Umesh Kurmi is a semi-qualified Chartered Accountant from the Institute of Chartered Accountants of Nepal with seven years of experience.
Hacker Cyber Crime
Virtual reality has been on everyone's lips for the past few years, seeking a place to fit in. This year though, the number of conversations around the subject went through the roof, and focus suddenly shifted towards a new technology - Metaverse. The world's first ecosystem powered by blockchain technology offers an entirely new way to interact with virtual worlds, anywhere in the world. Now, with all of the exciting developments already taking place on Metaverse, it's important to figure out if we should be worried or not.
It's a distributed store of digital value, created by the collaboration of several participants. Though highly promising, it's also a big target for hackers and scammers who want to plunder its ability to store, record, and distribute data. These threats are enormous in number, but luckily there are ways for developers to prevent them before they ruin the things you had hoped for.
From the internet to AI, blockchain, smartphones, and autonomous driving, there are a lot of emerging trends that we have witnessed and can see today but there are even bigger things up in the air that we can't see.
Now, without any further ado, here's a list of the biggest threats that take Metaverse by surprise.
1. Advanced Technology Required
Metaverse will be the first virtual world to support all types of virtual reality devices like head-mounted displays, mobile devices, PCs, and smartphones. It is a new way of building and sharing virtual worlds with more advanced technologies like artificial intelligence, 3D rendering, decentralized architecture, etc.
As the world gets more connected, it is not difficult to understand that a decentralized virtual world, such as Metaverse, will be required. The technology required for this virtual world is far beyond the reach of current technology.
2. Human Relationship & Society
It has the potential to destroy our friendships, family relationships, and make us more vulnerable to cyber-attacks. People will be free to create new identities in Metaverse, which will impact their existing relationships. A Metaverse identity can be used for cyberstalking and manipulation, which will cause severe damage to our relationships.
Because of its anonymity, it can devastate relationships and society. For example,
- If you disagree with someone in the Metaverse, you will never be able to find him/her in real life.
- If someone wishes to make their house a virtual world, they might easily form intimate relationships with other people's avatars in that environment.
- If someone can hack into the system, they could take over everyone's avatar and turn them into robots.
3. Addictions & Health Issues
The Metaverse is a virtual world where users can create their avatars and develop their skills. Some people may become addicted to this virtual world and spend hours immersed in it. They may also neglect their real life, which can cause health issues.
Metaverse is a virtual reality platform, which has huge potential to cause addiction and health issues. The VR headset that is being developed by Metaverse Foundation is equipped with advanced sensors, which will allow users to experience virtual reality with a more realistic feeling. As the data gathered from the sensors will be analyzed and analyzed further, it can lead to serious health issues.
As of this writing, the Metaverse is still in its infancy, but if it becomes widely adopted and becomes a mainstream platform for users to create virtual worlds and games, it could cause addiction and health issues.
4. Hate Speech & Racism
Metaverse is a digital world that can be used to express one's thoughts, ideologies, and emotions. In this digital world, one can find many different types of ideologies and thoughts. They also hold opposing political ideas. One of the most controversial political ideologies is racism.
Some people may use it to promote racism and hate speech. The platform may become a place where individuals can go to share hateful messages, which can be harmful to society.
5. Privacy & Security Concerns
Privacy & security problem in Metaverse is a huge issue. Metaverse's blockchain is highly decentralized, and anyone can access Metaverse's blockchain. So, your private information is vulnerable to interception if not secured properly. It is important to keep your private information secure, as any data leaks can result in financial loss.
Metaverse has taken a lot of steps to protect users' privacy and security by implementing advanced cryptography, data encryption, and biometric authentication. However, there are still some loopholes in Metaverse that can be exploited by hackers. It is advisable to keep your private keys safe at all times.
6. Affordability for Everyone
Because of the high cost, the Metaverse is not accessible to the poor. The cost of accessing Metaverse is so high that it is out of reach for most people. The wealthy can afford to invest in Metaverse without difficulty, but the poor cannot.
7. Questions Regarding Utility & Relevance
Google Glass was the first example of wearable technology. It was prohibitively expensive, and only a select few could afford it. The price of Google glasses was more than $1,000 which is also the cost of Metaverse's main token. Metaverse's token may also fail like Google Glasses, as there are no solid plans for the future of Metaverse and no clear vision for its growth.
When Google Glass was launched, it was a big success, but it was soon discontinued due to its relevance and poor quality of the product. Metaverse may also face the same fate as Google Glass.
Metaverse has faced a lot of criticisms in the past, but none of them have been able to stop its growth. Even though many different factors could threaten Metaverse's future, it is still one of the most promising projects in the blockchain space today.
Metaverse is like the internet — pretty much everyone will be using it eventually. However, I don't expect any particular company to dominate the market.
If you are interested in reading more about what may happen to Metaverse in the future, please take a look at our blog post!
Metaverse: A Guide For Beginners Explaining What It Is & Why It Is Important
- Metaverse: A Guide for Beginners Explaining What It Is & Why It Is Important?
Coined from Greek roots, "metaverse" is one of these words, which is in itself, a reflection of how it impacts our daily lives. The internet has already become the bread & butter of our daily lives & we are all deeply connected. Hence, it is
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2022 Umesh Kurmi