Metaverse

 METAVERSE

By Ebuka Ugboma FICMC, ACIArb UK

Metaverse is a decentralized platform for virtual reality, augmented reality, and other peer-to-peer networks.

Through the use of blockchain technology and digital identity, Metaverse allows the traversing of an immersive world that is persistent, open-source, and shared. Users are able to create their own avatars in order to interact with each other. The system features digital assets as well as smart contracts that run without a centralized control system.

Metaverse is an open source public blockchain that uses digital identities based on the blockchain concept. It has several technical features including: 

The development of Metaverse began in 2014 by the Metaverse Foundation. A private blockchain was launched in December 2014, and a public blockchain was launched in September 2016.

Metaverse aims to develop a decentralized platform based on public participation mechanism, digital identities and value intermediaries to link together various websites, applications, and online services based on blockchain. The foundation aims to create a new world where financial services, digital identities and value intermediaries coexist via the smart links via the Metaverse network.

The contents of this project are constantly improving with new applications, new services and new content.

Metaverse Foundation is a non-profit organization that promotes the development of the Metaverse blockchain. Metaverse Foundation is a non-profit organization that provides the technical community, users and developers with a wealth of knowledge and resources. Also, serves as an important mediator in the fair and open sharing of blockchain resources. Metaverse Foundation helps to establish a better future."

Metaverse Foundation was established as an independent foundation under the supervision of the government of China. They also have their own consensus mechanism.

Metaverse API is platform API (Application Program Interface) that provides users with digital assets and digital identity. The Metaverse API has features such as:

Metaverse (MVT) Credit is a stablecoin that is used on the Metaverse blockchain.

The QRL, or Quadratic Resistant Ledger, was the first to be specified in academic literature. The first implementation was written by A. Finney and published in 1993 by El-Gamal public key encryption system, which ensured genericity of proofs.

The bitcoin whitepaper used the network hash power to achieve the mining-based blockchain security, however this does not have infinite resistance to shirking and fabrication of data. The QRL was designed based on the research in a paper published by academics from Stanford University and University of California, Berkeley in October 2015.The paper proposed a new way of achieving consensus via quadratic voting. The system reached consensus quickly by using digital signatures among nodes and then introduced miners that would approve valid transactions only if they receive approval from the nodes.

All transactions were structured as two contracts:

A double spending action must be approved with a 2/3 majority in order to be accepted.

Quadratic voting is a consensus mechanism that has been proposed to provide more resistance to malicious attempts to change the blockchain. It takes into account the idea of the majority winning and applies this concept to consensus.

In standard blockchain systems, malicious nodes can forge blocks and use them to appear as the longest chain. The difference between fraudsters is that with quadratic voting, you can tell exactly how much other people voted for you versus how much they voted against you, allowing a system of justice.

In order for a transaction or block to be valid, it must be approved by at least 2/3+1 members (whichever is higher) within a given time period.

A greater number of voting participants means a greater number of voters and thus less possibility to forge a longer chain, increasing the security of the blockchain. However, with the increased party complexity comes an increased level of trust, which is reflected in fewer votes.

All transactions are reviewed by other miners, who have individual weights associated with their vote. For example, if Alice (1/100) and Bob (3/100) approve a transaction together, this would mean that hashes from Bob's node are three times more likely to be selected for inclusion in the next block than those from Alice's node.

The final vote is an aggregation of all votes, weighted for all the integrations, which are then aggregated. If 5/6 of the nodes were to approve a transaction, this would be considered as a unanimous agreement. However, in the real chain with each node having individual weights, if one part approves two transactions with different integrals (in such a case it would create two forks), then each fork is treated as an individual vote and the decision is decided by each group of miners individually.

Ebuka Ugboma has written a full book on metaverse. Get your copy here.

ABOUT THE AUTHOR

Ebuka Ugboma Esq FICMC, ACIArb UK, FMA, AGIS, PMP

LLB Hons, BA Hons, Dip Mus Ed, Pdip Bus Admin, PDip Estate Mgt,  MBA, MSC Peace and conflict resolution.

Ebuka Ugboma has multiple degrees from different Universities across different fields; Arts, Law, Social Sciences and Humanities generally. He is a Chartered Arbitrator and Mediator, trained in the style and pattern of Chartered Institute Of Arbitrators UK.

Ebuka Ugboma has successfully published many books including Propensities And Habits For Success

Check out his books on Amazon:

https://www.amazon.com/Ebuka-Ugboma/e/B0B6HHVVW6

Email: garyugboma@gmail.com Phone: 2348033924157