Metaverse — A new decentralized reality with digital identities
There are various blockchain solutions in the market today, and each platform has been introduced to improve upon the shortcomings of the previous generation platforms. In order to send cryptocurrencies in almost all of the existing platforms, a user should have a wallet address of the receiver. However, aside from this single wallet address, there is no other way to identify an individual or verify his identity.
These things can be complicated for regular users because the addresses are just a combination of random strings and letters which are so long that it makes them harder to remember. Part of the reason is that these platforms are only meant to send and receive digital currencies instead of putting too much effort on creating digital identities.
As of now, there is a serious lack of platforms in the market which tie traditional crypto transactions to digital identities instead of long addresses, just like PayPal, XOOM or Venmo. However, Metaverse — which is a Chinese based blockchain solution, can make it possible by creating an alternate reality with a blockchain ecosystem that brings together crypto, digital identities, oracles and an all-in-one exchange.
Metaverse is an open-source blockchain based project designed to help people or enterprises. Their core development team envisioned a virtual world where individuals are represented by their Avatars and can perform operations on digital assets with the help of intermediaries.
The inspiration behind Metaverse came from a Sci-fi novel named “Snow Crash” where the people were represented by Avatars and were able to communicate in a virtual world. Metaverse is offering a public blockchain for people and Blockchain as a Solution (BaaS) to help the enterprises.
The BaaS is designed in a way to integrate it with other applications and already running enterprise grade services. Metaverse uses Entropy ETP as its native token used to make transactions across the network and to represent the value of digital assets.
Eric Gu and Chen Hao, the co-founders of Metaverse, are responsible for this project. Eric Gu who is also known for his involvement in other blockchain projects is acting as CEO of the company while Chen is acting as CTO. They founded this project back in 2016.
Key features of Metaverse
There are four fundamental parts responsible for the overall operation of the project. MST, Avatars, Oracle and on-chain exchange.
MST digital assets — MST is the term given by the Metaverse to represent digital assets in the network. MST exists in the virtual world which represents any physical asset present in the real world. Users can register, spend, transfer, issue, deposit, or burn these assets.
Digital identities — The digital identity of an individual in Metaverse is Avatar. The digital assets of every individual are linked with these avatars. The avatars also keep the record of a user’s credit.
Oracles — Oracles are the intermediaries in the Metaverse. They can also be considered as the entities that oversee the operations in the Metaverse. They verify and validate the information on the network. Anyone with an avatar can become an Oracle, the selection of the Oracles are made based on their record and reputation.
On-chain exchange platform — When someone wants to exchange any of their physical assets in the Metaverse, the on-chain exchange can get that happen.
Originally, Proof of Work (PoW) was used as the main mining algorithm but the team had plans to upgrade it to other models to enhance security and scalability. In January 2019, they introduced the Proof of Stake (PoS) algorithm and in the third stage are planning to implement DPoS in the coming year.
Coinsuper, Bitfinex, Bit-Z are the few of the many exchanges that support the trading of Entropy tokens. To send, receive or store ETP the user can get the official Metaverse desktop, web-based and mobile Wallet. There are other options like Cloud Wallet.
Metaverse is considered as the Chinese Ethereum and has gained traction mainly due to a range of different features that it offers. Metaverse is also offers a Blockchain-as-a-service (BaaS) solution and many businesses are interested in investing in it. The team is constantly working on its development side and trying to offer a way to tokenize almost every asset with digital identities.
ETP managed to reach an all-time high of USD 6.24 on Jun 06, 2017. Its Market Cap is at $41,799,183 USD. The Total Supply of ETP is 76,679,630 ETP while the Circulating Supply is 76,679,504 ETP. This project has been in the market for a few years and will require new partnerships and further development to prove its power and viability.