Categories
digital Space

Web3 and a digital area for your crypto belongings

We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 – 28. Join AI and data leaders for insightful talks and exciting networking opportunities. Register today! Remember “cyberspace?” We don’t think much about this term these days, but in the early days of the web, it was a whole new…

We are excited to bring Transform 2022 back in-person July 19 and virtually July 20 – 28. For insightful talks and networking opportunities, join AI and data leaders. Register today!


Remember “cyberspace?”

Although we don’t think too much about this term nowadays, it was an entirely new space in the early days. It was not like physical addresses that things had meaningful addresses. Even links (or references) could be used to connect different places. The L in URL stands for “location”. Everything had a location.

Everything is connected to one another through referential space. Everything has its own uniqueness and location, with spatial orientation to all other things. Your cup is right next to your desk. Your cup is right next to your pen. Your phone is always with you.

Time vs. space with the blockchain

Crypto is the first to take up digital space. Blockchains can only verify that something has happened and not where it occurred. In some ways, crypto has existed only in time. Blockchain is a chronological sequence of verifiable events.

There is a place in crypto that has addresses. These addresses are related to the public keys of public-private key pairs in your wallet. These addresses are related to people but don’t necessarily relate to one another.

Verifiable order and time for digital activities is a relatively recent phenomenon that makes blockchain so special. It’s an immutable and verifiable moment of activity, such as a transaction. Blockchains were originally created to ensure that no one could spend money they don’t have. They act as a timeline showing all events which can be proven — similar to Loki’s Sacred Timeline in Marvel Universe.

If blockchain is “time,” then how can we create a crypto-“space”? What could we do with crypto-spaces?

Digital space: a home for crypto and NFTs

Companies like Decentraland have tried to incorporate digital space into blockchain, but it is a much different idea than a general crypto cyberspace. Decentraland is more focused on digital commerce and providing NFT-based real estate, not the overarching need for a true physical crypto space. Sandbox is the same. They are more focused on monetizing assets than building a home on the internet that allows any type of asset to live and interact with others.

If you think of space in Web2, every URL has a URL. This URL is a link to any other URL. In Web3, we are just beginning to see domains, like “.eth” domains, act as URLs. To receive funds, you can tie your crypto address with that domain. These domains will be like the beginnings of “space” to the blockchain’

Read More

Leave a Reply

Your email address will not be published.