Top 10 Metaverse in 2022! 

Maciej Zieliński

03 Aug 2022
Top 10 Metaverse in 2022! 

The current era of technological transformation is extremely attractive. This is due to implementations of networks 3.0, cryptocurrencies, or the metaverse. In this article, we will address the concept of metaverse and the best projects related to it. This is one of the most interesting concepts, where avatar users can interact with each other, perform daily activities and experience the same kind of feelings as in the real world. It's a combination of digital and real life. Which projects are the most interesting? What do they represent? We write about it below!

Development of the metaverse 

The metaverse is an online environment where the social interactions we have become more multidimensional, leading us to engage and connect with others in unconventional ways. According to a recent study, the global metaverse market is expected to grow by up to 40% in the next eight years. Its value will exceed more than $600 billion. For this reason, it is worth knowing the best metaverse that will grow throughout the current year.  

Metaverse

Gala (GALA)

Gala is a blockchain gaming platform that uses NFT in entertainment. This project is engaged in organizing a series of blockchain-based games, called social games, which focus on interpersonal relationships and making new friends. Currently available games developed in the ecosystem are: 

  • Mirandus, 
  • Spider Tank, 
  • Town Star, 
  • Fortified 
  • Echoes of Empire. 

GALA relies on authorities and wide ownership. Settlements are based on GALA's coin, which allows for :

  • managing the network, 
  • awarding rewards and incentives to node operators. 
  • Of course, GALA is also used when buying NFT digital assets in game stores and player markets.

Sensorium Galaxy (SENSO) metaverse

Sensorium Galaxy is a digital virtual world developed in collaboration with the world's top artists, producers and media companies. This metaverse consists of several worlds, each of which serves as a hub for a specific set of experiences. For example, PRISM - is the most relevant world of Sensorium Galaxy. Here, Metaverse users have access to exclusive VR performances by top artists on the charts. Who are we talking about? The top musicians themselves: 

  • David Guetta, 
  • Steve Aoki, 
  • Armin van Buuren and many more! 

Metaverse combines AI and virtual reality with the best entertainment content in the virtual reality galaxy. The project allows you to provide a multi-sensory experience that extends to other worlds! One of the most important features of the platform is the currency - SENSO - which uses blockchain technology to run an honest, transparent and decentralized economy. The token can be used for a variety of transactions, from creating new avatars to buying tickets to events and creating original content.

Decentraland metaverse

Decentraland is an already well-established metaverse project that is known among many participants. It offers to purchase virtual land for millions of dollars!  In this metaverse you can: 

  • buy your favorite brands, 
  • participate in events, 
  • play games
  • meet new people, 
  • build new business projects, and have a nice time. 

All operations are very realistic and have an interesting atmosphere. For these reasons, Decentraland remains one of the best projects of its kind. The project is built on the Ethereum blockchain and is owned by users. Entities that enter it have many options. They can create many of their own configurations, avatars, markets, digital infrastructure and applications. The cryptocurrency that supports the entire vibrant virtual world is called MANA and can be easily purchased through the most popular cryptocurrency exchanges. Interestingly - Decentraland is also a good place for marketing, as it helps to advertise and promote many products. It is almost certain that the platform will continue to grow in 2022, as it has been very successful so far. 

Axie Infinity 

It's a metaverse, yet a game that has been enjoyed by millions of people around the world! The concept is based on cute animals. By playing Axie, you can earn funds. Ethereum - the technology that creates the game allows the use of cryptocurrencies in the form of Axie AXS and SLP. Each crypto has different functionality. It is noteworthy that AXS was among the top cryptocurrencies in the Metaverse, and in 2021 alone its value increased by about 200% compared to the previous year. SLP tokens are also called Tenderness Potion. They can be obtained as rewards in battle or adventure mode. As interest in the game increases, it is the value of its crypto and tokens that continues to rise. The ease of earning income and transferring it to cryptocurrency exchanges only improves the project's financial situation. 

