The Metaverse is an immersive digital space where people from all over the planet can connect, curate a life, and experience things together in real time: this exciting space makes new ways of human interaction possible and is set to usher in a new way of living. Lets look at some of the key terms you might encounter when exploring the Metaverse. 

Metaverse

The Metaverse is a digital space that exists online. It is a network of 3D virtual worlds focused on social connection, collaboration, and decentralisation in which augmented reality, virtual reality, and artificial intelligence will be major components. The hyper-real platforms offer more visceral, immersive social experiences than anything we’ve seen before. This is not just about socialising but means huge potential for businesses to connect and build relationships with their users, and even offer a new generation of virtual products and experiences within the platform itself, all of which give birth to a new kind of creator economy. 

Virtual Reality

Also commonly written as VR, virtual reality is an immersive experience within an environment wholly generated through computer technology. Users can be fully immersed in these simulated realities with the help of dedicated VR headsets, haptic touch and even environmental feedback, which enables a 360º view of a virtual world which people can move in and interact with.

Augmented Reality

Augmented Reality (AR) overlays digitally-generated images onto the real world. Users can make use of a device like their mobile phone or table to overlay graphics and sounds onto their real-life environments. Some examples of AR technology in use include Instagram filters, Snapchat’s lenses and Pokémon Go.

Blockchain

A blockchain is a platform that enables a shared record of information that is maintained and updated by a network of computers instead of a central authority. A blockchain can also be described as distributed ledger technology (DLT). This distributed ledger uses cryptography to confirm, carry out and secure transactions.

The very nature of a blockchain is that it is virtually immune to hacking and tampering since all copies of data are stored across the network and not in a single place. Another advantage comes from the fact that simultaneous (peer-to-peer) sharing and updating of records enables much faster and more effective processes.

Blockchain is the technology that underpins cryptocurrencies.

Cryptocurrency

A cryptocurrency is a form of decentralised digital currency, which is designed to not rely on any government or central bank to uphold it. Cryptocurrency is exchanged through the blockchain and is stored in crypto wallets. Popular examples of crypto include:

Bitcoin: Bitcoin is a decentralised digital currency and the first cryptocurrency made available to the public. Like most cryptocurrencies, it lacks a central bank or single administrator. That means that it can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries. 

Other examples include Ether, Solana, Uniswap, Aave, Stellar Lumen, and Chainlink.

Artificial Intelligence 

Artificial Intelligence (AI) refers to the simulation of human intelligence in machines that are programmed to think, learn, and perform tasks typically requiring human intelligence. It encompasses a variety of technologies and techniques that enable machines to analyze data, recognize patterns, make decisions, and adapt to changing circumstances. AI can be categorized into two types: narrow or weak AI, which is designed for a specific task, and general or strong AI, which possesses the ability to understand, learn, and apply knowledge across a wide range of tasks, akin to human intelligence. Examples of AI applications include natural language processing, image recognition, machine learning, and robotics.

Chatbot

Chatbots are computer programs designed to simulate conversation with human users. These artificial intelligence (AI) systems utilize natural language processing and machine learning algorithms to understand and respond to user queries or commands. Chatbots can be integrated into various platforms, such as websites, messaging applications, or mobile apps, providing users with a conversational interface to interact with a system or service.