Metaverse and Blockchain - Crypto Academy / S5W1 - Homework Post for @wahyunahrul

METAVERSE AND BLOCKCHAIN

Over the years, we have witnessed great strides in human technology cutting across diverse facets of our existence; from transportation to healthcare, from buildings to robots, and the development of the internet and smart devices like our smartphones and other smart devices. you see, none of the things seemed possible palpable some three decades ago, but today we have super-fast connectivity and access to billions of information on the internet that tends to give us an edge and produce excellence in all of our dealings. Over the start of the decade up until now, we have seen the internet develop from slower speed and features of 1G to faster networks like 2G then 3G, 4G, and the 5G we have today but then, that doesn’t stop there as there are a scientist and technological enthusiasts investing and working tirelessly to unravel the next big wave of modern technology, the METAVERSE.

METAVERSE is a technology that tends to make virtual reality its reality, meaning it heralds a time where we no longer interact with just text messages or face time but in virtual 3D representation, sounds cool right? Metaverse is not a concept of today but has been in the mind of great thinkers from even before the 21st century, one of such great minds is the novelist Neal Stephenson in his novel “ snow crash”, This novel technology beats feats like self-driving cars and rocket technology as is allows for the human sense organs to be fully active in real-time and it doesn’t just end there, it also allows one to fully live in virtual reality, and guess what, this concept has hip the cyberspace again with the former Facebook inc. being remodeled into META, a foresight by its CEO, Mark Zuckerberg, to take this technology of the future. This is a technology that is very achievable and with all the funds and resources available in the hands of META, it is no longer a matter of “if” but a question of “when “ and that future will be here faster than we envision.

MY THOUGHTS ON METAVERSE REGARDING THEIR FUTURE PLACE IN TECHNOLOGY

In response to the question, I believe Metaverse is the next step in future technology. The Metaverse is the next big thing on the planet. It will take over the world in the same way that Facebook did a few years ago. Now I'll explain why I believe this is possible further down.

1.The price of Facebook's stock has risen. Every new significant thing in the world is always reflected in the price, as is widely known. The cost of anything indicates how valuable it is. Following the statement by the CEO of now Meta platform, and its concept of Metaverse, the company's stock price increased by more than 5%. This is proof that investors believe in the concept of virtual reality and are betting on Metaverse's future.

2.Blockchain and the Metaverse As we all know, Satoshi Nakamoto's invention of Blockchain technology in January 2009 has had a huge impact on the world. It is undeniable that Blockchain is the future technology, and Metaverse, as previously stated, aims to mix Blockchain technology, virtual reality, and augmented reality. Metaverse is a platform for the advancement of Blockchain technology.

3.The globe is experiencing a worldwide pandemic, the coronavirus, in late 2019 and early 2020, which has thrown the world's order off and increased the demand for technology advancements in business and day-to-day operations. During the pandemic, many were forced to work from home, attend Zoom meetings, and so on.
People will be able to create avatars, work from home, and so on with Metaverse, which arrives just in time. If the epidemic has taught us anything, it's that technology like Metaverse, which uses virtual and augmented reality glasses to improve internet interaction, is needed.

WHY ARE METAVERSE AND BLOCKCHAIN COMPATIBLE TECHNOLOGY PAIRS

Because the roles and qualities of both will complement each other to run the system and operation, Metaverse and Blockchain are compatible technology duo. In this situation, Metaverse is perfectly suited to employ blockchain technology, which is already well-known in the digital world for managing systems involving multiple transactions by each user. All parties concerned have produced and designed technology in such a way that it offers innovation and good technical advancement.

Decentralization is one of the seven basic layers in the Metaverse. This demonstrates that Metaverse uses a decentralized system and that blockchain technology plays a vital part in this. In this example, Metaverse and Blockchain are two technologies that work together to eliminate the need for a central authority and provide all users complete control over everything that happens. Because of the decentralized system, this is a very timely innovation, since many people are interested in conducting activities and transactions in the digital realm.

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Humans will be able to meet friends, attend meetings, conduct trades, and work from home by creating avatars in the Metaverse.

When considering the Metaverse concept, it is clear that decentralization lies at the heart of technology, with the goal of achieving a decentralized world.

This is where Blockchain technology enters the Metaverse platform to help with the virtual part of the platform. If we're talking about a mechanism for individuals to communicate and transact without having to meet in person, Blockchain technology, in the form of cryptocurrencies and non-fungible tokens, can make this a reality (Non Fungible tokens).
By providing transparency, permissionless, and transaction security, blockchain technology improves the Metaverse experience. Let's take a look at some of the most important Blockchain features that are applicable to Metaverse.

