Purpose

Metaverse is a blockchain project that provides a foundational infrastructure for social and enterprise needs. Their goal is to construct a universe where digital assets (the Metaverse token is Entropy (ETP)) and digital identities (Avatar) build the basis for asset transactions with the help of a value intermediary (Oracle), thus establishing a new blockchain ecosystem including an on-chain exchange. Through Blockchain-as-a-Service (BaaS), they make convenient, secure digital financial services accessible to all applications at virtually no cost.

Through the use of ETP, users reap the advantages of blockchain technology, such as the power to generate and distribute their own cryptocurrency. The digital identity Avatar reflects the relationship between people, people and assets, and this Avatar can be linked to ETP. Through the use of Avatars, anyone can become value intermediary Oracles, and Oracles can help construct an immutable decentralized system (Reputation).

Unless the Avatar’s owner grants authorization (by providing the private key signature, initiating a special transaction, or using smart contracts), users will not have access to encrypted or unencrypted information. Hence, zero-knowledge proofs and homomorphic encryption play a vital role in allowing Avatars to retrieve information.

As the Value Intermediary of the ecosystem, Oracles are responsible for validating the authenticity and validity of data sources. Apart from individual identities, they have also introduced third parties such as trustees, regulators, and identity certification authorities to act as Oracles to endorse the authenticity of data.

They plan on using a modified Delegated Proof of Stake which include a ‘Heartbeat’ characteristic where users need to be active in order to receive ETP.

 

Strengths

– The use of Avatars to score reputation on the network is a good premise for an ecosystem planning on using a DPoS consensus mechanism

– Metaverse supports digital identities, assets, oracles, and exchanges, making it a versatile blockchain 3.0 solution

 

Weaknesses

– Competing with Ethereum and NEM among others is a very big challenge that will require a lot of ressources

– Because they plan on changing their consensus method for one that is considered ‘more suitable’ once their network is big enough, many users might want to wait for that to happen before joining (chicken or the egg dilemma)

– The HeartBeat characteristic might discourage a user that is not online enough to collect its tokens passively

 

Network Status

The Metaverse network is live.

 

Metaverse Roadmap

November 2018: Pillars on testnet (Lighter, faster and more secure Metaverse broken down into two releases: decentralized exchange for digital asset and digital identity enhancement)

March 2019: Pillars production release on mainnet

2019+ : Lay the foundations to future upgrades ( The goal is to bring Proof of Work and DBTH-DPoS using the Metaverse combined consensus algorithm, and speeding up transactions)

 

Governance

Metaverse implements two consensus mechanisms. For the first few years of the project, they will use Ethereum’s mining algorithm Ethash as the Proof of Work mining algorithm. A modified Delegated proof of stake (DPoS) mechanism will later on be implemented once the blockchain system is performing high enough. The main modifications will be a Token-Height (giving more votes to coins that were held for a longer period of time) and a HeartBeat (where users must notify the system that they are still active in order to receive ETP; while choosing if they want to replace or maintain their delegates).

 

Similarities

Metaverse is similar to Ethereum, NEM, Lisk and other.

 

Notable partnerships

Their partners include Draper Dragon, Aion, Agrello, CloudChain, Lexit and more.

 

Exchange

Metaverse is listed on Bitfinex, Coinsuper, TOPBTC and more.

 

Stack

Metaverse is its own blockchain.

 

Community

Twitter: 15.6k

Reddit: 3,010

Telegram: 3,426

 

Price history

October 4th, 2018: 3.18$
August 2018: 2.05$
June 2018: 0.54$
March 2018: 1.60$

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This document is intended for informational purposes only. The views expressed in this document are not, and should not be construed as, investment advice or recommendations.