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Metaverse

About Us:

Metaverse is a decentralized open platform based on public blockchain technology that encompasses Digital Assets and Digital Identities. By building a 2B2C general technology platform, Metaverse digitizes assets (similar to asset-backed securities) such as rare goods (artwork and antiques), intellectual property, and rights to earnings from financial instruments to improve market efficiency. Through the provision of smart agreements and digital identities, Metaverse connects separated stores of value to form an internet of value.
MVS hopes to develop iteratively by working closely with businesses and responding to market feedback; hence different versions will support different levels of functionality. The initial version of MVS will be released with a minimal set of operations and be built up over time using Bitcoin as its foundation, with the added functions of Digital Identity and Digital Assets.
The software of Metaverse is distributed under the terms of the AGPL3.0 licensing agreement and was developed and maintained by Viewfins development team.
Metaverse will be releasing its source code to open source development.

Our Story:

The term Metaverse appeared in Neal Stephensons 1992 science fiction novel Snow Crash (Xuebeng in Mandarin) in which humans possessed avatars, through which they interacted with each other in a VR-based world and even formed relationships with electronic agents.
Modern life is just like the world described in Neal Stephensons novel. As our work and life become increasingly dependent on the Internet, people spend more time online rather than offline. The way people communicate has also changed, with communication occurring more often and at higher intensity. In the near future, we foresee a transition from the internet of information to the internet of value: more digital assets transfers will happen online, causing Avatars (Digital Identities) and value intermediary Oracles to become the new mainstream economic models.
The name of MVS is inspired by Neal Stephensons Metaverse.

The Problem:

Blockchain technology is still in the early stages of development and will mature as research efforts progress. Blockchain technology originates from the Bitcoin system, hence it will inherit both its flaws and merits.
The increasing capacity of blockchain Bitcoins blockchain grows by about 1 MB every ten minutes (1GB weekly), causing the cost of running a full node to increase notably. Bitcoin has seen a decline in the total number of full nodes running from about 10,000 in late 2013 to roughly 5,500 in July 2016. Ethereums blockchain grows at a rate of 2GB per month and is picking up speed. The Metaverse blockchain will eventually face this problem, which is exacerbated by Metaverses use of the UTXO system. This issue is well documented in Ethereums White Paper and was solved a while back by miners who must operate full nodes to carry out mining operations. The problem with mining centralization Mining is a double-edged sword. On one hand, it guarantees that the system is protected by computing power, but on the other hand it produced fresh threats including mining centralization problems and the potential threat of a 51% attack. Mining centralization leads to extremely undesirable results in Bitcoins industry sector and has gradually eroded Ethereums first mover advantage. Although we cannot guarantee that this problem will be avoided, Metaverse hopes to slow down its progress sufficiently (by optimizing the mining algorithm) so that the system can transit to the HBTH-DPoS consensus algorithm. Potential failures brought about by business success looking to the future, the success of Metaverse will bring new risks. Once the total value of digital assets on Metaverse reaches a certain level, it becomes profitable to attack the Metaverse system and short its digital assets on the exchange. Thus, the total value of the digital assets on Metaverse is a function of the cost of maintaining / attacking the system, (specifically the cost of mining during the PoW stage). Ideally, the total value of the digital assets should not exceed five times of the cost of mining.

The Solution:

Metaverse hopes to establish the internet of value via the provision of this basic service.
Blockchain service Blockchain as a Service (BaaS) refers to using data generated by public blockchains to provide a series of operational services including blockchain-based querying, transactions and data analysis. In the blockchain sector, blockchain explorers, digital currency trading platforms and other applications derived from public chains such as certificate-Factom and digital identity Port all currently fall under the umbrella of blockchain services.
These applications share one feature: they are all based on existing public blockchains to develop or strengthen their existing capabilities, rather than merely use blockchain technology to create a private service.
Extending the SaaS / PaaS concept from cloud computing to blockchains, we acquire two new service types:

  • BaaSthe variant of SaaSBaaS (Blockchain As A Service)
  • BTaaSthe variant of PaaSBTaaS (Blockchain Technology As A Service)

BaaS targets at ordinary users, while BTaas targets at vendors and developers.

Blockchain provides service Metaverse blockchain is capable of providing infrastructure services (BaaS) to any IT system or device. The system can be compatible even with privately-owned IT systems using digital identity as the primary entry point.
The Metaverse public blockchain provides identity appraisal and authentication functions in addition to asset querying and performing transactions. The data on the blockchain is sheerly immutable and reliable, and services provided by external operators are supervised by users through the Metaverse public blockchain.

Revenue Model:

The Metaverse Token ETP:

  • ETP

The token used by Metaverse is called ETP. A total of 100 million ETP will be issued through a combination of Initial Coin Offering (ICO) and PoW mining; similar to Bitcoin, the smallest unit of ETP is 1 x 10-8 ETP. ETP can be transferred and traded on Metaverse and will be an important factor deciding the miner of each block after Metaverse transitions to the PoS protocol. The security of ETP is guaranteed by the ECDSA (Elliptic Curve Digital Signature Algorithm).
ETP is not a new form of digital currency instead, it represents the utility of Metaverse. Therefore, the price of ETP will not be anchored on any fiat currency or cryptocurrency such as Bitcoin, but will depend on the demand for ETP as well as the development of Metaverses ecosystem. ETP will be used to measure the value of smart properties in Metaverse or as collateral in financial transactions. Additionally, fees applied on Metaverse (to create new smart properties, register a new Avatar, designate yourself as an Oracle or invite trusted institutions to verify the assets and identities on Metaverse) must be paid in ETP.

