Metaverse, an open, decentralized network based using blockchain technology, proposes the creation of a web comprised of Smart Properties that are powered by digital resources. A Smart Property, which is an electronic resource is one that has distinct characteristics. It is transferable between users using the Metaverse protocol like bitcoins in bitcoin network.
This public ledger gives users two types resources that they can utilize.
1. Metaverse Smart token (MST) The Metaverse Smart Token (MST) was designed to facilitate the transfer of assets across the network. An MST is a special type of Smart Property and it represents an asset (that could be a gold bar, stocks or even other cryptocurrencies like bitcoin.)
2. Metaverse Identifiable Token MIT – This is a digitalized copy of the resources that exist in off-chain physical space. It is used to store and represent the existence of external resources. Each MIT is a right that is linked with an identifiable external resource. For example the document known as a deed may be given to a government. The document contains information such as parcels, land rights and the geographical place of the.
Two parts comprise an MIT:
1. Off-chain resources, it is a nondigitized version which exists in reality.
2. Digital signatures that are recognized by the public on blockchain. It helps prevent fraud and authenticate transactions. Digital signatures are hash that is used to identify the asset information. It functions in a similar manner as fingerprints that can easily be identified by blockchain users.
The owner who is the new owner of the off-chain resource has to register the transaction with their digital signature to record the transfer to the blockchain. This ensures correct ownership recording and prevents tampering.
In the world of crypto it is known as”bonded certificate,” in which an owner of assets registers with the blockchain in order to show the ownership of their property.
This is demonstrated by the car illustration when you buy an automobile the legal document identifies who the owner is. You can prove ownership of the vehicle by presenting the legal documents in case it is in a collision or is stolen. This is the same as the way Metaverse IdentifiableToken functions within the blockchain.
Furthermore, MST transactions and MIT transactions do not incur fees on the blockchain. This lowers the cost of transactions.
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The distinction between MST and an MIT:
1. An MST is a token that can be transferred between accounts, is similar in its function to ERC20 tokens.
2. If you buy an MST and hold the money in your wallet no one can directly take it from you because it’s protected by private keys just like cryptocurrencies such as bitcoin or Ethereum. No one but you can use your MST because you hold the key.
3. An MIT is an asset that is created in physical spaces outside of blockchain. It must be produced in real-time to create the Metaverse Blockchain digital signature.
A digital copy of a land deed could be made by scanning the physical paper. This digital signature will be connected to your MIT. This identification number is utilized to verify the metaverse blockchain’s identity as a legitimate MIT. If someone wants to transfer the MIT to someone else, the blockchain will confirm that the identification numbers have been registered as matched with the MIT.
4. Another benefit of having an MIT is the ability to limit an individual’s holdings 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 if it is registered as linked to the Metaverse digital ID.
5. All MITs are free to trade and are decentralized. They also don’t require any additional fees. However, an MST cannot be issued directly via the blockchain network. Instead, you will have to create a physical item that can then digitally transform.