Keep In Mind The Role Blockchain And Cryptocurrency Will Play In The Metaverse
We see a great deal of hype over the Metaverse. My point of contention with this is not so much what is going to take place as much as the time frame. My view is that people are hyping the Metaverse when it is a long way off. However, we are going to steadily move in that direction.
In this video I discuss the role that blockchain and cryptocurrency will have in the realm. It is easy to lose track of where things will eventually head when the market is getting hammered. However, both technologies has specific use cases and solve major problems as it pertains to the original design of the Internet.
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it is amazing to think of the metaverse and what it would look like. It has this vibes of science fiction all over it.
It makes total sense for cryptocurrency to be the running operating system of the metaverse. I have one question though. Given the volatility of cryptocurrency and the fact that it's stability depends on human behavior, wouldn't that be a redflag for the metaverse?
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The Internet of today has Sci-Fi all over it from the 1960s. So that is what technology does.
Cryptocurrency will be the medium of exchange, not so much the OS. That will be more like blockchain along with a host of other protocols. So the idea of the volatility of crypto affecting the stability is not valid.
After all is the Internet less stable due to crypto since it is Internet Money?
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Oh. I get it now. Thank you.
Maybe even overhyping it. Sometimes people tend to do that. And they often have much higher expectations than the end result. And they become disappointed because of this. For example about a video game.
When the trailer, the developers and the audience overhype a video game, but when the game releases, it does not meet the expectations of the players, and they become disappointed. Maybe even angry. Mostly towards the developers. And this is understandable. Especially if they pre-ordered the game in the huge hype.
For example Cyberpunk 2077 (2020). Some people say that this video game is the most overhyped video game in the previous 18 years.
Probably this is the most common case of overhyping.
I watched the world of technology for more than 20 years and seen it over and over. I think I went through 3 hype cycles of VR. Remember algae based oils? That was overhyped about 8-9 years ago. So it is just a part of technology.
When you see a ton of videos promoting "Top 5 Metaverse Stocks To Buy" you know there is a lot of fluff out there.
We see it happen all the time. Being able to read that is what is vital.
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How interesting😱
I think IOTA may play a big part in Metaverse.
I am not sure if we can compare current situation to Dot Com bubble, but I am sure some projects will come out of this even stronger.
I havent looked enough at that one to comment intelligently.
There are going to be a lot of what we see today as part of it. This is going to get so expansive over the next two decades that people will be amazed at how big it will be.
People's minds cannot deal with the multiples we are dealing with.
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I think the metaverse is way too overhyped ever since Facebook changed its name to Meta. Over time, I do think technology will provide more solutions and I have no idea what that will look like. There will probably be a lot of failures in that as well before a good successful system takes out so looking at the technology is better.
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WebVan.
An idea that came to reality, just 20 years later than those people involved in it thought.
Meta changing its name was just a distraction if you ask me. Nothing valid to it.
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Metaverse has over the last few weeks received so much hype.
The last year in my opinion. It got absurd. A valid concept and a direction we are moving towards but we are decades away from Ready Player One capabilities.
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People are overhyping it as it stands.
And as regards to what you talked about, that was a beautiful piece
The whole digital world is interconnected anyway
Overhyped? Yes. Not Valid? No.
The Metaverse will become something powerful. And we will keep moving in the direction of that concept (along with changing it as we go).
In the end, we are building something incredible. Just do not expect it next week.
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I have no doubt about its validity
Ya, it's a long project but people are making the mistake of running into there to get quick money
The metaverse is all hype in my opinion. There’s not enough plebs to sit with headsets on holding the bags of the rich people for it to be anything feasible. I’m hoping it takes 30 or more years to catch on but sadly I don’t think it will take that long.
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Well the Metaverse is a lot more than that. Just like the Internet is a lot more than just some webpages.
VR is only a small piece of the puzzle.
That said, it will take a long time to develop into what many are envisioning. The technology is not there. For example, we are decades away from Edge Computing that is feasible.
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I agree:
Lots of hype.
Perhaps we are living in the Pre-metaverse and we are evolving into it.
Agreed.
I think Zuckerberg would like to build it on FaceBook and control it, but I think it's an evolving concept occurring everywhere and small seeds are planted, some wither and die, some sprout and flourish.
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Summary:
In this video, the speaker emphasizes the importance of focusing on the foundational concepts of blockchain and cryptocurrency amid the noise generated by market fluctuations and regulatory challenges. He stresses that cryptocurrency, designed for the digital realm, solves problems of security and e-commerce that were not originally considered in the inception of the internet. The speaker discusses the potential integration of blockchain and cryptocurrency in the development of the metaverse over the coming decades, highlighting the need for decentralized systems in contrast to existing closed-loop systems controlled by tech giants. He anticipates a shift towards data control, immutability, and privacy in a future where blockchain technology is more widely adopted.
Detailed Article:
The speaker starts by acknowledging the distractions in the crypto space, including market volatility, regulatory issues, and hype around specific projects like Coinbase, Terra, Luna, and UST. He emphasizes the importance of staying grounded in the core principles of blockchain and cryptocurrency. Drawing parallels with successful tech leaders like Elon Musk and Jeff Bezos, he highlights the necessity for continued development and innovation in the crypto space.
Discussing the evolution of the internet, the speaker explains how blockchain addresses the security aspect that was lacking in the early stages of the internet. He describes blockchain as a decentralized ledger system that ensures data security and irreversibility. Additionally, he touches on the role of cryptocurrencies in enabling e-commerce within the digital realm, providing a means of transaction without third-party involvement.
Moving forward, the speaker delves into the potential role of cryptocurrency in the development of the metaverse, a virtual reality space likely to evolve over several decades. He speculates that decentralized and distributed platforms will play a crucial role in facilitating seamless transactions and token swapping within the metaverse. He suggests that privacy layers integrated into blockchain systems could revolutionize data control and combat misinformation and manipulation.
Furthermore, the speaker predicts a shift towards decentralized alternatives to centralized tech giants like Google and Facebook, citing the growing awareness of data exploitation and censorship. He anticipates a future where blockchain technology offers greater control over data, immutability, and censorship resistance. The speaker also mentions the potential disruption caused by decentralized platforms in industries like streaming services, pointing out how alternatives can challenge established players like Netflix.
In conclusion, the speaker encourages viewers to revisit the basics of blockchain and cryptocurrency, emphasizing their foundational role in shaping the future of the internet, particularly in the context of Web 3.0. He highlights the significance of data structure, immutability, and censorship resistance in driving the evolution towards decentralized systems and foresees a future where blockchain technology plays a central role in data control and privacy.
Notice: This is an AI-generated summary based on a transcript of the video. The summarization of the videos in this channel was requested/approved by the channel owner.