The necessary narrative of blockchain technology and Metaverse’s Foundation

Author: George El

With all disruption, there lies a narrative. A progression, for how an eventual efficiency impedes itself on its outdated counterparts. However, the real problem lies in discovering the true nature of disruption and how to best build a foundation to better position its prosperity.

Blockchain, to succeed, must have a strong foundation.

Metaverse proposes digital identity.

As it stands, cryptocurrency has become a state of significant speculation, decentralised markets have given rise to an ease of accessibility historically unseen. The ecosystem of cryptocurrency has left a significant disparity towards what is unknown and what is realised. In a period where speculation is seemingly rampant, a stance of realistic and practical approaches are necessarily needed. Projects that aim to add value in its foundation to existing eco systems rather than completely overhaul, present a narrative that is digestible and less confrontational. A need for cryptocurrency to provide practical, realistic and presently conceivable pursuits is what the market must look towards, not just for its survival but prosperity.

To endeavour to overhaul the monetary system or to push for a cashless decentralised monetary society, to me, seems like we are missing a few steps, which is a snapshot of the earliest infancy of cryptocurrency, Bitcoin. For the world’s monetary system to be digitally decentralised, it is a significant supposition alone due to the strongly established centralised systems in place that would face unfathomable resistance irrespective of potential. Whether a decentralised monetary system is right or not to me is not important at this moment, what is important is solidifying blockchain’s use, irrespective of how centralised or decentralised financial systems are.

What Metaverse endeavours, is a project that is not conditional to the current eco system but unconditional. In making a project that put lights on blockchain’s effectiveness, regardless of how centralised or decentralised the current monetary system is, presents real value that closes the gap between speculation, potential and realisation to be much sooner than we think.

Metaverse evokes the ideology that to live in a digitised world we must first digitise our assets. This single point of identity allows for the roots of block chain to prosper and why Metaverse sets itself to have realisable impact on not just the financial sector but extending across multi- disciplinary markets and beyond. The pursuit of digitising asset identities is a means of efficiency, not as a tool for overpowering something inferior to make it redundant, but to enhance it. Remember to contrast how the positioning of this ideology compares to that of overhauling the monetary system that currency based coins endeavour towards. So it is more conceivable that the implementation of digitising identity is less threatening towards businesses, governments and in turn society. The key is adoption and its scalability, longevity through consistent and currently conceivable value.

Blockchain as a Service.

The ideology of blockchain’s core value to Metaverse is supplemented with a business model delivering blockchain as a service, presenting its most appealing element. With Metaverse acting as a central means to disperse the implementation of blockchain to external stakeholders, it disrupts much of the discourse that surrounds cryptocurrency. If what is now being endeavoured can add value irrespective of the market capitalisation of all cryptocurrency, then the foundation that is needed for the narrative of blockchain can succeed and the case to first begin with digital identity becomes stronger. Much of the controversy over cryptocurrency is the underlying value, which is why I put so much emphasis on an appropriate foundation to build off. Presenting a tool that provides tangible efficiency without agenda towards a preferential financial system will truly distinguish ‘cryptocurrency’ and ‘blockchain’ value, which is seemingly becoming lost amongst the countless number of projects that have arisen.

It is not enough to just have the ideology of digital identity but to deliver it while considering the existing state of its market is what makes BaaS so powerful. As it stands the familiarity of blockchain and the necessary resources of its implementation is extremely scarce. So if the reliance is on various stakeholders to have the resources themselves to implement blockchain, it significantly stunts the growth and adoption of blockchain digital identity. Providing it as a
service allows businesses to do what they do best and allow Metaverse to add value to what they already do, a possibility that cannot be underestimated enough.

The model of Metaverse presents a project that is in line with realistically realisable solutions for the market, which in itself can catapult the project beyond just digital identity. It is clear that amidst all foundations of disruptive cases in society, there is an urgency to find a foundation for it to stand upon so that it may manifest and baldly pursue the potential of its speculation.

Metaverse proposes digital identity and blockchain as a service for its foundation. A foundation that could find itself to stand firm amidst a market that doesn’t really know what it is or what itmay become, just yet.

About George El:
George El is a recently graduated student working in the financial industry with a background in philosophy and finance. He is excited at seeing the ongoing developments of blockchain and its attempt to influence, enhance or even change our society.