Metaverse is a decentralized network built on blockchain technology. It proposes to build a web comprised of Smart Properties, which are powered by digital assets. The term Smart Property is an electronic asset with distinct properties attached to it. It is shared among users using Metaverse, just as bitcoins in the bitcoin network.
In this ledger public, users have two types of resources that they can utilize:
1. Metaverse SmartToken (MST) is a cryptocurrency that lets you transfer your assets over the network, was created by Metaverse. MST (Metaverse Smart Token) is a particular type of Smart Property. It can represent an asset (such as gold bars, and even other cryptocurrency like Bitcoin).
2. Metaverse Identifiable Token MIT – This is a digitalized version of the resources that exist in off-chain physical space. It is utilized to hold value or as the external resources. Each MIT is a right associated with an identifiable external resource. For example the deed may be issued by a government. It may include details like parcels of land, land rights, or geographical locations.
An MIT is made up of two components:
1. Off-chain resource: It is an undigitized representation of the material world that is real.
2. A digital signature that can easily be recognized by the public using blockchain technology to verify authenticity and prevent fraudulent transactions. Digital signatures function in the same manner as a fingerprint that is unique. Blockchain users can recognize it.
If an off-chain resource shifts ownership, the new owner must note the change on the blockchain through an exchange that contains their digital signature. This will ensure that ownership isn’t altered and is properly recorded.
In the world of crypto it is known as a “bonded Certificate”. It permits an asset owner to register on the blockchain in order to verify that they are the owner of the assets.
As an example, consider the car. When you purchase a car, it comes with an official record of the owner. You are able to show the legal document to show ownership in the event that the car is involved in an accident or stolen. This is similar to how Metaverse Identifiable Coin functions within the Blockchain network.
MST and MIT transactions will not be subject to charges on blockchain, reducing the cost of transactions.
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The differences between MST and MIT
1. An MST token is like ERC20 tokens, and is transferable between accounts.
2. Private keys safeguard your MST. They can be used to protect it, just like cryptocurrency such as Ethereum or bitcoin. Nobody else has access to your MST since you own the key.
3. A MIT is a tangible asset that was made in a physical location that is not blockchain-related. It must be physically produced in order to generate a Metaverse Digital signature stored in blockchain.
A digital copy of a land deed could be made by scanning the paper. This digital signature will be linked to your MIT. This identifying number can be used to identify the metaverse blockchain as a valid MIT. Blockchain confirms whether the MIT identifier has been registered in order to confirm that someone is trying to verify for a transfer.
4. An MIT also has a benefit: it is possible to restrict those who hold certain assets by checking their digital signatures stored in the blockchain against existing assets. This can help to stop any fraud. It is possible to trade or transfer your MIT only if it’s linked to your Metaverse digital ID.
5. All MITs are free to trade, decentralized and do not require additional fees. However, MSTs are not issued on blockchain. To accomplish this, you need to create physical objects which can later be converted into digital form.