What Is The Metaverse

Metaverse is a distributed network based upon blockchain technology. It proposes a network that is comprised of Smart Properties which are powered by digital assets. A Smart Property is an electronic resource that is linked to distinct properties. It is able to transfer funds between users using Metaverse protocol.

The public ledger permits users to have access to two kinds of resources:

1. Metaverse Smart Token (MST) is a specific type of Smart Property designed to share assets across the network. MST is a kind of Smart Property that represents a particular asset. This could be stocks, gold bars or any other cryptocurrency such as bitcoin.

2. Metaverse Identifiable Token MIT The token is a digital representation of the resources that are off-chain in actual space. It is able to store value or share company shares. It can be used in order to hold value or as the external resources. Furthermore, each MIT is a particular right that is associated with an identifiable outside resource. For example the deed may be issued from the government. It may include information such as parcels of land, rights to land, or geographical places.

Two parts make up an MIT:

1. Off-chain resource is a version that is not digital and exists in nature.

2. A digital signature that is recognized by blockchain users and the general public. It can help prevent fraud and authenticates transactions. It is an encrypted hash of information about assets. It works in the same way as a fingerprint that can be identified and utilized by blockchain users.

If an off-chain resource is transferred to a new owner, they must record the sale on the blockchain that includes their digital signature. This ensures correct ownership recording and stops altering the record.

In the world of crypto, this is known as a “bonded Certificate”. It allows an asset owner to register on the blockchain to verify that they are the owner of their assets.

This is demonstrated by the car illustration: When you purchase a vehicle the legal document identifies who is its owner. The legal document can be used to prove ownership if the vehicle is stolen or damaged. This is similar to the way Metaverse Identifiable token functions in the blockchain network.

Additionally, MST transactions and MIT transactions do not incur fees on the blockchain. This reduces transaction costs.

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What is the main difference between MST and MIT?

1. An MST is an MST token that is able to be exchanged between accounts, much like ERC20 tokens.

2. Private keys safeguard your MST. They can be used to protect it, just like other forms of cryptocurrency like Ethereum or bitcoin. Your MST can only be used by you, since you own the key.

3. An MIT on the other hand is an asset issued in physical space outside of blockchain. It’s an asset that exists off-chain and has to be constructed within the actual world to serve as a digital sign-off on the Metaverse Blockchain.

A digital copy of a land deed could be made by scanning the paper. The digital signature is associated to your MIT that was printed on the original paper. This identification number is utilized to verify the metaverse blockchain’s identity as a valid MIT. If someone wants to transfer the MIT to another person, the blockchain will verify that the identifying numbers have been registered as matched with the MIT.

4. A MIT also has a benefit that it allows you to restrict individuals holding specific assets by comparing their digital signature stored in blockchain against the existing assets. This can help to stop any fraudulent activity. Your Metaverse digital signature is needed to connect to your MIT to allow you to trade and transfer it.

5. All MITs are decentralized, freely traded and do not require any additional fees. However, MSTs are not issued on the blockchain. To accomplish this you must create physical objects that can then be digitalized.