VIRTUAL Virtuals Protocol

Key Use Cases of Virtuals Protocol

• Gaming and Virtual Worlds: Virtuals Protocol enables the creation and integration of AI-driven virtual agents within games and virtual worlds, enriching user experiences with dynamic and personalized interactions.
• Digital Art and NFTs: The protocol facilitates the creation and monetization of digital art and NFTs, allowing for unique and interactive experiences.
• DeFi Applications: Virtuals Protocol supports decentralized finance applications by enabling secure and transparent asset transfers and transactions.
• AI Agent Development and Monetization: It allows users to develop, own, and monetize AI agents across various platforms, including gaming, social media, and entertainment.
• Metaverse Integration: The protocol supports integration with metaverses and virtual economies, enabling the creation of immersive digital environments.
• Decentralized Governance: Virtuals Protocol incorporates decentralized governance, allowing token holders to influence the development and direction of AI agents.
• Tokenized Co-Ownership: It enables tokenized co-ownership of AI agents, allowing for fractional ownership and participation in revenue generated through their activities.

Advantages of Virtuals Protocol

• Faster Transactions: Virtuals Protocol allows for fast and easy transactions due to its network-based nature. This is particularly beneficial for international transactions.
• Decentralization: It eliminates intermediaries, enabling direct connections between transacting parties. This not only lowers transaction costs but also increases transparency.
• Programmability: Virtuals Protocol can be programmed to carry out automated transactions. For example, smart contracts can hold and release money in escrow accounts without human intervention.
• Digital Value Storage: It serves as a digital repository of value, assigning value to various items such as gaming tokens and artwork.
• Global Accessibility: The technology behind Virtuals Protocol can eliminate geographical boundaries, making it accessible worldwide.

Disadvantages of Virtuals Protocol

• Volatility: Virtuals Protocol, like other cryptocurrencies, can experience significant price fluctuations. This volatility can affect trading decisions and investment strategies.
• Security Concerns: Despite secure blockchain technology, off-chain storage repositories like wallets can be vulnerable to hacking.
• Regulatory Uncertainty: The regulatory environment for Virtuals Protocol and other cryptocurrencies is still evolving and can be unclear in many areas.
• Energy Consumption: Participating in the network, such as through mining, can be costly and energy-intensive.
• Limited Legal Protection: As a decentralized and unregulated currency, Virtuals Protocol does not offer the same legal protections as traditional currencies.

Founders of Virtuals Protocol

• Jansen Teng: The CEO and co-founder of Virtuals Protocol. He graduated from Imperial College London with a BSc in Biotechnology and Business Management and has a background in consulting and entrepreneurship, particularly in deep tech and AI.
• Wee Kee: A co-founder with a similar educational background to Jansen Teng, having also graduated from Imperial College London. Wee Kee has experience in BCG consulting and private equity.
• Bryan Lim: An AI Advisor to the team, pursuing a PhD in Computer Science and working as an AI researcher at the Adaptive and Intelligent Robotics Lab at Imperial College London.

Investors in Virtuals Protocol

• Key Investors: Virtuals Protocol has secured funding from several notable investors, including DeFiance Capital, Merit Circle, LongHash Ventures, Master Ventures, Stakez Capital, and NewTribe Capital.
• Funding Rounds: The project raised a total of $16.61M from multiple launchpads and investors in December 2021. The launchpads involved include PAID, Enjinstarter, and Fjord Foundry.
• Investment Details:
  • DeFiance Capital: Co-led the venture capital investment.
  • Merit Circle: Co-led the venture capital investment.
  • LongHash Ventures: Participated as a venture investor.
  • Master Ventures: Participated as a venture investor.
  • Stakez Capital: Participated as a venture investor.
  • NewTribe Capital: Participated as a venture investor.

No, the halal status of Virtuals Protocol is debated among Islamic scholars. The reason is that cryptocurrencies like Virtuals Protocol are not universally accepted as currencies under Islamic law (Shari'ah) due to their digital nature, lack of physical backing, and potential for speculative activities.

Key Considerations:

• Lack of Physical Backing: Cryptocurrencies are not tangible, which raises questions about their legitimacy as 'money' in Islamic jurisprudence.
• Speculative Nature: The volatile value of cryptocurrencies, driven by speculation rather than intrinsic value, conflicts with Islamic principles of economic stability and tangible asset-based value.
• Regulatory Oversight: The absence of regulatory oversight in the cryptocurrency market can lead to unethical practices, clashing with Islamic emphasis on fairness and transparency.

Scholarly Views:

• Permissive Views: Some scholars argue that cryptocurrencies can be permissible if they serve a real-world purpose, possess inherent value, and avoid association with illegal activities or excessive risk.
• Restrictive Views: Others consider cryptocurrencies haram due to their speculative nature, potential for illegal activities, and lack of regulatory oversight.

Conclusion:

The halal status of Virtuals Protocol and other cryptocurrencies remains a subject of ongoing debate among Islamic scholars, with no consensus in the industry.