Metaverse ETP, also known as Entropy, is a public open-sourced blockchain project that strives to provide a foundational infrastructure for both social and enterprise needs. The project intends to create a universe where digital assets and digital identities underpin asset transactions with the help of a value intermediary. Metaverse ETP is built on Substrate, a modular framework that allows for higher scalability and long-term expansion. The platform aims to support the creation and management of digital assets and digital identities, with a focus on interoperability, security, and scalability.

Metaverse ETP operates through a combination of digital assets, digital identities, and value intermediaries. Digital assets on the Metaverse platform, known as Metaverse Smart Tokens (MST) and Metaverse Identifiable Tokens (MIT), are trust-free, traceable, and decentralized properties that can be freely registered, transferred, issued, deposited, used as collateral, or burnt. Digital identities, or Avatars, are self-sovereign identity ledgers on the Metaverse blockchain, allowing users to securely manage personal data and credentials. The platform uses a Proof of Work (PoW) system to dictate block authoring and Grandpa finality, ensuring a uniform distribution of mining rewards and mitigating the risk of a 51% attack.

Metaverse ETP strives to provide a platform for the creation and management of digital assets and digital identities. This could potentially be used in a wide range of applications, from social networking to enterprise solutions. For example, digital assets on the Metaverse platform could be used as a form of currency, collateral, or a representation of physical assets. Digital identities could be used to manage personal data and credentials, providing a secure and decentralized way for individuals to control their own information. Additionally, the platform's interoperability could allow for the creation of smart contracts and the deployment of decentralized applications.

Metaverse ETP was established in 2017, inspired by Neal Stephenson’s 1992 science fiction novel “Snow Crash”. The project was created with the aim of representing a similar virtual reality where humans control and interact using their own Avatars. Initially, the platform focused on the creation of digital assets using the Metaverse Smart Token (MST) or the Metaverse Identifiable Token (MIT) for non-fungible tokens (NFTs). In 2020, the project revised its growth strategy to upgrade and expand its technologies to a wider community by building Metaverse on Substrate. This development sought to feature higher scalability, faster TPS, enhanced tools to build decentralized applications, and allow other independent ledgers to connect, exchange information, and complete transactions.