Please describe your proposed solution.
S U M M A R Y
<u>PROBLEM STATEMENT</u>
But at first glance, a metaverse does not appear to be a good fit for using blockchain smart contracts. As people work, shop, play, track shipments, and otherwise conduct business on the metaverse, they create transactions around locally relevant units of logic that would require thousands of lines of code to capture in aggregate. Smart contracts, on the other hand, are severely limited in the amount of physical resources and units of processing they can consume.
<u>METAVERSE AND DAPPS </u>
Both Metaveres and DApps an be built on a sliding scale of emulsion and high and low resolution.
We don't distinguish between a low-resolution Metaverse and a very advanced DApp. There is no point where a Metaverse is not a DApp and some DApps may are Metaverse.
<u>REASONING BEHIND OUR APPROACH</u>
What is required, a new kind of smart contract that, while being trustless and transparent like our current conception of smart contracts, has been optimized to execute isolated arbitrarily selected units of logic without using unrelated resources or consuming additional processing. Logic may be limited to a visual component; a location in the metaverse, or a set of laws specific to a domain such as property rights. Our approach is unique in that it meets the requirement described above.
<u>STAKEHOLDERS & USERS</u>
Our usability tests have shown clear evidence that metaverses address a broader more inclusive audience and extend the frontier for DApps that are required to present complex or process based logic (see below). The Cardano developer community will find Metaverse Builder a great tool for building DApps with complex logic that need to be delivered quickly with both high quality and high reliability.
<u>IMPLEMENTATION </u>
The cost of executing a unit of logic must be independent of the aggregate amount of logic and a function ONLY of the local logic needed to handle the request.
To achieve better properties develop a very small library that contains methods which can be run on a script.
Plutus Library
In our system, the processing logic is accomplished when data packets are sent across interconnected nodes (figure 6). Each node can modify the data packet using local logic and forward it to the subset of nodes it knows about.
The algorithm we use is deterministic and optimized to be highly performant while conserving resources. The data and relationships determine a unique firing-chain (see figure 6) in response to user input in a reactive system.
Figure 6
Each operation in the path is isolated and contains both the data and logic to determine:
- The operation is fireable.
- What logic must be executed when fired.
- The next operation(s) in the sequence to be fired.
The operation does not need to know the history of the firing chain or the logic in the next operations. Its entire raison d'etre is confined to the outputs that are generated from its inputs.
Figure 7
Each segment of the execution chain can be:
- decomposed (figure 7).
- aggregated (figure 7).
Formal Verification
Formal Verification is the state of the art way to prevent bugs in programs. It goes beyond what testing can do and provides and uses mathematical techniques to prove a program is correct.
Our extension allows these methods to apply to Cardano DApps.
This gives us exactly what we need to handle the massive amount of transactional logic that is required to be run on the blockchain.
<u>PLUTUS</u>
The three types of data that are needed to run our super script are describe in Table 1.
Table 1
The best part of this implementation is that our enhanced scripting language runs as a Plutus script.
To invoke a Plutus smart contract it is only necessary to pass in the trigger data.
Our Plutus script will execute the trigger data after retrieving location data and structure data from the Datum of the outputs
Figure 8
The inputs will contain both the Structured Data and Location Data. Since Structure Data never changes, the transactions output will have a EUTXO with the identical Structured data as the input.
The EUTXO output Location Data on the other hand will not be the same as the EUTXO of the input data (see figure 9). Note that this is a somewhat idealized view and there will be more than one of both the Structure EUTXOs and the Location Data UTXOs.
Figure 9
Vasil Hark Fork Optimizations
The performance of our application can be improved by using new Plutus Capabilities that are coming in the Vasil hard fork.
CIP 31 (reference inputs) - allowing to reference of Structural Data without consuming it.
CIP 33 (reference scripts)- allowing our contract to be much smaller.
<u>OUTPUT OF THIS PROPOSAL</u>
A version 2.0 of our metaverse builder platform that uses Plutus Smart Contracts for transactions that require Cardano blockchain.
- There is an exchange of value.
- There is an exchange of information that might inform decisions of economic importance.
- Expensive assets, CNFTs, like virtual land, are traded, sold, rented …
- A digital twin relationship exists that requires validation, such might be the case for example in the case where an CNFT represents an asset like a box of tomatoes that is stored or being shipped.
<u>OUTCOMES</u>
Upon completion of this project building a metaverse with deep integration with Cardano will have been reduced by several magnitudes of order.
Building a highly transactional metaverse even with a low budget, short amount of time, and limited expertise, a large variety of applications can be built.
Examples of use cases include.
Brand Loyalty and Rewards - Large brands, not eager to direct their customers to the mega metaverse(s), will launch campaigns and loyalty programs based on a gamifications that combines customer actions like purchases, and achieve game objectives like new level that grants special perks such as discounts, line-skipping, or NFT ownership.
NFT Sales and Trading - NFT Collections will want to set up their own marketplaces where they can sell, or trade their NFTs in ways that are unique to their collection. Trading baskets of NFTs, discounts for early purchasers, etc… Every NFT Collection can have its OpenSea.
Supply Chain Management/Food Traceability - Metaverses become an ideal metaphor for explaining complex processes such as Supply Chain Management, Food Traceability, etc. Our experience (described below) has shown that a metaverse model of a complex Food Traceability application can be intuitively understood by individuals with little or no education (see attached case study).
