The Future of Decentralized Applications on Blockchain
Abstract
The blockchain industry is currently plagued by several problems: ERC20 token standard is not sufficient for current development on diversified financial instruments, lack of basic blockchain technical literacy — Solidity, and the risk of having bugs in smart contracts. Recognizing these issues, the Metaverse team coined the Metaverse blockchain design in its technical foundations with room for applying financial products, many of which are beneficial for the secondary market.
The solution to address these challenges is using Metaverse to issue tokens and to manage future operations on tokens. It provides flexibility for the secondary market directly on chain without requiring additional establishment of smart contracts on top of the technical layer like Ethereum. What’s more, Metaverse grants domain name space for a user to own a unique domain name even if the name has already been created.
This reports aims to clarify the advantages of using Supernova, the Metaverse blockchain to build applications upon, comparing to NEO and Ethereum. This use case enables decentralized application (dApps) developers to acquire better knowledge about Supernova.
Problem
- ERC20 token standard is not sufficient for current development on diversified financial instruments.
If all such complex functionalities are integrated into a ERC20 smart contract standard, it can be a complicated logic and is hard to be implemented for financial products. The majority of the blockchain dApps owners requires the token to deal with secondary market issues such as burning, repurchasing, and so forth. Some dApps require a gradual release of the tokens along with the development of the project.
- Lack of basic blockchain technical literacy — Solidity
Many dApps owners lack basic understanding of public blockchains before making the decision on using one. It is more than common that managers choose a public blockchain to issue coins without much consideration on future development. Some of these decisions maker are driven by low cost and high convenience. However, to meet the usability and security standards, businesses need to conduct multiple technical and financial tests to extract contract information for the financial applications. In many cases, these actions are often beyond the team’s competency. The common case is that a business needs a robust team of engineers who understands Solidity.
- Risk of having bugs in smart contracts
The ERC20 token standard also constrains some dApps which require ICO’s, smart contracts, and wherever requires the technical release of funds. It only provides the smart contract address trading platforms. However, all the development are fully autonomous without guidelines and support from the Ethereum team. In many cases, there are common mistakes made by engineers which are unforgivable and irreversible for the transactions. For example, a command like “-{!=}” grants permission for all engineers to make changes on the smart contract instead of the original developer. This level of customization enables these typos to be deployed, increasing the insecurities of the value network for the business.
Here is an example regarding the mistake in Solidity and how it may cause damages.
(https://etherscan.io/address/0xb5a5f22694352c15b00323844ad545abb2b11028#code)
If there is one single character wrong in Solidity, it runs into a risk that anyone can stop all the transactions of the token at any time. Though these contracts have been moved to ICON’s own blockchain, these mistakes are irrevocable.
Solution
Metaverse uses “built-in” smart contracts. Rather than letting users write code (in Solidity for Ethereum), they only need to log in their own wallets and fill in critical parameters (i.e. name, total supply) to issue tokens.
Comparative Advantages:
- No need to write code
2. User Friendly
3. Cost-efficient — 10 ETP, which is way cheaper than hiring a developer to create a smart contract
3. No bug guaranteed, whereas if you have a bug in a smart contract, you can never change it
4. High stability of the blockchain
5. Keep the blockchain light, clean, and fast, since there are no badly written and heavy codes on the mainnet.
MARS
The MARS system is designed to create a reputation credit rating model for each digital identity on the Metaverse blockchain. In principle, MARS allows individual digital identities to establish proprietary MARS scores based on their own data, including data from the Metaverse Blockchain (data dimensions and data sources) and out-of-chain data such as digital identities. Users can use the data API of the digital currency exchange to connect, and the data of their own exchanges (such as the amount of all digital assets held by the digital identity, the number of days of holding assets, the position of the currency, the quantity, etc.) become the components of MARS score.
