Crypto

Experiential Reality Made Possible on Blockchain

Many new technologies require and generate an extremely large amount of data that regular computer servers cannot handle anymore. It is about time for an upgrade, and there is no better solution than blockchain technology. The past couple of years have seen an increase in the adoption and recognition of blockchain as the next big thing since the Internet due to its ability to accommodate big data.

This is how real estate on blockchain was born. Transmira, Inc. has developed Omniscape, an experiential reality (XR) platform that recreates the world using 3D twins of buildings, landmarks and other real-life structures, and allows for users to create avatars that is situated in a virtual space that corresponds to their real-life location. It all sounds like Pokémon GO, but with a more realistic setting and more benefits to users.

“We basically blend augmented reality and virtual reality together, with a focus on location to basically help businesses and brands connect with each other and provide really cool, amazing experiences for consumers that they can obviously have fun with, but they’re also monetized. So the idea is to basically help, again, businesses and brands drive traffic to stores and give consumers fun and interesting experiences,” Robert Rice, founder and CEO of Transmira Inc. and developer of Omniscape, said during an episode of CoinGeek Conversations.

It can be said that Omniscape is incentivized entertainment in that users get to earn money while having fun. For 2 or 3 USD, users can buy a piece of virtual real estate on blockchain and own it for two years. During this time, they earn revenues whenever brands decide to use their space to advertise or market something. They can also resell their property at a higher price, its value goes up.

“The idea is we want to make it easy for people to make money and kind of keep [the price] low and accessible. And you can speculate, like domain names, ‘I’m going to buy cool locations and resell them or I’m going to try and anticipate where the market’s going to grow, where people are, where the activity is,’” Rice explained.

Each move on Omniscape is immutably and chronologically recorded as transactions on the blockchain, which provides very specific data that brands can use for targeted advertising. If Nielsen provides consumer insight per household, Transmira takes it a step further by offering substantial information for each member of the household. And because this entails usage and storage of big data, not any blockchain would do.

“There really is no choice when you compare the technical pieces: the size, speed, scale, cost; you’d have to be an idiot in my industry to do something else that’s not Bitcoin SV (BSV)…. We didn’t go that far down the rabbit hole [of other blockchains]. You know, just saying, ‘Well, it’s going to cost me this to do this, and I got to do 100,000 of this in a day.’ A, it can’t handle the scale, and B, I don’t want to pay a trillion dollars for it,” Rice further explained.

Bitcoin SV’s test network recently broke a world record with its 16.4 million transactions in a single block; and fees average at a tiny amount of 0.0067 USD per transaction. Aside from the Bitcoin SV blockchain being infinitely scalable and having the ability to offer microtransactions—with Nano transactions already being developed—it also operates on a stable and unchanging protocol. Time, effort and money are spent whenever companies need to adjust their applications to a protocol change. With protocol changes out of the scene, developers can focus on creating next-generation platforms and applications, like experiential reality.

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Published by
Barry Lachey
Tags: blockchain

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