Metaverse is a decentralized network built using blockchain technology, proposes the development of a web comprised of Smart Properties that are powered by digital resources. A Smart Property is an electronic resource linked to unique properties. It is able to transfer money between users via the Metaverse protocol.
The public ledger permits users to have access to two kinds of resources:
1. Metaverse Smart Token (MST): MST was designed to allow the circulation of assets across the network. MST is an MST is a special type of Smart Property and it represents an asset (that could be an investment in gold stocks, stocks, or other cryptocurrencies such as bitcoin.)
2. Metaverse Identifiable Token MIT – This is a digitalized version of the resources in the physical world off-chain. It is utilized as a storage resource and an external resource. Each MIT is a right associated to an identifiable external resource. For instance, could be issued by the government. It contains details like parcels, land rights, and geographic locations.
A MIT is made up of two parts:
1. An off-chain resource is a non-digitized version that exists physically
2. Digital signatures that can easily be recognized by the public using blockchain technology to confirm authenticity and stop fraudulent transactions. Digital signatures function exactly the same way as a fingerprint that is unique. Blockchain users can identify it.
The owner who is the new owner of the off-chain resource must sign the transaction using their digital signature to record the transaction to the blockchain. This will ensure that ownership isn’t tampered with and recorded correctly.
In the world of crypto, this is called”bonded certificate,” where an asset owner is able to sign up with the blockchain in order to prove the ownership of their assets.
This is demonstrated in the car example when you buy an automobile the legal document identifies who is its owner. If your car is involved in a crash or stolen, you can prove ownership by showing the legal document. Similar to how Metaverse Identifiable Coin functions within the Blockchain network.
Additionally, MST and MIT transactions are not subject to fees on the blockchain; therefore, reducing the cost of transactions.
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The differences between MST & MIT
1. MST is a token that can be transferred between accounts. MST is a token that can be transferred between accounts, much like ERC20 tokens.
2. MST is a type of cryptocurrency that can be purchased. MST can be bought and kept in your account. This is due to the fact that the private keys are protected as other cryptocurrency, such as Ethereum and bitcoin. Nobody else has access to your MST since you own the key.
3. An MIT is, on the other hand, is an asset issued in physical space outside of blockchain. It must be produced in real time to signify the Metaverse Blockchain digital signature.
If you want to digitize the title to a land title, for example the document needs to be first scanned in order that a digital copy can be made. The digital signature is linked to your MIT, which you have printed on every page of the document. Metaverse Blockchain stores this identifying number so it can be acknowledged as valid MIT. If someone wishes to transfer that MIT, the blockchain will verify that the identifying number is matched to the MIT.
4. Another benefit of using an MIT is it’s possible to place restrictions on the owner of a particular kind of asset by comparing their digital signature stored on blockchain against available assets in order to prevent any fraud. It is possible to trade or transfer your MIT only if it’s tied to your Metaverse digital ID.
5. All MITs are free of charge and can be traded freely. However, it’s impossible to create an MST directly through the blockchain network; you must first produce an actual object that can then be digitized.