Crypto, The Metaverse And a Reality Of Your Choice — The Future Of The Internet Is Bright
The internet remains undefeated — ever-evolving, always on the move. The internet has moved from being a thing to be used to a breathing entity, capable of change and growth. In recent times, the internet has evolved yet again. The future is here, and it is a maze of light; beautiful, bright and illuminating; the internet is going on to the next level and promises to be interesting. This article will break down why crypto and the metaverse are the cornerstones of the next evolution of the internet and why you should tap in early.
Cryptocurrency is no longer the newest kid on the block, as it used to be. Now, the adoption rate is getting better with every passing day and like Joseph Lubin said infamously in 2014 of Ethereum, “We will replace insurance companies. We will replace Wall Street,” Crypto is now taking over and redefining all of those industries and giving industry pioneers a run for their money.
You might see cryptocurrency as a fad that is going to fade soon. Maybe you are not wrong; you might just be looking in the wrong place. Since cryptocurrency made its first big break with Bitcoin, there has been no shortage of projects. In what seems like a massive experiment, some taking place on the Bitcoin network, even much more on the Ethereum network, one thing is clear. Cryptocurrencies are children of necessity as they seek to reverse the toxic trend that we lack “true agency” on the internet. That is to say, all of the data we create online and all of the operations we execute are handled for us by centralized servers, most of which sit in massive data centers operated by corporations and government institutions. We depend on these servers for everything. They store our e-mail for us. They send our e-mail for us. They verify our identities for websites and smartphone apps. They track our shopping carts and process our payments.
Our data may nominally belong to us, but to access it or manipulate it, we require chaperones to shuttle us from digital room to digital room: We don’t own our data; we just visit it from time to time. This raging debate about data ownership is a long-drawn-out one. If there is any single initiative that can help solve that problem, it is cryptocurrencies and the metaverse.
Nick Szabo writing in a blog post in 2014 about how blockchain and cryptocurrencies can alter the internet as it was then quipped:
“When we currently use a smartphone or a laptop on a cell network or the internet, the other end of these interactions typically run on other solo computers, such as web servers. Practically all of these machines have architectures designed to be controlled by a single person or a hierarchy of people who know and trust each other. From the point of view of a remote web or app user, these architectures are based on full trust in an unknown “root” administrator, who can control everything that happens on the server: they can read, alter, delete, or block any data on that computer at will. Even data sent encrypted over a network is eventually unencrypted and ends up on a computer-controlled in this total way.
With current web services, we are fully trusting. In other words, we are fully vulnerable to the computer, or more specifically the people who have access to that computer, both insiders and hackers, to faithfully execute our orders, secure our payments, and so on.
Suppose somebody on the other end wants to ignore or falsify what you’ve instructed the webserver to do. In that case, no strong security stops them, only fallible and expensive human institutions that often stop at national borders.
On the internet, instead of securely and reliably handing over cash and getting our goods or services, or at least a ticket, we have to fill out forms and make ourselves vulnerable to identity theft to participate in e-commerce. It is often very difficult to conduct many kinds of commerce, even purely online, across borders and other trust boundaries. Today’s computers are not very trustworthy, but they are so astronomically faster than humans at so many important tasks that we use them heavily anyway. We reap the tremendous benefits of computers and public networks at large costs of identity fraud and other increasingly disastrous attacks.”
As far back as 2014, Nick was seeing the future of the internet that can be truly autonomous, easy and coordinated without the usual ruckus.
Ladies and gentlemen welcome to Web 3.0!
Web 3.0 — in the crosshairs of a decentralized internet
With cryptocurrency already forming a payment structure and a backbone, payment can be truly autonomous and decentralized. In comes the Metaverse, the architectural infrastructure where the internet will be moving into. The idea of the metaverse was first conceptualized by Neal Stephenson’s 1992 dystopian novel Snow Crash.
As originally conceived by Stephenson, the metaverse is focused around a three-dimensional digital street with virtual real estate, where users’ avatars can loiter, party, and do business, finding spaces and each other. It’s operated by the Global Multimedia Protocol Group, which makes its money acting as the backbone of 3D cyberspace.
One thing that was lacking in the early attempt to incorporate the Metaverse into the internet has today become why the metaverse has become a necessity — Interconnection!
“There wasn’t a lot of enthusiasm around interconnection, partly because there wasn’t a motive for it,” as recalled by Philip Rosedale, founder of Second Life publisher Linden Lab. “We were, as a company, trying to make some money.”
Now, more than ever before, there is a need to build together and that is what the metaverse is all about. Crypto gives the anonymous payment infrastructure and the metaverse takes care of interaction within the internet.
Think it, see it — The reality of the future
The internet used to be where we come to escape reality, not anymore. As we move into the future of the internet, it is going to be less about that and more about creating a new form of reality on the internet. The use of Virtual and Augmented reality in the metaverse will be about thinking about it and seeing it.
With corporations getting on the Metaverse, Facebook changing its name to Meta, Jack Dorsey’s Square followed in the footsteps of Meta and rebranded its official name to Block. With Meta CEO Mark Zuckerberg declaring that the metaverse is the next evolution of social connections and promise with Meta a 3D space where you can interact, learn, collaborate and play in many ways never before seen.
These are no empty promises, as the company is already developing new technologies to make this vision possible and have become the company that will invest the most in the metaverse. The amount invested in 2020 in R&D reached up to 18.5 billion dollars, and for this one, it will reach up to 30% of Facebook’s revenues. In addition, it will create more than 10,000 jobs in Europe to bring the project to fruition.
Other big players in the space include Sony; there is Zara as well as Samsung and Alibaba, all coming into the metaverse space. This is a big bet that everyone should be paying attention to. This is the future of the internet and it promises to be so bright, hands-on and immersive. The phrase online community will not just mean a chatroom. It could be an actual town hall with all avatars of users represented, seated astride an NFT table and holding real-time meetings.
Yes! This is the future of the internet.