Crypto and virtual reality are two of the new developments in today’s technology. Both technologies can contribute something to the world. One a bit more for entertainment and the other a bit more to make things easier or safer.
Yet both technologies are still seen by many people as something unknown, so they are often skeptical about them. Despite that, it could just be agreed that in 5 or 10 years we will be dealing with both crypto and virtual reality every day.
Only time will tell. What we do know is that we have to keep a close eye on the developments around cryptocurrencies, the blockchain, and VR, because they are all very interesting developments. But how can these developments work together to make each other even better? You can read that in this article.
What is crypto?
A cryptocurrency is a form of digital money. A crypto coin is therefore also called a digital currency. With crypto, it is virtually impossible to cheat or to spend money twice. This is one of the many advantages of crypto and therefore also one of the reasons that it is receiving so much attention.
Most cryptocurrencies are built on decentralized networks that use blockchain technology. A blockchain is a kind of ledger that stores transactions and it’s based on 3 fundamental values: distributed storage, smart contracts, and peer-to-peer transactions. By clicking on the 3 values you will learn more about what these 3 mean.
Important to know about crypto is that actually, all cryptocurrencies are decentralized, as mentioned earlier. This means that they are not controlled by any government or other decisive power. Unlike fiat money, such as euros or dollars, there is actually no one who is ‘in charge’ of cryptos. This is seen by many as a great advantage, as it makes cryptocurrencies resistant to government intervention and forms of manipulation.
How could crypto change the future?
Several aspects of crypto could potentially change dramatically in the future. Not only the digital money component could do this, but also the underlying technologies of crypto, such as the blockchain.
For example, you also have NFTs. NFT stands for non-fungible token and simply put this means an irreplaceable token, a token of which there is really only 1. At the moment, these tokens are mainly used for the property rights of, for example, art or music. However, in the future, these could also be used, for example, for the property rights of houses. In this way, houses can change owners very quickly and easily, without the need for a government to intervene. Do you want to buy your first NFT, but don’t know how? Then click here.
In addition, blockchain technology could drastically change the future. An example of how this could happen is in the supply chain. Large companies often have an extremely long and complicated production chain. When things go wrong here, it is also difficult to recognize and therefore only to be solved late.
If this entire production chain were incorporated into a blockchain, which would automatically register everything by means of smart contracts, these problems could be detected very quickly and therefore solved a lot faster. Large companies that are already working on this are, for example, Walmart and FedEx.read more about this here.
The crypto coins themselves could of course also change the future. They could just replace the fiat money as we know it today. This may sound like a big step, but years ago we never would have thought that cash would be almost completely replaced by bank cards.
The step may therefore be smaller than we initially think. Cryptocurrencies bring many advantages over fiat money. For example, the transactions often go faster, they can remain private and there is almost no possibility of fraud. The cryptocurrencies are of course also decentralized, and whether that is an advantage or a disadvantage for you is best for you to decide for yourself.
What is virtual reality?
Virtual reality, often referred to as VR, is a technology in which a simulated environment can be created by means of computers. Your telephone screen or television is in principle also a simulated environment. However, the difference with VR is that with virtual reality you are really part of the environment. You are in the middle of virtual reality.
How could virtual reality change the future?
You may think, it’s all nice that virtual reality, but how can it contribute to a better future? And that’s not a silly question at all. At first glance, virtual reality seems like something fun, but it does have the potential to change our lives in a positive way in the future.
For example, we can use it to explore the universe. For example, we can put a 360-degree camera on a car on Mars and in this way see very accurately what is happening there, as if we were really there. The same applies, for example, to the bottom of the ocean.
VR also makes it possible, of course, to look ‘into the future’, as it were. For example, are you working on a new house, and are you unsure whether a certain wall should be built or not? Then you simply have a VR model of your house developed in no time ‘you are in your house’. For purposes like this, virtual reality can of course be very useful.
