Metaverse, a blockchain-based decentralized network, is a proposal to build a network comprised of Smart Properties powered by digital assets. A Smart Property, which is an electronic resource is one that has distinctive properties. It is able to transfer money between users via the Metaverse protocol.
Two kinds of resources are available to users of this public ledger:
1. Metaverse Smart Token (MST) MST was designed to allow the circulation of assets across the network. MST is an MST is a particular kind of Smart Property and it represents an asset (that could be an investment in gold, stocks or even other cryptocurrency like bitcoin.)
2. Metaverse Identifiable Token MIT : This is a digital representation of resources that are offline in physical space. It can be used for storage and representation of an external resource. In addition, each MIT represents one particular right that is that is associated with an identifiable external resource. A deed, for instance, could be issued by the government. It contains information such as parcels and land rights, and geographic locations.
An MIT is composed of two parts:
1. Off-chain resource – It is an undigitized version of the resource that is found in the natural world.
2. To guarantee authenticity and avoid fraud Digital signatures can be identified by the public via the blockchain. The digital signature that is a hash for the asset’s information, functions in a similar fashion as a fingerprint unique to blockchain users are able to identify.
If an off-chain asset is transferred to a new owner, they must log the transaction on the blockchain, which contains their digital signature. This ensures that ownership isn’t altered and properly recorded.
It is known as”bonded certificates”. The bond certifies that the owner of an asset is registered on the blockchain, and can verify ownership.
This can be seen in the example of a vehicle: when you purchase a car, it comes with an official document that outlines who owns it. If your car is involved damaged or is stolen, you are able to show ownership by presenting the legal document. It is similar to the way Metaverse IdentifiableToken works within the blockchain network.
In addition, MST and MIT transactions are not subject to charges on the blockchain, therefore, reducing the cost of transactions.
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The difference between MST and MIT
1. MST is a token that can be transferred between accounts. MST is a token that can be transferred between accounts, similar to the ERC20 tokens.
2. If you purchase an MST and hold the money in your wallet nobody can directly take it from you because it’s protected by private keys just like cryptocurrencies such as bitcoin and Ethereum. Since you own the key, you are the only one who can use your MST.
3. An MIT On the other hand is an asset that has been created in physical space that is not blockchain. It’s an asset that is not on the blockchain and must be constructed in the real world in order to function as a digital sign-off on Metaverse Blockchain.
A digital copy of a land deed could be made by scanning the physical paper. The digital signature is connected to your MIT that you printed on the page of the document. The metaverse Blockchain stores this unique code so that it can determine the MIT as valid. Blockchain checks whether the MIT identification number has been registered in order to verify that someone is trying to register for a transfer.
4. Another advantage of using an MIT is that it allows individuals to put restrictions on their holdings of a specific item. They can check their digital signature on Blockchain against other assets to prevent fraud. It is possible to exchange or transfer your MIT only if it’s tied to your Metaverse digital ID.
5. All MITs are decentralized, free tradable and require no additional charges. However, it’s not possible to create an MST directly on the blockchain network. You must first produce a physical artifact which can be then digitalized.