Metaverse is a blockchain based public platform of distributed digital assets. It aims to build a web of things and digital identity for the cryptocurrency community. It is based on Ethereum’s network which enables users to create and issue virtual assets and tokens. It will have a built-in programming framework to support multiple languages. Digital identities will be built on blockchain technology instead of relying on central authorities. The two words, metaverse and blockchain, together form Metaverse (MVS).
Metaverse is a blockchain-based project focused on the creation of decentralized networks and digital assets. Founded by Eric Gu, the platform is aimed at helping businesses develop and establish their own tokens that can be used as assets or currencies in the virtual world.
Metaverse’s vision is to provide a network of decentralized assets, identities and value intermediaries.
The goal of the Metaverse team is to enable the creation of low-cost financial services for individuals and businesses.
Metaverse is a blockchain project that aims to create a digital asset platform with an identity layer, which will be used to create digital assets and smart contracts on the blockchain.
The project will also allow individuals and organizations to register their own assets, including domain names, shares in companies, business licenses, etc., on its blockchain.
It aims to solve 3 existing problems in cryptocurrencies, which are the high volatility of cryptocurrencies, lack of global liquidity and the current lack of real world use cases for cryptocurrencies.
Many people think Virtual Reality is a fad that won’t last, but they couldn’t be more wrong. Virtual Reality combines the best of both worlds: the real and the digital.
It’s the world where anything is possible. The physical limitations of our real world and time no longer apply to us in Metaverse. We can fly, teleport, breathe underwater without any equipment and manipulate the laws of physics at our will.
Metaverse aims to create a new reality for its users, one where we can discover and experience things that we never before thought possible, all from the comfort of your own home with just a VR headset and your computer
Metaverse will be using the Ethereum technology as a foundation for the infrastructure.
Just like Ethereum, Metaverse will be able to support smart contract functionality as well as digital assets. The main goal of Metaverse is to create something that is decentralized, yet also has a digital identity and asset exchange system. This way, it will be able to support a great deal of different services that are currently being introduced through blockchain technology.
The virtual reality world will have its own currency. This currency will be called “Metaverse Smart Token” or MST for short. At first glance, this will just look like any other cryptocurrency on the market today. However, there are some differences between MST and normal cryptocurrencies. The main difference is that MST is not mined; it is created by various initial coin offerings (ICOs).
In order to make things more secure, Metaverse has its own token standard called ERC223. This standard was created based on the popular ERC20 token standard used by Ethereum. The key difference is that ERC223 tokens can actually prevent accidental loss of funds (similar to what we have seen with Ethereum).
Metaverse’s tokens are called ETP.
ETP tokens are used for all transactions in the Metaverse ecosystem, including:
the exchange of assets and digital identities
payment of transaction fees
distribution of dividends for holders of MST tokens
ETP can be bought and sold on several cryptocurrency exchanges such as Huobi.pro, OKEX, Binance, and HitBTC.
Metaverse’s tokens are called ETP. The token is a NEP-5 token on the NEO blockchain that allows users to create their own decentralized digital identity on the platform. In addition to the ETP token, Metaverse has its own cryptocurrency exchange called ViewFin Exchange (VFEX). The platform also provides smart contract creation tools.
Benefits of Metaverse:
Digital Identity: A Digital Identity is an identity that isn’t achieved through a centralized system like your bank or passport but rather through blockchain technology which means the identity can’t be erased unless you want to do so yourself. To achieve this Metaverse has created a unique ID that people can use to identify themselves online.
Digital Assets: These are assets that can be created through a decentralized system and can’t be interfered with by any central authority since it doesn’t exist. To achieve this Metaverse will allow anyone to create their own digital assets without having to ask someone if they can do it or not.
Ethereum Virtual Machine
It’s a decentralized system that can execute scripts using public nodes. The Metaverse blockchain is similar to the Ethereum blockchain and uses the EVM for smart contracts.
An avatar is a virtual representation of a user in the Metaverse world. Avatars are registered by users on the Metaverse network.
A digital asset is anything that exists in the virtual world and has value. Digital assets include avatars, houses, cars, land, etc. Digital assets are registered by users on the Metaverse network and can be bought, sold or rented for MSTs.
An Oracle is a bridge between the virtual world and real world data. The Oracle service operates as an independent third party which provides data to smart contracts in exchange for fees paid in MSTs.
Ethereum has been successful so far in creating an open source base for implementing Bitcoin’s financial technologies and extending it to support smart contracts that can be used to build many different types of applications across a variety of industries.
When you own a crystal, you become a temporary banker for the digital currency. In future versions of the Metaverse, users will be able enter the virtual space and buy other virtual goods with that digital currency from other blockchain universes.