Evolution of life on earth was governed, primarily, by natural selection, with major contribution of other evolutionary processes, such as neutral variation, exaptation, and gene duplication. However, for biological evolution to take off, a certain minimal degree of complexity is required such that a replicating genome encodes means for its own replication with sufficient rate and fidelity. In all existing life forms, this is achieved by dedicated proteins, polymerases (replicases), that are produced by the elaborate translation system. However, evolution of the coupled system of replication and translation does not appear possible without pre-existing efficient replication; hence a chicken-egg type paradox. The currently preferred solution is the concept of the RNA World which is conceived as a community of RNA molecules replicating without the help of proteins, with versatile catalytic activities including the replicase activity. However, despite considerable accumulated evidence of catalytic activities of RNA molecules, the RNA World concept encounters major hurdles and so far has offered no convincing scenarios for the origin of efficient replication and translation. I argue that the "many worlds in one" version of the cosmological model of eternal inflation implies that emergence of replication and translation by chance, as opposed to biological evolution, is a realistic possibility. Under this model, any life history that does not violate physical laws is realized an infinite number of time in the infinite universe although the frequencies of different histories are vastly different. Thus, the complex system of coupled translation and replication that is required for the onset of biological evolution would emerge an infinite number of times by pure chance although the probability of its appearance in any given region of the universe is vanishingly small. Furthermore, the emergence of the translation system would entail the origin of the major protein folds (the superfolds) in a big-bang-type event. After the chance emergence of the systems of replication and translation, and the major protein types, the transition from chance to biological evolution would occur. All the subsequent history of life in the infinite number of biospheres was determined by biological evolution, the principal law of biology that is an inevitable consequence of replication with a feedback loop. A major corollary of this scenario is that an RNA world, as it is currently conceived, might have never existed although catalytic activities of RNA were, probably, critical for the onset of biological evolution and its early stages.