The domain of virtual reality or VR is a tough nut to crack, no matter from which side you approach this problem (and opportunity). As many of those who follow the world of this particular technology know really well, VR technology has been approaching a breakthrough point for almost twenty years.
At the same time, at least two characteristic technologies have been developed and presented to the public as a complete solution that will finally bridge all problematic gaps. Each of these gaps is a source of problems and difficulties for the VR development community, whether the problem is based on some elements of a hardware setup, software, or a combination of the two.
However, there is now a new technology that has already changed the world and is coming in the form of a blockchain. Today, millions use it to access cryptocurrencies like bitcoin that one can get used to gambling online , buy goods or services and do many other things, but there are many more alternatives to their applications.
Naturally, many of these applications fit well with other technologies and industries, ranging from established to emerging markets. That’s why many quarters of the development community are calling for merging VR technology with some aspect of the blockchain that would finally bring it home in terms of a final market breakthrough.
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VR technology development cycle
It takes a bit of history to understand the overall development process associated with virtual reality technology. At its core, the technology represents a search for a visual representation of the 3D environment, along with an authentic perception of depth.
Today, while 3D image display technology has been around for almost four decades, the actual 3D VR setting remains somewhat elusive. This is strange mainly because the devices, mostly in the form of headphones, have been introduced by technology companies since the early 1990s, who claimed to have opened the VR domain to the public.
However, each time, despite the technological demonstrations presented by the same companies, the actual driving technology failed to transform into a fully defined end product. Instead, these devices persisted for some time, largely thanks to the endless enthusiasm and hope of the VR community, after which they became part of the history of technology.
A nagging problem
The key to actually displaying 3D images on a 2D surface was truly unlocked many years ago. By projecting an image in stereo mode, which means in different ways for each user’s eye, the technology can mimic the way we differentiate depth in general and provide a sense of space. This suits everyone who has ever tried any VR headset.
However, a problem that poses a big issue for a large percentage of users is the problem of nausea or motion sickness. The same thing happens because the brain and body are in conflict over what is happening – while the user’s inner ear tells them to sit, their eyes tell them to move. Commercially, this could be a disaster for anyone who buys such a device and eventually gets sick of it.
New generations of VR devices are actively trying to find a way around the problem, but so far no silver bullet has been found. Chances are that the solution will come as a mix of small improvements rather than a big and radical change in VR root technology.
But even today, most diseases completely subside after a certain amount of time spent using the device, but investors generally see this as breaking the agreement for VR, which is otherwise perceived as a risk-averse field. This is why finding funding and investment opportunities has always been a big challenge for VR developers. But it seems that blockchain technology, mostly its ICO procedures, could change that in a way that could make development a much more feasible perspective.
The Decentraland case
Decentraland is a VR project created using blockchain technology. He recently managed to raise more than $ 26 million using ETH in his ICO or initial coin offering . The project is described as a process of creating a virtual world in which blockchain technology is used as a register for land parcels (in this case digital plots).
The ICO brought the company over 86,000 ETH and reached its pre-set firm limit in about 60 minutes. The speed with which this happened reminded many of the Bravo ICO browser, but it ended in less than a minute. At the same time, the ICO process remains the focal point for any complaints in the FinTech community, although over $ 500 million was raised in July 2017 through this particular funding model.
For Decentraland, this is a great opportunity to raise funds and attention for their venture, which will most certainly require a lot of public engagement to become successful . While the wealth of the company and the project is in no way set with this ICO, they show that offline thinking is the way forward for the VR community.
Other VR-Blockchain ventures
The blockchain domain offers two distinctive VR developer capabilities. The first comes in the form of the FinTech application, where cryptocurrencies could act as a means of financing and / or monetizing. The nature of digital currencies shows that users are already friendly to new technologies, so it can be safely assumed that many would also be receptive to VR devices.
Of course, not every VR project has the resources or need for blockchain technology. However, most of them were able to apply it somehow and with great success. Today, with another focus on VR that is clearly passing, no company in this field can afford the luxury of ignoring potential aids in its quest to bring virtual reality to the public and make money on it.