Decentralized Finance (DeFi) is a blockchain based method of making financial transactions. Unlike a bank, which pays the consumer interest for deposits, which it uses to make loans at a slightly higher rate, a DeFi transaction is mediated by a protocol, not a middleman who gets additional fees for services. DeFi cuts out the bank, and instead runs the transactions through a marketplace, theoretically saving money, speeding the transaction, and adding security with a blockchain-based transaction.
The hallmarks of emerging technology are two fold: lots of conferences and confusion over language. People in immersive computing continue to reject the catch all XR, insisting on AR/VR instead. No one cares anymore, honestly. And there are far fewer conferences about AR and VR. They are about Metaverse and web3 now.
Current uses of web3 Technology
web3 is an approach to decentralizing the internet using peer-to-peer protocols to create a decentralized open network free of gatekeepers like Apple, Amazon, Meta and Google. The term was introduced by Ethereum co-founder Gavin Wood in 2014 and popularized last year when leading technology venture capital firms established multibillion dollar funds for new web3 projects.
A good example of the decentralizing power of web3 technologies is Otoy, a company you’ve probably never heard of because it works quietly in the background of the games and entertainment business, helping to turn the work of artists, captured as code, into 60 frames per second of high-resolution 2D or 3D images. This process is called “rendering”. Otoy adds a proprietary "secret sauce" of AI and machine learning to make the process faster and cheaper while eliminating “noise” or mistakes that sometimes mar the output. While you’re not using your computer at night, Otoy rents your processing power. Producers pay for processing with render tokens (RNDR) which can be sold for cash on a crypto exchange, and fluctuate in value depending on demand.
Continue reading: https://www.forbes.com/sites/charliefink/2022/06/06/defi-web3-and-the-meta-metaverse/?sh=65ad68596802
The hallmarks of emerging technology are two fold: lots of conferences and confusion over language. People in immersive computing continue to reject the catch all XR, insisting on AR/VR instead. No one cares anymore, honestly. And there are far fewer conferences about AR and VR. They are about Metaverse and web3 now.
Current uses of web3 Technology
web3 is an approach to decentralizing the internet using peer-to-peer protocols to create a decentralized open network free of gatekeepers like Apple, Amazon, Meta and Google. The term was introduced by Ethereum co-founder Gavin Wood in 2014 and popularized last year when leading technology venture capital firms established multibillion dollar funds for new web3 projects.
A good example of the decentralizing power of web3 technologies is Otoy, a company you’ve probably never heard of because it works quietly in the background of the games and entertainment business, helping to turn the work of artists, captured as code, into 60 frames per second of high-resolution 2D or 3D images. This process is called “rendering”. Otoy adds a proprietary "secret sauce" of AI and machine learning to make the process faster and cheaper while eliminating “noise” or mistakes that sometimes mar the output. While you’re not using your computer at night, Otoy rents your processing power. Producers pay for processing with render tokens (RNDR) which can be sold for cash on a crypto exchange, and fluctuate in value depending on demand.
Continue reading: https://www.forbes.com/sites/charliefink/2022/06/06/defi-web3-and-the-meta-metaverse/?sh=65ad68596802
