Metaverse is an open, decentralized network that utilizes blockchain technology. It is a plan to build an internet comprised of Smart Properties powered with digital assets. A Smart Property is an electronic resource associated with unique properties. It is transferable between users using the Metaverse protocol like bitcoins in bitcoin’s network.
Two types of resources are available to users of this ledger public:
1. Metaverse Smart Token MST: MST was created in order to allow assets to circulate on the network. MST is a type of Smart Property that represents a specific asset. It could be stocks, gold bars or any other cryptocurrency like bitcoin.
2. Metaverse Identifiable Token (MIT): This is a digital representation of the resources that exist off-chain physically, for instance, land rights or company shares. It can be used to store information and as an external resource. Furthermore, each MIT is a particular right associated with an identifiable outside resource. For instance can be issued by a government. It includes information such as parcels and rights to land, as well as geographical locations.
An MIT is composed of two components.
1. Off-chain resource – It is a nondigitized version that exists in the natural world.
2. To guarantee authenticity and avoid fraud Digital signatures can be identified by the public via the blockchain. The digital signature works exactly the same way as a fingerprint that is unique. Blockchain users can identify it.
A transaction has to be made which includes the signatures of the new owner when the transfer of an asset off-chain. This ensures correct ownership recording and prevents tampering.
This is known as”bonded certification” or “bonded certification” in the crypto world. A person who owns an asset joins the blockchain to verify ownership.
This is demonstrated in the car example: When you purchase an automobile, a legal document states who the owner is. The legal document can be used to prove ownership in the event that the vehicle is damaged or stolen. This is similar to how the Metaverse Identifiable token functions on the blockchain.
In addition, MST and MIT transactions are not subject to any fees on the blockchain; thus reducing transaction costs.
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What’s the difference between MST & MIT?
1. An MST is an MST token that can be exchanged between accounts, much like ERC20 tokens.
2. You can only buy an MST and store it in an account. The private keys used to protect MST are identical to cryptocurrency like bitcoin or Ethereum. Only you are the one who can use your MST.
3. An MIT, on the other side, is an asset created in physical space that is not blockchain. It must be produced in real time to signify the Metaverse Blockchain digital signature.
A digital version of a land deed can be made by scanning the physical paper. The digital signature links to your MIT, which you have printed on every page of the document. The metaverse blockchain stores this identification number, so that it is acknowledged as valid MIT. If someone wants to transfer the MIT it will check to make sure that the identification number identical to the MIT.
4. Another advantage of the MIT is the possibility to limit an individual’s holdings of a particular asset. By checking the digital signature of their MIT against all assets, you can prevent fraudulent activity. Your Metaverse digital signature is needed to link your MIT so that you can trade and transfer it.
5. All MITs, regardless of their location, are freely tradable, decentralized, and free from additional fees. However, MSTs cannot be issued via the blockchain. To accomplish this, you need to create physical objects that can then be converted into digital form.