The Sandbox 

This is a metaverse built on the Ethereum blockchain. Like Decentraland, this metaverse focuses on creating original content and games. The Sandbox is inspired by Minecraft and Roblox. Every participant in the metaverse can use their imagination and create worlds that meet their expectations. Players monetize their in-game experience and earn a SAND token through it. The above token is used throughout the platform and transactions and interactions can be made with it. What is the scale of interest in this metaverse? To date, more than 70 million unique worlds have been created on the platform, which has greatly expanded NFT. In addition, Sandbox allows its community to create games, resources and applications on its storylines. 

Metahero 

This world uses 3D technology and combines physical and virtual experiences. According to the platform, the metaverse involves creating surreal digital clones that users can customize and use in many Metaverse events. The project has partnered with Wolf Digital World (WDW). As a result, each 3D avatar has realistic body shapes and realistic faces, resulting in an extraordinary visual experience. An interesting feature is the provision of a scanner of their own bodies and the removal of these scans by NFT! In addition, avatars can be equipped with various skills and powers from different classes, such as: 

  • Melee Expert, 
  • Wizard, 
  • Psychologist, 
  • Summoner, 
  • Elementalist, 
  • Ranged Expert, or Assassin. 

Players can promote new members and trade NFT with them. Settlements are created based on the Metahero token, which is becoming increasingly popular! 

Somnium

This is a project that realizes the competition in the metaverse market. It is a 3D blockchain platform that enables unprecedented experiences. Unfortunately, Somnium itself has poor graphics. Nevertheless, the success is that it allows users to fully customize their avatar and the surrounding space. In fact, Somnium describes itself as an "open, social and sustainable virtual reality platform" that combines not only places where users can "live," but also: 

  • entertainment 
  • communication, 
  • e-commerce and other aspects of the metaverse. 

The difference between this project and the others is that it is based on Solana technology! 

This gives us new possibilities for the metaverse. The advantages of this solution are:

  • building NFT galleries, 
  • using VR avatars to visit concerts,
  • the ability to dance during the event (with the technical kit you have) and much more.
     

Undoubtedly, Somnium's success is also behind its cryptocurrency, which has become one of the most stable tokens currently available for Metaverse options. 

Star Atlas  

This is a unique project that was the first in the world to introduce the concept of AAA encrypted games. With the Star Atlas metaverse, you can explore the community, leave the world and return to it. The storyline, is another factor in the success of this game. Settlement and gameplay is based on two tokens:

  • ATLAS - the game's monetary system, which users can use when entering battlefields, exploring a new world, etc. 
  • POLIS - allows players to participate in political intrigue on the platform. 

Both cryptocurrencies are based on Solana technology. Players have to make decisions about the metaverse, vote on its course and construction, and develop individual features. Star Atlas This is one of the emerging and more interesting metaverse for 2022! 

Bloktopia 

The Metaverse Bloktopia project aims to create a unique platform where users in a 21-story virtual building can: 

  • learn, 
  • meet new people, 
  • conduct business and try out various activities. 

Initially, the metaverse will not be complete, so this world is heavily dependent on the participation and creativity of each user. Although not much has been revealed about the upcoming project in the coming months, there have been some interesting announcements about them. For example - it will be possible to buy World Wrestling Entertainment (WWE) space. It is also interesting to note that Bloktopia is trying to implement new content creation and revenue mechanisms for all who choose to live in this metaverse. 

Cryptovoxels (CVPA)

This is a metaverse similar to Minecraft. It consists of a global digital infrastructure and blocks on which land users can continuously build various products. Assets can be traded on OpenSeaw in exchange for ETH, but Cryptovoxels also has its own currency - Cryptovoxels Parcel (CVPA).  On this platform, each user retains ownership of the land, which is also NFT. What can you do here? Build your virtual properties, adding posters, signs or a soundtrack, or simply sell them. As one of the oldest projects in the Metaverse, Cryptovoxels has managed to create a great community that has grown over the years, resulting in increasingly creative and exciting NFTs.

