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METAPHOR: IS THERE A METAVERSE WITHOUT THE BLOCKCHAIN?
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Though a metaverse model can be developed without the blockchain technology, it is not a complete world.
The word Metaverse often makes us imagine wearing a virtual reality (VR) headset and going through an immersive experience in a virtual world.
This is not all wrong, but it is an incomplete definition of a Metaverse. The Metaverse is expected to be a futuristic version of the internet.
Why do we need a new internet?
Our current internet is inadequate. Incentives are skewed toward a limited set of stakeholders, creators get exploited and users have very little control over their data.
The internet handles several million data transactions per second. The blockchain infrastructure is in its technological infancy compared to the current iteration of the internet. Yet, blockchain is not just an infrastructure layer; it is an economic layer too. These economic features of the blockchain can potentially address the challenges of the internet.
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