Futureverse recently announced that they have combined eight companies together to form an open metaverse ecosystem. They have invested $150 million to develop one of the most intricate ecosystems in the web3 space.
Here is everything you need to know in under 5 minutes:
What is the 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 creator technology.
The merger of these technologies aims to create a foundation for metaverse applications with a focus on user safety and experience. The goal is to lead in onboarding the next generation of users and enable them to collectively build and create the future together. Additionally, a rich content layer creates powerful community network effects over the infrastructure.
The Futureverse is the brainchild of Aaron McDonald, Shara Senderoff, and Marco Brondani with the goal of building a powerful community network effect and promoting interoperability and community-governed, user-owned technology.
The Technology Behind Futureverse
The Futureverse includes a decentralized blockchain network (Root Network) optimized for user onboarding and experience, a decentralized identity and passport protocol, a decentralized delegation protocol, a decentralized communications protocol, a decentralized AI protocol, payment networks and wallets, and a rich set of content assets.
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 is the core of the Futureverse ecosystem.
The Root Network is launching in multiple phases, starting with an Alpha launch that includes key elements of their protocol infrastructure and a month of testing and feedback.
In the second phase, the Beta launch, the full infrastructure and source code will be public, and partner applications will begin onboarding production apps and users onto the network. The Root Network will continue to evolve to support the requirements of the Futureverse platform and applications in the future.
The root network will be used to integrate four crucial components of the Futureverse infrastructure:
- Artificial intelligence
All these components will be brought together to create the ultimate user experience on the decentralized internet.
Support for EVM Smart Contracts
The Root Network protocol uses the Ethereum Virtual Machine (EVM) which allows it to read and execute Solidity smart contracts. This provides developers with access to smart contract functionality and allows for existing code written for Ethereum to run on The Root Network. Additionally, the use of EVM also provides broad support for smart contracts and DApps and compatibility with NFT ecosystem assets.
The Root Network utilizes Substrate as its core technology. Substrate offers advantages such as a large developer community and the ability to customize the chain runtimes to improve user experience.
The custom runtimes offered by The Root Network, such as for Non-Fungible Assets, GAS Economy, Fungible Assets, Decentralized Exchange, Oracles, and more, enable creators to build various applications and content without needing to have expertise in smart contract development. This also ensures an exceptional user onboarding experience.
The Open Metaverse
The Futurverse is built on top of the Open Metaverse. But what is this ‘Open Metaverse’?
The Open Metaverse is a concept for the next evolution of the internet that aims to create a decentralized, trustless, and community-owned digital economy. If consumers were excited about the metaverse, the idea of an Open metaverse should blow them away.
It aims to create an immersive experience by removing the boundaries between different areas of the internet, such as finance, gaming, social media, and commerce and giving users control over their assets, data, and transactions through the use of open-source code and open standards.
This aims to give ownership and control back to users and communities, rather than being controlled by large corporations.
The 8 companies that came together to make the vision of the Open Metaverse achievable are:
- Non-Fungible Labs– Experts in the NFT industry since yesterday. They create ecosystem avatars and world environments such as Fluf World.
- Altered State Machine – Create, train, and own the world’s first Non-Fungible Intelligence.
- Sylo – A Decentralised Network, Protocol & Communications Platform.
- Shadows Interactive – A character-first entertainment studio using technology and art to build engaged audiences online. They are the creators of Party Bear.
- Centrapass – Building a digital village where every person can build trust with each other again.
- Centrapay – Enabling businesses to provide people with more rewarding and personalized payment experiences.
- Immersve – web3, metaverse, and in-real-life payments protocol.
- Altered Phoenix – A New Zealand-based team of global game development talent with a passion for making excellent games.
Partnerships, Investors, and Collaborators
The Futureverse is an open metaverse project that collaborates with various web3 projects and notable partners such as FIFA, Warner Music, and various celebrities.
They are heavily backed by leading venture capital firms and focus on investing in under-represented artists, creatives, and communities to create more diverse, equitable, and inclusive spaces both in the metaverse and in the real world.
Some of the companies invested in the Futureverse include the Chernin Group, Anamosa, Goldentree, Coinbase, Delphi Digital, Polygon Studios, Animoca Brands, Enjin Starter, Flamingo, and AirTree.
Actor Keanu Reeves and his long-time girlfriend and artist, Alexandra Grant, will be supporting under-represented artists using the Futureverse as their platform of choice.
The Futureverse is massive. They achieved a synergy among companies that is usually hard to achieve in the traditional finance world. Futureverse in itself is a non-profit organization that will fight o uphold respect, stewardship, ethics, learning, innovation and transparency in the Open Metaverse they are building.
Vincent Munene is a freelance writer and a great blockchain enthusiast. Blockchain has changed his life in terms of financial freedom and in return, he likes to educate people and keep them up to date on everything blockchain. He is a Biochemist by profession and also loves to play the piano.