The Next Frontier: Blockchain Technology and the Metaverse
What is the Metaverse?
The term “Metaverse” was coined by Neal Stephenson in his novel Snow Crash. Before you start wondering what that is, it’s a science-fiction novel about a virtual world where the main characters meet and interact. There are several different universes with different gameplay styles in this novel, but all of them are connected.
We broke down the details of the Metaverse in our post last week, check it out to learn more.
How Can Blockchain Be Used for Gaming and VR?
The decentralized nature of blockchain technology could be the missing link to making the Metaverse a reality. Blockchain is an open-source, peer-to-peer network, so it has the potential to store data for other applications and easily share information between various companies. Additionally, blockchain-based projects have already begun to receive attention from leaders in the tech industry, such as Google and Facebook, so we know that mass adoption is not too far away.
Blockchain technology has the potential to change many industries, including gaming and VR. The technology offers decentralization, immutability, and transparency for gamers who want to play games on their terms.
It also allows game developers to create virtual worlds that are not just limited by the boundaries imposed by traditional game consoles or computers but can be accessed through any device connected to the Internet. Blockchain could also be used as a way for players to buy and sell items within these new universes without worrying about being scammed by other players trying to make money off them instead of playing fairly.
The popularity of blockchain technology might mean that Web3 can use this technology to build an even bigger Metaverse.
Telos had become a virtual tenant of Bloktopia; Justin Giudici, the acting CEO of the Telos Foundation, stated that:
“Bloktopia’s Metaverse is a positive step in Web 3.0 adoption, and the Telos team is eager to jump in first. This is just the beginning of a multi-trillion-dollar industry, and this is just the first step of our grand metaverse ambitions.”
Telos Blockchain (TLOS) is a 3rd generation smart contract platform that offers compatibility with Solidity, Vyper, and Native C++ smart contracts, providing full EVM/Solidity support and a fee-less native smart contract layer upon which the EVM is built. Telos’ performance is unrivaled in the industry and was purpose-built to offer speed, scalability, cost-effectiveness, decentralization, and end-user fairness. The network can sustainably support hundreds of millions of transactions per day, produces blocks in 0.5-second intervals on a first-in-first-out basis (eliminating frontrunning on the network), offers a fee-less native, and low per transaction cost EVM (<$0.10), and a fully decentralized block producer network.
