Cryptocurrencies and blockchain technology are not required for the metaverse to exist. The actual metaverse, on the other hand, is inextricably related to the blockchain concept of an open, interoperable network in which virtual assets are transferred and maintained through a trustless and verifiable ledger.
Mark Zuckerberg stated in his recent founder’s letter that the Metaverse “would necessitate not only novel technological work such as supporting crypto and NFT projects in the community, but also new kinds of governance.”
Will this definition be applied to Meta’s governance, which according to the most basic blockchain rules, should be permissionless and open?
Meta has over 3500 new job openings on its website, with a number of them requiring in-depth understanding of blockchain technology, indicating that the company may be willing to embrace the technology. NFTs, as well as cryptocurrencies, will play a part in the Facebook metaverse. It remains to be seen in what terms and to what extent the environment will be integrated.
Many believe Zuckerberg’s vision for the metaverse has more to do with a centralized vision and hierarchical control of virtual spaces than with the open, interoperable perception that blockchains provide.
The qualities of blockchain allow for secure, public, and irreversible transactions, putting people in charge rather than centralized institutions with private access to transaction history. A blockchain-based token, for example, is more secure than a centralized money, which could be lost or stolen if the system’s security is breached.
“If Facebook converted into a decentralized organization where it was user-owned and governed, that would be a true element of the metaverse,” blogger and investor Andrew Steinwold said.
If blockchain is decentralized, trustless, and open, or if it does not serve its objective, it has real value. Will this framework resonate with Facebook’s leadership?
Given the recent run-ins with authorities over user privacy and anti-competitive behavior, Zuckerberg should be concerned about the data protection of his users.
“Privacy and safety, as well as open standards and interoperability, must be integrated into the metaverse from the beginning,” he writes.
Blockchain technology can improve user privacy, data protection, data ownership, and the storage of digital identities and assets by encrypting transaction data.
To access the metaverse’s commerce and gaming industries, digital identities simply need public and private keys, and the private keys are mathematically impossible to guess from the public keys. The level of security has been significantly raised, and consumers are better protected from hacker attacks.
Facebook’s CEO goes on to add in his founder’s letter that the metaverse “should be regarded as a convergence of creators and developers developing an interoperable ecosystem” that will “unlock a substantially larger creative economy than that confined by today’s platforms and policies.”
Blockchain technology can help him achieve the type of economy he desires. The dilemma is if he is willing to give up power and control in order to benefit a more diverse and spread ecology.
The social networking company has been on a downward trend since its data leak troubles. Users appear to be increasing in emerging markets, but they are leaving the platform in developed markets in favor of more open options. On this basis, we can’t help but question if the tech company’s metaverse will have an influence.
Will the vast majority of metaverse users and consumers eventually join a Facebook permissioned network bound by restrictive regulations?
Or will they adopt a decentralized, open approach in which people may freely create and sell arts, music, content, real estate, and any other type of business with less restrictions?
In the next years, it will be an interesting competition to witness!
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