Real World Problems Being Solved with Blockchain Technology

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Making progress but still a long way to go as people can use Helium services if they possess $HNT tokens and there are service providers in that area (as seen in the chart above). This happens through a consensus mechanism unique to Helium called “Proof of Coverage.” However, users can now also sign up for a new $5/month service called “Helium Mobile” and get full network coverage from Helium and their new Network partner, T-Mobile. Miners and hotspot / service providers get paid out $HNT token in exchange for providing services to users. Helium makes it easy and fully transparent to be on either side (or both) of this ecosystem. 

Speaking of coverage, we have seen “Metaverse” companies of all shapes and sizes pop up during the last few years, especially with the continued popularity of blockchains and online media.

That said, we have not seen many groups do it all that well. The Sandbox might have reached mass consciousness and attracted major celebrities, but their platform looks like a crappy, half-developed game from 2010 or earlier.

These stylized facts become apparent in the data. As of October 10th, 2022, The Sandbox had 616 Daily Active Users (DAUs) and Decentraland, another Metaverse product that was massively popular during the last few years, had just 23.

Blockcities, on the other hand, has developed infrastructure for the real world while leveraging the “Metaverse” in the process.

Designed to be a bridge between digital and physical worlds, Blockcities has created a digital twin of the earth to visualize future upgrades in the real world. They did this by overlaying the entire world with high resolution Google Map images broken out into hexagons that investors can purchase to own that land in the Blockcities “Metaverse.” 

All functionality is facilitated through smart contracts, with the ability to be exported as widgets that can show up in other systems. In the near future, this will look like pins tied to real world locations, each pin with unique utility.

The plan is for all current functions of cities to occur in a more efficient, transparent, and technology-enabled way. This includes everything from voting to bidding on open community projects, analyzing properties available for rent and purchase to owning shares of real world assets, and more. This is a B2B, B2C, B2G, and G2C play.

While these functions may appear in a “Metaverse” setting, Blockcities has been built to integrate the physical world into functionality and application as much as possible. 

At this point, it’s very important to understand that each of these tech platforms is and should be considered its own “Metaverse,” and that the word “Metaverse” really just describes any digital platform that allows users to interact simultaneously in the same place – even Instagram and Snapchat are examples of Metaverses in the truest sense of the word – although digital twins and AR / VR have pushed us towards accepting more of this new tech as the modern “Metaverse.”

Blockcities is doing a lot differently than many other Metaverses that we find particularly interesting. The first thing is that it’s structured as a DAO based on land ownership, which is very rare for Metaverse projects.

While many other projects have focused on community, Blockcities has focused on community but also utility for investors, starting specifically with governance. They are working to partner with local governments for the governance of Blockcities-owned parcels to be settled on-chain.

Establishing strong or at least some sort of communication between local government and highly modernized technology will happen eventually. The sooner that work starts, the higher chance of success, alignment, and progress on things we care about. There are big problems facing us all, but tech can help us solve them.

Blockcities also encourages real ownership alongside digital ownership and has plans to deliver additional tangible benefits other than governance and community to landowners over time. Like many other Metaverses, there is a fee share for others doing things on (or sometimes even just visiting) your land in the virtual world.

Outside of the virtual world, Utah-based startup Estate Chain is one of many groups helping settle physical real estate transactions in crypto. However, Estate Chain and most of the other groups mentioned so far in this article are relatively new and / or startup companies. There are large groups in the space that have tried and true technology as shown by their transaction volume.

One group, Propy, has done over $4B in transactions since its founding in 2015. This group helps users settle transactions in crypto, ensure proper property title diligence and transfer, and even turn houses into NFTs.

Kaleido provides blockchain solutions that help streamline auditing, operations, customs, payment, and more for all sorts of different interest groups. Their solutions have been used by organizations like the United Nations and the Center for Disease Control and Prevention. 

We are very interested in the progression of blockchain in music as well. From legal to distribution and monetization, there is so much potential for positive disruption.

One group called Mediachain is working to bring power to creators through the blockchain. One of their main focuses is giving musicians the ability to better monetize their work in a more transparent way.

In terms of decentralization, it’s ironic that Mediachain was sold to Spotify in 2017, but it’s cool to see them still operating as an independent entity for the most part.

As we keep identifying the most interesting technologies in the space, we are excited to be part of building and investing alongside these creators to help bring the most value to this space and the world as a whole.

We may or may not be invested in any of the above-mentioned companies / organizations at any point in time. As always, please note that none of this is or should be considered financial advice. 

If you want to learn more, feel free to reach out to us at any time.

We appreciate you reading!

The BMIG Team

 

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