Coinbase founder, Brian Armstrong is now looking at the potential of virtual currency in virtual reality. In his latest blog, entitled “Digital Currency Could Be Widely Used in VR”, Armstrong began writing about his hypothesis, believing “Digital Currency Will Have More Hype in Virtual Reality”.
Virtual Reality and Virtual Currency?
Virtual reality is a way of experiencing the computer-generated environment using VR devices such as Oculus Rift, Google Cardboard, HTC Vive and other. VR is on mainstream, targeting $26.89 billion revenue by 2022. According to the Armstrong, transactions in the virtual world occurred using various currencies. The idea of using Digital currencies in the digital word would enable people to spend more time in the virtual world.
He referred to books like Ready Player One or Cryptonomicon, written on virtual reality which described the time people would be spending in the future. He said that;
Virtual worlds are things like Second Life. VR is not required to have a virtual world (Second Life is an example here), but VR will likely accelerate the usage of virtual worlds dramatically.
His continued talk about second life economy described the possible things people can access the virtual world. He claimed this world will allow people to buy almost everything including vehicles, real estate, teleportation for instant travel and other entertainment stuff. Furthermore, he explained that there are firms like High Fidelity, Alt Space, and VR Chat which are presently building virtual worlds in VR today.
Using Decentralized Currency in Virtual World
His blog highlights the developers or the creator of the virtual world and how can they be benefited by using digital currency in the virtual world. According to him
• Developers can create their own centralized digital currency (He referred Linden Dollar in this regard)
• Existing cryptocurrencies like Ethereum and Bitcoin can be used