what is meta-verse
This article will be a quick introduction of Meta-verse and some key points about it. We hope you can get the basic overview, but we also welcome any other suggestions or comments in this post.
Meta-verse (or MVS) is a blockchain-based ecosystem focused on digital assets. It has its own blockchain, and all transactions are based on that chain. The main goal of Meta-verse is to provide an interactive experience for users by providing both decentralized applications (dapps) as well as a virtual world.
Top luxury brands are now focusing more on investing in Meta-verse because of the potential of this project. If you would like to know why they chose to invest in Meta-verse, read on!
Why People Invested Millions Of Dollars In This Project
The reason behind the rise of Meta-verse has been explained by many people. Here is a list of these reasons:
1 — DApps — Decentralized Applications in Meta-verse
While most dapps aren’t worth much, some of them do offer real value and have actually created millionaires from nothing.
But what if I told you that there was one platform where you didn\’t need to download a bunch of apps? One place where you don\’t even need to register? That one place where you don\’t need to pay anything to play? And yet, millions of people already use it every single day?
If you guessed that platform is called Meta-verse. But how does it work? How did it become so popular so fast? What makes it different than the other platforms out there? Let me tell you…
2 — Virtual World
The fact remains that no matter what kind of virtual reality you may have experienced, none compare to the true feeling of being immersed into another dimension. A world which allows you to see, feel, touch, and interact with others.
One thing is clear; Virtual Reality isn’t here yet. However, Meta-verse believes that the best way to create a VR / AR world is to start with the existing Meta-verse world.
3 — Multi-Blockchain Ecosystem
In addition to the Meta-verse Chain, there are two other blockchains used within the Meta-verse ecosystem — Bitcoin Cash & Litecoin. So far, more than 50,000 applications have been built on top of the Meta-verse Platform. From games like CryptoKitties to finance tools like IDEX, Meta-verse offers a rich
Dapps have become very popular in recent years. As such, people are looking for more ways to use their crypto coins and tokens through dapps. For example, there are currently over 3,000+ dapps available on the Ethereum network alone. With so many dapps out there, it\’s easy to see how someone could spend hours a day playing games, watching videos, shopping, etc.
In addition to using dapps, Metaverse provides a virtual world where players can explore, buy land, build houses, and create businesses.
Buying and Selling of Virtual Goods
Metaverse also allows the buying and selling of in game items. Users can trade items between each other directly without having to go through any third party website.
1 — High Security
Another great feature about Metaverse is that it boasts of high security standards. For example, all accounts are protected by multi signature addresses and private keys. Transactions are encrypted using AES-256 encryption algorithm.
2 — Easy Integration
Unlike most blockchain networks, Metaverse is extremely simple to integrate with your current business model. Since Metaverse is based on the Ethereum network, it is very easy to connect your business models with its smart contracts.
3 — User Friendly Interface
If you\’re not familiar with blockchain technology, this might be a little confusing. However, once you get past the initial learning curve, it becomes easier to understand how everything works.
4 — Low Transaction Fees
Since the Meta-verse blockchain runs on the Ethereum network, transactions are free. This means that users won’t have to pay expensive transaction fees to send money to each other.
5 — Decentralization
Unlike some centralized companies or platforms, Meta-verse is completely decentralized. There is no central server that stores information. All data is stored across thousands of nodes. And because it is decentralized, it is highly secure since there is nothing to hack.
6 — Fast Transactions
Since Metaverse uses the Ethereum network, transactions take roughly 5 seconds. This is much faster than traditional banking systems. While this is fast enough for daily activities, it may be slow when handling payments from large corporations or institutions. But again, this depends on the size of the company and how they want to set up their payment process.