DeFi/Insuretech - Multiple stage defi operations such as lending and insurance will be represented as a metaverse game. Apps such as DeFiLand7 have already entered this space.
Sports - The rich emursive possibilities of the sport along with the strong competition between branding will make Ad Hoc metaverses a strong fit for clubs and teams. Sports oriented games like fantasy football will be an attractive target.
Virtual Work - People confined or marginalized by reality are likely to be the first adopters of virtual experiences in the metaverse. Metaverses will allow people from locations in the Global South to find jobs all over the world.
Replacement for Web 2.0 Websites - The Metaverse paradigm is now a credible candidate for being the interface of Web 3.0. The obvious impediment to realizing this status is the difficulty of building a metaverse as compared to building a Web 2.0 website. Another obstacle is that the emulsive nature of the metaverse requires the ability to customize to the objectives and audience of retail, fintech, and NFT sales… Metaverse Builder solves these problems in a way that will let it become the fulfillment of Web 3.0.
<u>SOCIAL IMPACT</u>
One of the metaverse’s attractions is that it sits outside the traditional edges of reality and therein offers an alternative medium for people to socialize, work, invest, or explore. People confined or marginalized by reality are likely to benefit most from the Metaverse. This includes individuals that live in developing countries and lack economic opportunities.
Benefits to Developing Economies
The benefits of complex technology such as Supply Chain Management/Food Traceability, DeFi Loans, and InsureTech… require domain knowledge that is impossible to convey with Web 2.0 interfaces. Metaverse provides the ability to gamify real world processes that make complex technology available in regions where specialists are hard to find.
Our Pioneering work using Metaverse for Food Supply Chains in Ghana Africa.
We are pioneering the use of Metaverse in developing countries so that rural communities and villages can benefit from using food provenance applications that raise the income of small landholder farmers while combating the epidemic of food poisoning that accounts for 137,000 deaths and 91 million acute illnesses in Africa every year (Read more in the Appendix).
Not all DApps need to be a metaverse but a low-resolution metaverse should be considered for any DApp that requires the user to make complex decisions; where differences in culture, language and education levels make in the DApps users require a different approach, where the DApp is a game, or is meant for the creative economy.
Please describe how your proposed solution will address the Challenge that you have submitted it in.
The project addresses the requirements for
A. Simplify building Novel and viable applications and products on top of Cardano attracting users. pulling in more adoption.
B. Will increase the number of DApps built on Cardano by providing a platform with significant advantages when building emulsive and non-emulsive DApps.
- Greater overlap between the metaverse, the real world, and blockchain.
- Faster time-to-market for building DApps
- Lower cost of development
- Confidence is correct implementation - Formal Verification.
- Affordable ad hoc metaverses
- Rapid prototyping
- Synchronization of events such as the creation of a digital twin between the multiverse and the real world.
- Users bring their assets and metadata with them when teleporting.
C. Cardano has exactly the right environment to implement this project, e.g, Plutus Smart Contracts
Thinking Big
Metaverse is a large factor driving users to use blockchain. We are thinking big! A emulsive DApps (metaverses) can drive thousand of users and create millions of jobs in the creator economy. But a product that unleashes the creativity of the Cardano Community to build their own metaverse, by reducing reducing the barrier to entry will have a massive multiplier effect.
Why Now
With a very high Growth rate (estimates around 36% - 40%), multiverses are making a strong claim for becoming the Web 3.0 replacement for the Web 2.0 website. The so-called low-res metaverses - are DApps
- They provide the right environment for persuasion and helping customers make purchasing decisions where fully immersive experiences may distract visitors from fulfilling objectives.
- They don’t require a high bandwidth network connection.
- They address the creator economy. Many low tech voxel editors can be found on the Apple and Google App stores that allow anyone to build 3D models for the metaverse. It is estimated that a single metaverse could create millions of jobs.
Analytic Data
- Bloomberg predicts the global metaverse revenue opportunity could approach $800 billion in 2024 10
- Forrester research shows that 76% of US B2C marketing executives plan to invest in metaverse-related activities in 2022 8
- Gartner predicts 25% of people will spend at least one hour per day in the metaverse by 2026 9
- Grayscale reports a dramatic increase in metaverse Wallets2 (see Figure 2)
Figure 2
What are the main risks that could prevent you from delivering the project successfully and please explain how you will mitigate each risk?
Changing in underlying libraries and technology
We will develop by designing the API first. Clients of 3rd party applications
Return of Covid causing the team to have to work from home
We have developed extensive plans including providing communication equipment on computers, equipments like desks and chairs, and laptops.
We have been through two lockdowns and understand this process.
Sickness or other emergency by the team members, architect, or lead.
We follow a documentation process that includes daily updates to our project management product as well as updates to our architect documents. Team members are cross trained so a substitute can take over if needed.
Project may go over budget.
Our experienced team leads and architects created project plan and budget and are satisfied the budget will take us to completion. If there is a shortfall in the budget, very unlikely, the company will absorb the loss not Catalyst since it was our estimation.
Project may take longer than estimated
The company follows a project management methodology, Agile Methodology, that is designed to provide advanced warning to potential delays. Any potential bottlenecks are identified immediately and can be addressed before a serious problem occurs.