
For now, we focus on what we know to get our Metaverse creation journey started. That’s where our 3 key steps come in.
Step 1: Decentralized, distributed and scalable ecosystem
To create a Metaverse, we need a decentralized, distributed, and scalable ecosystem. This means that the Metaverse must be managed, operated, and governed in a decentralized manner.
This is crucial to ensure that the Metaverse can handle vast computational power, support new applications, and guarantee scalability. Decentralization is the only way to achieve all three without compromising security.
Step 2: User-Centricity
Metaverse can only exist if it manages and maintains digital identities efficiently and securely in a user-friendly way. The user must own their data, and the individual decides how, for how long, and under which terms to share data with others in the Metaverse.
This is essential to ensure that the individual’s privacy and security are protected, and the user remains in control of their data at all times.
Step 3: Interaction with the Real World
The success of the Metaverse depends on human interfacing. Although earlier attempts focused on separating the physical and virtual worlds, the Metaverse’s success relies on the interaction between the two.
Realistic 3D avatars of individuals, interfacing with real-world gadgets and sensors to enhance the virtual experience are some of the ways that the Metaverse can interact with the physical world.
How do we get there?
If we know the main stepping stones of the Metaverse, when can we expect the right ecosystem to start building it?
The short answer would be that the right ecosystem is already here. Blockchains are an integral part of the Metaverse as they manage digital identities, secure access to data, and guarantee the truthfulness and validity of information circulated within the Metaverse.
But the right blockchain is yet to take the stage. At Dandelion, we don’t guess definitions but build with these three steps in mind.