Signal 019, 2022-05-12
Digital Space
Wearables
If technology attaches to the user in some fashion - headwear, wristwear, toe wear, or even implants and tattoos, it’s wearable.
5G
This refers to the fifth generation of cellular wireless technology, the wireless standard thought to be a critical leap forward in cellular communications. The data transference is said to be strong enough for technology companies to deliver more data with less latency or quality degradation. Here, peak speeds can reach up to 20 Gbps and a 1-millisecond latency. In short, 5G is crazy fast, and these speeds will give metaverse travelers smoother connectivity.
Blockchain
The blockchain stores data and includes smart contracts in a way that enables people to have true ownership of digital assets in the metaverse. Smart contracts created for every transaction are stored in decentralized, peer-to-peer networks designed to offer transparent, traceable, and immutable records. Ethereum, EOS, and Solana are examples of public blockchains. This is in contrast to other data systems that are centrally controlled and can be changed by the operators.
Blockchain is the keystore of the metaverse economy because true ownership of assets is decentralized, which makes it publicly available and reliable. Because of blockchain, people can own authentic digital assets such as non-fungible tokens. Because they are authentic, “on-of-one” items, there is scarcity. Where there is scarcity, hence desirability, there is (market) value.
Cryptocurrency
A cryptocurrency, or crypto coin, is a digital currency that runs on its own blockchain. It functions much like a fiat currency, with the key differences being that they are 100% digital and managed in decentralized computer networks (versus fiat’s central banking system). The biggest cryptocurrencies are Bitcoin and Ethereum. However, there are many cryptocurrencies on crypto exchanges. Currently, there is minimal utility for many cryptocurrencies. However, this may change as the metaverse evolves and cryptocurrency becomes a more dominant form of payment.
Crypto Exchanges
These are (mainly centralized) marketplaces to buy, sell, and trade cryptocurrency and some crypto tokens. Examples include Crypto.com, Coinbase, Binance, and Kraken.
Crypto Token
A token is a fungible currency created within a specific application. When these tokens have utility, they’re earned inside applications and used to purchase items or services inside their respective application. A good example is Axie Infinity’s Smooth Love Potion (SLP) tokens, which are earned by winning in-game events and then used by players to breed new Axie creatures.
Crypto Wallet
These wallets are secured software platforms that store a person’s crypto assets.
Smart Contracts
Ethereum defines a smart contract as simply a program that runs on the (Ethereum) blockchain. It’s a collection of code and data capable of sending transactions over the network. These contracts are not controlled by users. Instead they are deployed to the network and run as they are programmed. Smart contracts have defined rules, like any other contracts, and automatically execute them via their coding.
Non-Fungible Token (NFT)
An NFT is a digital asset that is unique and singular, backed by blockchain technology to ensure authenticity and ownership. An NFT can be bought, sold, traded, or collected. Virtually, anything can be an NFT: art, sports, highlight clips, game items, even information.
Video Credits: @nft_wealth Instagram is going to start testing NFTs with select creators in the United States this week
Minting
Minting “certifies” a digital asset on the blockchain to turn it into a non-fungible token.
Fungible Token
Fungible tokens are interchangeable assets with 1:1 value. A good example is Bitcoin; one person’s Bitcoin is equal to another’s Bitcoin. In-game utility tokens are also good examples.
dApp
A decentralized application, or dApp, looks and performs just like any other app from video games to productivity software. The key is the decentralized network behind the user experience that uses blockchain to store data and smart contracts. We break dApps into two major categories: platforms and single-functionality apps. A platform allows other dApps to function inside its ecosystem (think Salesforce’s AppExchange), while dApps with singular functionality don’t.
DeFi
Coinbase defines DeFi, or decentralized finance, as an umbrella term for financial services on public blockchains. You can do most things a centralized bank system supports, such as borrowing, lending, trading, and so on. However, DeFi is a peer-to-peer system that doesn’t require an intermediary third party such as a bank.
Edge Computing
IBM defines this as a distributed computing framework that brings applications closer to data sources. Internet of Things (IoT) is a good example: A smart refrigerator is capable of connecting back to a data source (from the manufacturer) while processing user input.
Virtual Reality (VR)
With VR, a computer-generated 3D space is generated around the user via wearable technology such as VR goggles. These are typically interactive environments where users not only see a 360-degree 3D environment, but they can “touch” and interact with the environment through handheld devices. A populair application is 3D video games.
Augmented Reality (AR)
Augmented reality uses technology to enhance the real world by placing data, interactive digital objects, or other digital media “on top” of the physical world. Pokémon Go is a perfect example, where players use a mobile device to find and capture Pokémon creatures in real towns and cities.
Artificial Intelligence (AI)
Artificial intelligence is the ability of a computer or robot to “think” or perform comprehension similar to how humans process information, learn, and solve problems.
Decentralized autonomous organization (DAO)
A DAO is represented by transparents rules via computer code on the blockchain that have been defined and are controlled by the organization members. DAOs use blockchain-based smart contracts to record governance rules and voting results. It’s “by the people, for the people” governance inside an application.
Blockchain Gaming
Just as we described blockchain above, games that use blockchain technology have an immutable, traceable data-storage network behind in-game transactions. This is crucial in ensuring players are purchasing and earning authentic digital items (e.g., fungible and non-fungible tokens). The actual in-app or in-game experience covers anything from traditional video game genres to newer “play-to-earn’ and “play-to-own” models.
Play-to-Earn Games
This is a relatively new game genre where people play to eventually extract monetary value.
Metaverse Terminology Credits:
"Navigating the Metaverse":
A Guide to Limitless Possibilities in a Web 3.0 World 1st Edition
by Cathy Hackl (Author), Dirk Lueth (Author), Tommaso Di Bartolo (Author), John Arkontaky (Editor), Yat Siu (Foreword)
Buy at Amazon