{"id":64218,"date":"2018-06-30T10:00:34","date_gmt":"2018-06-30T17:00:34","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=64218"},"modified":"2019-11-07T02:27:31","modified_gmt":"2019-11-07T02:27:31","slug":"high-fidelity-to-create-new-virtual-world-on-eos-blockchain","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/high-fidelity-to-create-new-virtual-world-on-eos-blockchain\/","title":{"rendered":"High Fidelity to Create New Virtual World on EOS Blockchain"},"content":{"rendered":"

Blockchain and virtual reality are arguably two of the most innovative inventions of this generation. Bringing the future to the present day, VR platform High Fidelity is creating a new virtual world powered by the EOS blockchain<\/a>.<\/p>\n

Backed by Billionaire Mike Novogratz<\/h2>\n

One of the earliest institutional investors to become a Bitcoin bull, Mike Novogratz<\/a> and his Galaxy EOS Ecosystem Fund<\/a> led a series D fundraising round for the High Fidelity platform with a $20 million investment, along with contributions from Breyer Capital, Blockchain Capital, Vulcan Capital, and IDG Capital Partners.<\/p>\n

\"Mike
Related Story:\u00a0Mike Novogratz and Bloomberg Team Up to Create the First Institutional-Grade Benchmark for Crypto Market<\/a><\/figcaption><\/figure>\n

Currently in beta, the High Fidelity platform aims to use an EOS-based blockchain to support billions of potential VR users in a universe of virtual reality worlds, coined the Metaverse.<\/p>\n

In an interview with Reuters<\/a>, CEO at High Fidelity Philip Rosedale said:<\/p>\n

\u201cTo reach this scale and to deliver safely on such a promise, VR must be decentralized, including deeply using blockchain technology.\u201d<\/p><\/blockquote>\n

High Fidelity has already developed a native cryptocurrency for its popular VR game, Second Life, using the Linden dollars (L$) as a medium of exchange to purchase goods and services within the virtual world.<\/p>\n

To date, Linden dollars have produced over $4 billion in virtual transactions globally and can be traded for USD on the LindeX exchange.<\/p>\n

CEO at High Fidelity Philip Rosedale, said in an interview<\/a>:<\/p>\n

\u201cIf bitcoin had been around in 2005, I would have been delighted to use it for Second Life.”<\/p><\/blockquote>\n

High Fidelity Coin – Intro to the Virtual World Economy<\/h2>\n
\"\"
Founded in 2013, High Fidelity Inc is a social virtual reality company and developer of Second Life.<\/figcaption><\/figure>\n

For the new High Fidelity platform, Rosedale plans to issue a new stablecoin on the EOS network, called High Fidelity coin,\u00a0with a 1:1 parity to the US Dollar.<\/p>\n

In the new virtual Metaverse, users will be able to use High Fidelity coin to purchase goods and services licensed by real-world merchants.<\/p>\n

Each transaction will be recorded on the EOS blockchain for merchants to verify.<\/p>\n

Sam Englebardt, High Fidelity board member and Head of Strategic Partnerships at Galaxy Digital, told Reuters<\/a>:<\/p>\n

\u201cVirtual reality may be the first killer app for blockchain. It\u2019s a global phenomenon that fundamentally requires a trustless consensus mechanism for currency, property and identity.\u201d<\/p><\/blockquote>\n

Rosedale confirmed that High Fidelity raised over $70 million so far for the new project's research and development, staff, and new offices in Seattle, WA.<\/p>\n","protected":false},"excerpt":{"rendered":"

Blockchain and virtual reality are arguably two of the most innovative inventions of this generation. Bringing the future to the present day, VR platform High Fidelity is creating a new virtual world powered by the EOS blockchain. Backed by Billionaire Mike Novogratz One of the earliest institutional investors to become a Bitcoin bull, Mike Novogratz […]<\/p>\n","protected":false},"author":30,"featured_media":64306,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[35],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nHigh Fidelity to Create New Virtual World on EOS Blockchain<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/high-fidelity-to-create-new-virtual-world-on-eos-blockchain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"High Fidelity to Create New Virtual World on EOS Blockchain\" \/>\n<meta property=\"og:description\" content=\"Blockchain and virtual reality are arguably two of the most innovative inventions of this generation. 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