Metauniverses and financial solutions

Facebook changed the name to Meta to recreate the concept of the meta world.

Well-known scientific historian Liu Cixin says that there are two paths before humans, one to the stars and the ocean, and the other inward, really.

The stars and the oceans do not achieve the same business, and virtual reality is entering our lives and will open up new markets. So why pay for a virtual exchange of time and space in the future?

Payment in the meta world

It is often said that the "meta-universe" is a combination of virtual time and space created by multiple realities (AR), virtual reality (VR) and the Internet (Internet). In general, the "meta universe" is a virtual world that integrates and interacts with the real world, including AR / VR, cloud computing, AI, 5G, blockchain, and other technologies.

The research institute concluded that the change had six characteristics: continuity, real-time, social, economic, interconnected and creative. However, this does not seem possible, especially in marketing, connectivity and creativity.

From a gaming perspective, the “Number One Player” video featuring the meta advantage of the game can be seen through the release of VR technology. And by integrating real-world events and devices, there is a broader perspective on virtual reality.

What is the role of paid games in the meta-world?

In "Nine Chapters Arithmetic" by US venture capitalist and senior meta-economist Matthew Bauer, payment is defined as "the support of digital payment processes, platforms and processes, including with fiat currencies and ramps. fiduciary access ". , foreign exchange financial services. such as Bitcoin, Ethereum and other blockchain technologies "

In a sense, metaverse payments are associated with the existence of fiat and digital currencies. Under the current Korean policy on digital currencies such as Bitcoin, the disparity between currencies and currency markets will continue in the metaverse.

Understand the basic reasons for payment, payment, including identifying people and companies, deciding on products or services, and approving information exchange.

Recognition of people and businesses.In the real world, card and cell phone payments are used as media, and authentication processes include passwords and biometric data. A security carrier stores special identification codes for you. In the metauniverse, there is a need to think about what security companies are like in the current security situation, if an SE security chip is added to the whole metauniverse, it will become a communications company that can afford as VR glasses with SE security. nt. On the other hand, like recent Digital NFT technology, the unique characteristics of users and participants in the meta-world require a lot of thought.

Product or service decision.Products and services in the meta world are becoming virtual like games, and while data can be easily exchanged by copying, pasting, or deleting items, and their value changes in the short term, the change itself poses serious problems. With the help of blockchain and NFT technology, we can better solve this problem.

Agreement on the exchange of information.This should be similar to the role or procedures of the current e-commerce business, so that both parties can have peace of mind about the content of the business, which can complement the approval of blockchain technology.

From an online payment perspective, the thought has always been, cashiers have taken over the world and it still seems to apply to the meta-world.

Ready for a big payment

Before the meta-world burned down, Giants were constantly looking for ways to pay for the meta-world's needs.

In June 2019, Facebook, which has yet to change its name, launched its cryptocurrency business, Libra. Libra aims to become a new decentralized blockchain, low volatility cryptocurrency and smart bond platform that aims to create new opportunities for responsible innovation in financial services. Libra anchors the "standard basket" of legal currencies of many countries, also known as "sand currencies".

However, due to regulatory issues in many countries, affiliations continued and Libra changed its name to Diem, focusing on steady gains in the US dollar. Additionally, Facebook is actively supporting the digital wallet campaign and Novi has recently started to become a small pilot.

After being renamed Meta, setting up a cryptocurrency project will allow you to manage fixed payments and create a solid foundation for improving the business of the meta universe.

The host companies did not plan the cryptocurrency project in advance due to legal restrictions, but tried to promote the VR scene.

Alipay launched VR Pay in 2016, where users select an item on a mobile VR platform or VR app, enter an order, purchase, pay a link, select Alipay, and click confirm payment.

Essentially, Alipay's VR Pay is still a continuation of the status quo based on the Alipay account system, and online payment is still a group of e-commerce payments.

In addition, some banks have used VR technology to improve the user experience.

As a mobile payment network, the construction of the manufacturer "Golden Bee" of the Guangdong branch of China Construction Finance was completed in 2016. Through 6 minutes and 30 seconds VR video, we have developed a network and provide a future application of VR technology for consumer, commercial and virtual reality applications. At the 2016 China International Financial Exhibition, many banks, including the China Chamber of Commerce and Industry, Bank of China, and Hua Xia Bank, provided virtual reality devices to provide customers with products with all new financial services. At the 6th China International Financial Exchange Fair (Guangzhou), the Guangzhou Rural Commercial Bank established a virtual reality marketplace, where consumers can search for information and provide personal assistance in the reality market Virtual. .

However, at that time, the bank's VR experience was still weak, and VR technology became increasingly used for global meta-representation information and interaction, and this attempt is not over. Finding a spot in the metaverse and finding ways to deliver services could be a hot topic for future financial firms.

Unresolved issues and unresolved issues

Paying in the future meta-world will be more difficult. Use the current game as an example, although the same game has a different price tag depending on the console platform and the industry situation varies as well. Platform sharing mechanisms, copyrights, providers, etc. all have different accounting requirements.

If the global meta-commerce changes across borders and pays in natural terms, there will be money exchange issues. SWIFT has introduced several features such as GPI and SWIFT Go to improve the functionality of cross-border payments. In addition, the G20 Group also finalized the agreement and announced the “G20 Roadmap on strengthening cross-border payments” with 5 and 19 recommendations to improve the performance of international payments. He hopes to help improve the Metaverse.

There is also the skeptical issue that the Chinese authorities are currently addressing: morality.

Fan Yifei, vice president of People Finance Company of China, spoke at the 10th China Payments Conference in September:

Strengthen the development of financial justice process. Monitor the integration of innovation and risk prevention, the integration of reception processes and self-regulation, and improve the integrity of cooperation between different groups and management partnerships. Financial institutions must fulfill their vital role in the management of research and technology, by establishing a consistent operating system that leads to ethical review and disclosure. Integrity Intervention, Self Defense Deficiency at Work We must learn to work well, promote knowledge, acquire knowledge about research and technology, and make decisions against bad behavior.

While it is not clear to the meta-world, due to the popularity of the meta-world, the demand for funding and payments in the virtual environment will gradually increase. , and there are a lot of problems.

Please give me some examples. For example, if a woman uses a smart sexual device, a hacker can kill the device, gain permission to use the device, and provide information that could have a devastating effect on the woman. Another example is when a user pays a woman for consent, remotely obtains a device license, and asks her to feel sexually aroused.

Additionally, the metaverse may have conflicts between virtual currency and real money.

The game proceeds can be used to purchase a variety of virtual goods in the gaming world, and when the game has a big enough impact, the game accessories and the game currency can be set at the amount of the actual benefits, such as scarce supplies. Or skins worth thousands of RMB, virtual in-game rewards and real rewards are redeemed.

The same is true for the meta world, and if the virtual world takes enough time and effort, the virtual world items will have some value. The most direct comparison is that in the future you will be able to buy bread with Q coins and refuel with game coins. Of course, there are financial management issues. However, if virtual resources, virtual goods and management are not easy, it can have a major impact on current finances.

He will also play a new role in exploring how Metaverse's digital renminbi will work in fiat currency.