What is Metaverse and How Does it Work? [The Metaverse Explained]
Metaverse was founded in 2017 by Eric Gu, who is also the founder of ViewFin. The first phase of the Metaverse project began at the end of 2016, when the development team created a whitepaper. After that, in February 2017, they launched an Initial Coin Offering (ICO) for the project and received $30 million in investments.
The main goal of the Metaverse project is to create a blockchain ecosystem that consists of multiple applications and services, which can be used both by businesses and individuals. The developers claim that their network will offer its users an easy way to complete transactions and manage their digital identities securely.
Metaverse has also launched its own digital currency called ETP (Metaverse Token). It can be used on the Metaverse blockchain and it can be traded on online exchanges as well. Metaverse offers many different features that make it similar to other blockchain platforms such as Ethereum or NEO, making it an intriguing project for metaverse development companies.
But, do you know what Metaverse actually is and how does it work?
In this article, we will explain in detail all about Metaverse and how it works.
What is Metaverse?
Metaverse is a blockchain based project that aims to create a web of smart properties and establish an ecosystem where digital value can be circulated freely. The core features of the Metaverse Ecosystem includes Digital Identity, Digital Assets, and Digital Space (i.e. smart properties).
Metaverse Digital Identity: An open-source system that allows users to have full control over their identity and privacy within the Metaverse ecosystem. This also allows for more complex transactions like escrow services, through which users can transact over the blockchain without having to rely on a third party.
Metaverse Digital Assets: MVS is used as the native token for this feature. This allows for the creation of all kinds of digital assets and gives users full control over them on the blockchain. Examples include bonds, stocks, smart contracts, and even other tokens. These assets can be traded peer-to-peer without having to rely on a third party.
Metaverse Smart Properties: The last main feature of the Metaverse is what they call “Smart Properties”. These are digital properties unique to each user that can be traded or sold at any time via Metaverse or any other digital wallet supporting MVS tokens. Imagine being able to buy part ownership in a property or a company without having to go through the complicated process of buying stock or going through legal procedures. Smart properties make this possible through the blockchain by recording ownership of these assets in an immutable ledger stored in thousands of computers across the world instead of just one central database.
How Metaverse Works?
Metaverse aims to be a third generation blockchain. It uses blockchain and digital assets to create an open ecosystem in which everyone on the internet can participate.
Metaverse is conceived as a public blockchain that uses its native digital token, called ETP, to create an “internet of value” by providing a decentralized and immutable ledger. The project is also referred to as a “blockchain-as-a-service platform” (BaaS).
ETP is an ERC20 token and acts as a medium of exchange within the Metaverse ecosystem. The ETP token can also be used for payments in any circumstance where other cryptocurrencies are used today. It gives users access to the full range of Metaverse services. The token can also be used as collateral for securing loans within the platform.
At the infrastructure level, Metaverse aims to provide a better foundational system for decentralized applications by building a set of foundational protocols (such as Proof of Work, Identity and Data) on top of which more complex systems can be built.
As such, Metaverse is not intended to replace the current internet but rather extend it. People can use the services of Metaverse to record virtually anything of value, including items like personal data, medical records, insurance contracts, supply chain data, flight itineraries and more.
Now that you know what Metaverse is and how Metaverse works, it is the right time to get started. Use Appy Pie AppMakr to create a metaverse app in a few minutes without any coding.
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