The Metaverse is a three-dimensional virtual environment that operates in much the same way that the real world does in terms of social and economic activity. “Metaverse” is a term coined by Neal Stephenson in his science fiction book Snow Crash. The term “metaverse” is made up of the terms “meta,” which means “beyond,” and “verse,” which comes from the word “universe.” It refers to the next-generation Internet, in which users interact with one another and software programmes in a three-dimensional (3D) virtual reality as avatars, as opposed to the traditional Internet. The success of the film Ready Player One in 2018 reintroduced the Metaverse notion to the forefront of cutting-edge debates. This video illustrates the virtual environment “OASIS,” in which anybody could join the virtual world, function as their own avatar, and do anything they pleased, as long as they followed some fundamental guidelines. The Metaverse, which is based on this concept, is an environment that mixes augmented and virtual reality in a shared online area.
As per the concept of Metaverse, many users can freely trade goods and services using the platform’s currency and transaction method, implying that virtual money can be used in the form of bits to replace money in the real world. This means that real-world activities are represented in virtual space as data in bits. The actual substance has become information, and the smallest unit has changed from atom to bit, influencing the natural world’s direction.
However, progress in multimedia technologies (VR/AR, Etc.) cannot overcome all of the challenges in Metaverse development since multimedia technologies cannot assure a transparent, stable, and long-term digital economy. Hence, we have a question here about data integrity and if the real thing is appropriately becoming data in the virtual world. Trust technology is becoming increasingly important. Moreover, the contemporary digital economy is run by centralized operators (for example, major corporations), which means that digital properties belong to the operators rather than the consumers. This burden and security harm of centrally handling vast amounts of data can be lessened when individuals control the Metaverse environment they choose to utilize or view. It also has the potential to prevent some large tech businesses from monopolizing the Metaverse. If the security issues are not considered, the repercussions can lead to a mass reluctance from the users of this technology. The Metaverse’s data is valuable in itself, just like the real world. As the data grows, artificial intelligence is employed to safeguard the Metaverse’s diversity, and blockchain technology is necessary to ensure the integrity of data in the Metaverse.
Facebook CEO Mark Zuckerberg presented his audacious proposal to create a metaverse in July 2021. Zuckerberg’s bet on the social media giant’s future highlighted that establishing a metaverse might enable Facebook to go well beyond its present scope of developing a collection of social applications. Not only did the news get worldwide attention and provoke controversy, but it also reignited interest in the metaverse and its nature. The metaverse’s goal is to develop new online places to engage in more complex ways. Users may immerse themselves in digital information rather than merely watching it.
A metaverse may be classified into two types: centralized and decentralized metaverses. Large firms like Facebook, Epic Games, and the Roblox organization focus on the centralized metaverse. However, the decentralized metaverse is built on blockchain, and several firms such as Axie Infinity and SecondLife have shown interest in it.
To understand how blockchain secures data, let us first see its basic structure. As understood by the name, it is a chain of blocks. Every block is linked to both its following and preceding blocks using cryptographic hash methods. All blocks are created chronologically using timestamps and are securely joined, forming a chain-like connection. If anyone tries to intrude on this system or change the data of any block, it will simultaneously change its hash, timestamp, and chronological order. Hence, one change will require all blocks to be changed to maintain chronological order, which is practically impossible. This is how security is ensured.
Fortunately, the current explosion of blockchain-related technology can be of assistance. Due to the success of Bitcoin, blockchain applications in tamper-resistant decentralized ledgers, first proposed at, have gotten much attention. In 2013, Ethereum was launched, which is a decentralized platform that offers a smart contract for autonomous and transparent program execution and has already spawned thousands of new decentralized applications (DApps), such as blockchain games. Decentralized finance (Defi) might, for example, ensure that digital assets are distinct, permanent, and tradeable.