As you can see, Metaverse is growing at a rapid pace. Buying properties, interacting with people, going to concerts, entertainment, meeting celebrities from show business - these are just a few of the solutions that make virtuality penetrate reality.

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Token Engineering Process

Kajetan Olas

13 Apr 2024
Token Engineering Process

Token Engineering is an emerging field that addresses the systematic design and engineering of blockchain-based tokens. It applies rigorous mathematical methods from the Complex Systems Engineering discipline to tokenomics design.

In this article, we will walk through the Token Engineering Process and break it down into three key stages. Discovery Phase, Design Phase, and Deployment Phase.

Discovery Phase of Token Engineering Process

The first stage of the token engineering process is the Discovery Phase. It focuses on constructing high-level business plans, defining objectives, and identifying problems to be solved. That phase is also the time when token engineers first define key stakeholders in the project.

Defining the Problem

This may seem counterintuitive. Why would we start with the problem when designing tokenomics? Shouldn’t we start with more down-to-earth matters like token supply? The answer is No. Tokens are a medium for creating and exchanging value within a project’s ecosystem. Since crypto projects draw their value from solving problems that can’t be solved through TradFi mechanisms, their tokenomics should reflect that. 

The industry standard, developed by McKinsey & Co. and adapted to token engineering purposes by Outlier Ventures, is structuring the problem through a logic tree, following MECE.
MECE stands for Mutually Exclusive, Collectively Exhaustive. Mutually Exclusive means that problems in the tree should not overlap. Collectively Exhaustive means that the tree should cover all issues.

In practice, the “Problem” should be replaced by a whole problem statement worksheet. The same will hold for some of the boxes.
A commonly used tool for designing these kinds of diagrams is the Miro whiteboard.

Identifying Stakeholders and Value Flows in Token Engineering

This part is about identifying all relevant actors in the ecosystem and how value flows between them. To illustrate what we mean let’s consider an example of NFT marketplace. In its case, relevant actors might be sellers, buyers, NFT creators, and a marketplace owner. Possible value flow when conducting a transaction might be: buyer gets rid of his tokens, seller gets some of them, marketplace owner gets some of them as fees, and NFT creators get some of them as royalties.

Incentive Mechanisms Canvas

The last part of what we consider to be in the Discovery Phase is filling the Incentive Mechanisms Canvas. After successfully identifying value flows in the previous stage, token engineers search for frictions to desired behaviors and point out the undesired behaviors. For example, friction to activity on an NFT marketplace might be respecting royalty fees by marketplace owners since it reduces value flowing to the seller.

source: https://www.canva.com/design/DAFDTNKsIJs/8Ky9EoJJI7p98qKLIu2XNw/view#7

Design Phase of Token Engineering Process

The second stage of the Token Engineering Process is the Design Phase in which you make use of high-level descriptions from the previous step to come up with a specific design of the project. This will include everything that can be usually found in crypto whitepapers (e.g. governance mechanisms, incentive mechanisms, token supply, etc). After finishing the design, token engineers should represent the whole value flow and transactional logic on detailed visual diagrams. These diagrams will be a basis for creating mathematical models in the Deployment Phase. 

Token Engineering Artonomous Design Diagram
Artonomous design diagram, source: Artonomous GitHub

Objective Function

Every crypto project has some objective. The objective can consist of many goals, such as decentralization or token price. The objective function is a mathematical function assigning weights to different factors that influence the main objective in the order of their importance. This function will be a reference for machine learning algorithms in the next steps. They will try to find quantitative parameters (e.g. network fees) that maximize the output of this function.
Modified Metcalfe’s Law can serve as an inspiration during that step. It’s a framework for valuing crypto projects, but we believe that after adjustments it can also be used in this context.

