It's another wonderful season of learning new things in Cryptoacademy and I want to thank professor @wahyunahrul for your wonderful teaching. This post contain my answers to the homework questions.
Question 1: Do you think the Metaverse is the next level of "Future Technology"? Explain your personal opinion by showing some evidence.
Technology is one of humanity's greatest achievements, and the urge to make life easier for all people necessitates its advancement.
Anything that is artificially made and does not exist naturally that improves a process, outcome, or understanding is considered technology.
Technology has improved warfare from the use of stones to swords to guns to bombs and other dangerous weapons, and technology has improved education system, with learning centers now using smartphones, laptops, and other devices to tutor their students instead of the traditional chalkboard or whiteboard, and pdf and other ebooks instead of biro and paper. When technology advances, all sectors benefit.
Because of the infinity of human imagination, the future of technology always seems to be fascinating, and it never ends. There was a time when wired telephones were a big deal in communication, typewriters were a big deal, and so on. The internet's creation and development is one of the most significant milestones in technological advancement; it has spawned a plethora of technologies that have made people's lives easier; we can upload and view things online thanks to the internet; we can communicate with distant relatives thanks to technology; we can do a variety of things. The internet continues to improve people's lives, and metaverse is one of the projects or technological concepts that will undoubtedly affect the future of technology and change people's ways of living and communicating.
The term "metaverse" is made up of two words: "meta," which means "beyond," and "verse," which means "universe."
Metaverse can be defined as a virtual universe that connects people through online gaming, social networking, virtual reality, augmented reality, and cryptocurrencies.
The metaverse is a virtual version of the real world, where we party, interact with people, work, and so on. In the metaverse, users will be able to engage themselves in an environment where the digital and physical worlds merge in the form of customisable avatars that can perform all real-world actions. Neal Stephenson first proposed the concept of a metaverse in his fictitious novel Snow Crash in 1992. The concept has lately gained traction as famous internet corporations, such as Facebook, changed their name to meta to demonstrate their dedication to metaverse technology.
The rebrand was revealed by Mark Zuckerberg, the CEO of Facebook, who indicated that users of social technology would be able to come together with friends and family, work, learn, play, shop, and engage in activities that are different from how we use our current devices. All of this will be done as personalised avatars with all of the user's attributes.
The COVID-19 epidemic sparked a surge in interest in the metaverse, affecting a wide range of activities such as people being unable to go to work, students being unable to attend school, leisure activities being halted, and so on. People used video calls to communicate with one another, but this wasn't enough because the contact was not involved enough, thus people began to express an interest in learning more about metaverse technology. Although metaverse is not yet completely operational, Facebook's commitment to refining and growing metaverse technology, as well as the development of different games and projects utilizing metaverse technology, is a strong indication that metaverse is the technology of the future.
Question 2: Please explain why Metaverse and Blockchain are a compatible technology pair.
Metaverse and Blockchain are complementary technologies; in fact, the adoption of Blockchain technology is critical to the metaverse's success.
The attribute of decentralization, which is one of the major features of both systems, is the first thing that makes them compatible.
Metaverse makes use of a decentralized computer network. As a result, it is heavily regulated and maintained by the community (users and developers), and while there are no centralized authorities to impose excessive regulations, there is a body in charge of granting authorization to use the system or conduct any transaction. This increases the network's openness, accessibility, and speed. Blockchain also promotes decentralization because it is highly transparent and no single entity, server, or node has complete control over the network.
Second, Crypto currency is critical to the metaverse's success. We must remember that the metaverse is a virtual real world in which we may do nearly anything we can in real life, such as build houses, shop, party, and so on. In reality, we utilize fiat currency to pay for all of our services; we pay for concert tickets in advance, we receive money as recompense for services provided, and so on.Because everything in the metaverse is intended to be in digital form, it is difficult to bring fiat money into the network, hence the only choice is to use digital currency, also known as cryptocurrency. The use of cryptocurrency with metaverse technology allows for faster, safer, and more transparent transactions, making it the ideal medium of exchange for the network. Without Blockchain, cryptocurrency is impossible, making Blockchain and the metaverse more compatible.
Finally, metaverse requires non-fungible tokens to be more efficient because they serve as a means of confirming the asset's authenticity and providing an asset's ownership certificate on the network. Blockchain is a distributed ledger in which every transaction is permanent, verifiable, and unalterable. The use of NFT is enabled by the integration of Blockchain technology with the metaverse system.
Question 3: Choose a Blockchain-based Metaverse project and do a fundamental analysis of the project.(Screenshot Required)
Decentraland is a virtual reality (VR) or metaverse (metaverse) project based on the Ethereum network. The concept encourages people to use their platform to live a real life in virtual reality. Users can explore, socialize, and play games in this virtual world while buying and selling digital real estate. Users can connect with the platform into interactive apps, in-world payments, and peer-to-peer interaction.
