South Korean Automaker Hyundai Joins The Metaverse

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Welcome to The Daily Forkast, January 7th, 2022, presented by Megha Chaddah. For the latest in blockchain & crypto news. On today’s show: 00:00 Coming Up 00:38 Hyundai announces Meta-Factory plan 01:54 Crypto market remains in the red 03:47 Digital asset interoperability set to be big in 2022 — Korea is going full steam ahead with the Metaverse, with big announcements from both Hyundai and Samsung at CES 2022 event. Automaker Hyundai said it has partnered with 3D content platform Unity to build a metaverse factory. The meta factory concept will build a digital twin of Hyundai Motor Global Innovation Center in Singapore, supported by a metaverse platform, allowing staff to solve problems without having to physically visit. And customers will be able to test drive cars virtually before trying them out on the road for real. Korean electronics giant Samsung has opened a new metaverse destination named Samsung 837X modeled on its New York City location, which calls an experience rather than an old fashioned store. Users can enter the virtual world of Samsung 837X via Decentraland. Users can buy and sell digital assets, including land and variables, as well as learning more about climate change action in the sustainability forest. Over in the crypto markets, the sea of red continued Friday morning Asia time after Thursday’s flash crash, with Bitcoin losing just over 2.5% in twenty four hours, falling below the US$42,000 mark. Ethereum, Solana and Terra were the hardest hit among the top 10 by market cap, each dropping around 6% in the 24 hours to Friday morning Asia time. But one expert told Forkast.News while sentiment remains bearish for the moment, it’s worth taking a step back from the short term. He also says that while it’s difficult to identify exactly where the bottom is, the market will eventually bounce back. And though this week’s dip was closely aligned with the broader market, he doesn’t see that continuing due to the yield crypto has to offer. He also sees greater divergence ahead within the crypto market as it matures. He says there’s already a divergence between the investor profiles for the two largest market cap cryptocurrencies Bitcoin and Ethereum, with investors becoming more sophisticated as more and more enter the space. Adrian Brink of Anouma, a protocol that enables trading of any kind of digital assets among any number of parties with full zero knowledge privacy, joins me now to discuss how disintermediation could change the face of digital assets as we know them. Megha Chaddah: The digital asset infrastructure in place at the moment is fairly siloed. For example, if one trades an NFT, it’s largely on Ethereum?. What limitations do you see of the existing system? Adrian Brink: The limitations are twofold for one, assets are locked into their specific systems, meaning that you have to reissue the same asset over and over again because you can’t easily move in an asset from a Ethereum to Near, for example. This is going to change in 2022, interoperability is coming and it’s here to stay. The second big problem, though, is that you locked into the fundamental capabilities of what you can do within specific state machines. For example, you’re locked into what exactly can happen on an exchange like OpenSea, which there’s a funny anecdote. My co-founder Chris actually built the underlying backend the underlying set of smart contracts that facilitates all of the trading behind OpenSea and in 2020, to also see that users can take the assets that were issued, maybe on a to platforms that give them completely new capabilities, thereby growing what users can do within the blockchain space in the industry as a whole. Because all of a sudden we can start seeing hundreds of different chains provide different kinds of capabilities to end users. Megha Chaddah: Now, 2022 is being looked at as the year that could dramatically change crypto systems. Do you expect a big push towards interoperability between blockchains? Absolutely. And I think here it’s important to understand that interoperability comes currently, there is some sort of interoperability, but it’s mostly a centralized, like five out of six multi Sic style bridging like an exchange like Kraken is also an interoperability system, right? Because it allows you to move from one asset into another and to withdraw to deposit an asset on Ethereum and to withdraw an asset on Bitcoin. But these are all fundamentally trusted bridges. In 2022, though, we are going to start seeing truly trustless interoperability where you don’t have to trust any third party where protocols directly natively talk to each other. And this is probably going to happen via a protocol such as IBC that you can see a direct connection without any middlemen from. — #Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #Metaverse #Decentraland #Hyundai #Samsung #Bitcoin #Ethereum #Korea #3D #Gaming


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