1.The underlying logic of the Metaverse：data is eternal.
On March 10, 2021, the sandbox game platform Roblox, as the first company to write the “Metaverse” concept into its prospectus, successfully landed on the New York Stock Exchange, with a market value exceeding $40 billion on its first day of listing.
The success of Roblox is telling the world that the “Avatar” scene in the science fiction novel “SnowCrash” is becoming a reality. The Metaverse connected by virtual data modules has been regarded by the investment community as a grand and promising investment theme, and it has become a digital New frontiers in economic innovation and industrial chains.
Metaverse includes all digital technologies, including blockchain technology achievements, enriches the digital economy transformation model, and integrates digital financial achievements such as DeFi, IPFS, and NFT. Therefore, Jasmy CFO Hiroshi Harada proposed, “The Metaverse has now become a global trend, Jasmy is part of the blockchain in the digital world, and there is no reason why we should not enter the Metaverse realm.”
As the first blockchain project in Japan to issue coins in compliance, Jasmy’s advantage lies in providing IoT data security and sharing services through blockchain technology. In a live AMA jointly held by Jasmy and Binance, thousands of people discussed online about the Metaverse model based on data modules and future development trends in the Internet of Things era.
On the new track of the Metaverse, there are broad, diverse and emerging investment directions and themes, which attract countless investors, technology companies and capital institutions, but they are unable to start. Because the Metaverse is all-encompassing and difficult to find its essence.
In the basic concept of realistic historical materialism, the productive forces determine the economic base, and the extent of the social productive forces develop decide what kind of economic base will emerge. In the development of the Metaverse, whether it is Blockchain, Interactivity, AI, Network or Internet of Things and many other cutting-edge technologies, they are essentially serving the data module. Therefore, in the Metaverse, data determines the economic foundation, and the need for data is the driving force for the development of the Metaverse, and data is eternal!
2.The power of the Metaverse: the data economy.
Tim Sweeney, CEO of Epic, said in an interview about the Metaverse Economy: “We are not only building a 3D platform, establishing technical standards, but also building a fair economic system where all participants can participate and earn money, get rewarded. The system must have rules in place to ensure consumers are treated fairly, to avoid large-scale cheating, fraud or scams, and to ensure that individuals and companies can freely publish and profit from data content on this platform.”
In order for the virtual world of the Metaverse to function normally and to establish an economic system based on data modules, data creation, data assets, data markets, and digital currency must be satisfied. According to Jasmy CFO Hiroshi Harada, in order to meet the elements of building a Metaverse economic system, it is necessary to solve more basic problems such as ID identity, identity privacy, and data confirmation from the blockchain technology level. Jasmy is based on the underlying concept of blockchain. The two patented technologies developed by SG and SKC might be the best solution to the problem. Jasmy has an inherent advantage in the new track of the Metaverse.
The virtual identity in the Metaverse needs to be created through blockchain technology. This identity ID has the characteristics of a digital currency wallet address, and the identity data information has the characteristics of being immutable, but it will not be as completely transparent and open as the wallet address. If other person, enterprise or institution wants to view identity data, it needs to obtain the authorization of the identity owner, and the owner can selectively disclose relevant information to others, and enterprises as well as institutions can also fully trust this information, because the information is real and untampered.
JasmySG can write the identification information of the owner and the device itself in the device. After multi-factor authentication, the data generated by the device can be correctly bound to the owner, and the data in the distributed network can effectively prevent leakage and tampering. This provides individuals in the Metaverse with a safe, stable and orderly economic operating system foundation similar to the real world. Here, users’ virtual rights and interests can be guaranteed, and virtual assets created by users can be circulated without the constraints of the platform.
3.Enter the Metaverseand create a data economy system.
