Despite the fact that cryptocurrency and blockchain technology were introduced as recently as 2008, these emerging technologies have already started making tremendous waves in the world. Although most people don’t fully understand digital currency and the technology behind it, those who do agree that blockchain technology is advanced enough to improve and change other industries, including virtual reality (VR).
What is a virtual reality?
Virtual reality can be defined as a computerized simulated experience that presents a stimulating environment. This is very different from traditional computer user interface since VR tries to create a real experience where users are positioned inside an environment where they interact with 3D realms by simply wearing VR goggles.
Virtual reality is not to be confused with augmented reality
While virtual reality and augmented reality might seem similar, the two are different. For instance, augmented reality is designed to enhance objects in the real world while virtual reality is designed to create an artificial world from the user's point of view.
In augmented reality, the computer utilizes its high-performance sensors, cameras, and algorithms to augment objects in the physical world. AR uses sophisticated technology that creates 3D graphics which creates an experience for the user.
How blockchain tech can change virtual reality
Infusing VR gaming with blockchain technology can have a lot of advantages for players. Blockchain tech can allow players to interact with gamers around the world, purchase VR games or digital assets without having to pay international fees, transfers or exchange rates and it allows for anonymity.
Cryptocurrencies can be used to purchase these games or more running time on games. Digital currencies can make VR content and gaming cheaper and available to users internationally. Developers can build games with blockchain technology by using its peer-to-peer network to support voice chats and body tracking avatars in virtual worlds.
Examples of cryptocurrencies and blockchain tech in VR
Voxelus is a platform that combines virtual reality with blockchain. It comes with a multiplayer VR game and a marketplace where a user can purchase 3D products at the market price using the Voxel, the platform’s cryptocurrency, which uses Litecoin as its foundation.
You can earn Voxel coins with any transactions you make on the platform acting as an incentive to be more active on Voxelus. Voxel can be traded for either Ethereum or bitcoin on the site. If you want to invest in the company you can use voxel to purchase equity. The platform lets the user build and share virtual reality content, even if they don’t have the VR or coding knowledge.
Ceek is a cryptocurrency-based virtual reality product that strives to create a social-virtual 3D experience like concerts with top-rated celebrities. It also gives celebrities the chance to “mint” coins, concert tickets and merchandise for less. The company has partnered with some of the biggest players in the entertainment world such as Apple, Universal Music, and T-mobile to get both fans and artists involved.
With many entertainers in the music industry making more money through tours and concerts today, Ceek aims to open the entertainers to a larger, virtual audience. It also aims to provide more exposure to up-and-coming artists and artists that are in high demand, with too-high concert prices.
Ceek offers live chats, classroom experiences, celebrity concerts and sporting occasions. The crypto company has tokens known as ERC-20 that allow users to vote, award artists, or buy both virtual products and merchandise from the artists.
Decentraland is a platform that creates a whole new virtual universe through the Ethereum blockchain. It uses blockchain technology to build landscapes and aviators that are fully interactive with one another. You can explore the existing worlds or create your own virtual worlds.
It recreates the real world where you can buy land, go into casinos and do everything that you would be able to do in the real world. Decentraland allows users complete control of their land and its contents. The users can create their own small universe and keep all proceeds generated by other users. Decentraland uses smart contracts and records all user ownerships, actions, and transactions on a distributed ledger.
The medical field is an industry that can highly benefit from blockchain technology. Nanome, for example, uses both VR and blockchain technology as a different way to understand science.
Using the platform Matryx, the company wants to make the scientific field of medicine a more collaborative space where those in the medical and research fields can contribute in real time and get the credit they deserve. Users can solve problems and get rewarded with MTX tokens, the platform’s cryptocurrency. Since the platform is decentralized, any person can contribute to the progress of the problem, help solve the problem faster and build on a prior solution.
It is clear to see why the digital world is excited for the collaboration of blockchain technology, cryptocurrency, and virtual reality. All have been cited as being the roadmap for future tech.