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Web 3.0 Tech

INTRODUCTION TO BLOCKCHAIN AND METAVERSE

Written by : joel nzoda on Digilah (Tech Thought Leadership)

GOALS

    • Define blockchain
    • Characterize a blockchain
    • Usefulness of blockchains
    • Web 3.0 and the Metaverse
    • NFT or non-fungible tokens and their usefulness

BLOCKCHAIN 

Developed from 2008, blockchain is, first and foremost, a technology for storing and transmitting information. This technology offers high standards of transparency and security because it works without a central control body. More concretely, the blockchain allows its networked users to share data without an intermediary.

Source : https://www.jlconsulting.fr/media/BS_20190614_BlockChain.png

CHARACTERIZE A BLOCKCHAIN

In practice, a blockchain is a database that contains the history of all exchanges made between its users since its creation. Its main characteristics are:

    • The identification of each part is carried out by a cryptographic process

    • The transaction is sent to a network (or storage “node”) of computers located around the world.

    • Each “node” hosts a copy of the database in which the history of the transactions carried out is recorded. All stakeholders can access it simultaneously

    • The security system is based on a consensus mechanism of all the “nodes” each time information is added. Data is encrypted and authenticated by “data centers” or “miners”. The transaction thus validated is added to the database in the form of a block of encrypted data (this is the “block” in blockchain)

    • Decentralized security management prevents transaction tampering. Each new block added to the blockchain is linked to the previous one and a copy is transmitted to all the “nodes” of the network. The integration is chronological, indelible, and tamper-proof.

Source : https://www.economie.gouv.fr/files/files/2019/infog-block-chain.jpg

USEFULNESS OF BLOCKCHAINS

The blockchain represents a major innovation that is used in particular in the banking sector. Indeed, historically, blockchain technology was developed to support transactions carried out via cryptocurrencies/crypto-assets (including bitcoins which are the most well-known form) and which have the main characteristic of not depending on an organization centralizer (like a central bank) and to be international.

But its use is not limited to cryptocurrencies. Many fields and sectors of activity, commercial or non-commercial, public or private, already use the blockchain or plan to do so in the years to come. The uses of blockchains and other technologies include:

    • In the banking sector, technology opens up the possibility of validating transactions without the intermediary of a clearing house, which should make it possible to certify transactions in much shorter timeframes. The blockchain can also promote the sharing of information between competing players in a financial centre while respecting the secrecy of their commercial data and, in doing so, facilitate the management of common structures or instruments by reducing contact costs and administration fees.

    • In the insurance sector, the contribution of the blockchain is due, for example, to the automation of reimbursement procedures and the alleviation of certain formalities at the expense of companies and their customers, provided that the assumptions and conditions of compensation and damage are clearly established.

    • In the logistics sector, the blockchain has two interests:

    • ensure product traceability, as well as the memory of the various interventions on a production and distribution chain.

    • reduce formalities and create the conditions for cooperation between actors in a sector, particularly in terms of information exchange. This use could also find an application in the agri-food sector for food traceability, particularly interesting in the event of a health crisis.

    • In the energy sector, by authorizing the exchange of services and values outside a central management body, the blockchain potentially creates the conditions for implementation on a more or less large scale depending on the technical capacities of local networks. production, exchange and resale of energy to balance supply and demand at all times, which is a major constraint for electricity networks in particular.

But many sectors are potentially affected by the use of blockchain technology: health, real estate, luxury, aeronautics, etc.

Using blockchain has many benefits, including:

    • The speed of transactions thanks to the fact that the validation of a block takes only a few seconds to a few minutes.
    • Security of the system, which is ensured by the fact that the validation is carried out by a set of different users, who do not know each other. This protects against the risk of malicious intent or hijacking, since the nodes monitor the system and check each other
    • The productivity and efficiency gains generated by the fact that the blockchain entrusts the organization of exchanges to a computer protocol. This mechanically reduces the transaction or centralization costs existing in traditional systems (financial costs, control or certification, use of intermediaries who are remunerated for their service; automation of certain services, etc.).

WEB 3.0 AND THE METAVERSE

As conversations began to shift from Bitcoin (BTC) to other larger crypto projects such as Ethereum network upgrades and central bank digital currencies, or CBDCs, media coverage would suggest that widespread adoption of crypto is already well advanced. But it is clear that the majority of people do not know what it is.

The Metaverse (in English) or Métavers (in French) is a generic term for technologies that make it possible to create an entire (virtual) digital universe like our real universe. This universe can be extremely detailed and include a wide variety of different worlds, often also called virtual environments. People can join this Metaverse using different technologies and interact with each other. However, instead of being present in person, the user creates an avatar which is their representation in the Metaverse.