In addition, it has the potential to simply improve everyday technology. For example, the technologies behind VR will make our phones better, but there will simply be more products on the market. More products mean more competition, and more competition means more innovation.
And indeed, virtual reality will also contribute to the entertainment industry. Mainly for games, but also for movies, there are simply more options when virtual reality is applied. Because there are more options, more varied movies and games will come out and this can only be good news!
How can the two contribute to each other?
When you have 2 new technologies that are both booming and have so much potential, it’s only natural that people will look for ways to combine the 2. This also happened with crypto and virtual reality. It turned out that the 2 go together quite well.
The first thing that makes this collaboration so beautiful is that crypto can allow virtual reality to be decentralized, without compromising security. By linking blockchain technology to virtual reality, it becomes possible to create entire worlds, with creations and rules of the players, without the developers being in charge. So worlds can be developed that really stand alone so that the users are also free to use them.
In addition, despite decentralization, there will still be copyright. Nobody can just steal other people’s creations, because everything is recorded in the blockchain. The aforementioned NFTs come into play here.
The increasing popularity of crypto may also contribute to the fact that virtual reality will also increase in popularity when the 2 work together. After all, ways can be devised to start earning digital money in the virtual world. This digital money is actually worth something and so it will attract a lot of people.
In which projects are the two already used together?
But if it is all so ideal to combine the 2, then it must be the case that this is already being done? Indeed, that is correct. There are already several projects that combine crypto and blockchain technology with virtual reality. But which are these? We now take a closer look at some of these projects.
A beautiful project where the two are already being used together is Victoria VR. The project is designed as a global platform in which decentralized games and applications operate. This creates a digital world, in which every user is completely free in what he or she does, without a higher power being involved. For example, users can simply play games, but they can also trade goods. Assignments can also be completed in exchange for rewards.
the money that can be earned from trading goods in the Victoria VR world is a cryptocurrency, as are the rewards from completing quests. In the Victoria VR world passive income can be earned. They can do this by staking their Victoria VR token on their DEXFIN Exchange account. It was one of the highest staking rewards out there when it came out.
This aforementioned DEXFIN Exchange itself is also very interesting. It is an exchange that basically has everything you expect from an exchange: you can trade crypto, strike, participate in crowdfunding campaigns and purchase tokenized assets. In addition, the exchange has its own token, which offers you many advantages on the platform.
So Victoria VR is a very interesting project that combines the beautiful sides of crypto and virtual reality. The project makes it possible to really live a different life in the digital world and also to generate an income with it.
Decentraland (MANA) is a decentralized virtual reality world, built on the Ethereum (ETH) network. It is a virtual reality network where users can give their own interpretations.
Users can buy a piece of land on Decentraland, and then develop this piece of land. For example, you can build buildings on it, but also have games or events take place on it. You can also visit casinos, museums, or places in the world.
The pieces of land on Decentraland are linked to a LAND token. This token is built on the Ethereum network and is of the ERC-721 protocol. This means that it is a unique token, and therefore a non-fungible token.
Decentraland is actually a fake version of the real world. You can do whatever you want here, as long as the community agrees. Since Decentraland is a decentralized virtual reality world, there is no question of a higher power or government.
To buy a LAND token, and therefore a piece of land on Decentraland, you need the MANA token protocol ERC-20 on the Ethereum network. This means that it is a fungible token, just like Bitcoin or Ethereum.
Within the world of Decentraland, there are several ways to trade with the MANA token. So you can spend it in the world, but also receive it. In this way, you can earn more MANA in Decentraland and because of this, you can generate a real income via Decentraland, just like with Victoria VR.
So Decentraland is also a very interesting project and definitely worth a look!
Crypto and virtual reality are therefore 2 very interesting technologies that may drastically change the world in the near future. Both could potentially contribute to developments that really make the world a better place.
When the 2 ‘work together’, interesting initiatives arise and, for example, ways to generate an income from the comfort of your own living room. But much more than that is possible.
What the 2 technologies will bring us in the coming years only time will tell, but we are very curious!