What is the Metaverse? Beginner’s Guide

Metaverse is a decentralized network built on blockchain technology, proposes the creation of a network made up of Smart Properties that are powered by digital resources. Smart Property refers to an electronic resource with distinct characteristics. It is transferable between users via the Metaverse protocol just as bitcoins on the bitcoin network.

This public ledger gives users two kinds of resources they can use.

1. Metaverse Smart Token MST: Metaverse Smart Token was developed to enable assets to be circulated on 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 to store and represent the existence of an external resource. In addition, each MIT is a specific right associated with an distinct external resource. For instance, a document called a deed may have been given to a government. The document contains information like parcels, land right and the geographical location.

An MIT is made up of two parts:

1. Off-chain resource: It’s a nondigitized version that exists in the natural world.

2. A digital signature that is recognized by the public on the blockchain to verify authenticity and avoid fraud. The digital signature works exactly the same way as a fingerprint that is unique. Blockchain users are able to recognize it.

When an offchain resource passes to a new owner, they must create a transaction with their signature, and then record the change on blockchain. This ensures that ownership isn’t altered and properly recorded.

Within the crypto-world it is known as a ‘bonded certificate’, in which an owner of assets registers on the blockchain to show ownership of their property.

As an example, consider a vehicle. When you purchase the vehicle, it is accompanied by an official record of who it is owned. The legal document could be shown to prove ownership if your vehicle is stolen or involved in a crash. This is the same as the way Metaverse IdentifiableToken works in the blockchain.

MST and MIT transactions will not be subject to fees on blockchain, reducing the cost of transactions.

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The difference between MST & MIT

1. An MST is a token that can be transferred between accounts, much like the ERC20 tokens.

2. MST is a type of cryptocurrency that can be purchased. MST can be purchased and kept within your wallet. This is due to the fact that the private keys are protected as other cryptocurrency like Ethereum and bitcoin. You are the only person who can use your MST.

3. A MIT is a physical asset that was made in a physical location that is not blockchain-related. It has to be physically created in order to create a Metaverse Blockchain-stored digital signature.

To digitize a deed or land, you’ll have to scan the original document and create a digital version. The digital signature is linked to your MIT. The metaverse blockchain stores this identification number, so that it is acknowledged as valid MIT. If someone is trying to make a transfer of the MIT the blockchain will verify whether the identification number is registered and matched with the MIT.

4. Another advantage of having an MIT is it’s possible to restrict an individual holding a certain type of asset by checking their digital signature on blockchain against available assets in order to prevent any fraud. For instance, you are able to only trade or transfer your MIT if it is associated with your Metaverse digital ID.

5. All MITs are free of charge and can be traded freely. However, MSTs are not issued on blockchain. To accomplish this you must create physical artifacts that can then be digitalized.