Futureverse recently announced that they have merged eight companies into an open Metaverse ecosystem. They have invested $150 million to build one of the most complicated ecosystems in the Web3 space.
Here’s everything you need to know in less than 5 minutes:
What is Futureverse?
The Futureverse is a new blockchain network that includes various technologies such as the Root Network, an identity protocol, an artificial intelligence platform, a communication protocol, payment rails, and character creation technology.
Bringing these technologies together aims to create a foundation for Metaverse applications that prioritize security and user experience. The goal is to integrate the next generation of users and empower them to shape and create the future together. In addition, a rich content layer creates strong network effects across the infrastructure.
Futureverse was created by Aaron McDonald, Shara Senderoff and Marco Brondani with the goal of creating a strong community network effect and promoting interoperability and community-driven, user-led technologies.
The technology behind Futureverse
Futureverse includes a decentralized blockchain network (root network) optimized for onboarding and user experience, a decentralized identity and passport protocol, a decentralized delegation protocol, a decentralized communication protocol, a decentralized AI protocol, payment networks and wallets, and a variety of content.
The root network
The root blockchain is a public blockchain, just like Ethereum or Bitcoin. However, it is optimized for the Metaverse and GameFi applications and forms the heart of the Futureverse ecosystem.
The root network will be launched in phases, starting with an alpha phase that includes key elements of the protocol infrastructure and a month of testing and feedback.
In the second phase, the beta phase, all infrastructure and source code will be released and partner applications will begin to bring production applications and users into the network. The root network will evolve to support future platform and application requirements.
The root network is used to integrate four key components of the Futureverse infrastructure:
- Artificial intelligence
All these components come together to create the ultimate user experience on the decentralized internet.
Support for EVM Smart Contracts
The Root Network protocol leverages the Ethereum Virtual Machine (EVM), which enables it to read and execute Solidity Smart Contracts. This gives developers access to smart contract functionality and allows existing code written for Ethereum to run on the root network. EVM also offers broad support for smart contracts and DApps, as well as compatibility with the assets of the NFT ecosystem.
The substrate core
Root Network uses substrates as its core technology. Substrate offers benefits such as a large developer community and the ability to customize chain runtimes to improve usability.
The customized runtimes that The Root Network offers, e.g. B. for non-fungible assets, GAS economy, Fungible Assets, Decentralized Exchange, Oracles and more, allows developers to create different applications and content without the need to have expertise in smart contract development. This also provides an exceptional user experience.
The open metaverse
The future verse is based on the open metaverse. But what is this “open metaverse”?
The Open Metaverse is a concept for the next evolution of the Internet, designed to create a decentralized, trustless and collaborative digital economy. If consumers loved Metaverse, they should be blown away by the idea of Open Metaverse.
It aims to create an immersive experience by breaking down the boundaries between different areas of the Internet, such as finance, gaming, social media and commerce, and giving users control over their assets through the use of open source code and open standards, data and transactions there.
The goal is to return ownership and control to users and communities instead of being controlled by big companies.
The 8 companies that have come together to realize the vision of Open Metaverse are:
- Non-fungible labs – Experts in the NFT industry since yesterday. They create ecosystem avatars and world environments like Fluf World.
- Altered State Machine – Creates, trains and possesses the world’s first non-fungible intelligence.
- Sylo – A decentralized network, protocol and communication platform.
- Shadows Interactive – An entertainment studio that uses technology and art to build an engaged online audience. They are the creators of Party Bear.
- center pass – Creating a digital village where everyone can build trust in each other again.
- Centrapay – Enables businesses to provide people with more rewarding and personalized payment experiences.
- immersion – web3, metaverse and real life payment protocol.
- Changed Phoenix – A New Zealand team of global game developers with a passion for creating great games.
Partnerships, investors and business partners
The Futureverse is an open Metaverse project that collaborates with various Web3 projects and notable partners such as FIFA, Warner Music and various celebrities.
Backed by leading venture capital firms, they are focused on investing in underrepresented artists, creatives and communities to create more diverse, equitable and inclusive spaces both in the metaverse and in the real world.
Companies investing in Futureverse include Chernin Group, Anamosa, Goldentree, Coinbase, Delphi Digital, Polygon Studios, Animoca Brands, Enjin Starter, Flamingo and AirTree.
Actor Keanu Reeves and his longtime friend and artist Alexandra Grant will support underrepresented artists by using Futureverse as their platform of choice.
Futureverse is huge. They have achieved synergy between companies that is usually difficult to achieve in the traditional financial world. Futureverse is an inherently nonprofit organization that promotes respect, accountability, ethics, learning, innovation and transparency in the open metaverse it builds.
Vincent Munene is a freelance writer and a huge blockchain enthusiast. Blockchain changed his life in terms of financial freedom and in return he wants to educate people and update them on everything related to blockchain. He is a biochemist by profession and also enjoys playing the piano.