Advanced blockchain technology invented by Australian-based business Pellar, called LightLink Protocol (LightLink) – which makes different metaverses compatible with each other – is being used in a world-first joint venture in Thailand.
The AUD$433 million Translucia Metaverse (Translucia), a joint venture between MQDC and T&B Media Global that brings Thailand’s leading real estate and entertainment conglomerates together, announced a ‘Multiverse Convergence’ solution through the locally developed proprietary LightLink.
LightLink is the world’s first enterprise Layer-2 (L2) blockchain built to accelerate the entry of traditional businesses into Web3. By offering a low cost and easily accessible solution to enter multiple third-party metaverses, LightLink enables enterprises to move into Web3 at scale.
Mr Roy Hui, founder and CEO of Pellar, said, “This trailblazing project is a significant step forward for the advancement of the metaverse sector, both in Australia and internationally, and we are thrilled to be supporting our partners at T&B Media Global and MQDC in realising their vision for Translucia.”
“Our LightLink network will underpin all activity that takes place on the Translucia Metaverse. Its establishment will provide a more cost effective and efficient operating solution than earlier blockchains, while offering the same peace of mind around security and reliability during day-to- day operations.”
The Australian Ingenuity Connecting Global Metaverse Projects
At the forefront of materialising the metaverse, LightLink has supported Translucia in building critical infrastructure that will integrate third-party metaverse projects to enable interoperability, allowing for ‘Multiverse Convergence’ within popular Layer-1 (L1) blockchains like Ethereum and Polygon.
Through LightLink, metaverses built and owned by different players will be able to connect with each other as well as integrate functionalities. This opens up new avenues for trade, commerce, and collaboration between metaverse owners, furthering opportunities for innovation across the space. Simultaneously, LightLink’s ‘Multiverse Convergence’ solution addresses the endemic fragmentation of the current Web3 ecosystem, allowing end-users to seamlessly connect across the ‘Internet Multiverse’.
In a significant show of confidence in Australia’s expertise across the emerging sector, the Translucia Metaverse developers have also engaged specialist Melbourne-based digital and metaverse agencies Two Bulls and Run It Wild.
These two innovative organisations are collaborating to create a catalogue of interactive digital products that hold both online and real-world value, with a view to driving brand and customer engagement within the Translucia Metaverse community.
Furthermore, In June 2022, T&B Media Global, its Australian-based Translucia development partners, and the Australian Federal Government announced a $100 million data centre investment in Melbourne which will further research and development activities for Translucia.
A world first, LightLink’s enterprise mode removes the complexity and necessity of acquiring the L1 blockchain’s native token and guarantees a pre-ordained throughput across its ecosystem, ensuring stable gas fees and consistent performance.
Existing L1 blockchains have built-in decentralisation and security mechanisms that generate higher transaction gas fees in tandem with market demand. As such, gas fees can increase manifold when users compete for finite resources.
The LightLink Protocol is anchored on Ethereum, leveraging its security features while ensuring predictability and stability in gas fees. Through enterprise mode, LightLink enables users to interact with blockchains at a faster speed, higher efficiency, and lower costs by ensuring predictability in payment without compromise to speed and safety.
Mr. Athid Nanthawaroon, Executive Director, Translucia Company Limited, said, “Translucia is the ‘Metaverse Accelerator’ that the world needs as we move towards a new internet era. The present metaverse remains both abstract and fragmented; inaccessible to most legacy businesses let alone the average user.”
“Translucia will integrate various Web3 ecosystems into a single ‘Multiverse’ that helps metaverse players unify their technologies, workflow, and user experience within one standardised platform. This collaborative intra-industry approach will not only accelerate humanity’s transition into hybrid reality, but create a more accessible and inclusive Web3 for everyone,” said*Mr. Athid*.
LightLink is currently designed for Ethereum and Polygon and is set to enable interoperability with other prominent blockchains in the near future.
‘Metaverse Built for Good’: A Global Collaborative Effort
Backed by T&B Media Global, one of Thailand’s leading entertainment companies, Translucia is an interactive metaverse that will tap into T&B’s significant Business-to-Consumer (B2C) credentials and extensive Intellectual Property (IP) portfolio of movies, television series, animations, live talent and media personalities to support business partners in the development of immersive User Experience (UX) for their respective metaverse projects. Translucia will also co-create the foundation and functionalities of these respective metaverses, from infrastructure building to economics design and the tokenisation of real-world assets.
Dr. Jwanwat Ahriyavraromp, CEO and Founder of T&B Media Global and Founder of Translucia, said, “Translucia was founded with the vision to empower people who aspire to be happy. Through our ‘Metaverse Built for Good,’ we aim to balance the social, economic and environmental needs of the world. Once fully realised, the Translucia Metaverse will be an engine that drives goodness and wellness into a holistic form of prosperity and happiness.”
“The technological advancements of Web3 are an opportunity to bridge the digital divide and address inequality. As such, Translucia is excited to build a metaverse built upon LightLink, a proprietary blockchain that addresses issues of throughput, bandwidth limitations and high gas fees. Industry collaboration is essential to this goal, we have laid the groundwork for a scalable metaverse platform and we invite Web3 architects and traditional businesses to join us in co- creating an interconnected metaverse ecosystem that spans across partners and networks,” said*Dr. Jwanwat*.