The Metaverse Overview : Vision, Technology, and Tactics | Technology Figure23: Blockchain development DAI is the first fully decentralized stable currency on Ethereum and the cornerstone of decentralized finance DAO (Decentral- The first ized Autono- Release of Payment Launch of zero-knowledge mous the first giant PayPal Yunb, the Estonian proof zk-Snarks Organization) version of announced first NFT government began Tether released; receives more DAI, opening Facebook support for digital asset incorporating Ethereum issues ERC-20 token than $ the era of released cryptocur- trading Bitcoin's first genesis blockchain into white paper USD-based standard USD100m in decentral- Libra white rency platform in block mined digital IDs released stablecoin proposed crowdfunding ized finance paper payments China 2008 2009 2010 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 Bitcoin The concept of Germany Ethereum VISA Europe Bitcoin IPFS project Launch of Beeple’s NFT concept is blockchain was recognized Bitcoin raised uses Lightning team OpenSea, encrypted proposed first proposed as legal; Bitcoins worth blockchain to Network announced now the digital artwork Canaan Yunzhi $18.3 million send money launch establishment world's purchased for released 1st of the Filecoin largest NFT USD million; commercial mining project trading Wyoming machine Ethereum proposed a complete programming language, users passes DAO bill can develop decentralized APPs through their own smart contracts, and realize a decentralized database through a consensus mechanism, making Ethereum a truly decentralized computing platform Decentralized Ledger Decentralized Computing Platform Defi Decentralized Finance Source: Public information, Deloitte analysis NFT (Non-fungible Token) and storage costs, so decentralization or security sometimes IoT have to be sacrificed for efficiency. In addition, "information The development of IoT has three stages: pre-outbreak, barriers" and challenges to creating "on-chain" physical assets outbreak, and full-scale outbreak. At present, the core are affecting the implementation of blockchain technology in technology of the global IoT continues to develop, with the Metaverse. the creation of unified standards, an improving industrial ecosystem, and a rapidly developing global IoT industry. Regulatory compliance However, it will take a few more years before the IoT There are also policy risks in the continuous development outbreak. of the blockchain. Bad actors can easily use the anonymity and anti-tamper characteristics of the blockchain to spread Three challenges need to be solved for IoT to achieve scale misleading information, threaten network security, and and accelerate its evolution: damage user privacy. First, high cost. IoT is costly because there are so many In addition, there have been frequent cases of illegal financial types of sensors, including camera, weather, and pollution activity under the banner of "blockchain", disrupting the sensors. This makes it difficult to create scale effect, and normal market order. Figure24: IoT development Full-Outbreak Outbreak Demand-side pull, ubiquitous, definable, and Pre-Outbreak The supply side and the demand side have basically creation of unified infrastructure Pulled by the supply side, some industries have initially achieved a balance, industry boundaries have begun to blur, achieved scale and local interconnection and the scope of horizontal data circulation has increased 5G Network Deployment Standardization of Private Network of IoT Penetrates All Terminals, Networks, IoT Emerged, Accelerates, Vertical Walks of Life Equipment, etc. Realizes Giants Entered IoT Application Business True IoT Breakthroughs 2016 2020 2030 2050 Source: Public information, Deloitte analysis 28