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