Metaverse Blockchain
Metaverse[1] is a decentralized open platform that encompasses Digital Assets and Digital Identities based on public blockchain technology. By building a 2B2C general technology platform, Metaverse[2] digitizes assets (similar to asset-backed securities). For example, we can digitize rare goods such as artworks and antiques, intellectual property, and rights to earnings of fund bills to improve market efficiency. Through the provision of smart agreements and digital identities, Metaverse connects separated stores of value to form an internet of value.
Metaverse connects separated stores of value to form an internet of value. MVS hopes to develop iteratively by working closely with businesses and responding to market feedback; hence different versions will support different levels of functionality. The initial version of MVS will be released with a minimal set of operations and be built up over time using Bitcoin as its foundation, with the added functions of Digital Identity and Digital Assets.
Why to Establish Metaverse[3][edit]
The term ‘Metaverse’ appeared in Neal Stephenson’s 1992 science fiction novel Snow Crash(Xuebeng in Mandarin) in which humans possessed avatars, through which they interacted with each other in a VR-based world and even formed relationships with electronic agents.
Modern life is just like the world described in Neal Stephenson’s novel. As our work and life become increasingly dependent on the Internet, people spend more time online rather than offline. The way people communicate has also changed, with communication occurring more often and at higher intensity. In the near future, we foresee a transition from the internet of information to the internet of value: more digital assets transfers will happen online, causing Avatars (Digital Identities) and value intermediary Oracles to become the new mainstream economic models. The name of MVS is inspired by Neal Stephenson’s Metaverse.
A Brief History of Blockchain[4][edit]
Blockchain technology [5]originates from the Bitcoin system. Because of the technology’s decentralized nature and its immutable ledger, Bitcoin has the ability to solve certain problems such as trading fraud and double spending. Bitcoin is widely believed to be the first application of blockchain technology.
The development of blockchain technology and its concepts are accompanied by the deconstruction and reconstruction of Bitcoin system. Namecoin and Peercoin made essential contributions to the process of developing the cryptocurrency concept into blockchains, while Bitshares and Ethereum both had a major impact on the way we understand blockchains.[6]
Metaverse Economic Model[edit]
The Metaverse Token - Entropy [7][edit]
The token used by Metaverse is called Entropy (ETP). A total of 100 million ETP will be issued through a combination of Initial Coin Offerings (ICOs) and PoW mining; similar to Bitcoin, the smallest unit of Entropy is 1 x 10-8 ETP. ETP can be transferred and traded on Metaverse and will be an important factor deciding the miner of each block after MVS transitions to the PoS protocol. The security of ETP is guaranteed by the ECDSA (Elliptic Curve Digital Signature Algorithm).
ETP is not a new form of digital currency – instead, it represents the equity of Metaverse. Therefore, the price of ETP will not be anchored on any legal currency or cryptocurrency such as Bitcoin, but will depend on the demand for ETP as well as the development of Metaverse’s ecosystem.
ETP will be used to measure the value of smart properties in Metaverse or as collateral in financial transactions. Additionally, fees applied on Metaverse (to create new smart properties, register a new Avatar, designate yourself as an Oracle or invite trusted institutions to verify the assets and identities on Metaverse) must be paid in ETP.
ETP Distribution Mechanism[edit]
In the blockchain[8] field, ICOs are common and the default method of token distribution. In January 2014, Bitshare launched an ICO lasting 200 days. Ethereum launched an ICO which raised a staggering 25,000 Bitcoin in July 2014. DigixDAO and Lisk also launched their ICOs in 2016, as did the controversial The DAO project. NEO also successfully raised 2,100 and 6,119 Bitcoins in October 2015 and September 2016 respectively.
Metaverse Project[9] has distributed approximately 22.6 million ETP in its first Initial Coin Offering (ICO). Another 27.4 million ETP will be used to set up Metaverse Foundation to support blockchain ICO projects conducive to the Metaverse community, facilitate investment activities that benefit Metaverse’s ecosystem, as well as to reward major contributors to the community.
PoW and PoS Mining[edit]
About 30 million ETP will be distributed as block rewards to those who help maintain Metaverse’s system through PoW[10] mining, which is also called ETP mining.
The block difficulty of Metaverse will adjust to match the network’s computing power. The targeted block generation time is 23 seconds and the reward for mining each block is 3 ETP. Block time and block reward are set as standard parameters; below is a graph of the amount of ETP that can be obtained through PoW mining over time in years.
Coinlock and Coinlock Rewards[edit]
Metaverse incorporated a paid coinlock function into the system level while designing ETP’s economic model. This is the latest development in blockchain economic systems. In summary, it tokenizes coin age, paving the way for a future PoS-based economic model based as well as financial applications derived from coinlock[11].
To obtain ETP rewards, users must take the initiative to use the coinlock function. This reward will be sent to the user’s coinlock address through Coinbase (a new transaction type) once the locking operation is completed.
