As children, we all grew up fantasizing about the day when we could finally immerse ourselves in a virtual world. Movies like Ready Player One or shows like Sword Art Online have popularized the idea of making reality our own through the use of technology. Today, the same tools we dreamed of are now in our hands. This includes non-immersive, semi-immersive, and fully immersive virtual reality (VR).
In addition to letting us live out our virtual fantasies, everything that includes, virtual reality is used in various fields, including education, retail and business. With that in mind, there are plenty of applications for virtual reality beyond entertainment. Overall, the global virtual reality market was valued at $21.83 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 15% between 2022 and 2030.
However, virtual reality is just one of many surreal technological advances in recent years. We are now on the precipice of the Internet of Things (IoT), blockchain, robotics and 5G, ushering in a new era of technological immersion. The IoT is particularly interesting for several reasons. For context, IoT refers to a system of devices connected through the Internet, such as smartphones and computers.
Broadly, an IoT device is defined as a standalone device that is connected to the Internet and can be controlled or monitored remotely. These devices can then connect and exchange data with each other over the Internet. With that in mind, there will be more than 64 billion IoT devices installed worldwide by 2026, according to Insider information.
Similar to virtual reality, IoT spans many industries, ranging from manufacturing to hospitality. Some of the largest IoT platforms in the world include Amazon Web Services, Microsoft Azure, and Oracle Integrated Cloud. Some of the most popular examples of IoT devices are Google Home, smart light switches, and doorbell cameras. Although different, these devices have one thing in common.
The World Wide Web
The Internet. The Internet, or the World Wide Web (WWW), is an umbrella term referring to Web 1.0, Web 2.0, and Web 3.0. For the sake of relevance, let’s talk about Web 2.0. Web 2.0 refers to websites that emphasize user-generated content, ease of use, participatory culture, and interoperability. Similar to IoT, Web 2.0 interoperability aims to ensure user compatibility with other products, systems and devices.
While Web 2.0 enables viewing and creating content, Web 1.0 was almost entirely used for viewing content. That being said, the defining characteristic of Web 2.0 is interactivity. Through various social media and content creation platforms, such as WordPress, Tik Tok, and Twitter, users can create, share, and interact with content, whether it’s their own or someone else’s.
Via Web 2.0, data can also be easily shared through a variety of media and applications. From a business point of view, Data is a gold mine for Web 2.0 companies. These companies are able to track certain user statistics such as locations, identity, and product preferences. Naturally, you would assume that this data belongs to the user, but that’s not always true.
“Many people increasingly feel like they are under a digitally enhanced microscope that routinely tracks their most basic desires and then targets them to make achieving them easier, more efficient and more efficient, whatever they want. or not,” Gabriel wrote. Rene and Dan Mapes.
For example, not too long ago Facebook found itself in hot water following a data sharing scandal. According to the New York Times, Facebook shared user data with other tech companies, including Amazon AMZNApple AAPLMicrosoft MSFTnetflix NFLXand Spotify PLACE, among others. While companies like Facebook META not directly sell user data, they can use it for targeted advertising.
This creates opportunities for advertisers to pay to appear on a user’s homepage. Similarly, Twitter recently agreed to pay $150 million to the Federal Trade Commission for a “privacy incident”. According to the details, Twitter had used users’ contact information to help advertisers reach their preferred audiences.
What is the solution?
User data shared by Twitter included email addresses and phone numbers, which were initially submitted by users for security purposes. With that in mind, Internet 3.0 aims to put control back in the hands of users, with an emphasis on decentralization, openness and utility. Unlike Web 2.0, data generated by smartphones, desktop computers and devices will be sold by users through networks.
This will ensure that users retain ownership of their data, unlike large corporations that have a monopoly on user data. Other defining characteristics of Web 3.0 include trustless and permissionless access. In simple terms, thanks to Web 3.0, users can access and interact with networks without intermediary or government authorization through “decentralized applications”, also known as dApps.
Unlike traditional Web 2.0 applications that rely on a centralized server, dApps run on blockchain or a decentralized peer-to-peer (P2P) network of computers. Additionally, Web 3.0 will use artificial intelligence (AI) and machine learning to interpret information and gradually improve accuracy. Doing so will allow computers to produce faster and more relevant results, not just targeted advertisements.
