Metaverse Foundation Backs Mainnet Development with Estimated 2 million ETP Budget Annually for Three Years
Metaverse recently celebrated its fourth anniversary with the launch and continued development of the new Metaverse Mainnet called Hyperspace — the latest, open-source, decentralized platform for programmable digital assets and digital identities.
The successful deployment of the Hyperspace Mainnet nodes and the Genesis block was the first milestone of a robust roadmap of development that embodies the New Metaverse. As we continue to build on the Hyperspace mainnet, we strongly believe in allocating a portion of the budget from the Metaverse Foundation to invest in further research, technological advancement and to buttress these groundbreaking developments with the proper marketing and community incentives.
That said, we have designed a development budget of around 2 million ETPs per year to support the Metaverse Mainnet. The process, in which the Metaverse Foundation will acquire ETP tokens from the market, will continue until we realize a complete 3-year budget.
The budgeted amount is public information that can be found on the Foundation address:
About Metaverse Foundation:
Metaverse Foundation aims to maintain the operations of the Metaverse blockchain and build a complete and affluent Metaverse ecosystem. The Foundation’s investment and guidance is based on the development of all industrial links derived from the Metaverse blockchain.
About Metaverse:
Established in 2017, Metaverse is a front-running decentralized, open-source platform for secure digital asset architecture. Most digital assets on Metaverse are created using the Metaverse Smart Token (MST) or the Metaverse Identifiable Token (MIT) for non-fungible tokens (NFTs). Metaverse is also known for its intuitive digital identity (Avatar) system and its secure ledger system.
The New Metaverse ETP brings the first Hybrid Consensus Algorithm to Substrate, establishing a resilient network without sacrificing its scalability potential in the process. The improved algorithm is optimized from three dimensions: throughput, latency, and scalability.
The chain will use Proof of Work (POW) to dictate block authoring and Grandpa finality. There is no voting or a validating committee through Proof of Stake (POS); the entire network will validate each block. Thus, the system will be able to mitigate the 51 % attack and provide a uniform distribution of mining rewards to the stakeholders and investors.
The New Metaverse ETP is an interoperable platform allowing anyone to build smart contracts and deploy them to the chain, using well-known tools like MetaMask, Remix, and Truffle. No need to rewrite or reconfigure smart contracts. Smart contracts will be compatible through the provided support for Solidity and anything that compiles to EVM bytecode.
The Metaverse Virtual Machine (MVM) provides full compatibility with EVM and can be deployed on ETP chain from Remix, Truffle or compatible technologies. The MVM has built-in integration with the new ETP coin, ERC-20 tokens, and a wide range of smart contracts with much lower fees.
This evolution brings together the best from the legacy chain and merges it with new innovative modules to create Metaverse — The New Reality.
***
Stay up to date on the latest news by following our social media channels:
Website: https://mvs.org
Facebook: https://www.facebook.com/mvsofficial/
Telegram: https://t.me/Metaverse_Blockchain
Medium: https://medium.com/metaverse-blockchain
Discord: https://discord.gg/56ky6fb
Reddit: https://www.reddit.com/r/Metaverse_Blockchain/
Twitter: https://twitter.com/mvs_org
