Max Keiser and Stacy Herbert
Max Keiser and Stacy Herbert
The cryptocurrencies offered the world disruption and path breaking solutions that would transform the face of multiple industries and consequently the world as we view today. While the digital assets are making inroads into various sectors, their underlying technology – ‘Blockchain Technology,’ has proven its worth in multiple verticals in quick time. However, the ledger based technology proponents are yet to realize the full potential and applications of the technology. To explore these possibilities and simplify day to day activities, Viewfin.com – a Chinese company, is introducing Metaverse – the first ever public blockchain in China. Metaverse aims to enable blockchain-based digital asset management – even more fundamentally, a blockchain-based system for managing our digital lives. Let’s dive into the details of how Metaverse is planning to do so.
What is Metaverse?
Metaverse is a decentralized world that redefines digital identities and smart assets through blockchain technology. Within the peer to peer network resides universally unique and self-sovereign identities, which will primarily power all decentralized applications or smart contracts coming afterward. The project imagines a blockchain in which people, organizations, institutions can transact with each other. To authenticate the digital asset transactions on the blockchain, Metaverse plans to introduce intermediaries called Oracle. In essence, Metaverse aims to be the Chinese substitute for Ethereum where the intermediaries will be parties whose vested interest lies in the kind of transaction taking place over the public blockchain. The token that powers Metaverse blockchain is Entropy. It will be used to register assets, pay fees, establish the identity as an Oracle (for intermediaries), and value assets on the blockchain.
How is Metaverse or Entropy profitable?
A digital asset blockchain needs the more diverse type of transactions than executable smart contracts. Metaverse doesn’t have a fixed category of operations and hence is flexible to accommodate innovations that might arise. The introduction of intermediaries or Oracle authenticates the transactions of the respective domains bringing in the trust factor for the network. Metaverse encourages intermediaries–such as banks, government agencies, foundations, or even individuals–to register as oracles depending on the type of transactions carried out. Another key advantage is that the Chinese government has always supported Chinese versions of popular, successful businesses based outside of China like Baidu for Google, Alibaba for Amazon, etc. Since Metaverse aims to be Chinese substitute for Ethereum, hopefully, the authorities would be very supportive on the regulations front.
Launch dynamics of Entropy and its performance
The Metaverse ICO started on Sept. 5th, 2016, distributed Entropy tokens (ETP) for the investors. There is 100 million total Entropy in the system. 15 – 30 million were distributed during the first ICO, and another 15 – 30 million will be distributed in another ICO after the Metaverse wallet and blockchain are complete. The remaining ETP will be distributed through the proof-of-work mining process, and eventually, the system will enter micro-inflation of 1-4% per year.
Danish Blockchain Company, OpenLedger ApS, has signed a Strategic Cooperation Framework Agreement with ViewFin, the market leader in Blockchain technology and the developer of Metaverse™, the first public Blockchain in China. This enabled the trading of entropy tokens on the OpenLedger decentralized exchange (DEX). Currently, at the time of writing this post, each Entropy is being valued a little over $5.
With better innovation on Metaverse platform and the impending disruptive projects, the platform surely has a bright future ahead.