4 New Platforms Combining VR and Blockchain

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4 New Platforms Combining VR and Blockchain

Blockchain, a decentralized ledger system with applications in banking, data storage, cybersecurity, and investment, does not seem to be a probable virtual reality choice (VR).The former is a relatively difficult platform that relies on a combination of algorithmic cryptography to reach autonomous agreement amongst users, while the latter is an immersive new method to play games and delight oneself. However, with each passing day, these new innovations find new uses and are gradually moving closer together. The industry currently has numerous instances of innovative, valuable solutions that integrate blockchain with VR — with more on the way as the movement gains traction.

1. Decentraland

Though virtual reality may now be found in sectors such as science, engineering, and others, Decentraland returns it to its roots: the game industry. This virtual world is accessible through any standard VR headset and is totally hosted on the blockchain. As a result, it has some unique consequences, such as the capacity to verifiably own the property that one lives on.

To participate, players must register on the ledger and may use bitcoin to record their provable control over pieces of property onto it. Like in the popular game Second Life, a player’s virtual land may be built (literally) with homes, companies, or other services and monetized appropriately. Virtual residents rushed to the “terraforming” event to secure their place in Genesis City, assisting Decentraland in raising $24 million in a crowdsale for the project in only 35 seconds.

2. Ceek

One of the most useful applications of virtual reality is to take the viewer to a location where they cannot physically be. This does not have to be a bespoke virtual environment, as Ceek explains to an eager audience. Ceek employs an outstanding mix of virtual reality production and blockchain smart contracts to enable anybody with a headset to attend live VR concerts and other events with their favorite celebrities and performers.

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Ceek token holders may vote for the acts they wish to watch using sophisticated ERC20 Ethereum smart contract capabilities, as well as fund-curated community content that may or may not feature renowned persons. This one-of-a-kind approach also invites people to gather in Ceek City, a virtual location filled with spots to hang out, talk, and watch the program together.

3. GazeCoin

GazeCoin is a one-of-a-kind blockchain technology that aims to address the problem that marketers have in the new VR medium. Whereas existing VR advertising approaches are still designed for framed media, this strategy is tough to quantify since consumers aren’t engaging with a mouse. Until date, key performance measures for VR have mostly gone untapped.

GazeCoin employs a unique engine to detect a VR viewer’s eye movements, allowing it to evaluate how much attention they’re giving to sponsored content and reward them and advertisers accordingly. Brands that build their own virtual reality experiences may also generate derivative tokens based on the GazeCoin platform, giving them a distinctive token while still adding value to the underlying blockchain.

4. Blockchain 3D Explorer

While it’s a unique concept, anyone interested in the inner workings of the admittedly complex blockchain may see it in real time in a virtual reality environment. The basic 3D representation of the decentralized ledger is stunning and helps put the network’s organization into context. You may also track specific network transactions as they go from node to node.

Blockchain 3D Explorer is a fantastic tool for explaining blockchain to the uninitiated, made even better by the fact that it is available for free on all systems that support it, including Windows, Linux, and MacOS.

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The Bottom Line

Given the relative young of both domains, the limits of both VR and blockchain are still being pushed. However, one thing is certain: innovators are actively striving to invent and produce the next greatest thing, rather than waiting for it. While each contributor takes a unique strategy to implementing these technologies, the future possibilities are limitless. As virtual reality grows and becomes more popular, blockchain will be able to provide new immersive experiences and prospects for growth. (See also: Four Blockchain Competitors to Ethereum.)

Investing in cryptocurrencies and other Initial Coin Offerings (“ICOs”) is very dangerous and speculative, and this article is not a suggestion by Investopedia or the author to do so. Because every person’s circumstance is different, a knowledgeable specialist should always be contacted before making any financial choices. Investopedia makes no guarantees or warranties about the accuracy or timeliness of the information provided on this site.

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