Digital creation is the beginning and the first element of the Metaverse economy. The Metaverse economy also exists on both sides of supply and demand. The demand side needs to meet the needs of experience and spirituality. Spiritual needs are multi-level, multi-dimensional, and colorful. This requires the supply side to provide a variety of digital products, spread the wings of dreams and break through the limits of imagination, in order to meet the endless spiritual needs of “Avatar” in the Metaverse. Only there are enough digital creators and digital consumers, that the Metaverse can be function and thrive.
After the digital products in the Metaverse are created, vulnerable groups will inevitably exist, and individuals should have absolute control and management rights over these data assets. The “Jasmy Data Cabinet” technology can provide services for the custody and management of personal data, and the digital assets are managed by means of distributed storage. Individuals can freely decide how to use data assets, and prevent the emergence of a super administrator in the metaverse that can modify data at will.
Assets, imply property rights, and are the premise of transactions. Looking at the global game market, the skins and props in each game can only be circulated and used in the game, and the “property rights” only belong to the game company, because the game company can block users account or even the whole company shut down and stop work.
After Roblox provides a game development platform, players can develop their own games and create bizarre digital products in the game. These digital products, as long as they are on Roblox’s platform, can be used across games. Virtual items created in the game can be used in other games is quite a breakthrough. Not long after Roblox was listed, its market value exceeded US$40 billion, which shows the capital market’s pursuit of the cross-platform circulation model of Roblox digital assets.
But if you want to use the digital products (virtual items) purchased by players on the Roblox platform in other games, it is currently impossible. Because there is no interaction between the platforms of other games and the Roblox platform. This limits the circulation of digital assets. So, that is not strictly a digital asset.
In addition to digital creation, personal information, logs, data, transaction data and other more diversified data can be regarded as assets. The shackles of information islands and language barriers in the Metaverse can be broken. JasmySKC technology can be based on different customers’ needs. Different requirements can not only be developed based on the Hyperledger Fabric, Corda and Substrate frameworks commonly used in the FinTech field, but also applicable to different blockchain basic systems in the Metaverse.
Just imagine, if a safe and effective low-level platform is created that provides strict copyright protection (NFT) and a cross-platform (Inter-Blockchain) circulation mechanism at the digital asset level, then a true Metaverse economy will be formed.
The digital marketplace is the core of the entire economic system and the foundation upon which the Metaverse thrives. The ultimate goal of building a digital marketplace is to prosper the entire Metaverse. With digital marketplaces, there is the possibility of profit in the Metaverse. E-commerce platforms such as Amazon and eBay will be formed, which will give rise to the provision of virtual applications that can create digital content, there will also be some platforms similar to YouTube, twitter and other products based on the Metaverse scenario. Of course, it is more common to trade single digital assets.
In the industrial age, human society completed the conversion of physical currency (precious metal currency such as gold and silver) to fiat currency. In the digital age, human society will surely complete the conversion from fiat currency to digital currency. The Metaverse economy is a test field for the full application of digital currency. In the Metaverse, there is no room for fiat currency, because fiat currency can no longer meet the needs of the development of the Metaverse economy. For example, the Metaverse economic system based on the underlying technology of Jasmy will use Jasmycoin as the circulation, and other currencies will be the same. Every currency in the Metaverse has its value in circulation. And there is a certain standard exchange rate, but when the currency loses credit, it will be thrown away.
All assets of the Metaverse can be based on the blockchain network. The above-mentioned Metaverse economic system, and the application of Jasmy on the Metaverse track, can especially prevent the digital assets in the Metaverse from being concentrated in the hands of large companies, which will lead to difficulties for innovative small enterprises. The blockchain guarantees the rights of the residents of the Metaverse to own data, and returns the rights of the data to the residents of the Metaverse. We expect Jasmy’s “Platinum Data” to continue to shine in another latitude space.
Jasmy, a Japanese company that develops and provides data security and sharing services in the IoT era – “Jasmy IoT Platform”. Its only token, Jasmy (JMY), is the first Japanese blockchain project approved to be listed on the Japanese digital currency exchange. It is the first legal and compliant digital currency in Japan, which has epoch-making meaning for the Japanese digital currency market.
To gain more information——
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