What is Metaverse
Metaverse operates as a decentralized open platform that is based on a public Blockchain technology, digital assets and digital identities are encompassed in the platform. Metaverse enhances the efficiency of cryptocurrencies by digitizing assets, a concept similar to asset securitization. The crypto follows a similar protocol to that of instruments such as intellectual property, and the rights to financial securities that enhance efficiency through voting or agent relationships. The inception of smart contracts & digital identities has contributed greatly to the functioning of Metaverse; the crypto connects standalone stores of value to form an internet value. This is vital in pricing and trade of digital assets via Blockchain as both buyers and sellers will get close to the value of their product.
In order to function effectively, Metaverse uses a token called ETP. This might sound unfamiliar but it is not the case; ETP represents the rights and interests of Metaverse and should not to be confused as a new form of digital currency. ETP is anchored on the laws of demand and supply hence its value will have very little information on the behavior of fiat money or other cryptocurrencies such as Bitcoin.
Metaverse’s digital token will be different from that of Ethereum, in that the token will use Bitcoin’s Unspent Transaction Output model, where transactions are defined by a set of outputs & inputs, and they will also contain private key signatures of all current and previous owner of a specific ETP.
History of Metaverse
Stephenson Metaverse inspired the crypto’s name, this was based on the idea that through avatars, one could interact and form relationships with other electronic agents. As time moved and the internet became more popular, most guys are spending time online rather than offline. This logic is argued for the Blockchain technology which is a network still at the inception stages.
Metaverse Project first Initial Coin Offering in 2017 saw a distribution of 25 million ETP. An additional 25 million was used to set up a foundation in support of Blockchain ICO projects that benefit from the Metaverse community through investments that enhance the Metaverse ecosystem. ETP trading pairs are key data points in the promotion of further activity of ETP in centralized & decentralized markets.
Price volatility of Metaverse
Metaverse is a unique cryptocurrency; it has an exclusive nature and comes with a financial system. This helps in the decoupling of businesses & technology to separate the business layers from technical layers. This increases the value of Metaverse in addition with the ability to provide infrastructure services for IT systems & devices. As of December 2017, Metaverse had a market cap of $ 110,436,785.
Mining and purchasing Metaverse
Metaverse’s ETP is distributed to nodes as repayment to participants for contribution to network safety. The introduction of Proof-of-Work allows Metaverse to distribute ETP to mining nodes as block rewards. This allows the network to attract a higher number of full nodes to secure the system in inception and life in the crypto exchange.
Metaverse is expected to switch over to an improved DPoS consensus algorithm once the ETP distribution used to provide mining rewards draws to a close. The DPoS system enhances equality in voting since it is more robust and decentralized than PoW and PoS. Metaverse is a promising crypto among other cryptocurrencies that have different additions to the structure of existing digital coins.