New In-Game Cryptocurrency Systems Let You Buy Assets in the Virtual Reality World
High Fidelity is announcing the launch of Avatar Island, a VR domain where High Fidelity users can purchase items for their avatars, all contributed by digital artists from around the world.
High Fidelity is a next-generation platform for Virtual Reality (VR) worlds developed by Philip Rosedale, the creator of the once very popular Second Life. In September 2017, the company announced that it was developing a blockchain for intellectual property protection and an in-game cryptocurrency .
High Fidelity allows developers to host VR worlds independently. In November 2017, High Fidelity released an update that allows developers to rapidly deploy High Fidelity VR domains to the cloud, in collaboration with DigitalOcean. The distributed nature of the upcoming High Fidelity VR network calls for full interoperability between different servers, including network-wide recognition of ownership rights.
High Fidelity’s Digital Asset Registry (DAR), is a decentralized, publicly auditable ledger that serves as a record of transactions made by High Fidelity users. Each item is uniquely identified with a digital fingerprint (a hash algorithm) and can be purchased using High Fidelity’s blockchain-based cryptocurrency, the High Fidelity Coin (HFC). The DAR includes tamper-proof PoP services for any asset’s chain of ownership, its characteristics and its entire history, from certification onward.
Rosedale’s team opted for a new, public but “permissioned” blockchain.
Considering high price volatility as a roadblock, High Fidelity will try and stabilize the value of HFC at 100 HFC = $1 USD.
See the full story here: https://bitcoinmagazine.com/articles/new-game-cryptocurrency-systems-let-you-buy-assets-virtual-world/