A massive greenfield opportunity for entrepreneurs, creators, large brands, nonprofits and blockchain companies, Metaverse offers a massive growth engine for blockchain in sectors such as the creator economy, NFT based application and many others. But at first glance, a metaverse does not appear to be a good fit for using Plutus smart contracts. As people work, shop, play, track shipments, and otherwise conduct business on the metaverse, they create transactions around locally relevant units of logic that would require thousands of lines of code to capture in aggregate. This project offers an elegant solution that allows Plutus smart contracts to govern high-value transactions in the Metaverse.
According to The World Bank Multiverses provide the ability to gamify real world processes that can facilitate bringing complex technologies to regions of the world where specialized knowledge is scarce.
An Innovative technology
FuixLabs went back to first principles and came up with a new approach using Plutus and the eUTXO model that, while being trustless and transparent like our current conception of Plutus contracts, has been optimized for the metaverse.
FuixLabs unique technology adds a third layer they call the Rule of Law by Code is Law or ROL-CIL ( see figure 1). ROL-CIL is a single Plutus contract that executes when one of the following is true:
- There is an exchange of value.
- There is an exchange of information that might inform decisions of economic importance.
- Expensive assets, like virtual land, are traded, sold, rented …
- A digital twin relationship exists that requires validation, such might be the case for example in the case where an NFT represents an asset like a box of tomatoes that is stored or being shipped.
FuixLabs tops ROL-CIL Plutus contract technology with a super slick app that lets you build metaverses and integrate them with Plutus smart contracts using a cool user-friendly interface.
As shown in the video below:
Growth of the Metaverse
Metaverse is growing at a rate of over 76% per year and this is only likely to increase as trends indicate that people spend more time in the metaverse during COVID lockdowns and often seek employment in the creative economy when financial markets dip.
- Bloomberg predicts the global metaverse revenue opportunity could approach $800 billion in 202410
- Forrester research shows that 76% of US B2C marketing executives plan to invest in metaverse-related activities in 20228
- Gartner predicts 25% of people will spend at least one hour per day in the metaverse by 20269
- Grayscale reports a dramatic increase in metaverse Wallets2 (see Figure 1)
Figure 1: Global all time active metaverse wallets
As you may have guessed, FuixLabs did not just launch themselves head over heels into this new technology. They are very experienced and have some of the sharpest engineers in the world – most of their engineers come from programming competitions from Vietnam.
Given their record of delivering successful projects, you may not be surprised to hear that FuixLabs has quietly been working on this project for more than a year and has done extensive UX research and developed a solid working prototype and even piloted the solution in the field.
Multiple projects are cropping up that are making headway with the application of the Cardano blockchain. With the effort they put in, they help to eliminate intermediaries from many sectors, ensuring better automation in the process. These upcoming technologies reduce the cost while increasing overall efficiency. One sector on Cardano that needs this kind of revamping is the dApp builder ecosystem as we have immature tooling and platforms that put building a custom metaverse which uses Plutus smart contracts to manage exchanges of value out of reach of small teams. FuixLabs has fronted a proposal aimed at changing this space for good.
Developing Food Traceability in Africa
FuixLabs is a pioneer in the use of metaverse to allow rural communities in Africa to benefit from using food provenance and supply chain management applications and Figure 2 shows how metaverse simplifies monitoring the shipment of food from farm to table using a simple 2D game in the metaverse.
Figure 2: Simple 2D game in the metaverse
The FuixLabs Team
The team is led by tech savant, Tim O’Brien. Tim has 20 years of experience building critical mission applications while working for Raytheon, Citi Group, Deutsche Bank, Bank of Tokyo, Danske Bank, Philips Health, Cerner Health, Norwegian Air Continental Airlines, and most recently Google. Tim has worked with Cardano technology since 2019 and is a member of the Atala PRISM Pioneers program.
Su Tong Quoc takes up the role of Product owner – Senior UI/UX designer. He has been working with UI/UX for over 9 years.
The Quality Assurance docket is spearheaded by Nguyen Nguyen Thi Hanh who determines the tools, techniques, staffing, and methodologies that ensure the efficient release of the quality of software features and the company’s products.
Tam Nguyen Minh is the Technical leader & Assistant – Senior backend developer. Tam has over 4 years’ experience of developing smart contracts and creating token contracts according to ERC-721, ERC-1155 standards, and establishing NFT on Cardano.
The team’s lead Frontend Developer is Huynh Xuan Bui and her experience includes contributions in developing web interfaces, mobile applications, maintaining dApps, and integrating blockchain components.
Truong Nguyen Nhut is also a Frontend Developer with over 4 years of experience.
FuixLabs’ Funding Request
Total requested funds:
Please find the team’s detailed budget breakdown here.
The Advantages to Look Forward to from FuixLabs’ dApp Builder
There are a number of exceptional features to creating a dApp that typical centralized architectures cannot provide but FuixLabs is working to change this notion. These include:
Resilient: With the builder being controlled by the Plutus Smart Contracts, the dApp backend will be fully distributed and managed on Cardano’s blockchain platform. This goes above and beyond the applications deployed on a centralized server because FuixLabs’ dApps will have zero downtime and will keep being available as long as the network is still operating.
Transparent: One of blockchain’s main selling features is that it makes the data it records available to everyone at any time, so that all transactions are transparent. The on-chain nature of the dApps coming from FuixLabs’ builder allows all users to inspect the code and learn more about its function. As you interact with the dApp, say in making a transaction or storing an NFT, this interaction will be stored forever in the blockchain.
Freedom from Censorship: Decentralization calls for censorship-resistance where no single governing authority can unilaterally make the decision to restrict another participant’s actions in a network. This Emursive dApp/metaverse builder abides by these rules since as long as a user can access the Plutus Smart Contracts, they can always interact with a chosen dApp without the fear of centralized control interfering with their activities. Also, neither the owner of the smart contract nor a service provider can alter the code once it is deployed on the network.
As it stands today, in the Cardano ecosystem, we have very few truly decentralized applications. Most of the applications in existence rely on centralized services and servers to help them meet the needs of their operation. With the emergence of companies like FuixLabs, we expect that it will be possible for every part of the dApps built on their dApp builder platform to be operated in a fully decentralized way with the added support for Plutus Smart Contracts.
A successful completion of this FuixLabs’ project will mean that building a dApp or metaverse with deep integration with Cardano will have been reduced by several magnitudes of order. It will be possible to build a highly transactional dApp/metaverse even with a low budget, short amount of time, and limited expertise.
Image courtesy of pixabay