Source : https://i0.wp.com/stylistme.com/wp-content/uploads/2022/02/Metaverse-guide-tuto.png?w=1280 HYPERLINK “https://i0.wp.com/stylistme.com/wp-content/uploads/2022/02/Metaverse-guide-tuto.png?w=1280&ssl=1″& HYPERLINK “https://i0.wp.com/stylistme.com/wp-content/uploads/2022/02/Metaverse-guide-tuto.png?w=1280&ssl=1″ssl=1

However, the Metaverse doesn’t just want to be a massively multiplayer open-world gaming platform (RPG MMO). It is already beginning to be a virtual space where people work, earn money (by spending it), meet people, and invest in real estate. In short, where you can live another life.

Technologies like Augmented Reality (AR) and Virtual Reality (VR) are important levers for the Metaverse, as they will help create an incredible sense of immersion in another’s skin and in another universe. However, there is one project that may well facilitate mainstream adoption of crypto: Web3.

To better understand the evolution of these two technologies, an illustration between Web2 and Web3 as support for the Metaverse.

Source: https://i0.wp.com/stylistme.com/wp-content/uploads/2022/02/Web-3.0-evolution-Internet.jpg?w=1024 HYPERLINK “https://i0.wp.com/stylistme.com/wp-content/uploads/2022/02/Web-3.0-evolution-Internet.jpg?w=1024&ssl=1″& HYPERLINK “https://i0.wp.com/stylistme.com/wp-content/uploads/2022/02/Web-3.0-evolution-Internet.jpg?w=1024&ssl=1″ssl=1

NFTs (NON FUNGIBLE TOKENS ) AND THEIR USES 

NFT are the three initials of Non-Fungible Token, which translates to non-fungible token. That doesn’t necessarily make things any clearer. Therefore we must detail the notion of “non-fungible”.

For example, bitcoins or €100 bills are fungible. Even though each note is unique, it will have exactly the same value as another €100 note. The first mined bitcoin, no matter what platform it is on or who owns it, is the same value as a recently mined bitcoin stored in another wallet.

Conversely, works of art or concert tickets are non-fungible. Something that is not fungible cannot be replaced or divided. It’s unique. They are objects of the same nature, but which have their own characteristics and their own usefulness.

We talk about “tokens” when they are digital units, which are exchanged with blockchain technology: 3D visuals, objects in a video game, or even a piece of land in a fictional universe.

The NFT can therefore be defined as follows: it is the digital title of ownership of a non-fungible token. NFTs can be classified into different categories according to their nature and usefulness:

    • collectibles: a collection of digital objects, or a work of art for example.
    • metaverses: virtual worlds.
    • online gaming tokens.
    • utilities: they provide a service to their owner.

Some NTFs may belong to more than one category. They are traded on online marketplaces dedicated to NFTs, connected to the blockchain.

                                                                                                           The value criteria of an NFT: This young technology has a future ahead of it, but it could lead to some abuses. Many investors seek to speculate on this trend which, although it is a resounding success, is still very volatile and full of scams. The vast majority of sold works and NFT projects will never have value, simply because no one wants them.

Some NFTs have artistic value: They are works valued independently of the fact that they are digital, in the same way as a painting in a museum. The blockchain does not have a preponderant role in the evaluation of their price, it is simply the art market. Overall, price is defined by what an artist’s fan is willing to invest.

The value of an NFT can also depend on its usefulness: Becoming a member of a club, meeting other holders or the artist himself, being more powerful in a video game, acquiring and showing a certain social status, etc. .

BIBLIOGRAPHY

My name is Joel Nzoda Consultant in Digital Marketing, Junior Blockchain Developer, Junior cyber Security Consultant and Expert in blockchain technologies. I hope I have been able to bring value to each other, I remain attentive. Discover my activities on social networks.

Twitter: https://twitter.com/boschdigital I Linkedin: https://linkedin.com/in/nzodax

Instagram: https://instagram.com/nzodax I Facebook: https://facebook.com/nzodax

Medium: https://medium.com/agencedigitalenzodax I Tiktok: https://tiktok.com/nzodax

Tumbr: https://tumbr.com/superexpertdigital I Email joelnzoda@gamail.com I Whatsapp: +237693241257

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Web 3.0 Tech

Metaverse “The Dream Catcher”

Written by Anuradha Lal on Digilah (Tech Thought Leadership)

Can the meta verse catch our imagination and make it so immersive as a real dream?

I am not a psychologist or a physicist….

Everyone is talking about “The METAVERSE”. Is this really a new concept?

…..I am not a psychologist or a physicist (thank God for that! my brain would explode with the heavy formulas!), though I wish I was one! to be able to connect the emerging new reality of the metaverse to both these fundamental sciences of psychology and quantum physics. However, I will be the end user of the metaverse and I understand a decent amount of technology that goes into creating this new universe called metaverse.

