The notion of Metaverse arguably refers to the digitalization and dematerialization of a great many facets of our surroundings and activities. It is uncontested that the Metaverse will not only affect but also become part of everyone’s future.
As our society values freedom above all else, it is necessary to keep the provisioning of Metaverse and its inclusion in the control of the people, as opposed to leaving it for a selected few Big Tech. To this end, decentralization is the only provably feasible approach. The Decentralised Metaverse, which is built atop the Decentralized Ledger Technology (DLT), is the one and only Metaverse that will prevail.
Identities in the Metaverse
Digital identities will play the central role in the Metaverse. They equip people from every walk of life with a capability of expressing and presenting themselves in new ways, allowing for new forms of interaction. As the metaverse itself needs decentralizing, the issuance, management and utilization of these digital identities also necessitate decentralization.
We take a dual approach to tackle the aforementioned sine qua non. On the one hand, the digital identity can be represented by a Soul Bound Token (SBT) that tenants a decentralized ledger (aka blockchain). SBTs are issued and bound to unique blockchain accounts or wallets associated with specific individuals. On the other hand, Urust Global follows and contributes to the open standard set forth by W3C Decentralized Identifier Working Group and the Decentralized Identity Foundation (DIF).
Transacting in the Metaverse
The traditional financial systems include too many hindrances, whereas the native crypto solutions typically lack necessary KYC and AML measurements. Urust Global strikes a delicate balance between DTL-empowered cross-border payment and the rigorousness and accountability of any large-scale transaction system.
We build atop Ripple Liquidity Hub that has inherent support for digital assets from global crypto markets. In addition, our platform is intentionally built to be EVM-compatible, allowing the merge between legacy systems with the smart contracts incorporating decentralized finance business logic on the blockchains, in particular Binance Smart Chain and Ethereum.
Urust Global’s Distinguished Metaverse Suite
Urust Global provides a mobile user-agent application and all dominant blockchains’ major token standards.
The standard KYC procedure is designed to perform legacy identity verification
Urust Global provides a mechanism for an individual to obtain a Consolidated ID (CID), which amalgamates all of his/her existing Web 2.0-based IDs.
Urust Global furnishes an auto-conversion functionality that allows users to pay Urust Global’s native currency for services and to all merchants.
Urust Global’s Omni Bridge is designed to be a mechanism that seamlessly connects all these heterogeneous platforms together.