Perhaps the most interesting feature of Web 3.0 is its connectivity. With Web 3.0, the IoT can be extended beyond its current limits. Let’s take a look at “The Spatial Web: How Web 3.0 Will Connect Humans, Machines, and AI to Transform the Word”, a book written by Gabriel René and Dan Mapes. According to this book, Web 3.0 is not limited to the IoT. Instead, he will embody the internet of everything.
Gabriel and Dan believe that Web 3.0 will be able to report details beyond what Web 2.0 is capable of. For them, Web 3.0 devices like smart toilets could determine how much fiber one has in one’s diet. The capabilities of Web 3.0 will extend far beyond the toilet, helping professionals in healthcare, industry and business, to name a few. However, Web 3.0 is not perfect.
VERSES Technologies Inc. Source: VERSES
Web 3.0 is more an idea than a concrete definition. With that in mind, if Web 3.0 is like a slab of marble, then VERSES Technologies Inc. (VERS.NEO) wants to be the sculptor. The company provides businesses, organizations and governments with a suite of integrated technologies based on open standards developed by the Spatial Web Foundation.
VERSES was founded by Gabriel René and Dan Mapes, the authors of “The Spatial Web”. To give you an overview, the Spatial Web Foundation (SWF) is a nonprofit organization that develops protocols, standards, and specifications for Web 3.0, which the company calls the Spatial Web™.
The SWF defines the Spatial Web as a “hyper-integrated, context-aware, and ethically aligned network of humans, machines, and AI. The Spatial Web will be characterized by values of privacy, security, trust, and interoperability Standards associated with the Spatial Web include:
- Spatial domains: similar to web domains but work in three dimensions unlike two
- Distributed ledger: able to track value, identity and location while preserving privacy and data
- Hyperspace language: programmable, automated and self-executing software using Space contracts
- Hyperspace Transaction Protocol (HSTP): similar to traditional HTTP, HSTP will allow users to browse the spatial web
With this in mind, VERSES’ flagship product is its COSM™ operating system (OS), which is capable of “generating a unified intelligent network of data, policies, simulation models and workflow automation that can be shared within and between organizations. According to Gabriel René, VERSES plans to launch COSM globally in 2023.
Similar to Apple’s iOS, the company will release the COSM Software Development Kit (SDK). However, COSM will not be limited to mobile applications. VERSES SDK will allow third-party developers to create their own applications for a variety of industries. One of these requests includes the Company’s request Guidewhich VERSES compares to Waze, but for warehouses.
Specifically, Wayfinder is VERSES spatial networking technology. This application uses a spatial model of a warehouse to direct order pickers to the exact location of an item. In addition, Wayfinder’s hands-free and audio selection technology can significantly improve performance. Some of Wayfinder’s additional features include:
- predictive positioning optimization
- smart replenishment
- dynamic routing
VERSES is also part of an international multidisciplinary team supporting the Flying Forward 2020 (FF20) consortium and ecosystem. The FF20 refers to a three-year collaborative research project aimed at developing a new Ministry of Urban Air (MAU) in Europe. This project will focus on the integration of urban air mobility into the spatial data infrastructure of cities.
According to the financial results of VERSES for the years ended March 31, 2021, 2020 and 2019, the Company had cash of $136,172 as of March 31, 2021, compared to $4,348 as of March 31, 2020. As of March 31, 2021, VERSES had total assets and total liabilities of $909,247 and $7.04 million, respectively. The Company’s revenue as of March 31, 2021 was $97,200.
In total, VERSES reported a net loss of $2.52 million, or $0.25 per share, as of March 31, 2021, compared to a net loss of $1.82 million, or $0.18 per share, as of March 31, 2020. Referring to the Class A subordinate vote of VERSES Actions, in July 2021, the Company issued 20,000,000 special warrants under its private placement for gross proceeds of $12.81 million .
The special warrants were priced at C$0.80 each, with each special warrant entitled to one unit upon exercise. Each unity consisted of one Class A subordinate voting share and one-half transferable Class A subordinate voting share purchase warrant.
Each of these warrants entitled its holder to acquire one Class A subordinate voting share at an exercise price of $1.20 each, expiring 24 months after the date of issue. More recently, on February 22, 2022 and March 3, 2022, 21,003,077 special warrants were converted into Class A common shares.
Selected images from Shutterstock
Written by Kieran Robertson, Equity.Guru
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