Some people like to consume information by reading it while others like the videos. With that saidI've created a just as in depth video explaining everything in this article. I post YouTube videos more often so if you want to stay up to date on the newest crypto news subscribe the "Crypto Potluck" Enjoy :)

What is Metaverse?

Metaverse provides a platform where anyone can register a personalized "resume": in exchange for a small information storage fee, users will possess a customized, tamper-proof resume. This resume would be used for everything from lending, insurance, auditing, credit and government.

Metaverse is a compilation of PoW (Proof of Work), PoS (Proof of Stake) and DPoS (Delegated Proof of Stake)

Basic Information

Market Cap, Volume Circulating Supply and Total Supply (10/20/17)



Exchange

Bitfinex https://www.bitfinex.com/ (Shutting down in U.S.)

Bitsun https://bitsun.net/

HitBTC https://hitbtc.com/ (was successfully hacked in 2014)

CEO - Eric Gu & 9 public employees on the Metaverse Team. (located in China)



Eric Gu got involved in the crypto space in 2013 with the Mastercoin ICO and then went on to invest in BitShares. He was also one of the seven co-founders in NEO but sold his NEO tokens to start Metaverse. Eric’s vision for Metaverse is to become the go-to platform for any business, big or small, which wants to utilize blockchain technology and integrate it within their existing business model. Interview with Box Mining

Metaverse White Paper Condensed

The official White Paper can be found here

The official Digital Identity White Paper can be found here

Why establish Metaverse

More digital assets transfers will happen online, causing Avatars (Digital Identities) and value intermediary Oracles to become the new mainstream economic models. Metaverse is looking to establish a proof of asset model not a proof of smart contract model, this concept makes it different than its competitors NEO and Ethereum

The Metaverse token - ETP

A total of 100 million ETP will be issued through a combination of initial coin offering (ICO) and PoW mining as listed bellow:

30 million will be issued to miners gradually decreasing amount generated over the years

27.4 million will be used to set up Metaverse Foundation and give out to contributors

22.6 million from the initial offering

20 million is left for the CEO and Team

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.

Metaverse stated in their White Paper they look to establish a Micro-inflation model which states they will work to produce a small amount of coins to distribute into the system to make up for lost coins. This includes coins lost to carelessness, death or any other incident where one could lose their coins and unable to retrieve them. I wanted to bring this to your attention because it provides a gateway for Metaverse to bring more coins to the market.

Setting up Fee's for Registering Assets

Metiverse is looking to deploy a fee model that uses a weighted algorithm. However an appropriate registration fee has yet to be determined. In order to find a appropriate fee they are looking to satisfy two concerns:

The legitimacy and reasonableness of registration fees. Registration fees are undoubtedly justified because it forms a self-protection mechanism for the system. When smart assets can be registered with zero or low cost, the system becomes vulnerable to DDoS attacks. Presently, an appropriate registration fee has yet to be determined. No one can determine what the value of an ETP token, which fluctuates by design. Hence we are inclined to deploy a fee model that uses a weighted algorithm. This fee is not a traditional transaction fee because the transaction is not a transfer, but rather a new transaction type with specific functions.A portion of all transaction fees generated by these new transaction types will be sent to a special system address to support the development of Metaverse's community, and the remaining will be allocated to nodes that generate blocks.

A good example of how this spider web of information will interact and where transactions will take place can be best illustrated by this digram:



Metaverse Operational Layout



In the White Paper they emphasize on the smart assets not contracts. They state "Smart contracts should be dependent on digital assets, not the other way around." They do this by categorizing digital assets by a form of class, whereas contracts are methods contained within the class. Allowing information to change based on the asset almost like creating a stockmarket of information for each asset.

Example: A house would make a good example as seen illustrated bellow. Basically Sally & Joe are both owners of the house which is colored blue because its subject to change ether from a devours or selling the house ect. Morgage amount on the house and Market Value are also subject to change for obvious reasons. Then we are left with attributes like location which are not subject to change hints colored red. This type of attribute defining will be done by a "oracle" who basically processes and verify information.



Registering Smart Assets

The concept of “registration” refers to the act of describing some item with data. As seen in the example above someone needs to determine the value of the house, owners and mortgage. This person would be what Metaverse defines as a Oracle think banker, Tax attorney, loan office ect. In order to register a asset they need to satisfy two requirements:

This descriptive set of data should be reusable, if not the function would be ineffective and a failure. It should consider potential future applications and have a complete interface that supports querying, addition, calculation and verification. “Assets” usually have relatively simple generic attributes and well-differentiated special attributes. Additionally, since the important data is generated during the asset transfer process, smart asset registration can be described as filling out a form.

Their will be two ways of registering smart Assets:

users can do it themselves or obtain services from the application by delegating some authority while still retaining absolute ownership over their information.

Sharing and linking Information

Creating an alias for your public key link it to each individual almost like a phone number. Users will not have access to both its encrypted and unencrypted information. You will have the ability to give your encrypted information out how you see fit which will give basic information about yourself. A single Avatar may hold multiple types of smart assets, and a single smart asset may also be owned by multiple Avatars.

person A can encrypt all his digital identity information from the beginning person A can disclose a portion of his digital identity information without revealing his/her private key. person B can verify that the plaintext information provided by person A is consistent with the ciphertext registered on the block chain.

However, this construct is unable to solve the problems outside the scope of (1) - (3). For example, person B could still leak the personal information he has obtained from A, compromising A’s privacy.

Recap & Personal Thoughts

What I Like about Metaverse

I personally like the project and it reminds me a lot of NEO, Etherium and QTUM the most defining concept if any I would use to describe the project is "Smart contracts should be dependent on digital assets, not the other way around." I personally agree with this statement, I also like the experience the CEO brings to the table along with its market cap V.S. its competitors in the same field. Reminds me a lot of ant shares before it evolved into NEO.

What I dislike about Metaverse

Their are risks involved with investing in any ICO and their are concerns with Metaverse I listed them bellow:

Located in China a lot of risk but a lot of reward if China doesn't crack down on them.

Hasn't established a weighted algorithm for fee's

ability to bring new coins into the market to make up for "dead coins"

amount of team members V.S. its competitors

Final Note

A lot of work was put into creating this steemit article and Youtube video and although I lack in subscribers I make up with publishing the best in-depth work possible. Would really appreciate any and all support through up-voting or subscribing so I can continue to create the best content possible for your consumption.

My YouTube Channel: Crypto PotLuck

Metaverse website: https://mvs.org/

Metaverse Reddit Page: https://www.reddit.com/r/Metaverse_Blockchain/

Other good Posts on Metaverse:

https://www.reddit.com/r/CryptoCurrency/comments/750ipv/i_found_a_gem/

https://bitcointalk.org/index.php?topic=2247610.0