Bitcoin Global News (BGN)
November 13, 2018 -- ADVFN Crypto NewsWire -- With over 2000
Cryptocurrency projects listed, it is natural that many fall by the
wayside. Metaverse is one of those projects, though it is actually
48th on the market at the time of writing this article, with a
slowly rising value. Given that the Metaverse team calls its
network “the new reality,” what this Blockchain project is
definitely bears a bit of explaining.
Strangely enough, upon first glance
at their main website, it is difficult to find their white paper.
After a quick, external Google search, I was able to locate it
through a different link here.
In the very beginning of the
document, the team states their lofty mission of ushering in a new
reality involving Cryptocurrencies and a new form of identity. To
clarify what this specifically entails, it is essential to
understand what will underpin the Metaverse
ecosystem.
First, it has a dedicated currency
with the same name, which it hopes will become a future standard in
people’s lives. Beyond the fact that the team seems to have already
launched its answer to this called the “Metaverse Smart Token,”
what is most striking is what they aim to build around it. As
referenced in an article by Invest in Blockchain, the Metaverse
team aims to build an ecosystem in which we can transition to the
“internet of value,” which has sometimes been mentioned by other
projects like Ripple as being the next version of our current
internet.
Beyond the coin, any chance of the
network achieving a unique form of competitive advantage will hinge
upon its plans for connecting a digital asset to individualized
digital identities, with the help of what they call a “value
intermediary.”
What this final term refers to is
an oracle in this case. If taken in the specific context of the
Blockchain world, an oracle is a programmed, continuous data feed
that searches out certain real world events and sends data on them
to a network’s smart contracts. To understand why they do this,
just think about what a smart contract is. In a general sense, it
is nothing more than an agreement to release funds from one party
to another when a group of conditions are met. Oracles are then
often used to monitor the occurrence of these conditions, in a
sense.
Last but not least, as we said,
there is the concept of “individualized digital identities,” which
relates to the idea of online avatars defining who we are. To truly
understand the crux of what a digital identity is would require a
series of dedicated pieces. Suffice it to say for now that one way
of conceptualizing this is to think of a Ready Player One like
world in which all of our vital information is represented in
virtual figures.
At this point, it is logical to
wonder how all of these features come together to make one distinct
platform.
Judging by their white paper,
the answer to this comes down to how Metaverse utilizes smart
contracts. According to Binance, it is not even accurate to say
that Metaverse uses smart contracts at all, but rather smart
assets. Reportedly, this means that the primary intended usage of
Metaverse’s coin is in tokenizing all sorts of assets from
properties to even credit scores. In doing so, they hope to become
the currency of the future that is used reliably for just about
everything in this regard.
Since the Metaverse coin, Metaverse
ETP, is available through a relatively wide number of exchanges,
but does not seem to have any striking partnerships to increase its
utility, it is currently a speculative investment at
best.
By: BGN Editorial Staff