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Cryptocurrency to get massive adoption In VR, the CEO of Coinbase provides
In the near future, innovations in the cryptocurrency market will put a strain on traditional banking and financial systems and lead virtual reality to change or remove the status quo in this area.
Most likely it will do so by becoming the preferred currency in virtual reality. This is the hypothesis and the thought of Brian Armstrong, founder of Coinbase in his new blog titled Digital currency could be widely used in VR.
Armstrong's optimistic proposal is based on the simple reason that a world of virtual reality will soon emerge in which transactions will no longer be implemented according to the principle of the single currency.
In other words, when people trade in virtual worlds, it will no longer be fashionable, or perhaps even rude, to rely on or use the currency of a country. The digital currency at that time will then become the currency that will be used in these virtual spaces.
The Armstrong hypothesis also hypothesizes that many more companies and investors will remain on these virtual worlds to earn money and easy profits, with the digital currency creating huge incentives that will keep them awaiting their adoption.
Between virtual reality and virtual currency
Virtual realityaccording to Armstrong include "Things like Second Life: VR does not have to have a virtual world (Second Life is an example here), but VR probably will accelerate the use of virtual worlds dramatically."
In simple terms, Virtual Reality involves the computer-generated ecosystem with the use of VR devices like Oculus Rift, Google Cardboard, HTC Vive, to name a few. Moreover, VR is likely to become a mainstream system, with expected revenues of around $ 27 billion by 2022.
The market system of the virtual world, as Armstrong conceives, will operate in such a way that nothing will be absent for purchase in the virtual world.
People will be able to buy all kinds of goods in virtual worlds, including services (songs, experiences), teleportation, fashion and clothing (for their avatars), real estate and vehicles (cars, spaceships, etc.).
In fact, the adoption will involve sales and exchanges of special abilities, with people having free access to events or clubs and entertainment (new episodes, levels, songs and experiences).
What will be most fascinating is the fact that each of these assets and services can represent a unique digital token that owners can truly own. In this sense, the digital currency (cryptocurrency) becomes a means of exchange as well as an asset that can stand in place of real money itself.
All these transactions will be carried out using cryptocurrency, Armstrong, who referred to a literature like Ready Player One or Cryptonomicon, written on virtual reality that describes the time that people would spend in the future, insists.
It is interesting to note that Armstrong has focused on the direction of the great works in progress that underline the impact of virtual worlds. He enumerated that a number of companies are working hard on the virtual world in today's virtual reality. Some of the companies in this sense include High Fidelity, Alt Space and VR Chat.
In his article published on his blog, Armstrong highlights a handful of ways in which developers and creators of virtual worlds can benefit from the product of their creation, in particular the adoption of a decentralized digital currency.
He also touched on the negative aspects of this development, balancing the options that the developers of these virtual worlds have. For Armstrong, developers could,
- Create a centralized digital currency, as indicated in the activities of Second Life with the Linden Dollar
- Use an existing decentralized digital currency such as Bitcoin or Ethereum
- Also issue your token on one of the major coins
The implication of these options for Armstrong is that the participants, especially the creators of content in these virtual worlds will be able to earn "real money". In addition, people may also have the opportunity to pay their bills, including rent while earning and living in these worlds.
If this happens, a The thought of Armstrong, more people will be available to participate in stake games in the virtual world. Moreover, this will naturally push players to spend more time in virtual games, increasing game time.
"More people will spend time in the game, maybe they'll make a living in the virtual world that pays for rent in the real world." If that happens, you might see people go from 8 to 12 hours a day, "said Armstrong. .
A big advantage for game app developers, emphasized Armstrong. The use of digital currency in virtual worlds is generally a good deal for app developers and content generators, as they could market their innovations.
More specifically, this becomes a serious model of popular business in the gaming world since the use of a digital currency would give space to a large number of people to gain real life in VR. From this, "They can convert their earnings into their local currency".
The question that immediately looks at Armstrong's hypothesis in the face concerns what the perspective of virtual currency and virtual banks will be in virtual reality. And it would say that there could be virtual banking structures with their pillars that hold them back.
Armstrong furthermore, he theorises that there will be virtual vaults that run when they are opened, and virtual cashiers with glasses. The hypothesis also refers to Reader Player who had already stated that:
"Perhaps the wallet where you keep your coins will make them pile up, or push you when you move."
Armstrong concluded with these remarks that apparently encourage content creators and game developers of virtual games to adopt the use of virtual currency within the app.
With this, customers can use these digital coins by converting them into traditional money for use in real life. If this happens, it will confuse the lines between the virtual and the real world, creating an intertwined and interconnected reality.
"This will help you take virtual reality from a hobby or entertainment to a full-time job or a lifestyle." He said Armstrong.
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