Decentralized applications and cryptocurrencies have a new destination, and that is Metaverse. Specially designed for blockchain applications of the future, Metaverse decentralized open platform comes prepared to handle smart properties and digital identities. The Smart Properties on the public blockchain platform is a combination of Digital Assets, Digital Identities, and Oracles.
Metaverse is a project by Metaverse Foundation, which is created and implemented by the Viewfin development team. The blockchain system is fueled by a native cryptocurrency, Entropy. The cryptotokens shares most of its properties with other cryptocurrencies in the market, yet it is different from others in terms of value. Unlike Bitcoin, Ether and other altcoins, Entropy’s value is not pegged against any fiat or digital currency. In fact, Entropy with a finite number of 100 million tokens constitutes the entire equity of the Metaverse system. The digital token’s name is derived from thermodynamics, where Entropy is the measure of particle disorderness or a measure of randomness of a system.
The Metaverse blockchain makes use of Elliptic Curve Digital Signature Algorithm (ECDSA) to provide security to the platform. The cryptotoken acts as a measure of the value of Smart Properties on Metaverse. It can also be used as collateral in financial transactions and as system fees. Since its introduction in August 2016, Metaverse and Entropy tokens have achieved widespread adoption.
Metaverse, fueled by Entropy offers a range of features including Digital Asset Registration, where one can create and own digital assets with just a few clicks. The blockchain protocol of Metaverse is immutable, capable of preserving digital identities for years. The Oracle Intermediaries on Metaverse play a major role in ensuring real world applications of solutions based on the platform. All these are achieved by the capability of Entropy to facilitate the exchange of value between applications and community members.
There are already few projects that have put Metaverse and Entropy to good use, and ZenGold is one of them. The ZenGold platform allows people to buy, hold, transfer and sell digital assets backed by real gold. It makes trading precious metal easy for anyone across the world while ensuring a stable value for the assets. Similarly, ZenDao is another project focused on solving the issues faced by Art and Collectibles market by providing an unalterable digital provenance and ownership transfer channel.
In less than a year, Metaverse and its accompanying Entropy tokens have proven their capability to solve real-world problems in a much simpler way. The increasing interest in decentralized systems, combined with Metaverse’s ease of deployment makes it ideal for future blockchain applications across industry segments.
Disclosure: Deepak Bharadwaz, Crypto Data Analyst for BlockStreet.info, was paid for his cooperation with NEWSBTC in preparing this content. Deepak provides Bitcoin Price Analysis & Trading Intelligence.