Crypto companies on the Metaverse in particular are in dire need of a cross-org collaboration system — and here’s why.
Expected to grow into a trillion dollar industry, the Metaverse will be a great attraction for businesses and advertisers, as well as a massive room for data jeopardy, sluggish communication and fraud — unless an innovative and revolutionary cross-org business execution platform is put in place.
Let’s speak in real life examples. Founded in 2015 and opened to the public five years later, Decentraland is a decentralized 3D virtual reality platform that consists of 90,601 parcels of land. This size of virtual estate is an equivalent of nearly 23 square kilometers — all sold as NFTs for given amounts of $MANA, which is an Ethereum token that powers Decentraland.
On June 18, 2021, a digital real estate investment vehicle that goes by the name Republic Realm paid $913,228 worth of MANA for 259 parcels. Republic Realm plans to turn this piece of virtual land into a virtual shopping district named Metajuku.
The Drawbacks of Traditional Business Execution
As it stands, the business execution between Republic Realm and the hundreds of clients from either virtual stores or advertisers will be a mix of offline communication, a few messages exchanged on apps, and a transaction through wallets — if a transaction was made to begin with.
Data breaches through KYC and KYB practices would be very common in an environment that is liberal enough to encourage non-compliance with business deals that are usually agreed upon manually. It’s a lucrative business — but imagine all of those companies putting their balance sheets in jeopardy to claim the shiny benefits of the metaverse. Otherwise, they’ll go to a heavily centralized ERP system which is just as bad in regards to data privacy, with an extra fee added. It’s an unfair trade off, but it’s the only way they know of.
Especially with unregulated crypto organizations, there are no courts to go to when a business deal is breached. Imagine going to court to sue another company for breaching agreements, only to be met with a lawsuit filed against you by a regulator for selling what they deemed as securities. Business executions on Decentraland for example are overseen by the non-profit mother organization, Decentraland Foundation, and we don’t see that as enough.
The Cros Era
Here’s where Cros comes in. Cros will give to organizations what Satoshi Nakamoto gave to early adopters of Bitcoin — ownership and control. A cros-org business execution platform that is decentralized, tamper-proof and protects data of all parties involved is exactly what is needed to secure and carry out business on the Metaverse. With Cros, organizations will be able to sleep soundly at night knowing that their data is protected — and that all their business agreements are facilitated on the blockchain and controlled by smart contracts that would automatically spot malicious or non-compliant behaviour — but not only that, Cros’ system is built to reward the collaborators who comply with the agreements and the rules of the game, whilst on the other hand, the network will penalize any user that decides not to pay their dues.
The Metaverse has great potential and all of the makings to be the future of commerce, tourism, and even education — so it’s overwhelmingly clear the importance of equipping this new era with the right tools to protect its community from any threats that could slide into its loopholes and bring it to an utter collapse. These tools and security are what Cros affords to organizations in this exciting new age.