•Uniqueness and originality are two words that come to mind while thinking about this project. NFTs are one of Blockchain's most essential innovations. Originality and uniqueness are two characteristics that distinguish NFTs. Originality will be vital to present proof of where an item originated and how unique it is in order for the metaverse to be fully successful and include real-life experience. Humans will be able to truly interact with each other on the Metaverse platform knowing that everything they create is original and unique to them.

•Scalability; Unlike the centralized banking system, which requires you to submit information to a centralized authority in order to open a bank account, the number of people who have bank accounts has decreased. Financially, Blockchain technology is more scalable because everybody can possess a wallet. This will be an important aspect of Metaverse.

•A safe and secure business transaction; As previously stated, Metaverse technology aims to enable people to do business without having to meet in person. So far, blockchain technology has shown to be the most secure method of doing so.

•Interoperability; Multiple applications must communicate with one another in order for the Metaverse to be fully possible. Blockchain networks like Polkadot have made significant progress in permitting the building of interoperable applications, which will be useful in Metaverse.

FUNDAMENTAL ANALYSIS ON A BLOCKCHAIN-BASED PROJECT

DECENTRALAND

https://decentraland.org
Decentraland is the most well-known Metaverse project. Decentraland has been running a fully operational Metaverse since February 2020, while most projects are still sorting out the problems in their programming.

In the cryptocurrency world, Decentraland is one of the Metaverse initiatives with excellent fundamentals. It's an Ethereum blockchain-based platform that introduces and allows all users to access the virtual world. As a user, you can engage in all real-world activities by discovering and participating in the platform's games. It's a decentralized platform that allows users to govern the Decentraland DAO, an organizational platform. The Decentraland Initial Coin Offering (ICO) took place in 2017 and raised $26 million USD in a short amount of time. This virtual environment based on video games debuted in 2019 and will open in 2020.

Investors know Decentraland as one of the most promising Metaverse initiatives in the future. MANA, LAND, and Estate are the three Decentraland tokens, each with its own set of features and functions. This is a platform that depicts a virtual world where users can purchase, sell, and develop non-fungible tokens (NFT). This is a document or asset that proves a user's Decentraland virtual land ownership. On Decentraland, users can use MANA tokens to buy and sell any other connected goods or services.

Users may quickly sign up and begin exploring the Decentraland virtual world using their MetaMask wallets. The controls are simple and the game feels really fluid.

WHAT MADE DECENTRALAND UNIQUE?

Users are able to acquire land on Decentraland. There are 90,601 land parcels, each of which is 16m x 16m, or 256 meters square, and is represented by an ERC-721 token, which is a Non-Fungible Token. These lands' users or owners are free to build, navigate, and monetize their property. Landowners can use their properties in one of two ways.

Leases, advertisements, and paid experience are all options. The majority of users rent out land and utilize it for advertising.

Creativity. Others utilize theirs to create and sell products on the Decentraland Marketplace for MANA tokens.
DAO, which stands for Decentralized Autonomous Organization, is in charge of Decentraland. DAO owns the LAND contract, which is one of Decentraland's most essential smart contracts. This contract is the backbone of Decentraland's governance system, as it allows users to influence policy. Users can vote on how their planet will act, what kind of clothing to wear, and future LAND auctions, to mention a few things.

Following the announcement of the name change from Facebook to Meta, as well as Mark Zuckerberg's development ambitions, Decentraland was one of the most successful Metaverse platforms, with a 400% increase in price.

TOKENS OF DECENTRALAND

The decentral and has two tokens which are the MANA and the LAND token

MANA

MANA is Decentraland's native currency. It's an Ethereum-based ERC-20 token. MANA can now be used to buy LAND and pay for products and services in Decentraland. Various centralized exchanges, decentralized exchanges, and swap services sell MANA tokens.

Decentraland is currently trading at $4.24, with a 24-hour volume of $6,061,023,046. In the last 24 hours, the price of MANA has increased by 19.2 percent. There are 1.3 billion MANA coins in circulation, with a total supply of 2.19 billion.

LAND

In Decentraland, the term LAND refers to a virtual plot of land. The Ethereum network powers LAND, which is a non-fungible token (NFT). Because the land titles are completely traceable on the blockchain, users can own any LAND they acquire for the rest of their lives. They'd have complete control over any 3D sceneries they wanted to create on the LAND after that. To build larger plots of land, individual parcels of property might be united into estates. Secondary markets like Marketplace and OpenSea are good places to look for LAND.

