What Is Metaverse (ETP)?

Metaverse is a decentralized, extensible open-source platform for configurable crypto assets and identities developed on Substrate. Substrate provides a modular development framework, allowing Metaverse programmers to acclimate core DLT primitives constructed by Parity Technologies to the specific requirements of their platform. Metaverse on Substrate (MOS) has all of the distinctive features and functionalities that distinguish the platform as a unique project, as well as additional components that will enable its community to grow. The platform uses the Substrate structure for increased scalability, protracted expansion, and support to connect DApp services and allow other independent blockchains to join, exchange data, and transact at a lesser cost. 

The platform's goal is to help members of the Metaverse blockchain community who are working on medium-term and long-term code research and development. It also aims to promote community goods, initiatives, concepts, and activities with an environmental or charity emphasis. The platform's objective is to accelerate blockchain adoption by creating developer-friendly technologies and a simple interface that enables non-technical users to use this technology in their businesses and everyday lives. Using tools like MetaMask, Remix, and Truffle, anyone can create smart contracts and apply them to the Metaverse network. Smart contracts are just like regular contracts; however, instead of being drafted on paper, these contracts run in the form of protocols on the blockchain. 

The platform assists DApp developers by lowering transaction and implementation costs while maintaining security. The platform has created functional dual-consensus Proof-of-work–proof-of-stake block creation processes through the Hyperspace Blockchain, ensuring low latency and security. The platform also provides users with Metaverse Identifiable Tokens, a group of token norms that deal with the exchange, ownership, and information about a non-fungible item. They enable anybody to enroll assets from off-chain and have a global-level unique ID. 

According to its whitepaper, Metaverse is a blockchain initiative that aims to create a solid platform for social and business purposes. The platform aims to create a multiverse in which digital assets (MST) and digital identities (avatars) serve as the foundation for asset transactions with the help of a valued intermediary (oracle). This results in creating a new blockchain ecosystem that reshapes human society and allows users to enter new realities. MST enables users to take advantage of the benefits of blockchain technology, such as the ability to create and distribute their cryptocurrency. Users can become economic intermediaries, oracles, by using avatars. And oracles can assist in developing an unchangeable decentralized system. 

​​Metaverse's token is entropy, referred to as ETP. The token can be exchanged and traded on the platform. It intends to become a critical factor in determining who becomes the platform's bookkeepers after it switches to a proof-of-stake consensus protocol. Since the token symbolizes the utility of the platform's blockchain, its value is mainly determined by the ecosystem's development and market requirements. Users are expected to pay the platform's fees for creating digital assets, enrolling a new avatar, or inviting trustworthy institutions to authenticate assets and identities in the form of ETP tokens, which are available to support the blockchain developers and miners. 

History of Metaverse (ETP)

The Metaverse platform was cofounded by Hao Chen, Eric Gu, and Youming Jiang, releasing its whitepaper in May 2018. The name Metaverse comes from Neil Stephenson's science fiction novel Snow Crash, published in 1992. Humans operate their avatars, who then converse with one another in a virtual reality universe. The platform's virtual identity avatars are based on Stephenson's novel. 

The ETP has a maximum total circulation of 100 million. The platform issued 25 million ETP tokens as part of its initial coin offering (ICO).

How Are New ETPs Created?

Since the network uses a proof-of-work consensus process, 30 million ETP tokens were issued as rewards to individuals who help sustain the platform's infrastructure through mining. On average, it takes 24 seconds to mine a block on the Metaverse blockchain. The initial reward for mining every block is 3 ETP, and for every 100,000 blocks mined, the reward decreases by 5%. The platform features a built-in ETP lock function that compensates depositors on the blockchain. Users must also take the initiative to activate the deposit lock mechanism to receive ETP incentives. Following that, upon transaction confirmation, the reward and the principal amount are paid to the user's digital wallet.