Cryptocurrency is a fully digital store of value and means of exchange. A common misconception is that the fiat currency — the most common store of value and means of exchange, like the Philippine Peso, US Dollar, or other legal tenders — that we have in our bank accounts is also digital. This is somewhat inaccurate as the balance reflected on your bank account has the equivalent amount in physical currency or other cash receivables in a bank vault.
Transferring an amount from your digital bank balance is similar to transferring crypto to another wallet in a few ways: first, there is no physical cash being exchanged in either an online bank transfer or when sending crypto. In online banking, only digital rights to the equivalent funds are being transferred, the money will always remain in the bank vault unless you withdraw it in cash, and even so, the money withdrawn isn’t precisely the money you deposited.
In crypto, it is much the same, every transaction, and therefore your net balance is recorded in the blockchain which acts similar to a vault existing entirely on the internet. No piles of cash that can be pinched or destroyed through wear and tear, no single person has the ability to access it without everyone else being able to check what they did through block validation, and lastly, you are not at the mercy of a bank application deeming you “worthy” of using their services.
Now without having to delve any deeper into the similarities between traditional digital banking and blockchain alternatives, let's zoom in on that last point: 94% of adults in developed countries have some form of a bank account, while only 63% of those in developing countries fall under that category (UN FSDR, 2021). While it’s easy to assume why the rest of the population in developing countries do not receive banking services, to be more straightforward let's discuss why the remaining 37% might want to completely forego availing traditional banking and remittance services, and instead send and receive in crypto. For purposes of this discussion, to omit the potential volatility of cryptocurrency rates, we'll refer to the use of stablecoins (USDT, USDC, BUSD) as a means of transfer which has the added benefit of being able to use cross-chain, with minimal to no fees.
Not to minimize all these advantages crypto brings through decentralized finance, let's this aside for now to discuss other possible uses for blockchain technology. We’ve all seen the outbreak of Non-Fungible Token (NFT) art and collectibles, play-to-earn games, their outbreak, and sadly their subsequent dwindling popularity. Early adopters know just that, that we are EARLY into the development of this technology. New use cases for blockchain tech are being conceived everyday, while those heavily dependent on present trends are being put in their place. There’s so much more to NFT than it being used solely for art and collecting.
Smart NFTs can be used in varying ways to give or revoke access to memberships, physical locations, NFT-backed loans (like mortgages), prove ownership, and even identity. For now, most of these are in the concept stages and much like how the internet was in 1999/2000, blockchain tech will be used for anything and everything until proven it is otherwise impossible or impractical for everyday life.
Where do NFT and play-to-earn games fit into this? You say, “they obviously failed”, right? Not exactly, maybe even not at all! They failed to breach mass-market gaming but proved that games can be profitable for the average player too. There can be a number of ways to interpret their short-lived success. It is clear NFT games that garnered significant clout in the past few years have only proven one thing: ‘making money could not, and should not be’ the subject and predicate of metaverse games.
The concept of a metaverse where entire societies exist has one greatly underrated quality: it can be used as a controlled environment.
“A controlled environment to do what?” Experiment.
If for example, we wish to experiment with the viability and logistical issues of using blockchain for voting? If we wanted perhaps to develop a system to provide KYC identification proving that a person is in fact them, while giving the third party access to contact them through their email and mobile, without actually giving away their email address or phone number, which could be smuggled off the database for unofficial uses (yes this is why we often receive so many spam messages).
Why would we test these use case projects that may encounter many problems, in the real world?
This brings us to the final argument: one can make money with blockchain tech, which is great, but how can we kickstart all the rest of it, like, never forgetting the ID or locking oneself out of their house again, or verifying one's identity without divulging sensitive information. How can we participate in all these experiments with relative safety?
Cryptopia: the Metaverse game.
Cryptopia doesn’t just aim to entertain, but is blazing the trail for learning more about designing and developing real-world use cases like property ownership, blueprint/patent registration, voter polling and registration, policing/law enforcement, and many many more.
Bitcoin has been instrumental in the financial benefits of blockchain, empirically proving we can indeed hold and extract monetary value from it. Cryptopia Metaverse wishes to do exactly that and more, especially the societal changes that crypto can bring the world beyond finance. Notwithstanding the hazards that our society faces due to global issues like the debt crisis, climate change, inflation, and the pandemic - we also need a petri dish environment to examine how to best handle, if not prevent, personal calamities like loss of work, death and inheritance, identity theft, and others. Granted, these aren’t the main points mentioned in The Lost Revolutionary whitepaper, but there is so much potential in this metaverse, and we encourage everyone to check it out to see what’s happening and not to dismiss it, categorically, as a game.