Communication & Payment Infrastructure in the Metaverse & Web3
July 06, 2022
Read Time 4 MIN
In my role as Head of the VanEck NFT Community and Web3, I continue to find myself explaining the potential of Web3, the role NFTs play and potential use cases. Join me again as we take a trip down the rabbit hole to cover another project example that may help aid your conversations and understanding around Web3 and NFTs.
To Understand Web3, Start with Web 1.0
Let us first begin by exploring Web 1.0. Widespread adoption took place in the early 90’s; it was a read-only, static instance of the internet, which lacked the function or ability for users to interact with it. We lived with this version until about 2004. We had messaging and email. For the gamers out there, our main interaction was setting up LAN networks to play titles like Rainbow 6 and Counterstrike, and this version was a great resource for pulling data for school papers. It wasn’t terrible!
Gaming on Web 1.0
Web 2.0: Improvements on a Basic Structure
Web 2.0 is the centralized version of web browsing that we utilize today. In web 2.0, websites follow a client-server model in which the client (you) requests that a company’s server distribute information back to you. Now on the upside, these websites are easy to manage; the downside is that the servers control access to the application and all of the data, including your personal, often private, information. We’ve seen more issues regarding access over the last few years, whether it’s countries attempting to block certain websites and communication or attempting to block payments to specific groups that do not align with their interests.
Web 3.0 Introduces Versatility and Decentralization
Web3.0, or just Web3, gives us a choice between centralization and decentralization for both businesses and users. Applications in Web3, are called dApps (decentralized apps) and follow a peer-to-peer (P2P), distributed network model instead of the client-server model.
One major benefit of Web3 is that no one computer or server is responsible for the network. Web3 and P2P networks have the benefits of being extremely resistant to censorship and single points of failure, and even more importantly, no single entity can block you or deny you access to the service.
Play in the Metaverse
All Web3 Roads Lead to the Metaverse
Many of the projects involved in the “open” version of the metaverse are interoperable with one another. This means that assets within one ecosystem may work in another. Also, because many metaverse projects are democratizing in-game or in-world assets, they are built upon a blockchain layer, providing the ability for players and investors to own these valuable assets in a decentralized way.
From IRL (In Real Life) to Digital: Seekers Project
The Seekers NFT project is backed by Sylo, creators of the Sylo Network, the Sylo Token (SYLO) and the Sylo Smart Wallet, an application that’s available on Apple’s Ios and Android. This P2P or “wallet-to-Wallet” application provides a medium for users to conduct Payments and communications across a Decentralized network.
Sylo Smart Wallet
You can consider the Sylo Smart Wallet as a combination of What’s App and Venmo merged into one intuitive, decentralized application, solving issues related to private payments and general data sharing.
Unlike our current smart phones, where a central server stores data, which is then sold to third parties for advertising, the Sylo network allows data transfer in a secured, encrypted manner.
The app supports a smart wallet that allows easy exchange to and from friends in the form of communication including video conference, voice and text. The best part is that no one has access to your data! The app also allows the purchase of crypto within the app. You can earn yield by staking specific tokens and you can spend crypto at various global vendors.
The Sylo Network is run by “Nodes” (computers that support a network). These nodes are owned and run by participants in the Sylo Network who support the overall infrastructure and are remunerated for doing so with the Sylo Token (SYLO). Seekers are the personification of Sylo Nodes in the metaverse. By owning a Seeker, individuals gain the right to run a node on the Sylo Network. As well as of course, explore the Metaverse as an adventure-ready robot!
Tying NFTs to Web3 Applications
Sylo has experienced significant momentum recently, partly tied to the recent distribution of “Seekers,” one of the largest NFT mints ever successfully conducted in the history of the space. The project minted, created and added to the blockchain over 47,000 high-quality, fully rendered avatars; ready for exploring a truly open Metaverse.
A massive benefit of this distribution method of Seekers is that the release introduced the NFT world to their decentralized P2P app. More importantly, they’ve designed the distribution so that going forward you would need to own a Seeker in order to run a node. This nuance provides a clear bridge between the digital world and our own. I use the Seeker project often as the perfect example for the potential that Web3 has to offer.
Based on what you’ve learned, would you prefer to keep conversations and data private or public? The choice is up to you!
The author of the blog owns Seeker NFTs and SYLO tokens, mentioned within the blog.
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