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Blockchain and Cryptocurrency in High Fidelity and Qbit e-Commerce VR Solutions

 

Qbit’s mission is to create links between research on new technologies and businesses. The bridge that Qbit is creating impacts different sectors of business world: training (as you probably read in recent posts), collaborations and meetings, virtual assistants and last but not least e-Commerce.

 

e-Commerce transactions

Mattia Crespi, Qbit’s CEO, spoke about the future of the e-commerce some months ago during the World Department Store Forum (WDSF) in Toronto, Canada. From the shopping point of view, e-Commerce will probably become a more immersive and ambient experience; while from the transactions point of view, the revolution is already taking place around us: on the 27th of November, Bitcoin currency hit a new record, “Currencies such as Bitcoin use blockchain, which is an online ledger of transactions maintained by a network of anonymous computers on the internet. They are not backed by any government, nor central bank and therefore there is no-one responsible for backing their value.

Bitcoin year 2017

High Fidelity Blockchain

Cryptocurrency and Blockchain in general surely have an incredible number of applications, but the killer app for blockchains is the metaverse, as Philip Rosedale stated on High Fidelity blog. Strongly believing in that vision, High Fidelity is building a whole infrastructure to introduce the cryptocurrency in virtual worlds: bitcoins and other blockchains’ systems are not suitable for High Fidelity virtual worlds because of the frequency of transactions, as Philip Rosedale explained in this video, that’s why there is the need to build a brand new decentralized and fast system, exploiting High Fidelity open source, client-server cloud architecture: a new blockchain maintained by federated consensus. Qbit will be part of the small consensus group as a block-signing node.

The new currency introduced by High Fidelity will be the HFC, a non inflationary currency based on the new blockchain system. Along with HFC, High Fidelity is proposing another important blockchain based mechanism: the Digital Asset Registry (DAR). The DAR will be crucial in the identification of virtual goods, in particular for the proof of provenance. All these transactions will take place on High Fidelity marketplace, on which Qbit is present from the beginning. Right now, these blockchain mechanism are active on a private beta by High Fidelity and Qbit will soon participate to the beta testing.

Blockchain and eCommerce in 3D

Blockchain for real world commerce

But, if it is true that virtual worlds are a killer app for blockchains, it is also true that blockchains and cryptocurrencies will have and are already having an impact on the real world. Qbit is focused on helping companies to have access to breakthrough technologies, but not all companies are interested in selling virtual goods on virtual worlds; some are just interested in selling real goods on virtual worlds or selling real goods in a virtual ambient that is not open. High Fidelity as a platform has been and will continue to be an extremely powerful VR engine for Qbit solutions, but these latest news are opening countless possibilities for Qbit vision about e-commerce.

Qbit eCommerce VR Solutions

HFC will serve as the main cryptocurrency in Qbit e-commerce projects, regardless the platform on which these projects are built, as a matter of fact High Fidelity blockchain system will survive even if High Fidelity will disappear as a company. Also, the Digital Asset Registry could be used as a bridge between virtual and real purchases, “You might buy a pair of shoes for your avatar in the virtual world and receive an unfalsifiable coupon for the same pair of shoes in a real store.” stated Dean Takahashi in this article. Beside that, Qbit is already building a virtual city on High Fidelity virtual worlds: Quantum City, among other things, aims to become the first hub where real world brands will sell their goods and user can buy them as virtual goods for their avatars and/or as real goods for themselves. In next months there will be lots of news about Quantum city project.