Metaverse is an open, decentralized network that is built on blockchain technology. It proposes to build a web comprised of Smart Properties, which are powered by digital assets. A Smart Property, which is an electronic resource has distinctive characteristics. It can be shared between users using Metaverse, much like bitcoins within the bitcoin network.
In this ledger public, users have two types of resources they can utilize:
1. Metaverse Smart token (MST),: MST was designed to facilitate the transfer of assets across the network. An MST is a particular type or Smart Property, is an asset that could be stocks, gold bars or other cryptocurrency like bitcoin.
2. Metaverse Identifiable Token (MIT): This is a digitized version of resources outside of the chain in physical space, for example, land rights or company shares. It can be utilized to store value and represent external resources. Each MIT also represents a particular right that is linked to an identifiable external resource. For example the document known as a deed may be issued to a government. The document contains information like parcels, land right and the geographical place of the.
Two parts make up an MIT:
1. An off-chain resource, it is a non-digitized version that is actually present.
2. Digital signatures that can be recognized by the public on the blockchain to verify authenticity and avoid fraud. The digital signature is a hash that is used to identify the asset information. It functions in a similar manner to a fingerprint that is easily recognized by users of blockchain.
When an off-chain resource changes ownership and the new owner is able to note the change on the blockchain through an exchange that contains their digital signature. This ensures correct ownership recording and prevents altering the record.
In crypto-world, this is called a ‘bonded Certificate’. It permits an asset owner to register on the blockchain to prove that they own the assets.
As an example, consider a vehicle. When you purchase a vehicle it is accompanied by a legal record that states the owner. You are able to present the legal document to prove ownership in the case the vehicle was involved in an accident, or stolen. Similar to the way Metaverse Identifiable Token works in the blockchain.
MST and MIT transactions on the blockchain are free of charges, which means that they can reduce transaction costs.
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The differences between MST and MIT
1. An MST, an MST token that allows be transferred between accounts, is similar in its function to ERC20 tokens.
2. If you purchase an MST and hold it in your wallet, nobody can directly take it from you since it’s secured with private keys, just like cryptocurrencies such as bitcoin and Ethereum. No one but you has access to your MST since you own the key.
3. An MIT is, on the other hand, is an asset that is issued in physical space outside of blockchain. It is an asset that exists off-chain and must be constructed within the actual world to serve as a digital sign-off on the Metaverse Blockchain.
If you wish to digitize a land title deed for instance, the paper needs to be first scanned in order that a digital copy can be made. The digital signature is connected to your MIT. The identifying number is stored in the metaverse blockchain to allow it to be recognised as valid MIT. Blockchain will confirm that the MIT identification number is registered and is matched with it if someone attempts to transfer that MIT.
4. Another advantage of using an MIT is that it allows individuals to put restrictions on their holdings of a particular item. They can check their digital signature on Blockchain against available assets to prevent fraud. You can exchange or transfer your MIT only if it’s tied to your Metaverse digital ID.
5. All MITs are able to be traded freely and distributed decentralized. It is not possible to issue MSTs directly through the blockchain network. First, you must create a physical object which can be digitalized.