A shift to efficient decentralized blockchain networks of payments is inevitable.
There are plans in the cryptocurrency field that proceed with the creation of a Metaverse that will have its basis on a blockchain, intending to include cryptocurrencies used for all financial transactions and NFTs for ownership rights of any digital assets.
Interoperability with every website and internet service is also a key feature of the Metaverse. Every app, platform, website we use today, will operate within the Metaverse.
The decentralized blockchain world would prefer a Metaverse far away from corporal control, censorship, and third parties adding cost and higher fees.
However, a Metaverse would require a robust decentralized blockchain network. One that would run without interruptions, no server downtime, and proceed with validating transactions instantly, at an insignificant cost, preferably less than one cent.
Currently, Bitcoin Cash offers the capacity and efficiency to achieve this. With the recent addition of SmartBCH sidechain new opportunities in smart contracts arise.
Ethereum is NOT a Blockchain to support a Metaverse
Source: Unsplash
Vast resources and time has been wasted on Ethereum by developers of decentralized applications and blockchain games. Ethereum is inefficient as a network to scale and meet universal adoption.
Developers working on various projects on Ethereum have long abandoned them and moved on to other blockchains.
Binance Smart Chain is simply a centralized version of Ethereum. It requires trust that Binance will always be operational, requires trust that Binance won't fail as hundreds of other exchanges previously did.
It doesn't make a difference having a blockchain since Binance is in control. BSC is a centralized blockchain with Binance Exchange controlling validators. Running on a blockchain is not enough. IBM also had a blockchain which was useless and offered little to the world since it was just a network running by IBM. Several blockchains and alternative technologies that gain traction lately (such as hashgraph and tangle) bear vast centralization issues. A blockchain network, with a party of developers in control, is flawed by design.
Moreover, centralization doesn't guarantee the security of the network.
Bitcoin Cash has solved these issues without compromising decentralization or security.
The Metaverse will offer the ground for another tech war between banking networks and cryptocurrencies.
A Metaverse will connect legacy banking systems and blockchain networks. Microtransactions will be dominant, although, will require a swift method of payment.
Unless anyone in crypto wants the banks to win this tech-war hands down, then the efficiency of financial networks should not be overlooked.
Decentraland’s Grave Mistake
Decentraland runs on top of a network that is clogged and unable to scale.
I’ve been part of Decentraland for a long time. Since 2017, I tested and created in Decentraland. I was part of contests and rewarded in MANA tokens and various NFTs for sceneries I brought into Decentraland through its builder tool and my participation in events.
But by 2020, what everyone expected happened. I remember trying to claim an airdrop of an NFT inside Decentraland, and fees had already reached $250.
It was the moment of realization. Ethereum is useless for Decentraland and any similar network. It can’t help a simple blockchain game, let alone handling a whole Metaverse.
There is simply no past, no present, and no future with Decentraland on Ethereum.
It based its operation on an inefficient network that gets clogged each time more than a thousand people use it. Today, Decentraland is over-hyped and investors pour money in it, but have not tested it, have not used it, and don't realize the outrageous demands of the Ethereum network.
The trading rooms will be available inside the Metaverse and investors could use them to invest in stocks, commodities, and cryptocurrencies. Trading rooms will be available and every website will be connected to the Metaverse and offer the services within a 3D environment.
Virtual Reality (VR) and Augmented Reality (AR) will be a requirement to enter and fully explore the Metaverse. But there is still more to this. Augmented reality is not just about the digital world. Its real application is enhancing human capabilities in real-life.
In Conclusion
Source: Pixabay
It was about 1995-1996 when mobile phones started growing exponentially. The adoption of mobile technology reached over 100% market penetration in some regions since many own more than one mobile device and number.
The internet was not popular back then either. And this is just 25 years ago. One generation and the changes have been massive.
Imagine a communications network running on top of Ethereum and having to pay $250 fees for each phone call we make. Ethereum is dysfunctional and waiting for Ethereum 2.0 is not a reasonable investing argument.
Ethereum is just for those whales gambling on DeFi today. For someone that moves $100,000 a 250 dollar fee doesn't mean much.
Bitcoin Cash offers instant and virtually feeless transactions under a decentralized and secure network. It offers everything needed for a modern digital economy.
A Metaverse demands an efficient, decentralized, and secure network, and only Bitcoin Cash excels in all these three features today.
A shift to efficient decentralized blockchain networks of payments is inevitable.
Lead Image From: Unsplash, by CHUTTERSNAP
Related Articles:
Follow me at: ● ReadCash ● NoiseCash ● Medium ● Hive ● Steemit ●Vocal ● Minds ● Twitter ● LinkedIn ● email
Don't forget to Subscribe and Like if you enjoyed this article!
Super,good read. Clarity on Etherium and why it will need new forks, or rather Vitalik might use the fork he abandoned a while back when Ethereum was hacked. I just know that ethereum will not let themselves get left behind. Also on bnb, crazy that the biggest investors will look like dummies with the metaverse , the web 3.0 innovation
.