The term “Metaverse” was coined in 1992 by sci-fi author Neal Stephenson to refer to an all-encompassing digital world that exists parallel to the real world. The possibility of how true this might become in the future is still unknown, however, another interpretation of the metaverse is its 3D representation of the internet.
A simple way to imagine the Metaverse is to think of it as a big virtual mall with many different shops and experiences. You as a consumer find a shopping center that you like and that has all the brands that suit your style. You walk into the virtual store and choose the pair that you like. You put them on your avatar (digital representation of your body). You like the way they fit so you pay for them with the digital credits you have, and two days later you receive them home. You might be looking for a new sofa to refurbish your living room. You then walk into your favorite furniture store to buy a new sofa and want to make sure that the sofa fits in your living room properly. You choose the model that you like, then using your augmented reality (AR) goggles, you overlay the sofa over the space you want to set it up in and then choose not to take it, because well simply it doesn’t fit nicely in your living room.
Sounds nice right? But what would you use to pay and transact in the metaverse?
Traditionally, digital payments existed on the edges of the digital space. Users would interact with online stores, shop for their needs and only transact and pay when they have completed their purchases.
Some digital stores have tried to augment this experience by offering their customers digital credits that can be used within their ecosystem like PlayStation credits. However, these platforms often have too much power which leads to market segmentation. Because of the unbalance of power platforms such as Playstation, Xbox and IOS charge game makers approximately 30% to use their payment networks. Imagine asking a furniture producer to pay 30% on top of their cost to sell their furniture in the metaverse. Do you believe that would work?
Well, we have a solution for that: „StableCoin as a Service“, a 100% euro-backed e-money token. This means that our e-money token has the same value as a euro coin except that it is a digital representation of that coin. Our e-money token is not really concerned with Algorithms or “trusted” issuers. Quantoz is in the process of applying for an E-money license in the EU. This means, that the lifecycle of our coin is overseen by DNB, the Dutch central bank. This is done to ensure constant parity between the amount of EUR we are allowed to issue and the amount of digital EUR that exists in circulation.
Quantoz’s stable coin is really stable ;), it does not fluctuate, doesn’t depeg, and is only tied to one underlying asset, the euro.