Reward details are specified below:
| H + block height | Reward rate |
|---|---|
| 26295 | 0.1% |
| 112696 | 0.66% |
| 345600 | 3.23% |
| 683687 | 7.98% |
| 1371130 | 20% |
H + block height: Assuming the current block height is ‘H’, users need to secure 26,296 blocks (till block height = H + 26296) to obtain the lowest-tier coinlock reward.
If the expected block creation time (23 seconds) is counted in days, we shall have the conclusion as below:
| H + block height | Time(days) |
|---|---|
| 26295 | 7 |
| 112696 | 30 |
| 345600 | 92 |
| 683687 | 182 |
| 1371130 | 365 |
Smart Assets[edit]
In Metaverse, we want to re-emphasize the importance of digital assets. Smart contracts should be dependent on digital assets, not the other way around. Using the object-oriented programming model as an analogy, digital assets would form a class, whereas contracts are methods contained within the class.
Unlike Ethereum, Metaverse’s digital token ETP will follow Bitcoin’s UTXO (Unspent Transaction Output) system in which all transactions are defined by a set of inputs and outputs, and contain the private key signatures of all current and previous owners of the ETP. These elements come together to form a new UTXO. Separately, we attempted using the Ledger Model to handle smart assets because it helps reduce system complexity and retains the benefits of the UTXO system.
The result of this design is that the digital assets on Metaverse can be easily sent and received, just like Bitcoin. Smart contracts [12]will only be required when more the demand for more complex transaction patterns arise.
Avatars – Digital Identities[edit]
Unlike assets such as gold, we are unable to take physical possession of smart assets. Instead, the ownership of smart assets is controlled by individuals through digital identities and secured through mathematical concepts that ensure these identities cannot be forged.
As a symbol of one’s online identity, Avatars can be used to represent oneself and hold smart assets on the blockchain.
Avatars can be held by a real person, but can also be held by AI (artificial intelligence), a machine in the IoT (Internet of Things), a company or an organization. A single Avatar may hold multiple types of smart assets, and a single smart asset may also be owned by multiple Avatars. Thus, there is a many-to-many relationship between Avatars and smart assets. Many-to-many relationships appears more complex, but more accurately reflect what ownership looks like in the offline world. These relationships are authenticated and secured on Metaverse through cryptography.
There is a diversity of specific (financial) use cases built on smart assets: transactions, borrowing, leasing and mortgages to name a few.
Oracles - Value Intermediaries[edit]
Blockchain technology claims to do away with trusted intermediaries (“cutting out the middleman”). Unlike “destroing the middleman”, Metaverse will reserve the position for them on the blockchain, which we call it Oracle. Hosting Oracles can store physical assets and then issue smart assets on the blockchain. Authentication Oracles can provide proof of personal information and correlation with Avatar. Supervision Oracles (for example, government departments that regulate special transactions) can provide proofs, such as transaction authenticity, compliance proof. There are many other Oracles alike that can provide such services on Metaverse.
Blockchain as a Service (BaaS)[edit]
Blockchain as a Service (BaaS) refers to using data generated by public blockchains to provide a series of operational services including blockchain-based querying, transactions and data analysis.
In the blockchain sector, block explorers, digital currency trading platforms and other applications derived from public chains such as certificate-Factom and digital identity-uPort all currently fall under the umbrella of blockchain services.
These applications share one feature: they are all based on existing public blockchains to develop or strengthen their existing capabilities, rather than merely use blockchain technology to create a private service.
References[edit]
- ↑ http://newmetaverse.org/white-paper/Metaverse-white-paper-v2.1-EN.pdf
- ↑ http://www.reuters.com/article/us-global-markets-bitcoin-idUSKBN14Q1M1
- ↑ https://en.wikipedia.org/wiki/Metaverse
- ↑ http://blockchaindev.org/article/consensus_introduction.html
- ↑ http://www.newsbtc.com/2017/06/27/entropy-metaverse-adds-new-dimension-decentralized-applications/
- ↑ "The-difference-between-a-Private-Public-Consortium-Blockchain".
- ↑ https://www.cryptoninjas.net/2017/05/22/openledger-signs-strategic-cooperation-deal-chinas-viewfin/
- ↑ http://www.econotimes.com/OpenLedger-ViewFin-enter-strategic-partnership-to-take-blockchain-by-storm-716902
- ↑ https://tech.co/smart-contracts-blockchain-cyber-2017-07
- ↑ https://www.forbes.com/sites/sarahsu/2017/07/25/this-chinese-company-is-trying-to-build-the-worlds-leading-blockchain platform/#7ea180517735
- ↑ https://www.cryptoninjas.net/2017/06/26/art-collectibles-platform-zendao-launching-ico-openledger/
- ↑ http://szabo.best.vwh.net/idea.html
External links[edit]
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