Interview | Chenhao talks about Metaverse Project
Recently, Metaverse CTO Chenhao had an online interview with Zhang, who is a journalist from Yiming Media and the founder of “Blockchain Chief,” which are popular media outlets in China. During the interview, Chenhao talked about the digital asset, digital identity, and oracle intermediaries on the Metaverse blockchain and discussed how these features interact with each other. Among other developments relevant to the Metaverse project, Chenhao shared Metaverse Standard Token (MST) standard protocol, compared with ERC20.
Let’s review part of the interview content below:
Q1:Could you please introduce the design logic for Metaverse? What’s the difference compared to other project in terms of consensus and reward mechanism?
A: Metaverse is a public blockchain project, which focuses on designing digital asset and digital identity technology. You could think of us as Bitcoin code that technically implements the ERC20 function. Based on Bitcoin, we extend token functionality. Therefore, tokens issued on the Metaverse blockchain not only have UTXO advantages, such as better safety, traceability and ACID attribute, but also extra characteristics, such as additional issuance and asset swap. We call it Metaverse Smart Token (MST). All people, regardless of whether you are a developer, are able to issue a token through Metaverse.
At the same time, we designed a native digital identity interface based on UTXO. Users can employ blockchain to create brand-new blockchain identities (Avatars) for interacting with digital assets that adhere to MST specifications.
The Metaverse consensus uses a modified version of the ETHASH algorithm, Ethereum’s PoW algorithm, so any machine that can mine Ethereum can mine ETP. After Ethereum migrates to the Casper algorithm in the future, legacy PoW miners can mine ETP. This means that tokens on Metaverse, through MST, can support PoW mining in the future.
Q2: What is Blockchain as a Service on Metaverse?
A: Using blockchain technology to service centralized applications may be mainstream. In order to promote the development and application threshold of blockchain, the SaaS concept of cloud services can be extended to the blockchain. The blockchain development threshold of the Metaverse can be applied to the development model of traditional IT projects, such as building applications based on cloud computing or fog computing.
Blockchain as a Service (BaaS) refers to the use of data generated by the public blockchain to provide a series of operational services such as search, transaction submission, and data analysis. The set of operational services may be centralized or decentralized. Currently in the blockchain domain, blockchain explorer, digital currency trading platforms, and public blockchain derivative applications such as storage type-Factom, digital identity-uPort, etc. can all be called blockchain services.
Q3: What is the significance of the generated personal resume （Profile）for the user, the company, or society?
A: The most important role for digital identity is “credit registration”.
The credit level here is not equal to the credit information platform. The Metaverse credits are spontaneous, and Metaverse provides spontaneous credit certification for all digital identity(DID), which is called “reputation” at the design level.
Taking an example, if you would like to borrow 10,000 ETP from a stranger on Metaverse, there are two choices for the loaner: the first one is to ask for mortgage, the second one is to have no charge but to display your reputation.
The Profile is not designed to allow real-life ID passports to be mapped to Metaverse. Instead, it uses MST digital assets to construct a native blockchain credit book. In other words, it doesn’t solve off-chain credit problems, but does solve on-chain digital asset credit issues.
Q4: What data is included in the digital identity and digital asset? How are all these users’ data privacy and security ensured?
A: Metaverse doesn’t require users to provide specific types of data, but informs users that do not share personal sensitive information on the chain in any non-essential situation, whether it’s encrypted or not.
Metaverse recommends displaying publicly disclosed results on the chain, for example, revealing whether this identity is a large customer of a certain platform, but does not recommend displaying a registered mobile phone number or ID number. This is similar to Weibo’s Big V authentication.
Once it involves data privacy, Metaverse would consider integrating with CryptoNote, like
Monero, to strengthen the transaction anomity.
Q5: What’s the relationship among digital asset, digital identity and oracle? Could you please explain their significance and value?
A: Digital identity holds digital asset, oracle provides credit endorsement for digital identity and reduces the credit friction generated from the economic activity of digital asset.
Digital identity: defines a person or an oraginazation on blockchain.
Digital asset: could refer to ERC20, NEP-5, etc. token standards. We call our own token standard MST( Metaverse Smart Token), which offers basic financial tools, such as additional repurchase, etc. You could also check out details from my article on medium: https://medium.com/@haochen1215/mst-a-token-standard-different-from-erc20-daa826104b16
Q6：Could a user self-define Token? What is the significance of it?
A:The first step to digitizing an asset on Metaverse is self-defining a token — which is also a necessary step. Users could self-define a token on Metaverse wallet, where all operations are visable. If you would like to self-define your token, please visit our light wallet and operate it there: https://www.myetpwallet.com/
Currently, there are 183 MST on Metaverse mainnet, check them out at:
https://explorer.mvs.org/#!/assets
Whether digital identity at the on-chain can be self-proved or not is the main criteria for the first and second phase of digital identity. Currently, there are 2–3 practical business projects cooperating with Metaverse, and we will listen to their pratical business demands and then apply them to Metaverse blockchain. Digital identity will be the most important one for Metaverse since ERC20 is popular in the market now, and MST is homogenized with it in terms of functionality, although MST is more flexible compared to ERC20 since it satisfies more demand.
Q7: At present, when ETP’s price drops a lot, what’s your opinion regarding it? How do you guarantee users benefit? How can the team evade policy risk?
A: Price drops and pumps are normal on trading market, and especially in the cryptocurrency market the price fluctuation cycle is huge.
We’ll stick to our roadmap, enhance community interaction, and increase information disclosure so that inverstors and supporters have more confidence in our project. Mostly, I am active in the Chinese Metaverse developer community and other blockchain development forums, and will gradually start overseas marketing this year. We believe that only a truly valuable project can provide the best protection for investors’ benefits.
About evading policy risk, we’ll certainly follow the local legal regulations and policies to meet local government demands in terms of application landing.
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