Metaverse is a decentralized network based on blockchain technology that is aiming to create a network of Smart Properties, which are powered by digital assets. Smart Property can be described as an electronic resource that is linked to unique properties. It can also be transferred between users through the Metaverse protocol as bitcoins are part of the bitcoin network.
The public ledger permits users to access two types of resources:
1. Metaverse Smart Token (MST): MST was created to circulate assets on the network. MST is a type of Smart Property that represents a specific asset. This could be stocks, gold bars or any other cryptocurrency such as bitcoin.
2. Metaverse Identifiable Token MIT The token is a digital representation of resources that are off-chain in actual space. It can be used for storing value, or to even share company shares. It is used in order to store value or as an external resource. In addition each MIT is a specific right associated with an identifiable external resource. For instance can be issued by a government. It includes information such as parcels and land rights, and geographic places.
Two parts comprise an MIT:
1. Off-chain resource: It’s a non-digitized version of the real world as it is real.
2. Digital signatures that are recognized by blockchain users and the general public. It can help to prevent fraud and authenticates transactions. The digital signature is a hash the asset information and it works in a similar way to a unique fingerprint that is recognized by users of blockchain.
When an offchain resource passes to a new owner, they need to create a transaction that includes their signature and record the change on the blockchain. This ensures that ownership isn’t changed and that it’s correctly recorded.
This is called”bonded certification” or “bonded certificate” in crypto-world. An asset owner registers to the blockchain in order to verify ownership.
This can be illustrated by the vehicle. Legal documents are included with every car purchase. The legal document could be used to prove ownership in the event that your car is stolen or in an accident. It is similar to how Metaverse IdentifiableToken functions within the blockchain network.
In addition, MST and MIT transactions are not subject to charges on the blockchain, therefore, reducing the cost of transactions.
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What’s the main difference between MST and MIT?
1. An MST is a token that can be transferred between accounts, is similar in function to ERC20 tokens.
2. It is possible to purchase an MST and keep it in a wallet. The private keys used to secure MST are identical to cryptocurrency such as bitcoin and Ethereum. Because you are the owner of the key, only you can make use of your MST.
3. An MIT On the other hand is an asset issued in physical space beyond blockchain. It has to be created in real time to signify a Metaverse Blockchain digital signature.
A digital copy of a land deed could be made by scanning the paper. This digital signature is linked to your MIT which you have printed on the page of the document. The metaverse Blockchain stores this identifying code to determine the MIT as valid. If someone wants to transfer the MIT to someone else, the blockchain will verify that the identification numbers are registered and matched with the MIT.
4. An MIT also has a benefit: it is possible to put restrictions on those who hold specific assets by comparing their digital signatures stored in blockchain against the available assets. This can help to stop any fraud. It is possible to trade or transfer your MIT only if it’s tied to your Metaverse digital ID.
5. All MITs have no fees and can be traded freely. However, it is impossible to issue MSTs on the blockchain network. In the first place, you need to create physical objects that can be digitized.