A Beginner’s Guide To The Metaverse

Metaverse is a decentralized network based on blockchain technology that proposes to build a web of Smart Properties, which are powered by digital assets. Smart Property is an electronic resource associated with unique characteristics. It can be transferred among users via the Metaverse protocol like bitcoins on the bitcoin’s network.

Users can access two types of resources that they can use through the public ledger

1. Metaverse Smart token (MST) The Metaverse Smart Token (MST) was designed to facilitate the transfer of assets across the network. A MST is a distinct type of Smart Property. It represents an asset, which could be stocks, gold bars, or any other cryptocurrencies such as bitcoin.

2. Metaverse Identifiable Token MIT : This is a digital representation of the resources that exist physically offline. It can be used to store and represent the existence of external resources. Furthermore, each MIT corresponds to a specific right associated with an identifiable external resource. For instance the document known as a deed could be given to the government. This document includes details like parcels, land right and the geographical place of the.

An MIT consists of two parts.

1. An off-chain resource, it is a non-digitized version that exists in reality.

2. A digital signature that can be acknowledged by anyone on the blockchain to verify authenticity and prevent fraud. It is a hash of asset information. It functions in the same way as a fingerprint that can be identified and utilized by blockchain users.

When an offchain resource passes to a new owner they need to create a transaction that includes their signature and record the change on blockchain. This protects ownership and ensures that it is properly recorded.

In crypto-world it is known as a ‘bonded Certificate’. It permits an asset owner to register on the blockchain in order to prove that they own their assets.

As an example, consider a vehicle. When you purchase a vehicle it is accompanied by an official record of the owner. You can present this legal document to show ownership in the case that the vehicle was involved in an accident, or stolen. This is comparable to the way Metaverse Identifiable Token works within 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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The difference between MST & MIT

1. An MST token is similar to ERC20 tokens and is transferable between accounts.

2. If you buy an MST and hold the money in your wallet nobody can directly take it from you since it’s secured with private keys, similar to cryptocurrencies like bitcoin or Ethereum. Because you have the key, nobody has access to your MST except you.

3. A MIT is a tangible asset that has been made in a physical location that is not blockchain-related. It is an off-chain asset and has to be created in the real world in order to be the digital signature that is that is stored on the Metaverse Blockchain.

In order to digitize a deed or land, you’ll need to scan the original document and create a digital version. This digital signature is linked to your MIT that you printed on the front of the document. The metaverse blockchain stores this identifying number, so that it is recognized as a valid MIT. Blockchain will confirm that the MIT identification number is registered and matched to it in the event of a person attempting to transfer the MIT.

4. Another benefit of having an MIT is the possibility to restrict an individual’s possessions of a specific asset. By checking their digital signature against any assets, you can stop fraud. For instance, you are able to only transfer or trade your MIT when it’s associated with the Metaverse digital identity.

5. All MITs, regardless of their geographical location, are freely traded, decentralized, and free from additional fees. However, it’s not possible to issue an MST directly through the blockchain network; you must first produce an actual object that can then be digitized.

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