The notion of the metaverse, a virtual arena where humans can exist and can create, collaborate, and participate, is one of those that has captured the imagination of many. Nonetheless, the sector is by no means consolidated, and, as separate platforms pursue the same clients, one cannot rely on commissions alone. SOMNIA, a project designed jointly by the VIRTUAL Society Foundation (VSF) and Improbable, wants to take on global challenges and pave the way to a harmonious metaverse.
Challenges in the Current Metaverse Landscape
Currently, valued at more than $ 34 billion, this marketplace is nevertheless largely consisting of multiple competing platforms. Several independent platforms control the scenario, each individually, complicating it to carry out the joint work and interconnect the platforms.
1. Introducing digital technology are high costs associated with interactive digital experience.
2. The development and release of new metaverse platforms demand long-term planning and gestation periods.
3. The lack of composability and Interoperability between the already existing platforms.
4. On-chain network congestion and high order fees because of large connections at the same time with protocol state.
Somnia’s Approach
Somnia mainly focuses on finding the solution to these challenges and providing a service for hundreds of thousands of transactions per second with a finality of sub-seconds. The basic principle behind its approach is the layer-1 blockchain dedicated expressly to the metaverse comprised of different components that cooperate to support fast transaction times and low gas fees.
Innovative Architecture for Advancing Productivity
Somnia’s architecture will be independent of the data chains and that will allow for data processing in a fast and effective way and will also lead to network efficiency enhancement. Each validator runs the operation of its own blockchain thus unifying the blockchain, omitting the need for a consensus mechanism across respective chains. Thus instead of data generation relying on consensus formation the network as a whole becomes more efficient.
Meanwhile, Somnia prioritizes process speed, bandwidth usage, and data storage through several technologies including compiling EVM bytecode into native code and Merkle forests which are friendly to cache.
Empowering the Creator Economy
The instrumental depth of Somnia is worsened by its designed-to-empower features that enable creators within the metaverse. For example, the Object Protocol makes it possible to produce transportable several objects that can move across various similar experiences, adding to increased portability and mobility. Using the Attestation Protocol institutions are created to ensure the uniqueness and existence of virtual items, wherein the Marketplace Protocol provides the global trading layer for purchasing and selling NFTs across metaverses.
Besides, Somnia seeks to link Web3 and Metaverse by providing simple and user-friendly interfaces and tools for the Metaverse to remove the barrier to entry.
Looking Ahead
Somnia’s decisions are aimed at designing the metaverse, which is innovative, collaborative, and scientifically advanced. Not only does Somnia offer a scalable and interoperability foundation, but it also equips creators, so they have an impact on building the future model of virtual society, which serves all the participants.
Bitcoin Halving- World’s Biggest Crypto Reaches Supply Milestone, Will Prices Surge or Stay Unpredictable?
Bitcoin which is the world’s best-known digital coin recently has had a milestone referred to as halving. This is a by-product of the algorithm of code behind this digital coin which is reducing periodically but runs on clockwork. The target is to reduce the overall supply of Bitcoin systematically.
As before, this last halving occurred amid a period of Bitcoin price fluctuations that created some stir, no doubt. In March of 2022, Bitcoin was at its peak price of USD 43,803.25, but there has been some zigzag in the most current price drop.
The concept of Bitcoin halving, on the surface, comes across as a complex notion, but in truth, it means reducing the reward miners get from verifying transactions by half. Then, the rate of production becomes slower as there is a limited number of Bitcoins in circulation, which is exactly like the scarcity of extremely rare commodities, such as precious metals like Gold. This is projected to create pressure on the supply side, which may later drive up Bitcoin’s value as long as the demand stays at the same level, or if not, rises.
Experts can not agree on how connected Bitcoin halving is to Bitcoin’s price. Though some think that the halvings that previously took place can at least set some prediction for price tables, others remain fugitive saying it’s an event that only depends on one of much factor that rules Bitcoin price. To add on, there would be a certain possibility to plunge in the BTC price after halving because of buying with standby purchases and the slack you might see in funding crypto.
As long as the whereabouts of Bitcoin’s position within the cryptocurrency space is the central point, every party, even those who disagree continues to acknowledge the leader’s role. At the moment, BTC is on top according to the latest data from www.coinmarketcap.com, Bitcoin has remained the biggest name in the virtual currency market.
The whole picture of cryptocurrencies will be incomplete without Bitcoin halving. So, this event is considered to be a great milestone in its past, present, and future. However, it may not have a confirmatory effect on price, nevertheless, it provides another glimpse into bitcoin’s different characteristics and how it can serve for storing value for investment. Every time some number is halved again, the scarcity of this cryptocurrency is underscored, which pushes investors with a risk-averse approach who look for an asset as protection against inflation and world unrest to this asset.
What Impact Will Bharat Web3 Association’s Token Listing Guidelines Have on India’s Crypto Market?
The Bharat Web3 Association (BWA), a dominant association in the virtual currencies and web3 sector, released the token listing rules for the member VDA (virtual, digital currency) platforms recently. These guidelines regarding the provision of equal chances and the preservation of a transparent and secure environment in Virtual Assets space are the goal of these rules.
Unveiling the protocol, the authorities have defined most of the issues involving token listing including dates of making an announcement, project open disclosure, the anti-market abuse measures, and due technical evaluations before the launching, the final stages, and testing before the public bid. They render conferences applicable to not just cryptocurrencies but other interchangeable assets tokenized in existing blockchains or DLT-underpinned networks.
Although guidelines are not the mandatory norm, the VDA community is advised to obey governance and rules during the slate-up listing process. The consequence of this approach is aimed at establishing the standardized listing protocol, engagement of relevant market participants, strengthening the credibility of the marketplace, safeguarding investors, and promoting sustained development in the field of the Web3 ecosystem.
The guidelines are stated to be the evidence of the pure interest in the forming of an internet environment which should be safe and transparent for VDAs by Dilip Chenoy who is the head of Bharat Web3 Association, according to him. The purpose of the association strikes where it balance innovation and controlled monitoring as a way to conform with globally acceptable practices and legal compliance. Also, that drive, in our opinion, is the first substantial step in establishing BWA as the SRO for the industry.
In essence, the development of these rules by the Bharat Web3 Association directly demonstrates the active way in which the cryptocurrency industry approaches the process of listing tokens. Through imparting transparency and standardization measures, the association works towards the creation of an appropriate environment that is suitable for virtual asset transactions. Such an environment will in turn benefit other stakeholders.
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