A merger of cryptocurrency, blockchain and virtual reality will definitely play a major part in our near future. And at the current pace of the tech industry, that future looks to be much nearer that we think.
Virtual reality games are fun. It gives you a chance to escape the real world and experience a new more adventurous and entertaining life. You can create an avatar and give yourself the look and features that you always wanted. You can work and earn virtual money through skills or just luck. You can build a virtual house and even meet the love of your life and get married. Anything that is possible in the real world, is also possible in the virtual world, but a thousand times more exciting. The only problem with the virtual world is: at the end of it all, you still have to hit that pause button, logout and return to the real boring world to work 8 hours and feed our dying body three meals a day. Side note – no extra life 😉
But how cool it would be, if we could live in that virtual world for real? That possibility is becoming more and more of a reality day by day. New technology breakthroughs like cryptocurrency and blockchain are adding another important piece to making the virtual dream a reality.
For example, coins always existed in the virtual world. Games were always built around incentives in the form of points or coins. This incentivises the player to continue playing the game to end. However, at the end of the game, there was not connection of the earn virtual coins with the real world. Cryptocurrencies are changing that, when a virtual game is built on a blockchain the coins and tokens that you earn can be used in the real world. Yes, they can be exchanged for real money like USD, EURO and Yen, and can be used to do real live transactions in the real world.
There are quite a few projects being built on the blockchain that are centered around the convergence on cryptocurrencies, blockchain and virtual reality. Here are 5 such projects explaining what makes this convergence a special one:
Decentraland is an attempt to emulate the features of the real world in a virtual environment. The project is built on the Ethereum blockchain platform and is fully decentralized. Users can use Mana cryptocurrency tokens to buy their own virtual land and real estate. The official decentraland website describes the project as follows:
“Decentraland is the first virtual platform owned by its users. Grab a VR headset or use your web browser and become completely immersed in a 3D, interactive world”
The main features of the project includes:
- A public virtual world should be ruled by open standards, shielded from the agenda of any central organization.
- In Decentraland, users have full control over the content of the land they own and keep all the proceeds from the value they generate for other users.
- To make this possible, Decentraland uses blockchain technology as an unforgeable record of ownership.
Vibehub is a platform that aims to connect its users across the globe in a virtual reality using photorealistic holograms. The platform will capture the performances of artists, educators and public figures while simultaneously presenting them in immersive virtual worlds. Content creators can also create and monetize their work on the platform using cryptocurrency. The features of the Vibehub includes:
- Trusted Blockchain Technology. A global cryptocurrency based on Ethereum (ERC20 Compliant), used for micro transactions on the VIBEHub platform.
- An Alternate Reality. Providing artists and educators the platform to reach millions of viewers, in one stream in VR.
- Monetizing In A Virtual World. Using volumetric video and other virtual assets to monetize content in VR and AR technology for the first time.
- Giving You A Voice Amongst The Masses. Exposure in unique marketplaces and hubs, don’t compete with hundreds of other unrelated tags and topics.
- One Stop Shop Platform. From Music to Education, Gaming, and Dating marketplaces…Just to name a few…All from one platform with one currency.
- Paying Publishers Fairly. You keep all proceeds from your own user generated content. We also have revenue sharing opportunities for collaboration content that we produce.
- Safe and Secure. Our software is constantly monitored and tested to provide a safe and secure experience.
- No Middle Man, No Fees. Hybrid combination of Blockchain and off Blockchain solutions to facilitate micro transactions. No gas. Instant transactions.
- More Immersive Social Experience. Express your creativity in a virtual world and share the experiences with other users around the world.
3. Voxelus/Revolution VR
Revolution VR, previously known as Voxelus, is a platform that allow users to create, share and play virtual reality games. Games can be created through very simple techniques where the user is not required to have any knowledge of code writing.
The cryptocurrency used on the platform is called Voxel and can be traded on bitcoin exchanges like Bittrex, LiveCoin and Brave Newcoin. The Voxel coins that are earned on the Revolution VR platform can be transferred over to the bitcoin exchanges to be converted into bitcoin, altcoins or fiat currencies like USD, EURO and Yen. The official website describes the platform as:
“A platform that allows anyone, anywhere to create, share and play virtual reality games and experiences without writing a single line of code. Voxelus includes a bundle of free assets that you can use to design with more content coming out every week.”
Ceek is a virtual reality platform that merges virtual reality with the entertainment industry. The main problem that ceek aim to solve is the fact that the demand for artist live performance world wide exceeds the ability of the artists to deliver. Ceek is giving its user a front row seat at every live concert of their favourite entertainer through the use of virtual reality technology. The official website explains that:
“CEEK VR is a distributor of cryptographically authenticated immersive content and merchandise. CEEK’s device agnostic platform is compatible with smartphones, Smart TV’s, desktop, Virtual Reality, Augmented Reality and Mixed Reality devices.”
The platform is built on Ethereum and has its own Ceek cryptocurrency token. Ceek token can be purchase on the platform in order to attend events, access VIP interactions with your favourite artists, purchase digital and physical goods, vote for desired venue performances, among a variety of other VR experiences. Ceek tokens also give artists, labels and brands the opportunity to create their own virtual stores and sell their own merchandise via the Revolution VR platform. The platform also allow entertainers to create their own custom cryptocurrency token in minutes.
Main features of the Ceek platform includes:
- Transactions are more secure, transparent and provide an immutable record of exchanges on the blockchain.
- By utilizing the blockchain, CEEKERS will be able to access, manage and exchange digital assets at a fraction of the cost. Using a special standard for multi-token transfer will reduce gas cost down to approximately 1/10th of a cent.
- Open Standards allow CEEKERS the ability for true ownership of digital items that will traverse multiple digital reality environments.
Matryx is a platform geared towards accelerating science research projects by leveraging the features of blockchain technology. The matryx community believes that science is broken, in the sense that the field is lacking in enough collaboration needed to allow faster research developments to happen.
“Current incentive and attribution models actually deter scientific collaboration. This lowers accessibility to great research and hinders innovation. Matryx is here to change that. It’s a decentralized platform that lets anyone contribute research, get the credit they deserve, and ultimately solve problems faster.”
MTX will be the internal cryptocurrency used on the platform. This cryptocurrency can be used as a form of reward payment to the researchers posting papers on the platform. The token may also be used to incentivise voting by users for the best research projects and for payment to researchers that collaborate to improve research projects directly on the matryx platform.
Key features of the matryx platform includes:
- Post a Bounty. Request a proposal to design a 3D model spacecraft for 100,000 MTX
- Innovators Respond. First round of respondents submit their best spacecraft models.
- Winners are Chosen. Bounty Marshal chooses favorite designs and requests improvements.
- Review & Improve. New or existing users iterate and improve on current model, every step validated by the community.
- Final Winner Chosen. Marshal selects design, and a smart contract distributes MTX to all contributors and validators.
- Onward & Upward. Onto the next bounty, there’s always a problem to solve.
Picture source: Pixabay
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