  • ETP Distribution Mechanism
  • ICO and community building in the blockchain field, ICO is common and the default method of token distribution. In January 2014, Bitshares launched an ICO lasting 200 days. Ethereum launched an ICO which raised a staggering 25,000 Bitcoin in July 2014. DigixDAO and Lisk also launched their ICO in 2016, as did the controversial TheDAO project. NEO also successfully raised 2,100 and 6,119 Bitcoins in October 2015 and September 2016 respectively.

Metaverse Project has distributed approximately 22.6 million ETP in its first Initial Coin Offering (ICO). Another 27.4 million ETP will be used to set up Metaverse Foundation to support blockchain ICO projects conducive to the Metaverse community, facilitate investment activities that benefit Metaverses ecosystem, as well as to reward major contributors to the community.

  • PoW and PoS mining: Additionally, about 30 million ETP will be distributed as block rewards to those who help maintain Metaverses system through PoW mining, which is also called ETP mining. The block difficulty of Metaverse will adjust to match the networks computing power. The targeted block generation time is 24 seconds and the reward for mining each block is 3 ETP. Block time and block reward are set as standard parameters; below is a graph of the amount of ETP that can be obtained through PoW mining over time in years.

The graph of the amount of ETP that can be obtained through PoW mining over time:



The decay diagram of the total rewards every hundred thousand blocks over time:

  • Coinlock and Coinlock Rewards: Metaverse incorporated a paid coinlock function into the system level while designing ETPs economic model. This is the latest development in blockchain economic systems. In summary, it tokenizes coin age, paving the way for a future PoS-based economic model based as well as financial applications derived from coinlock.

To obtain ETP rewards, users must take the initiative to use the coinlock function. This reward will be sent to the users coinlock address through Coinbase (a new transaction type) once the locking operation is completed.

This table presents the tier rewards in a more intuitive manner that users will naturally compare and contrast with other available rates of return. Similar to how investors consider an investments returns, users will also consider the opportunity cost of btaining coinlock rewards, i.e. ETPs price fluctuations and its ecosystem development since interest rates and rates of return form the backbone of the financial industry. This is a fairly bold design that attempts to create interest rates dependent on blockchain ecology or the blockchains community rather than a central bank. However, the initial implementation of this design is not particularly ideal because the first versions interest model is not designed not to be dynamic and adjustable, let alone capable of reaching the true market rate through decentralization and economic games. As Metaverse progresses, we will further promote the degree of activity of ETP in the central and decentralized trading markets. The volume of ETP transactions will serve as a key data point to determine ETP interest rates, and is also an input parameter that influences ETPs economic model via voting or directly obtaining data from the decentralized market. The volume of ETP transfer activity, the number of accounts and special transactions (to be built) and other blockchain parameters may also be incorporated into this parameter.

Competitive Analysis:


Metaverse is a leading public blockchain based in China. Its main goal is to provide secure and user-friendly services based on blockchain technology to wide variety of people, businesses, and even government institutions.
Metaverse is similar to Ethereum and NEO in that it is a smart contract platform. However, unlike Ethereum, one does not need to be familiar with Solidity to be able to use it. Metaverse essentially allows businesses to fill out a form with what they need and the details. It markets itself as 2B2C, where Metaverse can greatly simplify and aid in the development process. In essence, Metaverse aims to be the Chinese substitute for Ethereum where the intermediaries will be parties whose vested interest lies in the kind of transactions taking place over the public blockchain.
Ticker: ETP
Total Amount: 100,000,000 ETP
Block Time: 24 seconds
Dev Language: C++
Consensus: PoW+PoS
Allocated to system maintainers (PoW mining): 30 million ETP

 
Trade Now
Symbol   ETP 
Restricted Until   N/A 
Type/Class:    PRIME MARKET 
ISIN:   TBC 
Price:  
     Last    2.96 
     Bid   No Bid 
     Ask     
Currency    USD 
High    2.96 
Low    2.90 
Last    2.96 
Vol Traded Value   30,600
Vol Traded Units   61,290
Round   1
Offering Date   30/01/2018
Admitted Date   27/10/2017
Active   Yes
   

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13 Trades
Date Price Volume Up/Down  Change % 
March 2, 2018 13:53:19 2.96  20     0.00 
February 25, 2018 14:13:33 2.96  10,000     0.00 
February 13, 2018 13:05:34 2.95  10     0.00 
February 13, 2018 13:05:34 2.95  10     0.00 
February 13, 2018 13:05:34 2.95  10     0.00 
February 13, 2018 13:05:34 2.95  10     0.00 
February 13, 2018 13:05:34 2.95  10     0.00 
February 13, 2018 13:05:34 2.95  10     0.00 
February 12, 2018 9:42:24 2.95  10     0.00 
February 11, 2018 14:21:15 2.92  100     0.00 
February 11, 2018 14:16:28 2.95  100     0.00 
February 11, 2018 13:50:36 2.95  50,000     0.00 
January 30, 2018 0:00:00 2.90  1,000     0.00 
 
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