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MetaVisa announced $5 million of fundraising in seed and private round

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Metaverses are gaining immense popularity in recent times, ‘Metaverse’ literally translates to ‘beyond everything’. It is a virtual space that combines various aspects of technology from augmented reality to games and much more. Metaverse allows various platforms and dApps to be connected allowing users easy movement between them without having to abandon their virtual identity in any one place.

In order to do so, a unified Metaverse identity system needs to be in place so that users can utilize the potential of the Metaverse fully.

 MetaVisa has an innovative idea of bringing decentralization to the Metaverse. It recently announced a $5 million funding in its private and seed rounds from Spark Digital Capital, Sora Ventures, Amplio Capital, HG Ventures, GTA Ventures, Seeded Ventures, Dutch Crypto Investors, Maven Capital, Black Mamba Ventures, Tensor Investment Corporation, and Collinstar Capital.

A Metaverse identity system

Currently, the problem with the way identity is managed and functions on the internet are manifold. One of the main concerns is that it is highly centralized giving hackers a clear target to attack for private keys. This centralized nature of online identity also means that it belongs to centralized institutions, not the users. Another major issue is the complexity of public-key systems that result in most of the interactions being unencrypted. Lastly, website owners just rent the space out from domain registrars and certificate authorities who are the actual owners of website domains, usernames, etc.

An identity system in the Metaverse would need to solve these major concerns along with travel, privacy, and ownership concerns that users would face online. MetaVisa aims to solve this with their Metaverse Identity or MID that would give users a self-owned and secure virtual identity.

What is MetaVisa?

MetaVisa is a layer 3 middleware protocol that helps its users develop and establish a reliable on-chain identity along with credit records making it easy for DeFi, DAO, GameFi, NFT, and other dApps to serve users better. This is done through their credit system, the MetaVisa Credit Score or MCS.

MetaVisa uses intense and comprehensive processing and evaluation of information such as the on-chain behavior, credit history, address activity, asset holdings, and address co-relations to create an MCS for all its active users. This would also serve as a decentralized identity on the Metaverse.

MetaVisa’s Credit Score

The MetaVisa Credit Score will give users ranked badges that depend on their credit scores. These badges would be NFTs that would also work as a MID verification system, helping users establish their identity and prove that they are being truthful about their past on-chain behavior and activities.

MCS is based on blockchain data and uses cloud computing along with machine learning and model algorithms such as logistic regression, decision trees, and random forests. Users with higher MCS are rewarded with high-ranking badges and get added benefits in services from dApps.

Use cases of MCS

Some of the major use cases of the MetaVisa Credit System are:

  • MCS can be used along with GameFi in the Metaverse so as to get special reward distribution, asset credit transactions and much more.
  • DAO and MCS can be used together to give benefits to users such as users with a higher credit score will get more voting weights than others.
  • As mentioned earlier, every MCS is issued with a badge that works as a unique NFT. This can be used as a badge of honor given out by evaluating the credit rating of users.
  • To facilitate better community engagement, developers and the community can work on creating a corresponding membership system. This would be based on MCS and help to motivate users and engage them better.
  • MCS can also be used as a credential to log into third-party applications on the Metaverse.
  • DeFi and MCS together can help to improve the overall product experience of users such as credit lending services.

Final word

MetaVisa brings to its users a chance to establish and display their Metaverse Identity in the Metaverse. The MCS provides a reliable method of evaluating and rewarding users with privileges according to their credit score.

The platform also launched their NFT series recently, MetaVisa Hero. The series has 10 different roles, Archer, Barbarian, Berserker, Druggist, Knight, Master, Ninja, Rogue, Warrior, and Priest.

For more information on MetaVisa, please check out their official website, Twitter and Telegram.

Disclaimer: This is a paid post and should not be treated as news/advice.

With Masters in Mass communication and journalism, Anjali's interests lie in blockchain technology adoption across emerging economies.

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