In decentraland, there are two major tokens that are used in the platform's operation, they are LAND and MANA.
LAND is a type of token that is used to prove ownership of network assets. On the network, users interact via LAND. When a user owns a plot of LAND, he or she can use it for a variety of purposes, including the development of games, applications, betting services, education services, tourism, and so on. The number of LAND plots is limited; per plot is 33 ft by 33 ft, but there is no restriction to its height, and a plot of LAND can be purchased for as little as 12000 MANA to as high as 2 million MANA.
LAND Estates is a service that allows users to manage their LAND by grouping nearby plots together.
We also have Districts, which are essentially communities centered on a common subject. For example, there may be a District dedicated solely to gamers, complete with gaming apps and services.
Finally, there's AGORA, a decentralized program that allows Network members to vote on district issues. The number of LAND they own in the district determines their voting power; the more LAND they own, the more voting power they have.
MANA is Decentraland's native token. It is an ERC20 token that can be used to pay for services, apps, LAND plots on the network, avatars, and other things. With a market valuation of $7 billion and a circulating quantity of 1,816,917,091 MANA tokens, a unit of MANA is presently worth $3.68.
MANA may be purchased on a variety of exchanges, including Binance, Okex, and others.
The Decentraland Foundation, founded by Ariel Meilich and Esteban Ordano in 2015, created Decentraland. The network created a decentralized autonomous organization (DAO) to gain responsibility of the network users and certify that they no longer had influence over the network's smart contracts.
The three key layers of Decentraland architecture
The consensus layer, land content layer, and real time layer are the three key layers that make up the Decentraland architecture.
- Consensus layer: this layer uses an Ethereum smart contract to track land ownership and content on a distributed network. Each plot LAND in the system has a virtual world address, an owner, and a link to a description file that describes the content within the LAND.
- Content layer: this layer manages what occurs with each LAND and renders the information in the virtual world using a decentralized distribution system.
- Real-time layer: This layer helps the network's sociability. It allows users to engage with one another via user avatars, voice chat, and messaging using peer-to-peer connections.
Marketplace on Decentraland
Decentraland also features a marketplace where users may manage and trade LAND tokens, which are valued in MANA. The marketplace allows users to buy, sell, and trade LAND, wearables, exclusive names, and avatars.
Question 4: Explain the steps for connecting a crypto wallet with a Metaverse project that you chose in question number 3. (Screenshot Required)
Step 1: Open your MetaMask application
Step 2: Click on the top right corner and then the MetaMask browser. Paste this site address in the search bar https://decentraland.org/
Step 3: You'll be asked if you want to sign in as a guest or as a registered user, click on the left side of the page which has "play using wallet"
Step 4: There are three wallets available on the network click on the one you have your ETH and MANA in.
Step 5: Your wallet automatically connects and you can start designing your avatar on the network and completing other registration set up.
Question 5: Explore the Metaverse of your choice and show the various features, advantages, and other unique things of the Metaverse project. (Screenshot Required)
The virtual gaming universe of Star Atlas is set in the year 2620.
The theme centres around the conquest of the galaxy. Gamers have an important role to play. As a Star Atlas community member, you must excel in territorial acquisition, political dominance, and uncovering secret treasures. As you fight your way through interplanetary strife, you'll be able to win rewards in the form of tokens called $ATLAS and $POLIS. This token is used to purchase assets on the game network. The project makes use of a two-token economy.
ATLAS is Star Atlas' native currency, with a market cap of $287 million and a value of $0.13 per unit. ATLAS allows players to purchase digital assets like as spaceships, land, minerals, and trade on marketplaces.
The second token, $POLIS, is used to participate in the governance of the game.
In contrast to traditional gaming, where you can only use your asset in a game network, the projects offer interoperability, allowing you to utilize assets from other networks or trade your assets with other players in the metaverse.
This project also gives users the ability to influence the network by allowing them to participate in the governance system and determine the metaverse's future.
Star Atlas has the advantage of being powered by Solana, which is far superior to the Ethereum Blockchain.
The STAR atlas system is scalable and has a cheap transaction fee.
Users can also make a fortune by participating in and completing important activities.
I believe the Metaverse is the next big thing in technology, and I believe it will revolutionize the world and be broadly embraced. This initiative is still in the works, as huge tech corporations try to figure out how to improve the technology so that it can benefit humanity.
The entertainment sector, as well as our manner of contact and communication, will be altered by the Metaverse.
It is a good idea to invest in smart technology because it is a lucrative business.