Deployment Phase of Token Engineering Process

The Deployment Phase is final, but also the most demanding step in the process. It involves the implementation of machine learning algorithms that test our assumptions and optimize quantitative parameters. Token Engineering draws from Nassim Taleb’s concept of Antifragility and extensively uses feedback loops to make a system that gains from arising shocks.

Agent-based Modelling 

In agent-based modeling, we describe a set of behaviors and goals displayed by each agent participating in the system (this is why previous steps focused so much on describing stakeholders). Each agent is controlled by an autonomous AI and continuously optimizes his strategy. He learns from his experience and can mimic the behavior of other agents if he finds it effective (Reinforced Learning). This approach allows for mimicking real users, who adapt their strategies with time. An example adaptive agent would be a cryptocurrency trader, who changes his trading strategy in response to experiencing a loss of money.

Monte Carlo Simulations

Token Engineers use the Monte Carlo method to simulate the consequences of various possible interactions while taking into account the probability of their occurrence. By running a large number of simulations it’s possible to stress-test the project in multiple scenarios and identify emergent risks.

Testnet Deployment

If possible, it's highly beneficial for projects to extend the testing phase even further by letting real users use the network. Idea is the same as in agent-based testing - continuous optimization based on provided metrics. Furthermore, in case the project considers airdropping its tokens, giving them to early users is a great strategy. Even though part of the activity will be disingenuine and airdrop-oriented, such strategy still works better than most.

Time Duration

Token engineering process may take from as little as 2 weeks to as much as 5 months. It depends on the project category (Layer 1 protocol will require more time, than a simple DApp), and security requirements. For example, a bank issuing its digital token will have a very low risk tolerance.

Required Skills for Token Engineering

Token engineering is a multidisciplinary field and requires a great amount of specialized knowledge. Key knowledge areas are:

  • Systems Engineering
  • Machine Learning
  • Market Research
  • Capital Markets
  • Current trends in Web3
  • Blockchain Engineering
  • Statistics

Summary

The token engineering process consists of 3 steps: Discovery Phase, Design Phase, and Deployment Phase. It’s utilized mostly by established blockchain projects, and financial institutions like the International Monetary Fund. Even though it’s a very resource-consuming process, we believe it’s worth it. Projects that went through scrupulous design and testing before launch are much more likely to receive VC funding and be in the 10% of crypto projects that survive the bear market. Going through that process also has a symbolic meaning - it shows that the project is long-term oriented.

If you're looking to create a robust tokenomics model and go through institutional-grade testing please reach out to contact@nextrope.com. Our team is ready to help you with the token engineering process and ensure your project’s resilience in the long term.

FAQ

What does token engineering process look like?

  • Token engineering process is conducted in a 3-step methodical fashion. This includes Discovery Phase, Design Phase, and Deployment Phase. Each of these stages should be tailored to the specific needs of a project.

Is token engineering meant only for big projects?

  • We recommend that even small projects go through a simplified design and optimization process. This increases community's trust and makes sure that the tokenomics doesn't have any obvious flaws.

How long does the token engineering process take?

  • It depends on the project and may range from 2 weeks to 5 months.

What is Berachain? 🐻 ⛓️ + Proof-of-Liquidity Explained

Karolina

18 Mar 2024
What is Berachain? 🐻 ⛓️ + Proof-of-Liquidity Explained

Enter Berachain: a high-performance, EVM-compatible blockchain that is set to redefine the landscape of decentralized applications (dApps) and blockchain services. Built on the innovative Proof-of-Liquidity consensus and leveraging the robust Polaris framework alongside the CometBFT consensus engine, Berachain is poised to offer an unprecedented blend of efficiency, security, and user-centric benefits. Let's dive into what makes it a groundbreaking development in the blockchain ecosystem.

What is Berachain?

Overview

Berachain is an EVM-compatible Layer 1 (L1) blockchain that stands out through its adoption of the Proof-of-Liquidity (PoL) consensus mechanism. Designed to address the critical challenges faced by decentralized networks. It introduces a cutting-edge approach to blockchain governance and operations.

