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Metaverse Meaning

Dec 6, 2023 | Updated Dec 6, 2023
A metaverse is a digital or virtual realm containing all the aspects of the real world.

What is a Crypto Metaverse?

A metaverse is simply a copy of the real world, in its digital form. It is an immersive, shared, and interactive virtual space that allows users to experience life in ways possible and not possible in the physical world. For instance, you can attend your favorite musician’s concert in Las Vegas while sipping a margarita from the comfort of your couch somewhere in Africa.

Metaverses built on blockchain technology facilitate the functioning of digital economies powered by cryptocurrencies and non-fungible tokens (NFTs). It integrates online games, decentralized economic systems, and virtual world elements to create a seamless and open ecosystem. Users can socialize, work, create, build, explore, trade, own property, etc., similar to the real world. 

What can you do in the virtual environment? Socialize, work, create/build, explore, trade, own property, you name it.

What are the Core Attributes of Crypto Metaverses?

The metaverse has been referred to as a 3D internet or the internet of experience – a manifestation of reality grounded in a digital realm. Some core attributes include: 

  • Synchronicity and liveness: A metaverse should be available to everyone and function in real-time, i.e., it is a mimic of real life in real-time.
  • Persistence: It is indefinite and continuous, never stopping, skipping forward, ending, or resetting. It just keeps going.
  • A fully functioning economy: It should allow businesses and individuals to create, own, and trade in assets that have real-world economic value. 
  • Enhanced interoperability: A metaverse should allow users to traverse between different areas and experiences seamlessly, without hurdles of varying currencies or consistency.
  • Contribution-oriented: It features a wide array of content and experiences, produced and controlled by different contributors. The contributors can be individuals, businesses, organizations, or corporations.
  • Inclusiveness: Anyone can partake in everything a metaverse has to offer, allowing them to take part in any activity, event or place.

Unspent Transaction Output (UTXO)

Unspent Transaction Output (UTXO) refers to the amount of a cryptocurrency that is leftover following a specific transaction.

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Bitcoin Core

Bitcoin Core is the software used to connect to and interact with the Bitcoin peer-to-peer network.

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Ledger

A ledger is a digital or physical log that records transactions associated with a financial system. Blockchain networks are a type of decentralized ledger system designed to store data securely.

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