Metaverse, a blockchain-based decentralized network, proposes to create a network comprised of Smart Properties powered by digital assets. A Smart Property refers to an electronic resource with distinct properties. It can be transferred between users via the Metaverse protocol, just as bitcoins on the bitcoin network.
The public ledger permits users to have access to two kinds of resources:
1. Metaverse Smart Token, MST: The Metaverse Smart Token was developed to enable assets to circulate on the network. MST (Metaverse Smart Token) is a special kind of Smart Property. It can represent an asset (such as stocks, gold bars, and even other cryptocurrency such as Bitcoin).
2. Metaverse Identifiable Token MIT (Metaverse Identifiable Token) It is a digitalized representation off-chain of resources within physical space. It can be utilized to store information and as an external resource. Each MIT is also a specific right that is linked to an identifiable external resource. For example can be issued by the government. It includes details like parcels, rights to land, as well as geographical places.
An MIT is made up of two components:
1. Off-chain resource is a version that does not have digitization and is found in nature.
2. A digital signature that is acknowledged by blockchain users and the general public. It helps prevent fraud and authenticates transactions. The digital signature works in the same manner as a unique fingerprint. Blockchain users can identify it.
When an off-chain resource changes ownership, the new owner must record the change on the blockchain through an exchange that contains their digital signature. This ensures the authenticity of ownership and records it correctly.
This is what the crypto world calls”bonded certificate” or “bonded certificate” in which the asset owner is able to sign up on blockchain in order to prove their ownership.
This could be demonstrated by the car. Legal documents are included with every car purchase. It is possible to prove the ownership of the vehicle by showing the legal documents in case it’s involved in a crash or is stolen. It is similar to the way Metaverse IdentifiableToken works within the blockchain.
Furthermore, MST transactions and MIT transactions do not incur fees in the blockchain. This reduces transaction costs.
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What is the main difference between MST & MIT?
1. An MST is an MST token that allows be transferred between accounts, functions similarly in function to ERC20 tokens.
2. If you buy an MST and hold it in your wallet, no one is able to steal it directly from you because it’s protected by private keys just like cryptocurrencies such as bitcoin and Ethereum. Your MST can only be used by you, since you own the key.
3. An MIT is an electronic asset that is able to be created in the physical world, independent of the blockchain. It must be physically produced in order to create an Metaverse Blockchain-stored digital signature.
A digital copy of a land deed can be created by scanning the physical paper. This digital signature is linked to your MIT which you have printed on the front of the document. Metaverse Blockchain stores this unique code to identify the MIT as legitimate. If someone wishes to transfer the MIT it will check to make sure that the identifying number identical to the MIT.
4. An MIT also has a benefit that it allows you to restrict those who hold specific assets by comparing their digital signatures stored in blockchain against the existing assets. This can help to stop any fraudulent activity. For example the MIT you have created with your MIT is only able to be transferred or traded when it’s linked to your Metaverse Digital Identity.
5. All MITs are distributed, free tradable and require no additional fees. However, MSTs cannot be issued on the blockchain. To do so you must create physical objects that can then be converted into digital form.