Metaverse is an open, decentralized network that is built on blockchain technology. It is aiming to create a network of Smart Properties, which are powered by digital assets. A Smart Property is an electronic asset with specific properties associated to it. It is transferable between users using the Metaverse protocol, similar to bitcoins in bitcoin network.
The public ledger provides users with two types resources that they can utilize.
1. Metaverse Smart Token, MST: The Metaverse Smart Token was developed to enable assets to circulate on the network. An MST is a special type of Smart Property and it represents an asset (that could be a gold bar stocks, stocks, or other cryptocurrencies like bitcoin.)
2. Metaverse Identifiable Token (MIT) It is a digitized version of resources off-chain in physical space, such as for instance land rights, company shares or shares. It can be used for storage and representation of an external resource. Every MIT is a distinct right that is linked to a specific resource. For instance, a deed could be issued by a state or a federal government agency and contains information about parcels, land rights and geographical locations.
Two components make up an MIT:
1. An off-chain resource It is a non-digitized version that exists in reality.
2. Digital signatures that is recognized by the public on the blockchain in order to ensure authenticity and avoid fraud. Digital signatures function exactly the same way as a fingerprint that is unique. Blockchain users are able to recognize it.
If an offchain resource is transferred to a new owner they need to create a transaction with their signature and record the change on the blockchain. This protects the integrity of ownership and ensures that it is recorded in a correct manner.
This is known as”bonded certificates”. The bond certifies that an asset owner has registered on the blockchain and is able to prove ownership.
This could be demonstrated by the vehicle. Legal documents are included with every purchase of a car. The legal document can be used to prove ownership in the event that the car is stolen or damaged. This is similar to the way Metaverse Identifiable Coin works in the Blockchain network.
Additionally, MST and MIT transactions are not subject to any charges on the blockchain, thus reducing transaction costs.
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The difference between MST and MIT
1. An MST token is similar to ERC20 tokens and is transferable between accounts.
2. You can only buy an MST and keep it in a wallet. The private keys used to secure it are the same as cryptocurrencies like bitcoin and Ethereum. Your MST is only accessible by you, since you are the owner of the key.
3. An MIT is a digital asset that can be issued in the physical world, independent of blockchain. It has an off-chain existence and must be produced in the real world in order to be a digital signature stored on Metaverse Blockchain.
Digitalizing the land deed is an example. To accomplish this, scan the physical paper. This digital signature will be linked to your MIT. This identifying number is kept in the metaverse blockchain to allow it to be recognised as a valid MIT. If someone wanted to transfer the MIT to someone else the blockchain would verify that the identifying numbers are registered and matched with the MIT.
4. A MIT also has a benefit that it allows you to put restrictions on those who hold specific assets by comparing their digital signatures stored in the blockchain against available assets. This helps to prevent any fraudulent activity. For instance, you are able to only trade or transfer your MIT if it is associated with your Metaverse digital identity.
5. All MITs are available for trading, decentralized and don’t require any additional charges. It is not feasible to directly issue MSTs through the blockchain network. First, you must make a physical object that can be digitalized.