CONNECTING DECENTRALAND WITH META MASK WALLET

1.To connect the Metamask wallet with the Decentraland platform, I went to https://decentraland.org/.

2.On the Decentraland platform, I select Play Using Wallet from two options on the screen.

3.From the three wallet alternatives offered on the Decentraland platform's screen, I chose Metamask.

4.In the Metamask interface, I choose my Metamask wallet account and click Next on the screen.

5.In the Metamask interface, I connect the Decentraland platform to my Metamask wallet by clicking Connect on the screen.

6.In the Metamask interface, I'm signing a message from the Decentraland site by clicking Sign on the screen.

7.On the Decentraland platform, I build an avatar by picking various settings on the screen and clicking Done after the avatar creation procedure is complete.

THE VARIOUS FEATURES, ADVANTAGES, AND OTHER UNIQUE THINGS ABOUT DECENTRALAND

To respond to your question, I'll stick with the Decentraland project I chose earlier. To do so, go to https://builder.decentraland.org, which is Decentraland'sofficial website.

Decentraland is a fantastic Metaverse project that allows people to interact with a virtual world. Decentraland has a number of intriguing features to explore if you want to learn more about it. Marketplace, Builder, Docs, Events, DAO, and Blog are the key points of reference for users looking for all types of information and data needed to get actively involved in this project.

1.MARKETPLACE: The Marketplace function is the first thing I'd like to talk about below. Decentraland's unique feature allows users to customize and create the kinds of scenarios they choose.
Decentraland users can utilize the marketplace feature to conduct transactions and sell/transfer land and other things.

2.BUILDERS: Builders is another one-of-a-kind Decentraland tool and function. This function provides users with a one-of-a-kind opportunity to create their own scene on the land. This program includes an interactive tool that allows users to customize their Lands to their liking.

3.DOC: Doc is a Decentraland feature that allows users access to a wealth of knowledge on the platform and other topics that may be of interest to them. The users can maximize this opportunity to be able to do the following

•Find out how to buy and sell exclusive tokens.

•On Decentraland, you can build and create, as well as share your work.

•Learn the fundamentals of the Ethereum Blockchain and how to use it, to mention a few topics.

4.EVENTS: Because Decentraland is a virtual environment, the Decentraland platform hosts online or virtual events. This event feature provides information about upcoming events on the Decentraland platform.

5.DAO: Decentralized Autonomous Organization is a term used to describe a group of people that operate independently Decentralized organizations are represented by the DAO. The Decentraland platform's main Smart contracts are run by DAO. Holders of the LAND token, which is an ERC-721 non-fungible Token, have the ability to vote on crucial platform issues. The platform's DAO functionality acts as a governance mechanism.

6.BLOG: The blog features are the third and final feature on the list. We all know what a blog is, therefore the one we're talking about is very similar to the one we're talking about right now. Articles and updates are provided on the blog feature.

THE ADVANTAGES OF DECENTRALAND

•VIDEO GAMES' POPULARITY: The lockdown was one of the consequences of the COVID 19 Pandemic. This censorship across Europe and around the world has led to an increase in the number of people playing video games. Decentraland virtual games have become extremely popular around the world as a result of this, and the project is a huge success.

•METAVERSE PLATFORM: The Metaverse, as we all know, is the next great thing in technological development. Decentraland is one of the first true virtual platforms, providing users with one-of-a-kind experiences. As a result, I believe Decentraland is a key location to capitalize on Mark Zuckerberg'smetaverse revelation. It's an exciting time to be part of the Metaverse platform.

•GREAT TEAM: This is an excellent group. From the two founder members who no longer hold positions of responsibility in the project, the Decentraland platform comprises very experienced and devoted team members. This group is committed to ensuring that the mana token's supply does not exceed the anticipated supply by burning the token on a regular basis. This is an excellent method of expanding the business.

CONCLUSION

The Metaverse is seen to offer a lot of potential for advancing technology in the future. This is demonstrated by its power to provide people with access and interaction in the digital and virtual worlds, just as it does in the actual world. Virtual Reality (VR) is a technology that is thought to be capable of achieving Metaverse's goals. Metaverse and Blockchain are complementary technologies that will result in dependable Metaverse system and governance functions and characteristics. The adoption of Blockchain technology, which is directly tied to the cryptocurrency sector, is a significant component that can increase the Metaverse project's quality.

@wahyunahrul