Metaverse is an open, decentralized network that utilizes blockchain technology. It is a plan to build a web of Smart Properties powered with digital assets. The term Smart Property is an electronic resource that has unique properties. It can be shared between users using Metaverse, much like bitcoins within the bitcoin network.
Users can access two types of resources that they can use on the public ledger
1. Metaverse Smart Token (MST): MST was designed to allow the circulation of assets across the network. An MST, a special kind of Smart Property, is an asset that can be gold bars, stocks or any other type of cryptocurrency similar to bitcoin.
2. Metaverse Identifiable token MIT (Metaverse Identifiable Token) It is a digitalized version off-chain of resources within physical space. It is used to store information and an external resource. Additionally, each MIT is a specific right associated with an distinct external resource. For example the deed may be issued from the government. It may include information like parcels of land, land rights or geographic places.
An MIT is composed of two parts:
1. Off-chain resource is a version that is not digital and exists in the natural world.
2. The public can identify the digital signature on the blockchain. This helps to prevent fraud and ensure authenticity. The digital signature is a hash the asset information and it works in a similar way as a fingerprint unique to itself that can be identified by users of blockchain.
When an off-chain resource changes ownership and the new owner is able to note the changes on the blockchain using a transaction that includes their digital signature. This will ensure that ownership isn’t tampered with and recorded correctly.
This is called a “bonded certificate” in crypto-world. An asset owner registers to the blockchain in order to verify ownership.
This is apparent in the case of a car: When you purchase a car, you receive a legal document that identifies the owner of the vehicle. If your car is involved in a crash or is stolen, you are able to show ownership by presenting the official document. This is the same as the way Metaverse IdentifiableToken works in the blockchain network.
MST/MIT transactions are possible on the Blockchain without paying any fees. This reduces the cost of transactions.
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What is the difference between MST and MIT?
1. MST is a token that can be transferred between accounts. MST is an MST token that is able to be exchanged between accounts, much like the ERC20 tokens.
2. Private keys safeguard your MST. They can be used to secure it, similar to cryptocurrency such as Ethereum or bitcoin. No one but you can use your MST since you own the key.
3. An MIT, on the other side, is an asset that has been created in physical space that is not blockchain. It can be used to store a digital signature in Metaverse Blockchain, but it must have an off-chain existence.
A digital copy of a land deed could be made by scanning the physical paper. The digital signature links to your MIT that you printed on each page of the document. Metaverse Blockchain stores this identification number, so that it is recognized as a valid MIT. If someone is trying to make a transfer of that MIT, blockchain will check whether the identification number is registered and matched to the MIT.
4. An MIT also allows you to restrict the assets an individual owns by the digital signature they have on the blockchain to any other existing assets. This helps to prevent fraudulent activities. If your MIT is linked to your Metaverse digital identification it is not possible to transfer or trade it.
5. All MITs can be freely traded and distributed decentralized. However, it is impossible to issue MSTs on the blockchain network. First, you must produce physical artifacts which are digitized.