What is Metaverse?
Metaverse is a public and open source blockchain that provides digital assets, digital identities, and oracles in a network of smart contracts. The concept is to build a network of smart properties and a decentralized exchange for a smart and secure infrastructure.
Founded in 2016 by CEO Eric Gu and CTO Chen Hao, Metaverse launched in February 2017. Gu stands out as one of the original co-founders of Neo, along with his involvement with other high-profile blockchain projects.
You already have the Supernova update running on the mainnet and Pillars of Creation is on the testnet. Metaverse also introduced the Metaverse Smart Token (MST) token standard, which is similar to ERC-20 and NEP-5 on Ethereum and NEO.
Is the Metaverse really an Ethereum killer, or is it more likely its partner in the fight against NEO/Gas domination?
To find out, let’s start with an examination of Entropy, the ETP in the Metaverse ETP, in the cryptocurrency market.
Breakdown of Entropy (there is an ironic phrase)
Metaverse has a total supply of 100,000,000 ETP. Its peak price so far was $5.96 on June 6, 2017, and it’s notable that it saw an increase in October as well. When the rest of the industry peaked in December and January 2017, it hit two more peaks, but neither was as high as the previous two.
This makes the Metaverse ETP a unique crypto in that it existed before the cryptocurrency’s Q4 price surge, but its ICO price was higher than the spikes it experienced during that time period. It also experienced huge gains at the end of 2018.
Metaverse ETP is used to value or warrant smart contracts on the Metaverse blockchain network. It is also used to pay transaction/gas fees. ETP was initially generated through PoW mining, although a hybrid model including Proof-of-Stake (PoS) was introduced in January 2019 with plans to introduce a third (Delegated Proof-of-Stake or DPoS) by the end of the year.
The Metaverse ETP ICO occurred on September 5, 2016 at a rate of 6,000 BTC for 1 ETP. It also ran a second simultaneous ICO with the launch of the mainnet and wallet in February 2017. Combined, 50,000,000 ETPs were sold during both ICOs.
ETP can be traded on a wide variety of exchanges, ranging from TOPBTC, Bitfinex, and RightBTC to HitBTC, Bit-Z, and Coinsuper, among others. However, the ETP price is a world away from the Bitcoin price.
There are several wallets that support ETP, including the official Metaverse Wallet for desktop, web, and mobile, along with third-party options like MyETPWallet’s Cloud Wallet and Metaverse Lightwallet.
Reinventing the Wheel?
Just because it isn’t as high profile as Ethereum or Neo doesn’t mean the Metaverse blockchain can be easily dismissed. Its three-pronged approach to blockchain could prove to be a more scalable solution than others on the market.
First, Metaverse tokenizes smart contracts using the Metaverse Smart Token (MST). These decentralized assets can be spent, recorded, transferred, issued, deposited, or even burned. Metaverse then uses a digital identity called Avatars to gain network reputation. Lastly, oracles are service providers that act as network intermediaries.
To help foster on-chain development, Metaverse created the Metaverse Foundation, which invests in and incubates new companies based on Metaverse.
It is selling its platform as a Blockchain as a Service (BaaS) solution, and one of the first projects developed to take advantage of it is Zen Gold, which backs crypto assets with physical gold that can then be bought, sold and tracked globally.
While governance is currently limited to PoW, a hybrid PoS model is expected to be introduced to the mainnet within the next year.
Many of the tokenization aspects of the Metaverse seem almost intended for financial services. From real estate to loans to money transfers, Metaverse is almost tailor-made to fit your every need.
Forging the Right Partnerships
Because it is based in China, information in English about the project is limited, but the team does its best to communicate with a global audience.
Metaverse has few associations, but what it does have works well for them so far. It is working with Lexit to tokenize IP. This would make it easier to track digital content and allocate rights.
It has also partnered with Kickico, a Moscow-based crowdfunding blockchain project, and CyberTrust, a crypto investment bank focused on the Russian and Chinese markets.
It depends on the partnerships you have forged to put in place a sustainable ecosystem of tools to serve a wide audience. It is a risky strategy that many crypto startups try. We’ll have to wait and see if it pays off in the long run for the Metaverse ETP.
ETP Metaverse Summary
Metaverse ETP is another China-based Ethereum killer. But it is also competing with other so-called Ethereum killers like Neo for the crown. The lack of partnerships prevents the project from gaining more ground, but it’s still a rare crypto that wasn’t fully tied to Bitcoin prices in 2017 and 2018. Metaverse has a few other tricks up its sleeve as well.
- Metaverse supports digital identities, assets, oracles, and exchanges, making it a versatile blockchain 3.0 solution.
- The Metaverse development ecosystem already has a gold-backed cryptocurrency trading app on the market. Many more are in development for release before 2020.
- ETP is tradable on a wide range of crypto exchanges. Your current PoW model will soon be supplemented with a hybrid PoS.
If Metaverse secures the right government or corporate partnerships, you’ll have a successful project on your hands. So far, it’s up in the air: the technology exists and seems to be working fine. But if no one uses it, you could become a victim of the blockchain bubble.