Metaverse is an open, decentralized network based on blockchain technology, proposes the creation of a web made up of Smart Properties that are powered by digital resources. The term Smart Property is an electronic resource which is unique in its characteristics. It can also be transferred between users through the Metaverse protocol as bitcoins are in the bitcoin network.
Users can access two types of resources that they can use through the public ledger
1. Metaverse Smart token (MST) The Metaverse Smart Token (MST) was designed to facilitate the transfer of assets across the network. MST is a kind of Smart Property that represents a particular asset. This could be gold bars, or any other cryptocurrency such as bitcoin.
2. Metaverse Identifiable Token MIT (Metaverse Identifiable Token): This is a digitalized version off-chain of resources within physical space. It can be used for storage and representation of an external resource. Each MIT is a right associated with an identified external resource. A deed, for instance, could be issued by a government. It includes information such as parcels and land rights, and geographic locations.
A MIT is made up of two parts:
1. Off-chain resource – It is a nondigitized version that exists in the natural world.
2. To ensure authenticity and prevent fraud Digital signatures can be identified by the public via the blockchain. The digital signature that is a hash of the asset’s information, functions similarly as a fingerprint unique to blockchain users can identify.
If an off-chain resource shifts hands, the new owner must note the change on the blockchain through an exchange that contains their digital signature. This ensures correct ownership recording and stops altering the record.
It’s what the crypto-world refers to as a “bonded certificate” in which the owner of the asset registers on blockchain to prove ownership.
For instance, think of the vehicle. When you buy a car, it comes with a legal record that states who it is owned. The legal document can be used to prove ownership in the event that your vehicle is stolen or involved in an accident. It is similar to how Metaverse IdentifiableToken works within the blockchain network.
Additionally, MST transactions and MIT transactions are not subject to costs on the blockchain. This reduces transaction costs.
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The differences between MST and MIT
1. A MST token that can be transferred from one account to another It is similar to ERC20 tokens.
2. If you buy an MST and keep it in your wallet, no one can directly take it from you since it’s secured by private keys just like cryptocurrencies such as bitcoin or Ethereum. Since you own the key, only you can make use of your MST.
3. An MIT is a form of asset that is issued in physical locations that are not part of blockchain. It is an off-chain asset and must be produced within the actual world in order to be the digital signature that is that is stored on the Metaverse Blockchain.
Digitalizing a land deed is one instance. To do this, scan the paper. The digital signature is associated to your MIT that was printed on the original page. This identifying number can be utilized to verify the metaverse blockchain’s identity as legitimate MIT. Blockchain checks whether the MIT identification number has been registered in order to confirm that the person is trying to register a transfer.
4. A MIT also has a benefit: it is possible to restrict individuals holding certain assets by checking their digital signature stored in the blockchain against existing assets. This can help to stop any fraud. Your Metaverse digital identity is required to link to your MIT to allow you to exchange and transfer your assets.
5. All MITs have no fees and can be traded freely. However, MSTs cannot be issued on blockchain. To do so, you need to create physical objects that can then be converted into digital form.