Metaverse, a blockchain-based decentralized network, proposes to create an internet comprised of Smart Properties powered by digital assets. A Smart Property can be described as an electronic resource that is associated with unique properties. It is able to transfer money between users via the Metaverse protocol.
This public ledger gives users two kinds of resources they can use.
1. Metaverse Smart token (MST),: MST was created to ease the transfer of assets across the network. An MST is a distinct kind of Smart Property. It represents an asset, which could be gold bars or other cryptocurrencies such as bitcoin.
2. Metaverse Identifiable token MIT (Metaverse Identifiable Token) It is a digitalized version off-chain of resources within physical space. It is utilized to store and identify external resources. Each MIT is a right associated to an identified external resource. For example the deed may be issued from a government. It could also contain details such as parcels of land, land rights or geographical places.
A MIT is composed of two components:
1. Off-chain resource is one that is not digital and exists in nature.
2. A digital signature that can be acknowledged by anyone on the blockchain to verify authenticity and avoid fraud. It is an encrypted hash of information about assets. It works similarly to fingerprints that are recognized and used by users of blockchain.
If an off-chain resource shifts hands and the new owner is able to note the change on the blockchain through a transaction that includes their digital signature. This ensures the integrity of ownership and ensures that it is recorded in a correct manner.
This is called”bonded certification” or “bonded certificate” in the crypto world. A person who owns an asset joins the blockchain in order to prove ownership.
As an example, consider a car. When you purchase the car, it is accompanied by a legal record that states the owner. If the car is in a crash or stolen, you can prove ownership by showing the official document. Similar to how Metaverse Identifiable Coin functions within the Blockchain network.
MST and MIT transactions on the blockchain are not subject to charges, which means that they can reduce transaction costs.
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The differences between MST and MIT
1. An MST, a token that can transfer between accounts, is similar in function to ERC20 tokens.
2. Since the MST is protected by private keys, it cannot be taken away from you even when you purchase it and keep it in your wallet. It’s just like cryptocurrency currencies like Bitcoin or Ethereum. Since you own the key, nobody has access to your MST except you.
3. An MIT is an electronic asset that can be created in the physical world, independent of blockchain. It must be physically produced in order to create a Metaverse Blockchain-stored digital signature.
If you wish to digitize a land title deed, for example the document needs to be first scanned in order that a digital copy can be made. The digital signature is connected to your MIT which you have printed on the front of the document. This identifying number can be utilized to verify the metaverse blockchain’s identity as a valid MIT. Blockchain checks whether the MIT identification number has been registered in order to verify that someone is trying to verify a transfer.
4. An MIT also allows you to limit the amount of assets an individual owns by comparing their digital signature on the blockchain to any other available assets. This helps to prevent fraudulent activities. For instance, you are able to only trade or transfer your MIT if it is associated with your Metaverse digital identity.
5. All MITs, regardless of their location, are freely tradable, decentralized, and are free of additional charges. However, an MST cannot be issued directly via the blockchain network. Instead, you’ll need to first create a physical object that can then digitally transform.