The cryptocurrencies offered the world disruption and path breaking solutions that would transform the face of multiple industries and consequently the world as we view today. While the digital assets are making inroads into various sectors, their underlying technology – ‘Blockchain Technology,’ has proven its worth in multiple verticals in quick time. However, the ledger based technology proponents are yet to realize the full potential and applications of the technology. To explore these possibilities and simplify day to day activities, Viewfin.com – a Chinese company, is introducing Metaverse – the first ever public blockchain in China. Metaverse aims to enable blockchain-based digital asset management – even more fundamentally, a blockchain-based system for managing our digital lives. Let’s dive into the details of how Metaverse is planning to do so.
What is Metaverse?
Metaverse is a decentralized world that redefines digital identities and smart assets through blockchain technology. Within the peer to peer network reside universally unique and self-sovereign identities, which will primarily power all decentralized applications or smart contracts coming afterward. The project imagines a blockchain in which people, organizations, institutions can transact with each other.
To authenticate the digital asset transactions on the blockchain, Metaverse plans to introduce intermediaries called Oracle. In essence, Metaverse aims to be the Chinese substitute for Ethereum where the intermediaries will be parties whose vested interest lies in the kind of transaction taking place over the public blockchain.
This vision revolves around a couple key insights:
• A digital-asset blockchain needs more types of transactions than contracts.’ The language isn’t business-friendly and the approach feels like a pidgeon-holing of unique transactions into general-purpose business logic. Metaverse doesn’t have a pre-defined set of transactions types, but it intends to be flexible.
• Digital asset transactions need intermediaries on the blockchain. It shouldn’t push them away – it should embrace the trust that their presence confers. Oracles are a form of intermediary, and Metaverse will encourage intermediaries–such as banks, government agencies, foundations, or even individuals–to register as oracles.
• For a digital asset blockchain to be successful in China, it must be based in China. The Chinese government has supported Chinese versions of many popular successful businesses based outside of China: Baidu instead of Google, WeChat instead of Facebook, Alibaba instead of Amazon. Metaverse aims to be the Chinese substitute of Ethereum.
The blockchain protocol itself is still being finalized. It will be its own public blockchain. Consensus in the first year after launch will be through proof-of-work mining. The current plan is to transition the blockchain to a delegated proof-of-stake model after this, but the team will wait to see how Ethereum handles its own transition to proof-of-stake in early 2017.
The Three Pillars of Metaverse
Avatars (Digital Identity)
Through having your Avatar, you have your digital passport to the virtual world where an Avatar can be managed by a physical person or artificial intelligence. It is allowed to own several digital assets. There is a many to many relationship in Metaverse where digital assets can also be owned by many Avatars.
Digital assets + Digital identities= Internet of Value. In Metaverse digital assets represents any category of asset that is in the digital form. As digital assets can represent anything, this gives power to communities to value whatever they want. We are moving towards an age that cannot only transfer money but also transfer value.
In Metaverse intermediary institutions (Oracles) are invited on-chain. Viewfin believes that intermediaries will still play an important role in the future. As of today, critical thinking and logic are not programmable. We still need the intervention of intermediaries to apply sound judgment and verify our actions. The Metaverse ecosystem will rely on Oracles to ensure that all information shared, stored and provided by the members of the Metaverse community is true and reliable.
Metaverse ETP (ETP) Token
Current coin Value: $3.68
Market Cap: $83,199,414
Total Supply: 52,244,767 ETP
Circulating Supply: 22,600,000 ETP
Max Supply: 100,000,000 ETP
The token being sold is Entropy, the token that will power Metaverse. It will be similar to Ether. It will be used to register assets, pay fees, establish identity as an Oracle, and value assets on the blockchain.
There are 100,000.000 ETPs in total. It is divisible into 10″ =0.0000000141g like Bitcoin. and it is transferable on Metaverse blockchain and secured by ECDSA (elliptic curve digital signature algorithm). The Entropy is NOT claim to be a form of digital currency; rather it is the equity of Metaverse. As a result, the price of ETP won’t pegged to any flat or crypto currencies, including Bitcoin. The Entropy could be used to measure value of smart properties in Metaverse. or used as a collateral in financial transactions. And the ETP will be used whenever system fees are applied. i.e. creating a new Smart Property, register a new Avatar, or apply to become an Oracle.
The Entropy is the equity of a DAO (Democratic Autonomous Organization), namely The Metaverse. It is NOT a currency, it shouldn’t have inflation at all, but, tokens are always lost for various of reasons, accidents, carelessness, or death. 196 of annual lost rate was predicated by Vitalik Buterin in Ethereum white paper. To provide sufficient liquidity and to accommodate more smart properties on Metaverse, a micro-inflationary linear issuance scheme is designed. 4 Million ETPs will be added to the circulation each year after the end of POW phase. the initial inflation rate will be 4% annually and trend down gradually towards 1% lost rate Vitalik predicted.
Launch dynamics of Entropy and its performance
The Metaverse ICO started on Sept. 5th, 2016, distributed Entropy tokens (ETP) for the investors. 15 – 30 million were distributed during the first ICO, and another 15 – 30 million will be distributed in another ICO after the Metaverse wallet and blockchain are complete. The remaining ETP will be distributed through the proof-of-work mining process.
What are the terms?
Bitcoin: For BTC, the price for Entropy is 6000 ETP/bitcoin. The Bitcoin address listed for participating is 16LHvZ11XRsVFkzmD64g11mrfvjzyToDn9.
CNY: People can participate with Chinese Yuan with access to the following price tiers, based on how much is contributed. The price tiers also confer additional benefits on the Metaverse platform.
Alternately, you can participate through Bizhongchu, an ICO platform in China.
The Metaverse Wallet
Thanks to deterministic wallet technology, a user can easily restore her wallet without needing any information and create public addresses without using a private key.
The wallet allows the customer to create his own assets from the Metaverse platform and to access all the assets created from the same place.
The customer is allowed to create as many ETP addresses as she wants and can conveniently transfer her ETPs.
Danish Blockchain Company, OpenLedger ApS, has signed a Strategic Cooperation Framework Agreement with ViewFin, the market leader in Blockchain technology and the developer of Metaverse™, the first public Blockchain in China. This enabled the trading of entropy tokens on the OpenLedger decentralized exchange (DEX). Currently, at the time of writing this post, each Entropy is being valued a little over $5.
Who is the team behind the project?
The founder of Metaverse is Eric Gu, an entrepreneur and thought leader in China. He was a co-founder of other blockchain projects, including viewfin.com.
ViewFin™ is a market leader in Blockchain technology in China. ViewFin™ has assembled together a team of domestic and international specialists from various industries such as the financial, internet, consulting and Blockchain industries to implement future Fintech applications.
Eric is also the main translator of China’s first Blockchain book “Blueprint for a New Economy“.
With better innovation on Metaverse platform and the impending disruptive projects, the platform surely has a bright future ahead.
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