Mtfexg interprets the form of payment in the metaverse for you

 Mtfexg interprets the form of payment in the metaverse for you.

A popular explanation is that the "metaverse" is a collection of virtual time and space, consisting of a series of augmented reality (AR), virtual reality (VR) and the Internet (Internet). Generally speaking, the "metaverse" is a virtual world that is parallel to the real world and is highly interconnected, including technologies such as AR/VR, cloud computing, AI, 5G, and blockchain.

A research institution once concluded that the metaverse has six characteristics: persistence, real-time, compatibility, economic attributes, connectivity, and creativity. At present, the operability of its realization is low, especially the economic attributes, connectivity, and creativity.

The movie "Ready Player One" shows the game metaverse realized through VR technology from the perspective of games. And by linking with real world scenes and equipment, there is a broader virtual reality imagination space.

What is the role of payments in the metaverse?

In the Metaverse "Nine Chapters of Arithmetic" by Matthew Ball, an American venture capitalist and senior research expert on the Metaverse, payment is defined as "support for digital payment processes, platforms and operations, including fiat and digital currencies. Exchange (fiat on-ramps), and financial services for currency-to-coin transactions such as bitcoin and ethereum, and other blockchain technologies.”

Simply put, the payment of the metaverse will include the existence of legal currency and digital currency. Based on my country's current regulatory policies for digital currencies such as Bitcoin, the contradiction between centralized currency and decentralized currency will continue in the Metaverse.

To understand the most basic logic of payment, payment includes the identification of people and merchants, the determination of goods or services, and the consensus on transaction information.

Identification of people and businesses. In the real world, payment uses cards and mobile phones as carriers to identify people, and the identification methods include passwords, biometric information, etc. On a secure carrier, users store their unique identification codes. In the Metaverse, it is necessary to consider what is a safe carrier. With the current security path, adding SE security chip to any Metaverse device becomes a carrier that can carry payment, such as VR glasses with SE security chip. On the other hand, the unique identification codes of users and merchants have a wide range of imagination in the metaverse, such as the recent fire of NFT technology.

Determination of Goods or Services. Commodities and services in the metaverse become virtual. Just like in games, if a commodity can change its information by simply copying, pasting, and deleting, and its value changes greatly in a short period of time, then there is a huge problem in the transaction itself. With the help of blockchain And NFT technology can better solve this problem.

Consensus on transaction information. It needs a role or mechanism similar to the current e-commerce platform, which can reassure both parties about the content of the transaction, which is also what the consensus mechanism of blockchain technology can accomplish. 

From the perspective of traditional online payment ideas, the person who has the account wins the world, and the high probability still applies to the metaverse. If there is identity recognition, there is a living space for the account mechanism.

 

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