Confused about the Metaverse?
In this thread I explain what the Metaverse is and the role that @chainlink will play in it.
$LINK #Chainlink
In this thread I explain what the Metaverse is and the role that @chainlink will play in it.
$LINK #Chainlink
1\ What is the Metaverse?
A parallel digital universe. There is lots of debate about what this 'looks like' with no strict definition. A core concept is the idea of 'telepresence' - an immersive state that allows a person to feel present in a virtual space.
A parallel digital universe. There is lots of debate about what this 'looks like' with no strict definition. A core concept is the idea of 'telepresence' - an immersive state that allows a person to feel present in a virtual space.
2\ What are problems with the current state of the Metaverse?
a\ Digital experiences exist in limited silos more akin to a meta-room rather than a metaverse. Eg) You cannot transfer value from Twitter to Instagram as they are separate platforms.
a\ Digital experiences exist in limited silos more akin to a meta-room rather than a metaverse. Eg) You cannot transfer value from Twitter to Instagram as they are separate platforms.
b\ Users of the metaverse do not have ownership over the value they bring (eg. It is companies rather than users that 'own' personal data on social media). This makes it a less immersive and more fleeting experience.
3\ What are the solutions to these problems?
Using blockchain to underpin the metaverse. There are two ways in which this helps.
Using blockchain to underpin the metaverse. There are two ways in which this helps.
a\ Interoperability. Blockchain allow all projects built on top of it to talk to each other because of their shared underlying infrastructure, allowing for a connected ecosystem (eg. can take out loans using DeFi, play games and buy NFT's on one overarching platform)
b\ Genuine digital ownership. Blockchains enable verified digital ownership where users can acquire/sell digital goods in the same way they do physical goods. This allows for 'digital permanence', making the digital universe feel more immersive and tangible.
4\ Why are blockchains alone insufficient in achieving these solutions?
They are disconnected environments that are unable to talk to each other (eg. Solana cannot directly speak with Avalanche) or connect to the real world (eg. obtaining external data)
They are disconnected environments that are unable to talk to each other (eg. Solana cannot directly speak with Avalanche) or connect to the real world (eg. obtaining external data)
5\ How do decentralised oracle networks (eg. Chainlink) overcome this deficiency?
It improves interoperability and digital ownership. 3 ways this occurs includes:
It improves interoperability and digital ownership. 3 ways this occurs includes:
a\ Cross-chain connectivity. CCIP (Cross-Chain Interoperability Protocol) will allow the metaverse to exist across multiple blockchains that are optimized for different purposes, allowing for a multi-chain ecosystem that is easily traversable for any user
b\ Decentralised data feeds. Can be used in metaverse smart-contracts to assist in digital ownership. Eg) Gaming smart-contract may provide you with a rarer/stronger NFT if a football player wins man of the match, which requires connecting to sports data using an oracle.
c\ Off-chain computation. Chainlink VRF (Verifiable Random Function) can be used in metaverse applications where randomness is important (eg. play-to-earn games, raffles and giveaways) in obtaining digital ownership.
Ultimately, decentralised oracle networks such as Chainlink will serve as backbone infrastructure in the metaverse. Plenty to be excited about.
Let me know what you think! Anything I've missed? What are you most excited about?
Please note I've heavily used this source below. I've re-framed, synthesised and added my own twist to make it more digestible.
blog.chain.link
Please note I've heavily used this source below. I've re-framed, synthesised and added my own twist to make it more digestible.
blog.chain.link
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