Metaverse, an open, decentralized network based on blockchain technology, is a proposal for the creation of a web made up of Smart Properties that are powered by digital resources. A Smart Property is an electronic resource with distinct properties attached to it. It is also transferable between users via the Metaverse protocol since bitcoins are part of the bitcoin network.
On this public ledger the users can access two kinds of resources they can use:
1. Metaverse Smart token (MST),: MST was designed to facilitate the transfer of assets across 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 such as bitcoin.)
2. Metaverse Identifiable Token MIT (Metaverse Identifiable Token): This is a digitalized representation off-chain of resources within physical space. It can be used in order to hold value or as the external resources. In addition each MIT represents one particular right that is associated with an distinct external resource. For example, a document called a deed could be given to a government. The document contains information such as parcels, land rights and the geographical location.
An MIT is composed of two parts:
1. Off-chain resource – It is an undigitized version of the resource that is found in nature.
2. A digital signature that can easily be recognized by the public using blockchain technology to confirm authenticity and stop fraudulent transactions. 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.
The owner who is the new owner of an off-chain resource must register the transaction with their digital signature in order to register the transaction to the blockchain. This ensures ownership is protected and that the transaction is recorded correctly.
In the world of crypto it is called a “bonded Certificate”. It allows the owner of an asset to sign up on the blockchain in order to verify that they are the owner of the assets.
This is demonstrated in the car example: When you purchase a vehicle, a legal document states who is its owner. You are able to present the legal document to show ownership in the case the vehicle is involved in an accident or stolen. Similar to the way Metaverse Identifiable Coin functions in the Blockchain network.
MST and MIT transactions won’t be subject to charges on blockchain, which will reduce the cost of transactions.
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What is the difference between MST & MIT?
1. An MST token is like ERC20 tokens, and can be transferred between accounts.
2. It is possible to purchase an MST and keep it in an account. The private keys used to protect it are the same as cryptocurrency like bitcoin and Ethereum. Nobody else has access to your MST because you hold the key.
3. A MIT is a tangible asset that was created in physical space other than blockchain. It is an asset that is not on the blockchain and has to be created in the real world to serve as a digital sign-off on Metaverse Blockchain.
Digitalizing the land deed is an instance. To do this, you need to scan the physical paper. This digital signature is linked with your MIT that was printed on the original paper. The metaverse blockchain stores this identifying number, so that it is recognized as a valid MIT. Blockchain will verify that the MIT identifier number has been registered and is matched with it in the event of a person attempting to transfer the MIT.
4. Another benefit of using an MIT is that it’s possible to place restrictions on an individual holding a certain type of asset by checking their digital signature stored on the blockchain against assets available in order to prevent any fraudulent activity. Your Metaverse digital identity is required to link your MIT so that you can trade and transfer it.
5. The majority of MITs are decentralized, freely traded and do not require any additional fees. It is not possible to directly issue MSTs on the blockchain network. First, you must make a physical object that can be digitally transformed.