Why LBS Chain?

LBS Chain — The Next Holy Grail

1. Why is there a Need for LBS Chain?

The paradigm shift of Web3 lies in an entirely new way for users to own and possess their data, digital assets, and identity, all made possible by a decentralized public ledger or blockchain. As a user of Web2, you are marginalized, with neither ownership nor privacy over your data. Tech giants harvest such data, profit from your experience, and wield immense control over our lives.

A straightforward example is that games or social accounts built up with experience or followings over the years can be banned arbitrarily by the centralized entity.

Local services (such as Uber, Tripadvise, and Meituan) are frequent necessities, all requiring Location-Based Services (LBS) and, at the same time, generating a vast amount of user LBS data. Such a service should return value to the users who provide their data.

Our team has been in the LBS technical vertical for many years and recognizes the immense value of LBS data. We envision a web3-based LBS, where value is more equitably distributed to all network participants.

1-1 Web3 cannot only be about Ponzi of everything

It is painful to acknowledge that 80% of all web3 projects are currently Ponzi schemes. Fundamentally not designed to create value, they are primarily extractive and depend on exit liquidity, most of the time being retail users. They do not create a kind of value for society. As such, they are destined to collapse.

Web3 cannot be solely about finance. In other words, the industry has an increasing risk of over-financization. To expand web3 applications into mass adoption, decentralized applications (dApps) need to integrate into everyday society.

Every spur of mass adoption requires a "killer app" that can reach a critical mass. A paradigm shift in how we interact or think about a mechanism: web3 location-based dApps can serve as this inflection point to bring about the benefits of blockchain technologies for mass adoption.

The LBS Chain to lay a solid foundation for these 'pioneer applications.

1-2 Addressing the Data Isolation Problem

Imagine you are about to open a restaurant. During the site selection process, platforms like TripAdvisor and Foodpanda provide you with data about pedestrian traffic, consumer preferences, and spending habits in the area. This information will significantly improve your chances of success.If you plan to establish an offline delivery platform, imagine Uber providing data on user behavior, heatmaps, and payment information in different areas. Imagine where Google offers advertisement metrics in various regions, and Airbnb integrates local rental data. In that case, you can better select parts and strategize for a trip or business.

Integrated LBS data hold immense business intelligence and commercial value. Regrettably, because web2 operates on a closed ecosystem, these integrated valuable data are monopolized by various internet giants who have no motivation to share their data.

These market incumbents monopolize their data as a protective moat, each occupying one hill, thereby creating isolated data silos.

We aim to integrate all LBS data produced by LBS Chain's dApps in a decentralized manner to achieve data sharing within the ecosystem. Therefore, we must build a robust governance mechanism economic model around the LBS Chain to reward data sharing for network participants. The chain's ecosystem is not owned by any single project or developer but shared by all. This shared ownership motivates project parties to share data and promote positive sum games within the ecosystem. In this way, we can gradually resolve the isolated data silo problem, thereby enhancing the efficiency of the entire market and achieving a win-win scenario for an infinite game.

1-3 Addressing the Privacy Issue

In everyday life, users need comprehensive, convenient, and intelligent services, which often necessitate the provision of substantial personal privacy data.

Web3 introduces Decentralized Identifiers (DIDs), making it possible to reconcile the apparent contradiction between personal privacy and the collection of individual behavior data. LBS Chain only collects users' DIDs without knowing who the user is. Users need not worry about personal privacy data leaks. LBS Chain's database represents you by a 40-character string; you have no name!

2. Why Us ( Metalab )?

Metalab is a Web3 company founded in Hong Kong in 2020. It is known for its popular Web3 game, Yuliverse, a location-based metaverse game. It has been hailed as the Web3 version of Pokemon Go and boasts over 140K on-chain active users worldwide. Metalab has been recognized as a star project by the BNB chain. As for the IP development, Metalab has collaborated with WebX Japan and Hong Kong Cyberport to organize offline Treasure Hunt events. It has also launched a special edition called "Travel Treasure Hunt" in collaboration with Japan Kumamon.

2-1 Leading LBS Technology Reserve

2-2 Web3's Largest LBS Database