The metaverse has been portrayed as this big exciting interconnected virtual world where we can interact, play, meet and even work. But it all happens in the future, and companies like Meta Platforms are already investing billions of dollars in getting an edge. Richard Baker believes that the metaverse is already here, in some form, and at the BSV Global Blockchain Convention, he talked about how we can realize the potential of the real-world metaverse on the BSV enterprise blockchain.
Baker is the CEO of TAAL Distributed Information Technologies Inc. (CSE:TAAL | FWB:9SQ1 | OTC: TAALF). TAAL is one of the biggest transaction processors in the Bitcoin industry and powers many of the leading BSV applications from Centi and Fabriik to mintBlue and FYX Gaming.
In his presentation on Day 2 of the convention, Baker observed that the metaverse was an abstract concept for most people up until the COVID-19 pandemic struck. This has changed everything, and now, more people are exploring virtual opportunities to meet, interact and even work.
The Bitcoin SV is the only blockchain network capable of handling the vast amounts of data and micropayments necessary for the real-world metaverse, and TAAL plays a critical part in it. The firm processes transactions for all manner of companies, including metaverse leaders like Transmira’s Omniscape.
As Baker told the audience, he understands the weight on his shoulders and is committed to providing the best services. For him, execution is king. TAAL combines the hardware aspects like ASICs with the software layer, the latter of which he believes is becoming more important by the day.
We are all already connected
It’s easy to think of the metaverse as futuristic, but as Baker observed, many of the building blocks of the metaverse are already in place.
For one, we are all already interconnected. Most people now have an identity with a streaming service such as Spotify, a ride-hailing service such as Uber, an online shopping service such as Amazon, and more.
However, there is a problem with all this, and it’s that they are all siloed environments.
“The promise that excites me the most about blockchain is the ability to unite those experiences in the real world but hand me back control of my data. And that role of me authenticating through the public-private key on the blockchain is a pivotal part of service transformation as we step into the metaverse,” Baker said.
TAAL is working to “bring that united experience to every individual,” Baker told the audience. But remember, it’s already happening in the real world, not just in the virtual world, he added.
One of the key real-world metaverse building blocks is digital identity. Blockchain technology offers users a unique identifier that they can use to interact with others around them and even with machines.
It’s already happening in various parts of the world, including the Middle East, where carrying plastic cards and paper documents are becoming outdated as residents turn to their devices for identification. Again, COVID-19 played a major role in this. As physical contact was discouraged, more people turned to online services.
With the future of the Internet and blockchain in mind, TAAL is gradually evolving from a transaction processor, the CEO said.
“Our responsibility is to implement a digital cash system as it was authored by Satoshi. We must put in place the treasury function of UTXOs. We must enable those SPV payment channels so that they can communicate with an abundance of wallets,” Baker noted.
Baker told the audience that TAAL will transform to become a Metanet service provider over the next few years.
“We have to become a robust part of the ecosystem, providing that transaction economy at scale,” he ended.
Watch the BSV Global Blockchain Convention Dubai 2022 Day 1 here:
Watch the BSV Global Blockchain Convention Dubai 2022 Day 2 here:
Watch the BSV Global Blockchain Convention Dubai 2022 Day 3 here:
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