Key Features

  • High-performance Capabilities. Berachain is engineered for speed and scalability, catering to the growing demand for efficient blockchain solutions.
  • EVM Compatibility. It supports all Ethereum tooling, operations, and smart contract languages, making it a seamless transition for developers and projects from the Ethereum ecosystem.
  • Proof-of-Liquidity.This novel consensus mechanism focuses on building liquidity, decentralizing stake, and aligning the interests of validators and protocol developers.

MUST READ: Docs

EVM-Compatible vs EVM-Equivalent

EVM-Compatible

EVM compatibility means a blockchain can interact with Ethereum's ecosystem to some extent. It can interact supporting its smart contracts and tools but not replicating the entire EVM environment.

EVM-Equivalent

An EVM-equivalent blockchain, on the other hand, aims to fully replicate Ethereum's environment. It ensures complete compatibility and a smooth transition for developers and users alike.

Berachain's Position

Berachain can be considered an "EVM-equivalent-plus" blockchain. It supports all Ethereum operations, tooling, and additional functionalities that optimize for its unique Proof-of-Liquidity and abstracted use cases.

Berachain Modular First Approach

At the heart of Berachain's development philosophy is the Polaris EVM framework. It's a testament to the blockchain's commitment to modularity and flexibility. This approach allows for the easy separation of the EVM runtime layer, ensuring that Berachain can adapt and evolve without compromising on performance or security.

Proof Of Liquidity Overview

High-Level Model Objectives

  • Systemically Build Liquidity. By enhancing trading efficiency, price stability, and network growth, Berachain aims to foster a thriving ecosystem of decentralized applications.
  • Solve Stake Centralization. The PoL consensus works to distribute stake more evenly across the network, preventing monopolization and ensuring a decentralized, secure blockchain.
  • Align Protocols and Validators. Berachain encourages a symbiotic relationship between validators and the broader protocol ecosystem.

Proof-of-Liquidity vs Proof-of-Stake

Unlike traditional Proof of Stake (PoS), which often leads to stake centralization and reduced liquidity, Proof of Liquidity (PoL) introduces mechanisms to incentivize liquidity provision and ensure a fairer, more decentralized network. Berachain separates the governance token (BGT) from the chain's gas token (BERA) and incentives liquidity through BEX pools. Berachain's PoL aims to overcome the limitations of PoS, fostering a more secure and user-centric blockchain.

Berachain EVM and Modular Approach

Polaris EVM

Polaris EVM is the cornerstone of Berachain's EVM compatibility, offering developers an enhanced environment for smart contract execution that includes stateful precompiles and custom modules. This framework ensures that Berachain not only meets but exceeds the capabilities of the traditional Ethereum Virtual Machine.

CometBFT

The CometBFT consensus engine underpins Berachain's network, providing a secure and efficient mechanism for transaction verification and block production. By leveraging the principles of Byzantine fault tolerance (BFT), CometBFT ensures the integrity and resilience of the Berachain blockchain.

Conclusion

Berachain represents a significant leap forward in blockchain technology, combining the best of Ethereum's ecosystem with innovative consensus mechanisms and a modular development approach. As the blockchain landscape continues to evolve, Berachain stands out as a promising platform for developers, users, and validators alike, offering a scalable, efficient, and inclusive environment for decentralized applications and services.

Resources

For those interested in exploring further, a wealth of resources is available, including the Berachain documentation, GitHub repository, and community forums. It offers a compelling vision for the future of blockchain technology, marked by efficiency, security, and community-driven innovation.

FAQ

How is Berachain different?

  • It integrates Proof-of-Liquidity to address stake centralization and enhance liquidity, setting it apart from other blockchains.

Is Berachain EVM-compatible?

  • Yes, it supports Ethereum's tooling and smart contract languages, facilitating easy migration of dApps.

Can it handle high transaction volumes?

  • Yes, thanks to the Polaris framework and CometBFT consensus engine, it's built for scalability and high throughput.