Bitcoin for VR? Future virtual economy may provide real life needs

High Fidelity, a VR social application founded by Second Life founder Philip Rosedale, recently launched a virtual store called Avatar Island, the world's first digital asset store. Although the purchase of virtual hats, clothes, and other items is not new to gamers, the significance of High Fidelity lies in the creation of encrypted virtual currencies and the use of a blockchain-based ledger system to manage these digital currencies. Both of these are paving the way for the future of the virtual world economy.

High Fidelity's cryptocurrency is called “High Fidelity Coin (HFC)”. Unlike other currency types, although it can be converted to the local legal currency or other cryptocurrency through an exchange, it cannot be like Bitcoin or Ethereum. It is controlled by the user. Instead, it can only be managed by the company. Therefore, HFC will grow with the economic growth.

The HFC is so special because it places more emphasis on stability than liquidity, and it also links digital goods exchange with digital asset registration (DAR). As an open ledger, DAR stores information about the ownership of digital assets in the virtual world and protects intellectual property by embedding the relevant certificates of project ownership into blockchains. This certification cannot be changed, nor can it be deleted, but it also contains the chain of ownership, characteristics of the object concerned, and all historical information from inside the object that has been verified as valid.

According to an article previously written by the company's COO Thomas Schofield, DAR allows digital products (hash algorithms) to identify each product, even calling it "a bridge to the real world. Schofield also stated that Avatar Island is The construction of a virtual economy has taken a major step toward sustainable development. In a more general sense, this is an important milestone in the virtual world.

“In the future, ownership of items recorded on the DAR can also be converted between the virtual world and the real world. Imagine buying a pair of shoes on Avatar Island and receiving a coupon for the same pair of shoes in a real-world store. The distribution and trust of the blockchain make it possible," Schofield said.

Currently High Fidelity is conducting a closure test for its Avatar Island and therefore does not set a value for the HFC currency. However, Schofield pointed out that DAR is an important part of the future VR and virtual world. Over time, it will also provide various digital certification services.

From Second Life to High Fidelity, Philip Rosedale has been working hard to create an immersive social VR world with a large number of users, and “High Fidelity Coin” to “bridge to the real world” means that the digital property of the virtual world will be the same as that of the real world. It is equally important, although it sounds far away, but who dares to say that this is not possible? When the future comes true, I believe that many people will devote themselves to the virtual world to find their own "Second Life."

This article is original by VR net, please indicate VR net and chain back.

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