Metaverse participated in the Finwise Summit located at the Intercontinental Hotel in Hong Kong from May 28–29. Throughout an action packed two days, our core team members presented Metaverse technology and demonstrated to hundreds of summit attendees how our MyETPWallet works. Our CEO Eric Gu also took part in two panels and gave an exciting speech regarding the future development of Metaverse, one that involves Dualchain (more on this later) and a decentralized exchange within the Metaverse ecosystem. Metaverse sponsored the evening gala for the first night, where over 400 attendees celebrated “The Metaverse Dualchain Night.” During the last day, we were fortunate to earn a few “Finwise Golden Globe” awards, demonstrating that Eric and our project are pioneers in the blockchain industry. There was continual excitement at the Metaverse booth as well as on the main stage, and here is a comprehensive recap of what happened at Finwise HK.
Morning Panel (How Does Blockchain Leverage Fintech)
Eric was part of a powerhouse panel consisting of moderator Ceng Hao, founder of the Ant Node Alliance, Draper Dragon Fund co-founder Mr. Li, BTCC founder and CEO Yang Linke, and Zhu Tao, Chairman of the CBIA Council. The panel discussed topics such as the most promising blockchain use cases and where they see blockchain going moving forward. Yang Linke and Eric agreed that crypto exchanges are and will be key players in this industry, while Ceng Hao noted that underlying all projects and exchanges are communities, so dedicating resources to building communities is and will continue to be significant for all projects. Most significantly, Eric pointed out that public blockchains will continue to shape the industry as these public chains are the ones in the forefront of innovation.
Afternoon Key Speech (Metaverse Dualchain)
The highlight of Metaverse’s attendance at Finwise was Eric’s reveal of the next major step in our roadmap, the Metaverse Dualchain System. This is the most in-depth Eric has gone in explaining the details of the Dualchain. Here are some key takeaways:
- Issues that blockchains face currently include scalability and interoperability. Are we aiming for decentralization or speed? Based on current technology, you may enhance one at the expense of the other.
- A common misunderstanding is trying to solve the dilemma of decentralization or speed through one single chain, like what Quarkchain is trying to do.
- How do public chains interoperate with private chains and alliance chains? We have a couple of examples in Cosmos and Polkadot who are trying to solve this issue, and although they are technically sound, they are an intermediary and somewhat centralized as gatekeepers.
- The solution to these problems comes in the form of Metaverse Dualchain Network Architecture (DNA), which consists of a fast parallel chain with a DPoS consensus, a three-layered node incentive model, a lightning network protocol, and eventually, a decentralized exchange.
- There will be another Metaverse token called DNA, which will be the utility token for the parallel chain. Specifically, it will act as the token incentive for the lightning network between nodes. Along with the DPoS consensus, we will instill a three-layered governance system that composes of the following:
6. Eric also shared that Metaverse will eventually establish a decentralized exchange that will be bound to DNA, to provide a TPS of up to 600,000 with low fees, allow token issuing and transfers, and incentivize the 23 super nodes to share in the partner dividends.
7. Therefore Metaverse DNA will be able to solve the impossible trinity of security, decentralization, and scalability with the Dual Network Architecture.
Towards the end of his presentation, Eric also shared some exciting news to the audience involving investment funds and investors committed to the Metaverse DNA Dualchain. Draper Dragon, BitReserve Foundation, and Ant Alliance International Capital have invested in Metaverse from the institutional side, while Justin Sun from the TRON Foundation, Chandler Guo, and Yang Linke have personally contributed.
In terms of the roadmap, the Dualchain testnet is slated to launch in December of this year, while the decentralized exchange will launch in May of 2020, with BTC/ETH/EOS/TRON/etc. crypto assets cross-chain swaps coming in September of 2020.
Metaverse Dualchain Night
On the evening of the 28th, Metaverse sponsored a 400 person plus banquet dinner for the VIP’s and special guests of Finwise. From an observer’s point of view, I could tell that Eric still commands a great amount of attention and following among the audience. This was exemplified when throngs of people wanted to take a picture with him, which resulted in a line of people flowing off the stage.
Action At the Booth
Though there were not as many people in attendance on Day 2, throughout both days our core team spent time introducing Metaverse and our lightwallet (MyETPWallet) to countless enthusiasts. Many came up to ask us where they can buy ETP, and we re-directed them to our home page that lists 16 exchanges as well as the newly added feature to buy directly from the lightwallet through SWFT.
Finwise Golden Globe Awards
The last evening of the summit was dedicated to honoring those individuals and companies who are contributing to this industry and making an actual difference in fintech and beyond. Metaverse and Eric were very fortunate to come home with 3 awards, and we are truly grateful for those who voted for us and those who continue to support us. Metaverse won the following awards: Most Influential Blockchain Company and Technology Innovation Award. Eric won the Best Fintech Leader award in a very competitive race. Again, a big thank you to those who supported us!
The two days at the Finwise Summit were inspirational to not only myself, but the rest of the Metaverse team. To see packed crowds flock to Eric to say hi or throngs of people come by the booth to learn about Metaverse brought about a sense of joy and validation that what we are building is truly foundational for the world, a technology that will allow us to enter The New Reality.