The metaverse, a virtual world accessible through VR (Virtual Reality) headsets and AR (Augmented Reality) apps, is emerging as one of the most promising applications of blockchain technology. As an alternate version of reality where users can explore and socialize in digital environments, the metaverse offers opportunities for new businesses and services. The metaverse is powered by virtual tokens called “visibility tokens” (VRT), which users can buy to access individual locations or experiences. These tokens are used as currency in this digital world, with users purchasing them from an initial coin offering (ICO) or earning them by selling goods or services within the metaverse. Read on to learn more about these developments, their implications for data privacy and what steps you can take to safeguard your personal information in a virtual environment.
The metaverse is a decentralized virtual world managed by a network of computers rather than a single company. Users can access it through VR headsets and apps, and these experiences can vary from exploring new places to socializing with other people, shopping, or participating in events such as sporting competitions. The technology is still in its early stages, but advances show great potential. In October 2018, Facebook unveiled its first commercial VR headset, Oculus Quest, which has no wires or external sensors and supports a number of VR activities. In August 2019, a company called Spatial launched a new metaverse app called Augmented Discovery, which combines AR and VR to enhance museums and other cultural experiences. Users can discover more about artefacts while they’re in AR, and when they put on the VR headset, they can see an animated version of the object come to life.
The blockchain is a decentralized, transparent digital ledger that records transactions between two parties in a verifiably permanent and unalterable way. These transactions create a chain of data that can’t be erased or edited once each party confirms the transfer. The blockchain is the underlying technology behind most cryptocurrencies like Bitcoin and Ethereum, but it has potential applications for many industries. The leading edge of this technology is the potential for blockchain to help facilitate the transfer of data and protect privacy.
In the past, companies have collected consumer data and used it without permission or in ways consumers find unethical. As these businesses grew and expanded, they amassed more and more data and created massive databases that made it difficult for consumers to know where their data was being used and by whom. As the blockchain provides a decentralized network and distributed system that stores data, it helps solve this problem. A blockchain can’t be altered and keeps data contained within its system. Once information is stored on the blockchain, it stays there; it can’t be changed or removed. This means that companies using blockchain technology can’t expand or grow beyond their system’s capacity. If a company wants to add more information, it has to add it to the entire network, not just a single computer.
VRT is an ERC-20 token that operates on the Ethereum blockchain and is used as a unit of exchange within the metaverse. It addresses the problem of data privacy by offering an alternative to the centralized systems that power VR experiences today. This is important because centralized systems are vulnerable to hacks and data breaches, which put user information at risk. For example, Oculus, the Facebook-owned VR platform, was hacked in July 2019 and millions of user accounts were compromised. With a decentralized system powered by blockchain, companies can’t access user data. Instead, they ask users to voluntarily share information that gets stored on the blockchain and can only be accessed by the user.
VRT is an ERC-20 token used as a unit of exchange in the metaverse. Users pay for digital goods and services within the metaverse with VRT, and they can earn VRT by contributing to the metaverse by creating digital goods such as content and apps. For example, if you create a VR experience of a trip to Paris, you can charge a fee in VRT that users pay to access your VR experience. VRT also charges a lower fee for transferring VRT between users. This system for exchanging data requires users to voluntarily share their information so it gets stored on the blockchain. The data is stored in a decentralized network, and it’s broken into pieces called “blocks.” These blocks can’t be deciphered except by the person who created the information and the person who created the block.
VR and the metaverse are still in their infancy, but they are quickly growing and changing. For example, Facebook’s Oculus has rapidly expanded since its launch in 2016. It currently has millions of users, and its equipment is used by more than 100,000 businesses. The metaverse is also growing quickly, and many businesses are laying the foundation for success by launching ICOs. The number of ICOs has grown significantly in the past year and is expected to continue to rise. However, there’s also evidence that user data is being compromised in VR. Data breaches are common and have compromised billions of accounts in recent years. Cybersecurity company Carbon Black reports that VR experiences are especially at risk because they store sensitive user data on centralized servers.
What You Can Do to Protect Your Data in VR and the Metaverse
VR and the metaverse are expected to become increasingly important in the coming years. They promise to revolutionize how people work, play, and communicate with others. However, most people are unaware of the potential problems that come with using VR and the metaverse. These issues include the risk of data hacks and hacks to your privacy. To help protect your data in VR and the metaverse, you can: — Use a VPN to protect your data in the metaverse — Make sure your VR equipment is updated — Avoid downloading malicious apps and software — Select VR experiences and apps carefully — Be careful with the information you share — Be wary of people in VR — Review the privacy policies of any services you use in VR or the metaverse.
Conclusion
The metaverse is a virtual world accessible through VR headsets and AR apps, and it offers opportunities for new businesses and services. However, it’s critical to understand that these new technologies come with vulnerabilities that can affect your privacy. You can protect your data by using a VPN, avoiding malicious apps and software, carefully selecting the VR experiences and apps you use, and being wary of people in VR. You can also keep track of your online activity by reviewing the privacy policies of any services you use in VR and the metaverse.