Metaverse is an open, decentralized network based on blockchain technology, proposes the development of a network comprised of Smart Properties that are powered by digital resources. A Smart Property refers to an electronic resource that has distinct characteristics. It is able to transfer funds between users using Metaverse protocol.
Two types of resources are available to users on this ledger public:
1. Metaverse Smart Token: MST is a special type of Smart Property that was designed to share assets across the network. An MST, a special kind of Smart Property, is an asset that can be gold bars, stocks or any other type of cryptocurrency similar to bitcoin.
2. Metaverse Identifiable Token MIT: This token is a digital representation of resources that are off-chain in actual space. It can be used to store value or share company shares. It is used to store and represent external resources. Every MIT also represents a specific right that is linked to an distinct external resource. For example the deed may have been issued by a state or a federal government agency and contains information about parcels, land rights and geographical locations.
An MIT is composed of two components:
1. Off-chain resource: It’s a nondigitized version that exists in nature.
2. To guarantee authenticity and avoid fraud Digital signatures can be identified by the public via the blockchain. Digital signatures function in the same manner as a unique fingerprint. Blockchain users can identify it.
If an off-chain asset is transferred to a new owner, they must record the sale on the blockchain, which contains their digital signature. This protects the authenticity of ownership and ensures that it is recorded correctly.
It’s what the crypto-world refers to as”bonded certificate” or “bonded certificate” in which the owner of the asset registers on blockchain to prove ownership.
This can be illustrated by the vehicle. A legal document is included with every purchase of a car. The legal document can be shown to prove ownership in the event that your car is stolen or in a crash. It is similar to how Metaverse IdentifiableToken works within the blockchain.
Additionally, MST transactions and MIT transactions are not subject to fees in the blockchain. This reduces transaction costs.
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The distinction between MST and an MIT:
1. A MST token is like ERC20 tokens, and is transferable between accounts.
2. MST is a type of cryptocurrency that can be purchased. MST can be bought and kept within your wallet. This is because the private keys are protected as other cryptocurrency like Ethereum and bitcoin. Because you are the owner of the key, only you have the right to use your MST.
3. An MIT is, on the other hand, is an asset issued in physical space outside of blockchain. It is able to store digital signatures in Metaverse Blockchain, but it must be a separate entity from blockchain.
A digital version of a land deed can be created by scanning the paper. The digital signature is connected to your MIT which you have printed on the front of the document. This identification number is utilized to verify the metaverse blockchain’s identity as valid MIT. Blockchain can verify that the MIT identification number is registered and is matched with it if someone attempts to transfer the MIT.
4. Another advantage of having an MIT? It’s possible for an individual to place restrictions on their holdings of a particular item. They can verify their digital signature stored on Blockchain against other assets to prevent fraud. If your MIT is tied to your Metaverse digital identity, you cannot transfer or trade it.
5. All MITs are available for trading, decentralized and do not require additional fees. It is however impossible to issue MSTs on the blockchain network. First, you must produce physical artifacts which are digitally transformed.