January 6, 2022

Seizing the Metaverse Opportunity: The Need for an Interoperable Foundation Layer

The Metaverse isn’t one environment; it is a whole host of digital environments. Some of them exist today and some have not even been conceived of yet. What is certain,...

The Metaverse isn’t one environment; it is a whole host of digital environments. Some of them exist today and some have not even been conceived of yet. What is certain, though, is that the Metaverse represents the future.

To seize the opportunity the Metaverse provides, we need to establish an interoperable foundation layer that will solve the big problems of digital identity, assets, and data through blockchain technology. By doing this, businesses and individuals will truly be able to benefit from Metaverse economies.

DigiCorp Labs will be at the heart of this revolution.

The Importance of Digital Identities, Assets, and Data Control in the Metaverse

When we talk about the significance of digital identities, assets, and data in the Metaverse, we must first understand the situation as it exists today.

Today, 3.2 billion people have some form of ID and a digital trail. This includes everyone from the most tech-savvy millennials living in the most advanced economies, to the smartphone-using farmers working in the most remote parts of the world.

However, almost none of these users control the identity, assets, or data they associate with their digital lives. Instead, it is owned by big tech giants who have extracted personal data by any means necessary and monetized it for their own benefit.

But in the Metaverse, individuals control their ID, assets, and data because blockchain technology has unlocked the potential of self-sovereignty. This truth lies at the heart of DigiCorp Labs and their vision for bringing the Metaverse to life through self-sovereign ID-secured services for clearly-segmented users and markets.

A Metaverse-Ready Identity Solution to Connect Current Platforms

This all matters because ID services are not fit for purpose as they exist today. Rather, they are built on attestations from centralized databases that are controlled by third-parties. And in this set-up, there is a clear history of failing to store important personal information securely.

There are so many examples to back up this claim, but one of the most damning bits of recent news came in 2017, when leading credit bureau Equifax announced a data breach had exposed the personal information of 147 million Americans.

Unfortunately, this is far from an isolated situation, which is why DigiCorp is building their core business units for enterprise and consumers, all based on self-sovereign identity for connecting with the Metaverse.

For enterprise, DigiThree will deliver quantum-secure solutions to help businesses streamline their digital transformations, with the launch of their ID-secure integrated authentication scheduled for 2022.

For consumers, DigiLife will establish a secure ecosystem for brand- and consumer-controlled interactions and NFT transactions. This includes a complete Metaverse SID integration and the launch of the Metaverse wallet-integrated SID and digital assets, both scheduled for 2022.

Protecting Businesses and Individuals in the Metaverse

All this potential relies on the transformational technology that is blockchain. However, blockchain needs to be demystified if it is really going to benefit businesses and individuals.

To protect everyone in the Metaverse, we need decentralized, user-friendly applications that eliminate security threats and create innovative digital experiences for all. Data control is imperative if we are to enable self-sovereign-secured technology that respects privacy and can form the foundation of a range of services, applications, solutions, and enhancements.

With these protections in place, brands, businesses, and individuals can all interact using secure Metaverse-wallets to exchange and store digital assets such as cryptocurrencies and NFTs.

DigiCorp’s core businesses are designed to support this progress, with quantum-secure enterprise solutions made possible by DigiThree, as well as brand- and consumer-controlled interactions enabled by DigiLife.

Avatars in Metaverse Economies

Enabling all this innovation in the Metaverse is at the heart of what DigiCorp Labs does. But what does this look like in the here and now?

To understand this, we need to be clear about what the Metaverse is today. For that, we can turn to Raoul Pal, CEO & Co-Founder of Real Vision Group & Global Macro Investor, who described the Metaverse on the Bankless podcast as follows:

“The metaverse is where we live a larger percentage of our life in the digital world than we do in the physical world.”

Pal went on to explain that this includes augmented reality, virtual reality, 3D, and 2D. Crucially, he made the point that we are operating in the Metaverse right now. If you aren’t ready to believe this yet, just look at the pace at which online gaming continues to grow or the prices that people are paying for NFTs today.

These unique digital assets are the true status symbols of the Metaverse. They are also just the starting point for how we will all concern ourselves with our online avatars in future, paying to constantly customize our online personas and build the avatar economy as we do so.

This might sound like something that will exist in the distant future, but this is not the case. DigiLife is building this vision now, with their strategic Metaverse partnership avatar project set to launch this year and their avatar Metaverse platform project set for 2023.

The Metaverse is here and its development is moving quickly. The time to join is today, not several years down the line. And the knowledge that you can do so securely with DigiCorp’s unique approach to security represents the breaking down of the final barrier to entry.

Article written by DigiCorp Labs