Metaverse and Web 3.0, the main trends in the industry

Although the sector that has driven the blockchain industry that was born in connection with Bitcoin has been cryptocurrencies, it seems that other fields will continue to lead the way in the coming years, according to OKX experts.

"While the concepts of the Metaverse and Web 3.0 (or Web3) are developing at high speed and gradually consolidating, blockchain technology and the cryptocurrency ecosystem are enjoying a continuous boom," they say from the platform.

Regarding the rise of the metaverse, "in addition to the merger of new organizations and large companies that have announced their entry into it, it has also begun to be included in national plans," says the report, citing the Seoul Government as an example, which announced the creation of an administrative service in the metaverse.

In addition, experts believe that Web 3.0 "will play a major role" in various areas of the sector and "will change the online economy and existing business models".

These results come at a time when virtual land sales in the metaverse are at a six-month low and cryptocurrencies have been in near-constant decline for the past few months.

Cryptocurrency

Cryptocurrency is a digital way of trading. In 2009 the first cryptocurrency bi-tcoin was launched, and since then many other cryptocurrencies have appeared, including Litecoin, Ethereum, Ripple and Dogecoin.

Cryptocurrencies use cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets. Cryptocurrencies are an alternative currency and a type of digital money. Cryptocurrencies have a decentralized control, unlike centralized currencies and central banks.

The decentralized control of each money works through a decentralized database, usually a blockchain, which serves as a database of public financial transactions.

In cryptocurrency systems, the security, integrity and balance of its annual accounts are guaranteed by networks of actors, among themselves called miners, who are actually public and who actively defend the network by maintaining a high algorithmic processing rate, in order to have the opportunity to get some money, which is distributed randomly.

It is mathematically possible to break the security of cryptocurrency, but the cost of doing so is very high. For example, if someone tries, he would need more computer power than all the other miners, and if he succeeded, he would still only have a 50% chance of success (ie, to achieve this, you need a capacity greater than the size of google).

It has been predicted that quantum computing will become a reality in the future. And this would break the existing balance, if and only if the developers could not implement a system to use post-quantum algorithms.