Introduction to Metaverse ETP

Any blockchain insider knows that when it comes to blockchain smart contracts, Ethereum is the network to go for. However, we wonder how much longer that is going to last, with Chinese alternatives such as NEO and Metaverse ETP cropping up. In this introduction to Metaverse ETP, we will tell you why we think so.

What is Metaverse ETP?

Metaverse, like NEO, is another blockchain company from China. It is headquartered in Shanghai and is meant to be a decentralized platform for hosting smart properties.

Metaverse is aiming for a world were asset transactions may be carried out on a basis of digital assets and identities.

According to the official website:

“Metaverse is a blockchain project that provides a foundational infrastructure for social and enterprise needs. Our goal is to construct a universe where digital assets (Metaverse Smart Token) and digital identities (Avatar) build the basis for asset transactions with the help of a value intermediary (Oracle), thus establishing a new blockchain ecosystem that will transform human society and allow us to enter the New Reality.”

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Elements of the Metaverse ETP

1. Metaverse Smart Tokens/Digital Assets (MST)

We have already mentioned the Metaverse works with smart contracts. Now, what it does is tokenizes them using their native token, which goes by the ticker symbol MST.

MST is an abbreviation for Metaverse Smart Token, a virtual asset that can be represented on the Metaverse blockchain network.

The official website defines it as:

“Digital assets (Metaverse Smart Token) on Metaverse blockchain are trust-free, traceable and immutable decentralized smart properties that can be freely registered, transferred, issued, deposited, used as collateral and burnt.”

2. Metaverse Avatars

Digital identity, as mentioned earlier in this article, is also an important aspect of the Metaverse ETP.

The digital assets on the Metaverse blockchain are basically controlled via these digital identities.

A real individual’s digital identity would ideally include the creation of an Avatar that carries a unique index number that is secured with private encryption.

Therefore, these identities get to control how the digital assets work and interact with the other digital identities.

According to the website:

“Digital identities are self-sovereign identity ledgers on the Metaverse blockchain. Digital credit is created through interactions with assets and other identities.”

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3. Metaverse Oracles

Oracles are basically nothing but reliable intermediaries who are employed to verify or validate the information or transaction going through the blockchain.

The intermediaries or oracles therefore end up being responsible for certifying whether or not an information or transaction is legitimate.

An avatar is usually connected to an Oracle and the credibility of it will depend on its previous track records: how many transactions it has validated before and how legitimate they have been.

There are multiple types of Oracles on the Metaverse blockchain, including host oracle to store and issue assets, authentication oracles to verify information, and supervision oracles to validate reliability of transactions.

According to the website:

“Oracles are service providers with digital identities. Rather than decentralization, Metaverse integrates intermediaries into the blockchain, providing rapid and transparent supervision.”

4. Facilitating On-chain Transactions

On Metaverse ETP, users are allowed to retain control over how their information is used or processed on the network.

Hence, speedy and easy on-chain transactions are made possible here.

The website says:

“Metaverse allows value to be exchanged freely and easily. Control of assets is returned to the user, preventing assets theft.”

Final Thoughts

Metaverse ETP is designed along the lines of Ethereum with its Proof of Work Consensus Mechanism, set to switch to Delegated Proof-of-Stake (DPoS) after a certain point. Although this platform is not too well-known yet, it seems to have great potential to scale new heights really soon.

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