Somnia Network | Metaverse for Beginners | Best Cryptocurrency to Invest
1,068Somnia Network | Metaverse for Beginners | Best Cryptocurrency to Invest
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Welcome to Our Somnia Network Video!
📍Introduction
Somnia is a project initiated by the Virtual Society Foundation. This project aims to realize the potential of the metaverse and to help create fulfilment and value for all of us.
To do this Somnia is going to enable what we refer to as “the Metaverse computer”. This will enable all people, places and things in the metaverse to be on-chain, interoperable and composable. This is essential for a future metaverse that is not controlled by one mega corporation and where value flows to its participants.
The Somnia project will encompass a set of technologies and an ecosystem around it. These include a new high performance L1 Blockchain, a protocol for interoperable and composable content and a consumer facing browser to interact with the network (the metaverse browser).
This project is supported by Improbable and you can see some of the inspiration for the project in the M² codex. Improbable will be contributing to some of the key technical components (the Blockchain) but the project will require a host of people to fufill its vision
⭐Mission
Somnia want to realise the metaverse in its most powerful form. A network of rich experiences, useful valuable virtual objects and sufficiently decentralised to allow people to build real companies without dependence on one big gaming business.
The primary goal of this ecosystem is to get the building blocks out there and overcome the major limitations that have killed all previous such endeavors. These limitations include:
Bad and uncompetitive experiences.
No way to put the world and economy on a chain so they can be part of a connected metaverse.
No way to endlessly compose or build businesses that add value to each other while remaining investable.
Limitations of Web3
While blockchain and Web3 infrastructure promise decentralisation, shared state and rule-based systems, they fall short in practice for metaverse applications in the following ways:
Inadequate infrastructure: These systems are designed to support financial transactions and cannot support a large-scale virtual world. This requires a significantly higher level of performance and off-chain infrastructure to support millions of users all over the world transacting.
Lack of a protocol to define things: There is no existing protocol that can define the rules of a composable world or allow for the creation of new primitives, making extensibility difficult.
To overcome these challenges, we need to address the following key issues:
Performance of current blockchains: To move the logic of things on-chain requires an order of magnitude step up.
A protocol to define the people, places, and things of the metaverse and explain how they function. Enabling them to be interoperable and composable.
Standards to define the things of the metaverse.
An incentive structure that encourages sharing and ensures value flows to all participants of the ecosystem.
Combining these elements can enable more actors to participate, faster creation, and ensure all participants are appropriately incentivised without central control. This is the pathway to unlocking a truly valuable metaverse.
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The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial legal or tax advice. The content of this video is solely the opinions of the speaker who is not a licensed financial advisor or registered investment advisor. Trading cryptocurrencies poses a considerable risk of loss. The speaker does not guarantee any particular outcome.
I hope you found value in our Somnia Network video. Make sure to leave a like on the video if you gained value from it!
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⏰Timestamps⏰
00:00 metaverse for beginners Introduction.
00:12 metaverse for beginners summary.
03:40 metaverse for beginners project outro.