Updated: Dec 21, 2019
Metaverse is an open-source blockchain, which is public and provides digital identities, digital assets, and oracles in a smart contract ecosystem. Entropy or ETP is the native token of the Metaverse blockchain. It acts as a utility token with which miners and developers are rewarded on the blockchain. Metaverse has also introduced the Metaverse Smart Token (MST), which is similar to ERC-20 on Ethereum and NEP-5 on NEO.
This guide will talk about the purpose for which Metaverse is designed, the team behind it, the way it works and various uses and applications.
What Is Metaverse Designed For?
The concept behind Metaverse is to build a network of smart properties and to offer a decentralized exchange, to ensure a smart and secure ecosystem. Metaverse blockchain on the face value may seem like it is reinventing the wheel of Ethereum and NEO. However, it cannot be so easily dismissed.
The platform has a three-pronged approach that makes the solution more scalable than any other Dapp platform on the market. Metaverse is on a notable mission to build a financial system, which allows the digital identity and digital assets of a user to become the foundation for their financial transactions. This is offered with the assistance of a valued intermediary.
Who Is the Team Behind Metaverse?
Metaverse is co-founded by Eric Gu, who is also the CEO of this blockchain. He was on the founding team of NEO and has extensive programming experience working in the US and Canada. Gu is also the CEO of Viewfin Corp.
The other founder of Metaverse is Chen Hao, the acting CTO of the platform. The co-founders work alongside an extensive team comprising of some notable engineers and managers. Metaverse is based in Shanghai, China.
How Does Metaverse Work?
Metaverse works by effectively tokenizing smart contracts using the Metaverse Smart Token (MST). These decentralized assets can be readily spent, registered, transferred, issued, deposited, or even burnt.
Metaverse also makes use of a digital identity card called Avatars, which allows it to score a reputation on the network. Oracles or the service providers on the Metaverse universe act as network intermediaries, and effectively encourage on-chain development. Metaverse Foundation also encourages on-chain development by incubating Metaverse-based startups.
ETP has a total supply of 56 million coins and can be mined like any other PoW coin. There are about 44 million tokens yet to be mined. The coins can be easily stored in the Metaverse wallet which is, in effect, the only place where these coins can be stored once you take them out of the exchange.
While ETP was initially generated only through PoW mining, there is a hybrid model, which involves Proof-of-Stake (PoS) that was introduced in January 2019. The team plans to introduce another Delegated Proof-of-Stake, or DPoS model by the end of 2019.
What are Current and Future Applications of Metaverse?
ETP is primarily used to reward developers and miners on the blockchain. It is also used to pay the transaction fees for various transactions carried out on the Metaverse network. ETP is available for purchase against bitcoins and Ether through Bitfinex, HitBTC, Coinsuper, and other exchanges. Bitfinex also offers the option to purchase ETP against USD.
Metaverse has not announced any loud partnerships. However, their method of gradual and “silent” progress is found appealing by many in this industry where only partnerships are thought to attract the required number of users to a platform. It has partnered with Amazon aws, 8BTC, Bitrun, AAC, Aion, and Grello.
It has also partnered with Lexit, which is a digital M&A marketplace to transform the way developers and organizations of all sizes transact IP as whole or partial businesses.
The platform is not without its fair share of competition as a platform for smart contracts and Dapps. Ethereum and NEO are the closest competitors for Metaverse, but others such as Qtum and EOS can also be considered the competition.
While Metaverse is unique in its approach to BaaS, it still has a long way to go before it can shake the standing of some big names in the blockchain smart contracts platform. However, they are already in the making with the beginnings of a solid ecosystem. The potential of Metaverse for real-world projects is very appealing, especially when you consider their partnership with Zengold.
Metaverse has a unique view with the capability to completely transform the way financial services and transactions take place. It also holds the power to revolutionize the blockchain ecosystem. The fact that this decentralized application platform is backed by the industry’s most notable names only goes to lend credibility to the cryptocurrency.