Metaverse is a blockchain that aims to improve on Ethereum and its smart contract system. The blockchain is made in China and caters primarily to Chinese blockchain technology companies.
What Is Metaverse?
Metaverse is a decentralized open platform of smart properties and digital identities. The platform is based on public blockchain technology. The goal is to establish the “Internet of Value” infrastructure by combining digital assets, digital identities, and oracles to build a web of smart properties.
In more basic terms, Metaverse is a blockchain made in China. Some call it the Chinese version of Ethereum. Just like China has Baidu instead of Google or WeChat instead of Facebook, Metaverse is quickly becoming China’s Ethereum.
The Metaverse project is led by ViewFin.com, a Chinese company specializing in blockchain digital assets and blockchain news in China. The project was founded by Eric Gu, one of the leading names in the Chinese blockchain technology industry.
The goal of Metaverse is to create a new economic model. The open source, public blockchain project revolves around the use of Entropy tokens (ETP), which were released in ICOs that took place over 2016 and 2017.
Obviously, there’s a lot going on with the Metaverse blockchain. Let’s take a closer look at the platform’s key features.
Metaverse’s core features include all of the following:
Digital Asset Registration:
Digital assets are a new type of asset with growing importance. With just a few clicks, you can own your assets on-chain.
Digital Identity Design:
In Metaverse, records will last forever. Your digital identity is yours, and it’s your for eternity.
Intermediary services called Oracles are built upon a decentralized reputation system, acting as a link between Metaverse and the real world. Oracles can be software programs designed to pull sports scores from the internet.
Or, trusted institutions like banks and government agencies can register as oracles to provide an unbiased third-party intermediary.
Users can exchange value freely and easily over the Metaverse.
Overall, the Metaverse blockchain wants to create a new economic model.
The “Three Pillars” Of Metaverse
The Metaverse blockchain specifically identifies three pillars of its platform, including all of the following:
Avatars (Digital Identities):
When you have your avatar, you have a digital passport to the virtual world. Your avatar can be managed by a physical person or by artificial intelligence. The avatar can own multiple digital assets. The blockchain has a many-to-many relationship where digital assets can also be owned by many Avatars.
Combining digital assets with digital identities allows Metaverse to create “the internet of value”. In Metaverse, digital assets represent any category of asset in digital form.
Digital assets can represent anything, which means communities can value whatever they want. As the Metaverse whitepaper explains, “We are moving towards an age that cannot only transfer money but also transfer value”.
Oracles, as mentioned above, work as intermediaries. They’re built on the blockchain to apply sound judgment and verify actions.
What Problems Does The Metaverse Blockchain Seek To Solve?
Why do we need a technology like Metaverse? Here are some of the problems the platform seeks to solve:
A digital asset blockchain needs more than just “contracts” as a type of transaction. The language of the contract isn’t business-friendly, and users are pigeon-holed by the technology. The Metaverse blockchain doesn’t have a pre-defined set of transaction types, so it intends to be flexible and suited for a variety of businesses and applications.
Digital asset transactions require intermediaries on the blockchain. Intermediaries shouldn’t be pushed away – they should be embraced via a trust mechanism. Oracles act as a type of intermediary on the Metaverse blockchain.
“Traditional” intermediaries like banks, government organizations, foundations, or even individuals can register on the Metaverse blockchain as oracles.
Digital asset blockchains that want to be successful in China need to be based in China. The Chinese government has a long history of supporting Chinese businesses while restricting non-Chinese businesses (like using Baidu instead of Google, WeChat instead of Facebook, and Alibaba instead of Amazon); Metaverse aims to be the Chinese substitute for Ethereum
The Metaverse Token Sale
Metaverse released its Entropy tokens through its ICO. Those tokens will be used to register assets, pay fees, establish your identity as an oracle, and value assets on the blockchain.
There will be a total supply of 100 million Entropy in the system, with 15 to 30 million distributed during the initial ICO, and another 15 to 30 million distributed in a later ICO after the Metaverse wallet and blockchain completed their development.
The remaining ETP tokens will be distributed through a proof of work mining process, with an inflation goal of 1 to 4% per year.
The Metaverse Wallet
The Metaverse wallet comes with the following features:
The wallet is a deterministic wallet, which means users can easily restore wallets without needing any information, or create public addresses without using a private key.
The Metaverse wallet allows customers to create their own assets from the Metaverse platform, and access all of these assets from the same place.
Customers are allowed to create as many ETP addresses as they want, then conveniently transfer ETP tokens between addresses.
The Metaverse blockchain was created by Chinese company ViewFin. That company was founded by Eric Gu (CEO), a senior expert in fintech and digital assets and a well-known opinion leader in the Chinese blockchain industry.
Eric first rose to prominence for being the main translator of the original bitcoin whitepaper, “Blueprint for a New Economy”, written by Satoshi Nakamoto.
Other key members of the team include Michael Jiang (VP of Research and Development), Dushyan Jayasundera (VP of Corporate Strategy), Chen Hao (CTO), and Jen Lee (Vice President).
Chinese developer Viewfin.com has recognized the potential of the Ethereum blockchain and its smart contract technology. However, they feel they can improve the technology, make it less contract-restrictive, and cater it to the Chinese marketplace. Essentially, Metaverse is a Chinese version of the Ethereum blockchain.
We’ve already seen the potential of the Metaverse blockchain with companies like ZenGold, which offers digital tokens backed by real gold reserves, verified by the Metaverse blockchain.
We’re already seeing a number of Chinese companies build platforms on the Metaverse blockchain. Look for the Metaverse blockchain to continue growing over the coming months.