Here is how I understand the need of having a metaverse and envision a future with the metaverse impacting the 7 Bn humans on this planet.

The human mind always wanders to things beyond their physical location and space. So, we have dreams. Nature supported this concept as homo sapiens evolved. Imagination in our sub conscious mind or our wakeful state is what makes us humans different from other species.

We have always tried to capture this need of imagination and transporting ourselves into another world.

The 2 basic needs of the human mind being:

  • To conquer time
  • To transport ourselves into another time and location = gather experiences

So how I see the meta verse is an evolution of the human imagination with the innovation of 3D, 4D, 4D…. technology. Some call it Web 3.0

The first new verse had started with a camera and a picture taken when we wanted to capture time. But then as the then technology evolved to video cameras, we created 2 hours of immersing ourselves, our emotions in another world which led to the making of films.

Of course, films were not customised to each one of us. Yes, the gaming industry evolved to more customised simulations for example war games, which should have led to less wars!, as more boys and men imagined and satiated their imagination of shooting others and planes!! But this unfortunately could not stop wars even in the 21st century. However a teenage boy with no legs can play an immersive football game and score goals and feel the rush of adrenaline through him and make him a winner!

So now with the metaverse every individual can realise their own head space. The question is “Can we still beat nature’s 30 sec film called “DREAM”?” Maybe.

The meta verse is just the start, where we want to imagine not only while sleeping but also when awake!

The Metaverse consists of a 3D virtual world where users interact with various spaces and virtual reality components using digital avatars. We all know large IT companies, such as Facebook and Microsoft are busy exploiting its potential. We will soon see notions of 3D virtual reality in metaverse projects embodied in a range of spheres — from a virtual land market to an office space. Some of the short term use cases of this are gaming, remote work environment in virtual spaces, tourism, education, fashion, medicine, shopping, real estate etc.

The marketers are the first customers of this extended reality. There are big brands, big social media platforms who want to own this imagination of the human mind and sell more, easily giving their customers a real experience of what their products, services look like. Tickling the human imagination with more customised rooms, products, and services.

Yes, Metaverse has made it to the top contenders of the most trending key words of 2021. Metaverse is here to offer a parallel virtual universe to all of us. The Metaverse opens a whole new world of economic prospects, from virtual music events to NFT-based products, to name a few. 

So, will “METAVERSE” just stop with being another commercial success for big brands and companies or will we be able to really change human lives with this immersive and imaginative technology.

Before I start dreaming future use cases of this new reality, a question that comes to my mind is how will the metaverse look in a non IOT world. Can it function in a non IOT world bringing back the 2 fundamental sciences of psychology and quantum physics together? along with our human desire to conquer time and transport ourselves into a different or unknown arena.

Will we be able to capture the Theory of quantum physics in which an infinite number of ever-growing alternate realities are created by our choices. In any alternate reality any choice that is made creates universes where each choice is explored.

Will we be able to catch “THE DREAM” as best as nature has been doing it for us? in 30 sec sleep mode, without the help of IOT!

Here I want to explore a life changing use case of the meta verse which can change the world 100 years from now. Will the Metaverse help me be in 2 places at the same time? Can I experience an alternate life experience? Can the meta verse quench my thirst sitting in a desert without having water around me?

The Big Tech billionaires are all headed to search another verse, away from our current universe – called Earth. This new verse can be exploring another universe or another planet, or creating an imaginary verse where all our dreams, needs, desires, and wants are fulfilled at the click of a button or a count down as the space shuttle takes off!

The future of this new verse whether “meta” or “mars” is linked to our need to transport ourselves to different experiences and the need is indeed important as our life span has increased over the last century. On average we accomplish our physical responsibity of pro creation, wealth creation, productivity by age 50 and then are living upto 100 and imagining immortality! So, what do we do with our imagination from 50 to infinite life expectancy.. Let it rust!

We need to create experiences to truly enjoy life.

As I envision the new verses, meta or mars will in the future have new experiences circulate within the 7 Bn people with science and technology providing them not only imaginary but real experiences like quenching thirst sitting in a desert to the need for humans to not be born again and again to experience different life situations. It will create the power to have the same 7 Bn experience different combinations of life in the real verse and the meta verse. Guess the need to explore space may cease then!

This exploration of the new verse and the future reality comes with a great amount of responsibility on our current generation and the big tech giants. The creation of a virtual universe can pose several challenges in the coming 50 years. The metaverse will still not be a replacement for the real world but it should represent an improvement on it in every possible way. Even looking at our 30 sec dreams, the psychologists are still deciphering them. So, as we create the new universes there will be many unanswered questions passed on to the next generation. These unanswered gaps towards creating a perfect new verse must be passed on carefully, articulately, and responsibly to the future generation to not only catch but to CONTROL THE DREAM.