Bitcoin, Web3, and the metaverse: other than the fact that they are all contemporary technology buzzwords, what do these three have in common?
Many technology investors and engineers are involved in metaverse and cryptocurrency projects, which will be part of Web3, a decentralised internet run by users rather than big businesses. Cryptocurrency and the metaverse are quite different from one another, yet as they develop, they may depend on one another more and more.
A public digital ledger that records transactions is called a blockchain. Blockchain is a crucial piece of technology that drives the metaverse and cryptocurrencies alike. Blockchain-based peer-to-peer transactions can cut out middlemen such as banks and IT firms. Along with other advantages, this can reduce costs and speed up transaction times.
Blockchain and digital currencies based on it were developed to facilitate commerce in a digital setting. However, online transactions continue to be conducted using traditional fiat currencies in their digital forms.