Transformation in Tech World

Web 1.0 started on December 25, 1990, when Tim Berners-Lee implemented the first successful communication between a Hypertext Transfer Protocol client and a server via the Internet. This was the start of the World Wide Web. Introduction of Metaverse done by Neal Stephenson coined the term “metaverse” in his 1992 novel Snow Crash, where humans, as avatars, interact with each other and software agents, in a three-dimensional virtual space that uses the metaphor of the real world.

Recently, Facebook Rebranded as Meta: In 2021, CEO Mark Zuckerberg introduced Meta, which brings together the apps and technologies under one new company brand. Meta’s focus will be to bring the metaverse to life and help people connect, find communities, and grow businesses. Only time will tell whether the competing extended reality experiences shape up to become a single connected metaverse.

But here’s what’s clear now: Organizations across industries have already been looking to metaverse components, for example, extended reality headsets, blockchain and non-fungible tokens, IoT, and cloud technologies, as a means of connection and new sources of revenue. That exploration is likely to continue in new ways as these developing technologies increasingly interconnect and mature.

At its heart, the Metaverse is defined by its immersive experience for users, and this wouldn’t be possible without AR and VR. The Metaverse and VR are terms often used interchangeably, but there are some differences. The Metaverse is all about connected VR experiences. A single-player game in VR is not part of the Metaverse, but a shared meeting in VR is. In the future, the Metaverse may expand beyond VR to much more futuristic technologies.

Whereas, Blockchain technology provides a decentralized and transparent solution for digital proof of ownership, digital collectibles, transfer of value, governance, accessibility, and interoperability. Cryptocurrencies enable users to transfer value while they work and socialize in the 3D digital world.

For example, crypto can be used to buy virtual lands in Decentraland. Players can purchase 16×16 meter land parcels in the form of non-fungible tokens with the game’s cryptocurrency MANA. With the support of blockchain technology, the ownership of these virtual lands can be established and secured.

Going forward, crypto can potentially incentivize people to actually work in the metaverse. As more companies take their offices online for remote working, we might see metaverse-related jobs being offered.

Dr. Deepak Kumar Sahu, President & CEO, VARINDIA