One might think that metaverse is a series of interconnected virtual spaces, a kind of World Wide Web, but based on virtual reality. That’s largely correct, but metabersion is also a fundamental aspect that sets it apart from today’s Internet: the blockchain.

Initially, Web 1.0 was an information superhighway of computers and connected servers that could be used to search, browse, and live, typically using a centralized enterprise platform: AOL, Yahoo, Microsoft, or Google. Towards the end of the millennium came Web 2.0: social networking sites, blogs, and “free” centralized social networks like Facebook, SnapChat, Twitter, and TikTok that used user data to make money.

Web 3.0 will be the basis of the verse. It will complement decentralized applications with a blockchain to boost the economy of cryptographic assets and user data.

Bit property

Blockchain is a technology that permanently records transactions, usually in a public, decentralized database called an accounting book. Bitcoin is the most popular blockchain-based cryptocurrency. Every time you buy a Bitcoin, for example, that transaction is registered in the Bitcoin blockchain, which is distributed to thousands of computers around the world.

This decentralized recording system is very difficult to control or control. Public blockchains, such as Bitcoin and Ethereum, are also transparent: all transactions are available for anyone to view on the Internet, as opposed to traditional banking books.

Ethereum is a blockchain like Bitcoin, but Ethereum is also programmable through smart contracts, which are basically blockchain-based software routines that run automatically when a condition is met. For example, a smart blockchain contract can be used to establish ownership of a digital object, such as ownership of a work of art or music, the ownership of which cannot be claimed by anyone else in the blockchain, even if a copy is stored on your computer. coins, securities, works of art are crypto-assets.

Blockchain artwork and objects like music are fungal tokens (NFTs). Not being fungible means that they are unique and irreplaceable, as opposed to fungal elements like currency: they are worth any dollar and can be exchanged for any other dollar.

And more importantly, you can use a smart contract that says you're ready to sell your digital artwork for a million dollars in Ethereum blockchain. When you click "Accept", the artwork and ether will be automatically transferred between us in the blockchain. No bank or third-party bond is required, and if one of you were to sue this transaction — for example, if you said I paid only $ 999,000 — the other would easily state it in the public ledger.

What does this issue of blockchain crypto-assets have to do with metaverse? Everything. For starters, blockchain allows you to have digital assets in the virtual world. You will own this NFT in the real world as well as in the virtual world.

Also, the metaverse is not being built by a single group or company. Different groups will build different virtual worlds, and in the future these worlds will be interactive, forming a metaverse. When people move from one virtual world to another — for example, from the Decentraland virtual environment to Microsoft — they want to take things with them. If two virtual worlds are interoperable, the blockchain will authenticate proof of ownership of your digital assets in both virtual worlds. Basically, while you can access the virtual world in your wallet, you will be able to access the things in your cryptography.

So what do you keep in your wallet? Your exclusive digital assets and cryptocurrencies, such as your avatars, avatar clothing, avatar animations, virtual decorations and weapons.