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What is the Metaverse? Beginner’s Guide

Metaverse, a decentralized blockchain-based network, is a proposal to build a network of Smart Properties powered by digital assets. A Smart Property is an electronic resource that has unique properties. It can be used to transfer money between users via the Metaverse protocol.

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

1. Metaverse Smart Token: MST is a special type of Smart Property created to distribute assets on the network. MST is a kind of Smart Property that represents a particular asset. It could be gold bars, or any other cryptocurrency like bitcoin.

2. Metaverse Identifiable Token MIT (Metaverse Identifiable Token): This is a digitalized representation off-chain of resources within physical space. It is used to store value or represent an external resource. In addition, each MIT represents one specific right that is associated with an distinct external resource. For instance, a deed could be issued by a government and includes details such as parcels, land rights and geographical places.

An MIT is made up of two parts.

1. Off-chain resource: It is a non-digitized version of the real world as it exists in the real world.

2. The public is able to recognize the digital signature on the blockchain. This can help prevent fraud and ensure authenticity. The digital signature that is a hash of the asset information, works similarly to a unique fingerprint that blockchain users can recognize.

If an offchain resource is transferred to a new owner they must create a transaction with their signature and note the change on blockchain. This will ensure that ownership isn’t tampered with and recorded correctly.

This is called a “bonded certificate” in crypto-world. An asset owner registers to the blockchain to verify ownership.

This is apparent in the case of the car: When you purchase an automobile, you get an official document that indicates the owner of the vehicle. It is possible to prove the ownership of the vehicle by showing the legal documents in case it is in a collision or is stolen. It is similar to how Metaverse IdentifiableToken works in the blockchain network.

MST and MIT transactions on the blockchain are not subject to charges, which means that they can reduce transaction costs.

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What is the main difference between MST & MIT?

1. An MST token, which is able to be transferred from one account to another, is similar to ERC20 tokens.

2. Because the MST is secured by private keys, it can’t be taken from you if you buy it and keep it in your wallet. It’s the same as crypto currencies such as Bitcoin or Ethereum. Since you own the key, you are the only one who have the right to make use of your MST.

3. An MIT is a digital asset that is able to be issued in physical space, outside of blockchain. It can be used to store digital signatures in the Metaverse Blockchain, but it must be a separate entity from blockchain.

If you want to digitally digitize the title to a land title, for example, the paper must first be scanned so that a digital copy can be made. The digital signature is connected to your MIT which you have printed on the page of the document. Metaverse Blockchain stores this identification number, so that it is acknowledged as valid MIT. If someone wanted to transfer MIT to someone else, the blockchain will confirm that the identification numbers have been registered as matched with the MIT.

4. A MIT also has a benefit: it is possible to put restrictions on those who hold certain assets by checking their digital signature stored in the blockchain against available assets. This helps to prevent any fraudulent activity. If your MIT is linked to your Metaverse digital identity it is not possible to transfer or trade it.

5. All MITs can be freely traded and are distributed decentralized. However the MST cannot be issued directly via the blockchain network. Instead, you will need to first create a physical object which you can later digitalize.