Facebook placed a huge bet on the metaverse by renaming itself, Meta. On top of spending $50 million, Facebook (now Meta) announced plans to create over 10,000 new jobs all across Europe to help it actualize its mission of creating the world’s first metaverse.

Skeptics have suggested that this move is a way for the social media company to distance itself from the many data security and privacy scandals it has faced in recent years. Some people claim that – on top of looking to tap into Europe’s wide variety of tech talent – the decision to create metaverse jobs in Europe will offer less scrutiny on Meta’s activities and help the tech giant influence E.U. tech legislation.

Facebooks Name Change Boost The Popularity of The Metaverse Idea

will facebook be part of a Decentralized Metaverse

On a more positive note, there’s no doubt that Facebook’s bet on the metaverse will help attract large sums of capital and the best innovators from all over the world together to build the necessary infrastructure for its metaverse.

The news of the name change has already helped the concept of a metaverse gain huge popularity among the general population, promoting the fun and utility that can be found there.

As new companies joining this space attempt to create a vision for the metaverse, it’s crucial that shared ownership and decentralization are emphasized. Companies like Amazon and Facebook are centralized organizations, meaning that the digital identity of users who use their platforms are created and stored on centralized servers.

These companies are the primary data-keeper, decision-makers, and technology providers for their services. As witnessed in recent years, service providers who rely on centralized technologies to set up their infrastructure are often poor custodians of both information and the interests of the general population.

The Benefits of Decentralisation And A Decentralized Metaverse

On the other hand, decentralized systems help to ensure that no single company or party has total control over a specific technology. Blockchain will be vital for creating a robust metaverse and offering the decentralized technology required. Indeed, for the metaverse to stay true to its mission and not simply be another version of our current internet, it needs to be controlled by the masses, be interoperable, and be open-source to all.

The flaws of Web 2.0, the second version of the web, combined with the existence of blockchain technology, have helped to steadily make individuals more aware of identity issues, censorship, data rights, and user privacy. As we transition to a more decentralized Web 3.0, we must consider the type of solutions and internet we want to create for the metaverse as well as other emerging technologies.

The metaverse and the large decentralized internet are all about the convergence of the digital and physical worlds into one interactive world. With that said, having an open-source and interoperable public blockchain will be crucial for ensuring that numerous virtual worlds can overlap and interlink with each other in a seamless manner.

Web 3.0 Technology Components

While conventional blockchains are still the main proponents of the Web 3 digital economy via technological innovation such as non-fungible tokens (NFTs) and decentralized finance (Defi), changes are required to help support the scale of this industry.

Network bandwidth, slow confirmation speeds, and block size limitations have negatively impacted numerous projects. Concurrently, various layer-2 solutions vary significantly in their implementation techniques, and practical applications are more demanding. If 2 layer solutions cannot solve the incompatibility issue, then interoperability will not be achieved and the metaverse will ultimately become a space filled with isolated worlds that vary significantly in quality and user experience.

To create a fully-functional and interactive metaverse, developers will need to find solutions to 3 main issues: credit mechanism, user empowerment, and interoperability.

Blockchain is still a niche industry and this is because many platforms still lack collaboration infrastructure, so many services cannot be used on a large scope.

Cross-chain interoperability can reduce the obstacles between encrypted assets, behaving as a gateway interface for a decentralized planet, as well as a crucial feature for laying a larger blockchain ecosystem.

Onboarding Users Into The Web 3.0 Ecosystem

People in the metaverse need the support of the most popular blockchains in one location, where they can create multichain wallet addresses while also managing multiple chains for their NFTs and other digital assets.

They will also need to be able to support the most encrypted assets without having to know which chain they are hosted on. Virtual machines like EVMs and other smart contract supporters are making this type of cross-chain collaboration possible.

Future metaverse infrastructure must promote data privacy and protect user identity while enabling them to associate with the different dimensions of the virtual world. In order to prepare people for the Web 3.0 explosion and reduce the overall confusion in this space, decentralized identify (DID) will be needed.

For many years, behavioral information, transaction records, personal assets, and other resources have seemed to be a massive gold mine in which there’s no existing technology available to tap into the underlying value.

Today, everyone’s digital asset portfolio and credit accumulated on the blockchain are not being used fully. In the future, metaverse users can embrace a credit score or credit mechanism in the blockchain, where user behavior in the metaverse will be a credential generation certificate that will provide them with access to numerous social and financial benefits.

Round Up

Facebook’s shift to the metaverse indicates that the world is being prepared to embrace a new type of virtual experience. We must strive to ensure that the metaverse is based on a Web 3 platform that is interoperable, decentralized, and multichain supported.

If we get solutions to these crucial problems facing the future internet – credit mechanisms, user empowerment, and interoperability – the internet design and standards envisioned by early proponents of the metaverse can be actualized. Decentralized technology will be vital for this change and for ensuring that user identity and privacy are safeguarded.