The metaverse will be a huge product category for crypto, Cardano founder anticipates

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The metaverse will be a huge product category for crypto, Cardano founder anticipates By Hannah perez

Charles Hoskinson shared his vision on the metaverse and the “space web”, a space where many technologies will converge including cryptocurrencies, NFTs, virtual reality, augmented reality, IoT and more.


The ‘metaverse’ has ceased to be a science fiction term to become the imminent future. After the announcement of the rebranding of Facebook, a handful of companies have begun to point to the construction of platforms that enable spaces where physical reality, virtual reality and augmented reality converge online; a development known as a ‘metaverse’.

Although the concept was initially coined in the literature of the 1990s, the term seems to correspond with the next great social and technological trend of the 21st century. Some, like Mark Zuckerberg, seem to have a pretty good idea of ​​what the metaverse future will look like and anticipate that it could turn into a multi-billion dollar industry in the next few years.

In the midst of this global discussion, the founder of CardanoCharles Hoskinson shared some of his own perspectives on the metaverse and how the evolution of this new trend could benefit the digital currency industry. The mathematician and CEO of IOHK, the technology development company behind Cardano, spoke on the subject during the podcast Thinking Crypto.

Hoskinson’s vision of the metaverse

During the exclusive interview, Hoskinson said that he finds the metaverse concept very interesting. He added that in this regard he has recently been reading the book ‘The Spatial Web‘, which addresses

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The developer described the stage as the “semantic web“, Explaining that websites will have much more context due to complex data exchange. “Our interfaces are changing us “Hoskinson said and anticipated that there are most likely glasses Manzana By 2025, may this motivate Samsung to develop your own version.

The co-founder of Ethereum He highlighted that these advances in artificial intelligence, semantics and user interfaces mean that Web 3.0 is not only a thin layer but also a vertical one, with the metaverse living on top of it. The mixed virtual reality with augmented reality revolution is on the way, he added, while also providing insight into his vision in which both spaces will complement each other.

You will be able to superimpose digital attributes on the physical world, as when you look at a building like a restaurant, it shows you in your AR glasses [realidad aumentada] what time it opens and what time it closes. Or you can go completely digital and really have a virtual reality experience.

It is in this context that the cryptocurrency ecosystem comes into play, he commented, highlighting the need for a “control layer”For the logic and data system of that space. “For example, scarcity and uniqueness, that’s where NFTs come in“.

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Convergence between many technologies

Hoskinson went on to elaborate on how digital currencies could coexist within the metaverse and the “space web”Or Web 3.0, where technologies such as virtual reality, augmented reality and also the Internet of Things (IoT) converge with identity systems and privately owned data systems based on blockchain.

There have been many conversations about how you can build a metaverse and a spatial web that effectively has scarcity, uniqueness, private data protection, and is not necessarily owned by a company like Facebook.

The founder of Cardano said the new generations have a great pedagogical advantage, since they have access to video games and other narratives that can invite them to think about concepts “Outside the Box” What “four-dimensional or non-Euclidean geometry“, Which usually”they live only in the minds of physicists and mathematicians“.

“When you have metaphors you can really experience hyperdimensional spaces or a different time. It will be a great experiment to explore and build ”, commented on the power of video games, mentioning Portal as an example.

In addition, he also hinted at some of the possible areas of product development that the platform could cover. Cardano within this context of technological advancement. I am very interested in introducing identity and singularity in the spatial web “Hoskinson said. “And I’m very interested in the private data components of this, because the IoT revolution [internet de las cosas] it is connected with this also because each surface is becoming an understandable machine “he added.

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The metaverse will be crucial for the crypto industry

He gave as an example that, in the not-so-distant future, people will be able to paint pictures using sensors and then use their smartphone to “talk“, Or read, that painting. He also anticipated that by 2030, restaurants could display their menus in virtual reality or holograms with which people could interact.

Hoskinson followed suit, adding how personal data ownership and decentralized identity systems could converge with cryptocurrencies and the metaverse. Continuing the example of restaurants, he said that these could have tokens advertising that operate to allow users to receive discounts for sharing data of interest.

The metaverses are really cool. Son something real, they are not a gimmick. You need cryptocurrencies to basically put a model of trust and a model of scarcity on it as you make the digital physical and digitize the physical, and in the next five to ten years it will become a huge product category for cryptocurrencies.

During the episode of podcast, the CEO of IOHK also addressed other topics of interest such as the growth and adoption of Cardano, the vision for Africa, regulations in the United States and more. You can watch the full broadcast below:

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Sources: Finbold, YouTube, archive

Hannah Estefanía Pérez’s version / DailyBitcoin

Image from Unsplash

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