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 properties. It can also be transferred between users via the Metaverse protocol as bitcoins are in the bitcoin network.
On this public ledger, users have two types of resources they can utilize:
1. Metaverse Smart Token (MST) is a special type of Smart Property designed to share assets across the network. MST, also known as an MST, a special type or 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 (Metaverse Identifiable Token) It is a digitalized representation off-chain of resources within physical space. It is utilized to store value or represent external resources. Every MIT is a right that is linked with an identified external resource. For instance the document known as a deed could be given to the government. This document includes details like parcels, land right and geographical place of the.
An MIT is composed of two components:
1. An off-chain resource, it is a nondigitized version which exists in reality.
2. A digital signature that can easily be identified by the general public using the blockchain to confirm authenticity and stop fraudulent transactions. The digital signature that is a hash of the asset information, works similarly to a unique fingerprint that blockchain users are able to identify.
A transaction must be created that includes the signatures of the new owner whenever the transfer of an asset off-chain. This will ensure that the ownership of the resource isn’t altered and properly recorded.
It’s what the crypto-world refers to as a “bonded certificate”, where the asset owner is able to sign up on blockchain in order to prove their ownership.
This is illustrated by the car illustration: When you purchase an automobile the legal document identifies who is its owner. You can present this legal document to prove ownership in the case the vehicle is involved in an accident or is stolen. It is similar to how Metaverse IdentifiableToken functions within the blockchain network.
Furthermore, MST transactions and MIT transactions are not subject to costs in the blockchain. This lowers the cost of transactions.
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What’s the main difference between MST & MIT?
1. An MST token is able to be transferred between accounts in the same way as ERC20 tokens.
2. You can only buy an MST and keep it in an account. The private keys used to protect MST are identical to cryptocurrencies like bitcoin and Ethereum. Because you are the owner of the key, only you can make use of your MST.
3. An MIT is a physical asset that has been made in a physical location that is not blockchain-related. It must be produced in real time to signify the Metaverse Blockchain digital signature.
Digitalizing a land deed is one instance. To accomplish this, you need to scan the physical paper. The digital signature is linked to your MIT, which you have printed on each page of the document. This identifier number is stored in the metaverse blockchain so that it can be recognised as a valid MIT. Blockchain will confirm that the MIT identification number is registered and matched to it if someone attempts to transfer the MIT.
4. An MIT can also allow you to restrict the assets an individual owns by comparing their digital signature on blockchain with any available assets. This prevents fraudulent activity. If your MIT is linked to your Metaverse digital identity, you cannot trade or transfer it.
5. All MITs regardless of geographical location, are freely traded decentralized and are free of additional charges. It isn’t possible to directly issue MSTs through the blockchain network. You must first create a physical object that can be digitalized.