The design of MARS will be based on Metaverse blockchain function/data dimensions such as recharge history, transaction history, MST digital currency stock, MIT digital asset stock, currency issue history, etc. You can refer to the current popular credit risk assessment model established in the market.
The framework of the MARS model is based on a multi-dimensional weight model, based on all data dimensions and interlinked out-of-chain data for different applications (including the public chain) on the Metaverse blockchain (such as digital currency exchange platform, digital currency wallets, etc.) Each digital identity or application can build a reputation model for the application (including the public chain ) based on various data.
This MIP (Metaverse Improvement Proposal) is based on the establishment of a reputation scoring system based on the Metaverse blockchain and related applications, such as cryptocurrency exchange platforms.
MVS Full Node Structure
The official implementation of MVS full node is libbitcoin based, which enables Metaverse to be closed to Bitcoin’s standard. There are distinctive features:
- Self-defining UTXO based smart tokens
Users can issue their own tokens like what bitcoin does without any programming experience.
2. Self-defining UTXO based digital identity
It enables businesses to build a digital credit system through the Metaverse blockchain.
As for Bitcoin, all UTXO only serve Bitcoin, but it does not restrict that the type of token must be specified. Thus, we extended this model design. The attachment field is added in the output, which extends MST type so that all MST has the same level of technical complexities as Bitcoin without having to fork the token to create their own.
See more information here (https://docs.mvs.org/developers/)
How it works
Here is an introduction guide for Metaverse Smart Token.
https://docs.mvs.org/developers/da-index.html
Useful Links:
List of dApps on Metaverse（https://explorer.mvs.org/msts）
Metaverse Mainnet Upgrade Announcement (https://medium.com/metaverse-blockchain/metaverse-mainnet-upgrade-hardfork-announcement-2a58ec03fefd)
Transaction Records on Metaverse (https://explorer.mvs.org/)
Reference
- “MST‐ A Token Standard Different from ERC20 — Hao Chen — Medium.” 8 4月. 2018, https://medium.com/@haochen1215/mst-a-token-standard-different-from-erc20-daa826104b16. Retrieved Date: 08.11.2018.
- “MST‐ A Token Standard Different from ERC20 — Hao Chen — Medium.” 8 4月. 2018, https://medium.com/@haochen1215/mst-a-token-standard-different-from-erc20-daa826104b16. Retrieved Date: 08.11.2018.
- “etp,metaverse,explorer,transactions,free etp.” http://mymvs.info/. Retrieved Date: 08.11.2018.
- “What is a dApp? Decentralized Application on the … — BlockchainHub.” https://blockchainhub.net/decentralized-applications-dapps/. Retrieved Date: 08.11.2018.
- K. Jackson & T.D. Hackenberg : Token reinforcement, choice, and self-control in pigeons. Journal of the Experimental Analysis of Behavior. 1996 July; 66(1): 29–49. doi:10.1901/jeab.1996.66–29 PMC1284552
- H. Chen, E. Gu, Y.M.Jiang: Metaverse Whitepaper, Version: Gravity (v3.0), SuperNova drives low entropy to higher entropy via gravity. http://newmetaverse.org/white-paper/Metaverse-whitepaper-v3.0-EN.pdf. Retrieved Date: 21.12.2018.
Glossary
dApps — Decentralized applications are applications that run on a P2P network of computers rather than a single computer. dApps, have existed since the advent of P2P networks. They are a type of software program designed to exist on the Internet in a way that is not controlled by any single entity.
Token Economy — A token economy is a system of contingency managementbased on the systematic reinforcement of target behavior. The reinforcers are symbols or “tokens” that can be exchanged for other reinforcers. A token economy is based on the principles of operant conditioning and behavioral economics and can be situated within applied behavior analysis. In applied settings token economies are used with children and adults; however, they have been successfully modeled with pigeons in lab settings 5.
MST — Metaverse Smart Token, which is equivalent to ERC20 on Ethereum. It is used as visualization and security for token economy.
MIT — Metaverse Identifiable token
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