Metaverse, a blockchain-based decentralized network, is a proposal to build an internet comprised of Smart Properties powered by digital assets. The term Smart Property is an electronic resource with distinct properties attached to it. It can be used to transfer funds between users using Metaverse protocol.
The public ledger provides users with two kinds of resources they can utilize.
1. Metaverse SmartToken (MST), a token that allows you to transfer your assets over the network it was developed by Metaverse. MST is a type of Smart Property that represents a particular asset. This could be stocks, gold bars, or any other cryptocurrency like bitcoin.
2. Metaverse Identifiable Token MIT (Metaverse Identifiable Token): This is a digitalized version off-chain of resources in physical space. It is used to store value or represent an external resource. Every MIT is a unique right that is associated with an identifiable resource. A deed, for example, could be issued by a government. It includes details like parcels, rights to land, as well as geographical locations.
Two parts make up an MIT:
1. Off-chain resources It is a nondigitized version which exists in reality.
2. The public can identify the digital signature that is on the blockchain. This can help prevent fraud and ensure authenticity. Digital signatures are a hash the asset information and it functions in a similar manner as a fingerprint unique to itself that is recognized by users of blockchain.
A transaction has to be made that has the digital signature of the new owner whenever an off-chain asset is transferred. This ensures ownership is protected and that the transaction is recorded correctly.
This is known as”bonded certificates”. The bond proves that the owner of an asset is registered on the blockchain and can prove ownership.
This can be seen in the example of a vehicle: When you buy a car it is accompanied by an official document that outlines who is the owner. You can prove ownership of the car by presenting the legal documents in case it is in a collision or stolen. This is similar to the way Metaverse Identifiable Coin works in the Blockchain network.
Furthermore, MST transactions and MIT transactions are not subject to costs on the blockchain. This reduces transaction costs.
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The difference between MST and MIT
1. An MST is an MST token that allows be transferred between accounts, is similar in function to ERC20 tokens.
2. An MST can be purchased and kept in your wallet. This is due to the fact that the private keys are protected as other cryptocurrency like Ethereum and bitcoin. Since you are the owner of the key, you are the only one who have the right to use your MST.
3. A MIT is a physical asset that was made in a physical location other than blockchain. It has to be physically created in order to generate an Metaverse Blockchain-stored digital signature.
For example, if you want to digitize a land deed, then the physical paper must be scanned and a digital version can be created. The digital signature is linked to the MIT you printed on the paper. The metaverse Blockchain stores this unique code so that it can determine the MIT as valid. Blockchain checks that the MIT identification number is registered to confirm that someone is trying to register for a transfer.
4. An MIT can also allow you to restrict the assets an individual owns by the digital signature they have on the blockchain to any other available assets. This helps to prevent fraudulent activities. For example, your MIT can only be transferred or traded when it’s connected to your Metaverse Digital Identity.
5. All MITs are decentralized, free traded and do not require any additional charges. However, it’s not possible to issue an MST directly on the blockchain network. You need to first create a physical artifact which can be then digitalized.
