With over 2000 Cryptocurrency projects listed, it is natural that many fall by the wayside. Metaverse is one of those projects, though it is actually 48th on the market at the time of writing this article, with a slowly rising value. Given that the Metaverse team calls its network “the new reality,” what this Blockchain project is definitely bears a bit of explaining.
Strangely enough, upon first glance at their main website, it is difficult to find their white paper. After a quick, external Google search, I was able to locate it through a different link here.
In the very beginning of the document, the team states their lofty mission of ushering in a new reality involving Cryptocurrencies and a new form of identity. To clarify what this specifically entails, it is essential to understand what will underpin the Metaverse ecosystem.
First, it has a dedicated currency with the same name, which it hopes will become a future standard in people’s lives. Beyond the fact that the team seems to have already launched its answer to this called the “Metaverse Smart Token,” what is most striking is what they aim to build around it. As referenced in an article by Invest in Blockchain, the Metaverse team aims to build an ecosystem in which we can transition to the “internet of value,” which has sometimes been mentioned by other projects like Ripple as being the next version of our current internet.
Beyond the coin, any chance of the network achieving a unique form of competitive advantage will hinge upon its plans for connecting a digital asset to individualized digital identities, with the help of what they call a “value intermediary.”
What this final term refers to is an oracle in this case. If taken in the specific context of the Blockchain world, an oracle is a programmed, continuous data feed that searches out certain real world events and sends data on them to a network’s smart contracts. To understand why they do this, just think about what a smart contract is. In a general sense, it is nothing more than an agreement to release funds from one party to another when a group of conditions are met. Oracles are then often used to monitor the occurrence of these conditions, in a sense.
Last but not least, as we said, there is the concept of “individualized digital identities,” which relates to the idea of online avatars defining who we are. To truly understand the crux of what a digital identity is would require a series of dedicated pieces. Suffice it to say for now that one way of conceptualizing this is to think of a Ready Player One like world in which all of our vital information is represented in virtual figures.
At this point, it is logical to wonder how all of these features come together to make one distinct platform.
Judging by their white paper, the answer to this comes down to how Metaverse utilizes smart contracts. According to Binance, it is not even accurate to say that Metaverse uses smart contracts at all, but rather smart assets. Reportedly, this means that the primary intended usage of Metaverse’s coin is in tokenizing all sorts of assets from properties to even credit scores. In doing so, they hope to become the currency of the future that is used reliably for just about everything in this regard.
Since the Metaverse coin, Metaverse ETP, is available through a relatively wide number of exchanges, but does not seem to have any striking partnerships to increase its utility, it is currently a speculative investment at best.
By: BGN Editorial Staff